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Spanish regulator adds Olympus Markets and several other offshore brokers to its warning list

Jun 10 2019
By
Jonathan Smith

 

The Comision Nacional del Mercado de Valores (CNMV) has updated its warning list with the already Olympus Markets, as well as several other offshore brokers - TopTradepro, UBCFX and Profit Trade. According to the CNMV, these entities are not authorized to provide investment services in the country.

 

As a matter of fact, all above-mentioned brokerages are registered offshore and therefore not allowed to operate on any regulated financial market. Here are the details on each of the companies blacklisted by the CNMV.

 

The companies operating Profit Trade and TopTradePro are both registered in the Marshall Islands. UBCFX is a trading name of UnitedVertures LTD., a company incorporated in Saint Vincent and The Grenadines (SVG). Both the Marshall Islands and SVG are offshore zones where forex brokers are not regulated, nor overseen by any governmental agency.

 

As regards Olympus Markets, it says to be owned and operated by Next Trade Ltd., a company registered in Vanuatu, which recently launched a new brokerage brand - Aspen Holding. Although the firm is indeed present in the list of “Dealers in securities” of the Vanuatu Financial Services Commission, the latter has rather lax requirements and basically does not exercise any oversight on “licensed” brokers. 

 

Furthermore, traders have submitted a number of complaints as comments to our review on Olympus Markets, which shed a light on the broker’s scam strategies. The broker was blacklisted by the German financial watchdog, BaFin, which even ordered Olympus Markets to cease its illegal operations in the country.

 

The Spanish financial regulator regularly issues warnings against unregulated brokers targeting local investors and also maintains a register with investment companies that are authorized to operate in Spain. In order to operate legally in the country, forex brokerages need a license by the CNMV itself or the relevant authorities of another EU Member State.

 

TAGS: CNMV  Olympus Markets  TopTradepro  UBCFX  Profit Trade  warning  scam  Spain  offshore 

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