TBBOB The Italian financial authority Consob has alerted the public against five unregulated brokers.
FortradersFX
FortradersFX is a typical broker with an offer of assets that includes currencies, commodities, stocks and indices. This broker claims that it has more than five million of active trading accounts.
The first hint that something is wrong is the opening animation on the website of the broker that is watermarked by Shutterstock. It looks like it was used without consent.
The most important thing is that FortradersFX is located in the Mashall Islands, and although it is not authorized to offer investment services, it is doing it.
Pocket Option
Pocket Option is a binary options broker. The minimum deposit to open an account is 50 USD, while the minimum trade is 1 USD. There are more than 100 underlying assets to be traded.
The broker says it is based in the Marshall Islands and that it is regulated by the FMRRC. But FMRRC is a fictitious regulator, it has no authority in any country. Pocket Option is therefore not regulated, it has no valid license to offer investment services.
Crypto Zone 24
Its name suggest that it is a crypto exchange or broker, but no, CryptoZone24 is a standard broker with currencies, commodities and stocks. There are no cryptocurrencies among its assets.
Crypto Zone 2 claims to be located in Great Britain, which means that it needs a license from the Financial Conduct Authority. But it doesn’t have it, it is an unlicensed broker. This is why it was blacklisted by the Consob.
Aurum Pro
AurumPro is a brokerage service, its clients can trade with currencies, stocks, commodities and cryptocurrencies. To open a real trading account the minimum deposit is 250 USD.
Aurum Pro is based in Saint Vincent and the Grenadines, meanwhile it has no authorization to offer investment service. It is a broker that is not regulated.
FSM Smart
FSMsmart allows Forex, stocks, commodities and indices trading. There are more than 600 assets in its portfolio.
FSM Smart claims to be operating from Switzerland, but most probably it is not true. It is not registered in Switzerland nor licensed by the FINMA, it is an unregulated broker.
Summary
FortradersFX, Pocket Option, Crypto Zone 24, Aurum Pro and FSM Smart are brokers that have been blacklisted by the Italian regulator Consob, because they have no authorization to provide services they provide.
For trading we recommend using only regulated brokers and starting on a demo account to first try everything risk free.
I use Pocket option broker for the last 3 years and based on my own research and experience I recommend pocket option as a reliable trading platform with secure deposits and withdrawals. and It is regulated by IFMRRC.
Right now they have update the platform to quick trading mode. With excellent support service available 24/7.
Calling IFMRRC a regualtor is laughable.