Spain’s CNMV warns of non-authorized forex broker

Spain’s CNMV warns of non-authorized forex broker

- in All News, Forex Brokers, Regulation, Warnings
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Comision Nacional del Mercado de Valores (CNMV),  Spain’s financial regulatory body, warned on Monday forex brokerage Ridge Capital Markets is not registered to provide financial services in the country.

The company cannot lawfully provide financial or auxiliary services, including investment advice on forex transactions. No further details were provided. Non-authorized financial service providers are not allowed to operate in the country and to target local citizens.

Ridge Capital Markets operates via the website, where it offers fully automated trading in more than 1,000 products – forex pairs, commodities, indices, futures and stocks. The broker uses MetaTrader 4 (MT4) and cTrader platforms, as well as cMirror app for social trading in more than 170 countries.

Several types of trading accounts are available, including an Islamic one, with a minimum deposit requirement starting from $500. The broker’s services are also available via introducing broker (IB) and white label partners.

On its website, the broker says it is operated by RD Group Ltd., an entity it claims is based in the Dominican Republic. An affiliate called TOMGOLD Ltd. is based in the UK and is in charge of the broker’s payment services. No information concerning regulation is available.

In April, Swiss regulator FINMA also issued a warning against Ridge Capital Markets for operating without 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.

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