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Poland's KNF Warns about Forex Broker Armada Markets

Poland's financial sector regulator KNF on Thursday issued a public warning about Forex broker Armada Markets arguing that it's not licensed to provide Forex services in the country. In the document the regulator states that the broker does not have any license from it so it is not authorized to work with Polish citizens. 

The watchdog cautions the public that Armada Markets is “targeting mainly Polish customers” and since it has no right to do so, the KNF has added the company to its list of unauthorized investment firms. And while to many the claims of the Polish watchdog may seem overreaching – after all, Armada Markets is based in Estonia, not in Poland, we have to admit that the broker is soliciting Polish customers – it has a Polish website for the purpose. It offers Poland's traders to make use of a wide range of services and products.
There are many question marks when it comes a watchdog from one country in which the MiFID directive works warns about an unregulated broker from another country in which the directive works too. In the end of the day, a broker that is licensed in one such a country is normally allowed to provide its services in other countries that have adopted MiFID too. Here is the tricky moment – Armada Markets claim to be regulated by the Estonian Ministry of Economic Affairs, while the proper regulation should have come from Estonia's FI (or Financial Supervision Authority) – that's the entity responsible for all investment firms in Estonia. 
The only information that the website of the Estonian regulator FI gives about Armada Markets currently is a link to a warning from 2012. The document says:
Finantsinspektsioon (the Estonian Financial Supervisory Authority) would like to inform investors that Armada Markets AS (commercial registry code 12189652) does not hold an activity licence for the provision of investment services and therefore Armada Markets AS is not authorised to provide investment services in Estonia. 
In the face of the warnings, the broker appears to be thriving. Armada Markets joined the list of Forex brokers supporting AutoTrade, the signal copying service of Myfxbook, in October 2013, and has boasted robust trading volumes. 

About Armada Markets

Armada Markets is an Estonian-based ECN Forex broker offering spot FX and spot precious metals trading to both institutional and retail clients. It offers low market spreads, no requotes, full STP and DMA, absolute transparency and the latest trading technology via the industry’s most popular platform Metatrader 4 (MT4) and mobile trading applications. Armada Markets is registered and regulated by the Estonian Ministry of Economic Affairs and is a preferred partner of LMAX Exchange.
TAGS: armada markets  armada markets forex broker  estonia forex broker  knf  poland forex  forex trading  warning  forex license  mifid  forex market  forex regulation 

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