Denmark’s Financial Supervisory Authority (FSA) warned reported on Monday forex broker 23 Traders and binary options broker Titan Trade are offering financial services in the country, but have not been authorized to do so.
The two brokers have been targeting Danish citizens and offering them to carry out financial services. However, neither of them has authorization from the FSA to provide such services in Denmark.
23 Traders does business via the website www.23traders.com. It offers trading in a wide range of instruments, including forex, stocks, indices, commodities, and binary options, as well as educational materials and services. The broker claims to be a brand of Hermes Ventures, an entity based and licensed in Vanuaty. However, the company is not present in the Vanuatu Financial Services Commission (VFSC).
Titan Trade, operating via www.titantrade.com, provides several types of binary option trading – 60-second, long-term, one-touch, pairs and ladders.
The broker has made its way to the warning lists of the regulatory bodies of several countries – Italy (CONSOB), the US (CFTC), New Zealand (FMA), Australia (ASIC), and Russian self-regulatory organization KROUFR has received complaints from clients who said they were unable to withdraw funds.
As an EU state, Denmark accepts financial service providers licensed in any other member state. However, entities that are not regulated, either by the relevant Danish authorities or those in other EU countries, are prohibited from doing business in the country.
The FSA maintains a searchable register of all financial service providers authorized to target Danish citizens. Investors can look up an entity prior to engaging with it.
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.