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Spain's CNMV warns of unregulated forex broker YFXCapital

Jul 11 2017
By
Jonathan Smith

 Spain's National Securities Market Commission (CNMV) has issued a warning against the forex broker YFXCapital.


According to the regulator, the company is not authorized to provide the investment or auxiliary services listed in Spain's financial legislation.


CNMV does not provide any details about the broker, but according to its site is owned by T.W capital LTD – yet another offshore company registered on the Marshall Islands. Obviously the broker is targeting clients in Spain and the UK, judging by the language versions of the site and the contact phone numbers in the two countries.


The YFXCapital offers trading in forex and CFDs on the popular MetaTrader 4 platform, but as always, we advise our readers to avoid unregulated offshore forex brokers like this one at all costs. Most such companies are a scam, existing with the sole purpose of taking their clients' money and disappearing.


It seems that YFXCapital is a new broker, or at least one that still has not attracted the attention of the national financial markets regulators. We could not find any customer complaints either.

 


TAGS: cnmv  spain  yfxcapital 

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