Italy’s CONSOB warns against unauthorized forex broker Trade12

Italy’s CONSOB warns against unauthorized forex broker Trade12

CONSOB

Italy’s financial regulatory body CONSOB issued on Tuesday a warning against Exo Capital Markets Ltd. and Global Fin Service Ltd. , operating via www.trade12.com for not being regulated to provide investment services in the country.

The two entities offer trading services to Italian citizens without being authorized to do so. The regulator provided no details.

On its website, Trade12 says it is a brand of Exo Capital Markets, which is registered in the Marshall Islands. It provides no regulation-related information.

The broker offers trading in forex, contracts for difference (CFDs), and metals. It collaborates with introducing brokers and affiliate partners.

In Italy, as in any other EU member, financial intermediaries, including forex brokers, are not allowed to operate without the proper authorization from the local authorities or the relevant regulator of any other EU country.

We strongly advise you to only deal with regulated forex brokers, authorized by reputable regulatory bodies like CySec, FCA, and CFTC/NFA, among others.

Source: CONSOB

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