Spanish financial regulatory body Comision Nacional del Mercado de Valores (CNMV) issued on Monday a notice, warning investors that forex broker Netmark Consultores en Soluciones e Innovacion, trading as Capital Forex, is not registered and authorized to operate in the country.
The entity is not authorized to provide investment or auxiliary services, including investment advice, in relation to financial instruments, including transactions on foreign currency, the regulator noted.
The CNMV also warned against Jesus Alberto Merchan Gonzalez who is related to Capital Forex and its activities.
The regulator did not disclose whether the broker has engaged in illegal or fraudulent activities. It only said Capital Forex is not registered in Spain. In order to operate in the country, 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 Spain.
Also on Monday, the CNMV issued separate warnings against forex broker Solidary Markets FX (SMFX), and binary options brokers FB-One (www.fb-one.com), Stockscall (www.stockscall.com), ST Capitals (www.clickbanca.es). The entities provide financial services in Spain without the required authorization.
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.