Do not invest more money than you can afford to lose.
The Comision Nacional del Mercado de Valores (CNMV), Spain’s financial authority, issued on Tuesday warning notices against unregistered forex brokers that operate the websites www.oexgroup.com and www.mt4invest.com/es-ES and that provide financial services to local investors without the required authorization.
Neither of the entities have been authorized to provide investment or auxiliary services in Spain, nor investment advice, the regulator said in two separate notices.
OEXgroup, a brand of United Limited Ltd., is a broker that offers forex, binary options, commodities, stocks and indices. The broker provides an address in the Marshall Islands. However, no information regarding regulation was available.
MT4Invest is also a forex brokerage. Its product portfolio includes trading and social trading on forex, contracts for difference (CFDs), indices, commodities, and US shares. The broker offers the MT4 trading platform, as well as Sirix. The broker claims to be based in Norway and to be part of TTS Financial Services Group.
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.
