Italy’s CONSOB alerts against unauthorized forex broker Go24Invest

Italy’s CONSOB alerts against unauthorized forex broker Go24Invest

CONSOB

Italy’s financial regulatory body CONSOB has warned against Piortello Ltd. and Go24Invest since they provide investment services in Italy, but are not authorized in any way to do so. The regulator provided no additional information.

Go24Invest is a brand name of Piortello, which is based in the British Virgin Islands. The company is an electronic communication network (ECN) broker that offers trading in forex pairs, contracts for difference (CFDs), commodities, indices and stocks via the MetaTrader 4 (MT4) platform.

As most brokers that get included in regulatory warning lists, Go24Invest does not provide any information on its website, www.go24invest.com, regarding regulation or authorization.

An interesting fact is that the broker claims to offer a monthly interest rate as high as up to 10% on deposited funds. Moreover, under a cashback program Go24Invest promises to give traders back $2,000 for every 200 lots traded, in addition to the gift advertised for the month. The offers are tempting, but it is not common for genuine forex brokers to offer such high rewards and interest rates on deposits.

go24invest-website

Traders can choose between several Go24Invest trading accounts – Micro, Standard, Gold and VIP, with different minimum deposit requirement ranging from $500 to $50,000. In addition, they receive bonuses and one-on-one coaching from account managers of GO24Invest. Following is more information about the account types and trading conditions the broker offers:

go24invest-accounts

In Italy, as in any other EU member, financial intermediaries, including forex brokers, are not allowed to operate without the proper authorization from the local authorities or the relevant regulator of any other EU country. If a broker is licensed in any EU member state, the license allows it to provide services in the rest of the union.

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.

Leave a Reply

Your email address will not be published. Required fields are marked *

You may also like

Canada’s BCSC warns of Cryp Trade crypto scheme

Canada’s regional financial markets and services regulator the