France’s financial markets and services supervisor, the AMF, has updated its warning list of unauthorized forex and binary options brokers.
The new additions are 10: five forex and five binary options brokers. According to the AMF, neither of them has a license to offer investment services in France.
Neither of the five forex brokers – X90, MT4Invest, GSS Financial, Boom Forex and PromFX – has previously appeared on a warning list. However some, like X90 and MT4Invest, have garnered a significant number of complaints in various forums. There unhappy clients accuse the two of being a scam. The other three forex brokers appear to be relatively new and we could not find complaints about them.
The five new binary options brokers on AMF’s warning list are CBF Financial, ToroNext, EasyGestions, 4U Groups and Luxembourg Capital Finance. All of them are also relatively new and there have been no complaints about them so far. The websites of the first three appear quite similar. Even though there is no owner information, we suspect it may be one and the same company.
In any case, we strongly advise our readers to avoid dealing with unregulated forex and binary options brokers, as the risk of them turning out to be a scam is quite big. Worse still, the clients of unregulated brokers do not have any protection from compensation funds, nor from national regulators.