Switzerland’s financial regulatory body, the Financial Market Supervisory Authority (FINMA), added on Thursday forex broker Golden Bridge FX to its warning list. The regulator did not say what made it include the broker into the list.
The regulator said Golden Bridge FX is located in Switzerland’s Geneva and operates via the website www.gb-fx.com. The watchdog includes in its warning list entities that it suspects are a direct threat to local investors and are not unauthorized to provide financial services in the country. Its inclusion, however, does not necessarily mean it is conducting illegal activities.
According to its website, Golden Bridge FX offers trading in forex via the MetaTrader 4 (MT4), the leading forex trading platform.
The regulator also said Golden Bridge FX has not been entered into the Swiss commercial register.
Earlier this week, the FINMA warned against another forex broker, Denmark-based Lion Fund. It did not disclose its motives for entering it in the warning list.
In order to operate in Switzerland and target Swiss citizens, financial service providers need to obtain a license from the relevant authorities in the country, which in most cases is the FINMA itself. If the watchdog finds a company in breach with the laws, it can initiate an enforcement proceeding and impose measures, such as closing the entity down.
The FINMA’s warning list consists of 496 companies and individuals. It also keeps a register of all regulated companies where investors can check whether the brokers and intermediaries they work fall under FINMA’s regulation
We strongly advice you to be cautious regarding your investments and to only choose brokers and investment companies that are regulated by reputable financial watchdogs, such as the CFTC, CySEC, FINMA, FCA, etc.