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Spanish regulator updates its warning list with Traderia, Gainsy, ECNpremium, BinaryCent

Jul 04 2019
By
Jonathan Smith

 

The Comision Nacional del Mercado de Valores (CNMV) has updated its warning list with Traderia, Gainsy, ECNpremium, BinaryCent, Capital TradeFX, among others, earlier this week. Spain’s financial regulator said that these brokers are not authorized to provide investment services in the country.

 

As a matter of fact, all of the above-mentioned brokerages are registered offshore, and therefore not entitled to operate on any regulated financial market, such as the European Union, Canada, Japan or Australia. Here is some more information about each of them, and you can find even more details in our reviews of these brokers.

 

Traderia is allegedly owned and operated by Pro Star, an offshore company registered offshore, in St. Vincent and the Grenadines (SVG). The broker seems to have scammed a lot of Investors and was blacklisted by the Italian regulator CONSOB. Similar is the situation with Capital TradeFX, which is also a SVG-registered brokerage.

 

BinaryCent is a hybrid broker offering trading in both forex and binary options on one and the same platform. It is owned by Cent Projects Ltd., which is registered on another popular offshore zone - the Seychelles.

 

As regards the other two brokers, Gainsy and ECNpremium, they have not provided much ownership information on their websites, which is even worse than being registered offshore. Nonetheless, the CNMV states that ECNpremium is associated with the notorious Marshall Islands-based BROWN FOX LIMITED, which operates Dax300, TradesFly, EurTrades, and probably more brands. Judging by the plethora of complaints posted as comments on our review of ECNpremium, it has swindled many investors out of their money. 

 

The CNMV regularly issues warnings against unregulated brokers targeting local investors. Previous month the Spanish regulator blacklisted unregulated brokers Financika and Hybrid Reserve, Olympus Markets, and many more.

 

The regulator also maintains a register with investment companies that are authorized to provide financial services 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  Traderia  Gainsy  ECNpremium  BinaryCent  Capital TradeFX  warning  Spain  scam 

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