Italy’s financial regulator, the National Commission for Companies and the Stock Exchange (CONSOB), has published on its website a warning against the 55Profit binary options broker. According to the Commission, the broker cannot be traced to subject, authorized to provide investment services and activities in Italy. It appears, however, that the broker is indeed aimed at Italian customers, as its site loads in Italian.
On its website, the broker has listed a business address in Edinburgh and claims to be “the newest phenomenon in the binary options market“. No company of such name, however, is listed in UK’s Financial Services Register. In general, the company information about the broker is extremely scant, whereas the regulation information is practically nonexistent.
The brokers offers trading in one touch, 60 seconds and long term binary options. There are four types of accounts: standard, silver, gold and VIP, starting from a minimum deposit of EUR200. The broker even has an affiliate program for Introducing brokers (IB).
It seems that 55Profit is a relatively new and unknown broker, at least to the regulatory authorities, as CONSOB is the first one putting out a warning on them.