Italy’s financial regulator CONSOB has added the forex broker VortexAssets to its list of companies who are not authorized to provide investment services in Italy.
According to its website, “Vortex assets is an innovative financial services company offering a full suite of easy-to-use online brokerage, investing and related banking solutions, delivered at a competitive price”. The brokerage is owned and operated by Black Parrot Limited, located and registered on the Marshall Islands, which is an offshore zone.
It offers trading in forex, commodities, indices and stocks on MetaTrader 4. The leverage is up to 1:400 and there are welcome bonuses of up to 100%.
This is the first time VortexAssets appears on a regulator warning, but, according to posts in some forums, the broker has changed names several times, most recently during the Brexit week – from EU Trading Group to the current Vortex Assets. According to the same post, the company does not respond to client e-mails requesting fund withdrawals and its phone representatives are trying to persuade the traders not to withdraw their accounts.