Italy’s financial regulatory body CONSOB alerted on Monday brokers FXGlory Ltd. and CFI Holding Group have not been authorized to provide investment services in the country.
FXGlory does business via the website www.fxglory.com and CFI Holding Group operates through www.systys.net. No additional information was provided.
FXGlory is a forex and binary options broker. It offering consists of 34 forex pairs and seven types of binary options on currencies, commodities, shares, indices. It supports the MetaTrader 4 (MT4) platform and also offers its proprietary binaries platform Fxglory Option. Trading conditions include a minimum deposit requirement of $5, a leverage of up to 3,000:1 and available micro trading of 0.01 lots.
According to its website, FXGlory was set up in 2011 in the UAE and also operated branches in Georgia and the Saint Vincent and the Grenadines. The broker offers introducing broker (IB) and white label programs.
The website of CFI Holding Group is no longer operational and no information was immediately available.
The provision of financial services in Italy requires a regulatory authorization Entities that are not licensed by the CONSOB or the relevant authority of any other EU member state are not allowed to offer forex or binary options trading services.
We strongly advise you to only deal with regulated forex brokers, authorized by reputable regulatory bodies like CySec, FCA, and CFTC/NFA, among others