The Italian financial authority Consob has alerted the public against five unregulated brokers.
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.
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
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 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 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.
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.