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Italy’s CONSOB has issued its weekly warning updates, alerting the public to be wary of the MarketsWorld binary options broker and the FinalAlgo, EuroProfTrader, Trading30Elode robo traders.
According to the Italian regulator, MarketsTheWorld Limited, owner of the binary options site MarketsWorld is not is not authorized to provide investment services and activities in Italy in any manner. An SMN check showed that MarketsWorld is based on the Isle of Man and is licensed by the Gambling Supervision Commission (GSC).
The broker itself claims it is “proudly regulated in Great Britain”. In fact, however, the Isle of Man is a British Crown dependency but is not part of the UK or of the EU, which suggests that MarketsWorld should have a license from UK’s Gambling Commission to claim so. But an SMN check revealed that MarketsWorld is not listed there, which implies that the claim is misleading, to put it mildly.
As for the three sites offering automatic trading on binary options: www.finalalgo.com, www.europroftrader.com, www.trading30elode-it.com, CONSOB says they cannot be traced to subjects authorized to provide investment services and activities in Italy, nor to make out-of-office offers or place remotely investment services and activities of third parties.
It appears that the three sites are mashup combining elements of the notorious “method” sites – “The Danish Method”, “The Swiss Method”, “The Canuck Method”, “Metodo Italiano”, The Brit Method” and “The Aussie Method”, etc.
Once again the sites promise spectacular profits, free registration and numerous testimonials of happy customers bragging about the big profits they are making, without being professional traders. Unlike the “method” software, which was developed by “Jason Taylor”, “Jake Pertu”, “Jake Mason” and “Soren Jensen” who have just a high school degree, the EuroProfTrader software is developed by one Pietro Mazotta, who has a university degree in software development and has worked at the Milan Exchange.