Forex brokerage Vortex Assets is not authorized to provide financial services in Spain, the country’s financial authority, the Comision Nacional del Mercado de Valores (CNMV), said on Monday in a warning notice.
The broker is not authorized to provide neither investment, nor auxiliary services in the country.
Vortex Assets operates via the website www.vortexassets.com. It offers trading in more than 150 assets, including forex currencies, commodities, stocks, and indices.
Another financial regulator, Italy’s CONSOB, has also issued a warning against Vortex Assets for targeting local citizens and offering them financial services without authorization. It claims to be an independent broker based in the UK. No information regarding authorization is available on its website.
In order to operate as financial service providers in Spain, 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 such services in the country.
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.