Do not invest more money than you can afford to lose.
Spain’s financial regulatory body, the Comision Nacional del Mercado de Valores (CNMV), issued earlier this week warning notices against offshore forex brokers Maxi Services Ltd., doing business as Umarkets, and Financial Markets Ltd., trading as FinMarkFX, for operating unauthorized in the country.
Neither of the two brokers is authorized to provide investment or auxiliary services, including transactions on foreign currency.
Umarkets, www.umarkets.com, is a brand of Maxi Services (Belize), which holds a license by the International Financial Services Commission (IFSC) of Belize. The offshore entity has a sister company that operates under the brand MaxiMarkets. Umarkets’ product portfolio consists of forex, commodities, indices and shares.
FinMarkFX is, according to data from its website, registered in St. Vincent and the Grenadines.
Both Umarkets and FinMarkFX serve retail and institutional clients alike. The broker says it offers forex and other instruments, but provides no information as to what these instruments are. No sufficient data is provided about regulation, either.
In order to operate in Spain, companies need to obtain a license by the local relevant authorities or the authorities of any other EU member state. The CNMV maintains a register with investment companies that are authorized to provide financial services in the country.
When engaging with unauthorized and non-regulated brokers traders are putting their investments at higher risk. We strongly advise you to only deal with regulated forex brokers, authorized by reputable regulatory bodies like CySec, FCA, and CFTC/NFA, among others.