Spain’s CNMV warns of unauthiruzed forex broker IBA Markets

Spain’s CNMV warns of unauthiruzed forex broker IBA Markets


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Spain’s financial regulatory body, the Comision Nacional del Mercado de Valores (CNMV), issued on Monday an alert notices, in which it warns that multi-asset brokerage IBA Markets is not authorized to provideneither investment, nor auxiliary services in the country.

The Spanish 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.

The company operates via the website and offers several types of trading accounts – Mini, Standard, Gold, Platinum, and Islamic. It accepts a minimum initial deposit of $500-$50,000, depending on the account type.

IBA Markets accounts

IBA Markets, short for International Brokers Association Markets, offers trading in forex, contracts for difference (CFDs), indices, equities, and commodities. It says on its website that it is in the process of obtaining a license from Germany’s financial watchdog, the Federal Financial Supervisory Authority (BaFin), and is regulated by Russia’s Federal Financial Markets Service (FFMS). However, the FFMS ceased operations in September 2013 and the German regulator’s website contains no data regarding IBA Markets.

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: CNMV

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