Spain’s CNMV warns of unregulated binary options, forex brokers

Spain’s CNMV warns of unregulated binary options, forex brokers

- in All News, Warnings
CNMV BIGGER

Spain’s financial markets regulator, the CNMV, has issued warnings against several unregulated binary options brokers: TorOption (toroption.com), OptionCM (option-cm.com), 53Option (53option.com) and against the forex brokers 53CapitalTrade (53capitaltrade.com) TradeV (tradev.com), PrimeFX (pfx-bank.com) and ArcTrader (arctrader.es).

According to the public notices, neither the brokers, nor their parent companies are authorized to provide investment services or investment advice and auxiliary services, including foreign currency transactions in Spain.

The majority of brokers on the warning list are apparently new players among the unregulated binary options brokers, who more often than not are a scam. So far, only TorOption has appeared on a warning list – of the British Columbia Securities Commission (BSCS).

Our check revealed that neither of the new additions to CNMV’s warnings are regulated, even though ArcTrader claims to have entered in partnership with GKFX, which is a regulated broker. ArcTrader however, notes that its Spanish page will remain inactive until it complies with the regulatory requirements.

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