Spain’s financial regulatory body, the Comision Nacional del Mercado de Valores (CNMV), issued on Monday a warning notice against unregistered binary options trading platform and broker EmpireOption.
The company operates via the website www.empireoption.com, but it has not been authorized to provide investment and auxiliary services, including investment advising, in Spain.
The company provides on its website no data related to licensing or regulation.
EmpireOption offers trading in forex, stocks, commodities, and indices, as well as social trading through the iFollow and ZuluTrade tools. Its portfolio features short and long-term binary options, and one-touch trading. EmpireOption offers five types of trading accounts – Micro, Classic, Empire Plus, Preferential, and Empire VIP. More details about the account conditions follow:
In addition, the company offers training services, such as seminars, simulators, one-to-one classes, interactive training videos, and free digital guides in the form of e-books.
The regulator maintains a register with investment companies that are authorized to operate in Spain. In order to operate lawfully, companies need to obtain a license by the local relevant authorities or the authorities of any other EU member state. Traders who engage in activities with entities that do not fall under the CNMV’s jurisdiction put their investments at great risk.
We strongly advise you to only deal with regulated forex brokers, authorized by reputable regulatory bodies like CySec, FCA, and CFTC/NFA, among others.