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Spain’s CNMV warns of Trade12 forex broker, Binomo binary options broker

 Spain’s financial markets and services regulator CNMV has issued warnings against two unregulated offshore entities: the forex broker Trade12 and the Binomo binary options broker.


According to CNMV, neither of them is authorized to provide investment services or advice in Spain.


Trade12 is a well-known scam offshore broker that has turned up time and time again in the warning lists of various national regulators like New Zealand's FMA, from Italy's CONSOB and from CySEC, while Russia's self-regulatory organization KROUFR blacklisted Trade12 over client complaints. More recently Australia’s Securities and Investment Commission and Brazilian Securities Commission (Comissão de Valores Mobiliários – CVM) have also warned against Trade12 and its owner company Exo Capital, registered on the Marshall Islands. As if this is not enough, our readers have left more than 30 complaints against the broker, accusing it of being a scam and not allowing them to withdraw their money.


This is the usual modus operandi of most scam brokers. They pressure clients to deposit more and more and more and then refuse to let them withdraw their funds and profits, coming up with various excuses like violation of the terms and conditions, or by simply not replying and returning their clients’ calls. What amuses us the most, is that in this particular case, there have been numerous warnings and numerous complaints in various forums, yet this “broker” continues to dupe people and scam them out of their money.


The other entry on CNMV’s warning list is an offshore binary options broker – Binomo – owned by an entity called Tiburon Corporation Limited registered in the Seychelles. So far there have been no other warnings against the broker, but we suspect it is only a matter of time. It claims to be “an innovative trading platform” and its site has numerous language versions, including Ukrainian, Russian, Kazakh, Turkish, Spanish and several others.

 

 

TAGS: spain  cnmv  trade12  binomo  warning 
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