Spain’s CNMV warns of BelforFX, iSocialFX

Spain’s CNMV warns of BelforFX, iSocialFX

- in Forex Brokers, Warnings
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Spain’s financial regulator CNMV has put the forex brokers BelforFX and iSocialFX on its list of unregulated financial services providers.

This is not the first time this year when regulators warn of BelforFX. In march New Zealand’s watchdog FMA warned that clients of the company WGM Group Limited (formerly Belfor Capital Limited), operating as the forex broker BelforFX, have complained  that it failed to repay them in accordance with their instruction.

In February Bulgaria’s Financial Supervision Commission has also put Belfor Capital on its warning list for lack of relevant EU licenses.

BelforFX provides addresses in Bulgaria’s capital Sofia, the Caribbean island of Anguilla, the Seychelles and London. It offers trading in currencies, CFDs, stock indices and precious metals. The platform is MetaTrader4. No regulation information has been found on the broker’s website.

In the same announcement CNMV warns of the website, which is also unregistered. It seemingly offers some type of copy trading, which is somehow related to BelforFX. – iSocialFX shares social network pages with the broker.

In a separate announcement the CNMV informs the public that the websites and are not registered to provide investment services which includes investment advice, in relation to the financial instruments detailed in article 2 of the said Law, including, to those purposes, transactions on foreign currency. Both sites have already been taken off the internet.

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