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The Central Bank of Ireland warns against 8888Markets

 

The Central Bank of Ireland (CBI), which also serves as a financial services supervisor, issued a warning against 8888Markets on Monday. According to CBI’s official notice, this forex and CFD broker has been offering financial services and/or investment advice to the Irish investors without being authorised.

 

8888Markets is a Dublin based broker operating from the www.8888markets.com website that offers wide range of instruments for trade. It uses a web-based platform that is only supported by other shady unregulated brokers. Besides, its trading conditions are anything but attractive: the broker requires a minimum investment of EUR 1000 and offers a EUR/USD spread of almost 4 pips.

 

In its official statement the Irish regulator also reminds traders that if they deal with unregulated entities, they are not eligible for compensation from the Investor Compensation Scheme. Ireland’s statutory ‘fund of last resort’ for customers of authorized investment firms is able to pay compensations up to €20,000 per investor in case an authorised firm goes bankrupt.

 

The CBI also keeps a register of regulated companies and anyone can check whether a certain forex broker is licensed in the country or not. Besides, the CBI regularly publishes official warnings of unregulated companies that target local investors.

 

 

>> Forex brokers operating legitimately in Ireland <<

 

TAGS: CBI  8888Markets  Ireland  warning  regulation 
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