Spain’s CNMV Warns Against Forex Broker Your Trade Choice

Comisión Nacional del Mercado de Valores (CNMV), Spain’s securities markets watchdog, today added retail Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term broker Your Trade Choice to its warning list, cautioning the public against conducting business with this entity.

Not Authorised

Your Trade Choice, which offers a range of products and services for trading in the forex and CFD markets, is operated by Choice Trade international Ltd which purports to be registered in New Zealand and is part of the Your Trade Choice Group.

The company manages www.yourtradechoice.com, www.yourtradechoice.net together with www. tradechoicefx.com, www.ytc.com.ru and is, according to the company’s website, licensed by the VFSC to carry out the business of dealing in securities.

However, the CNMV has blacklisted the company because it is not authorised to provide investment services or provide auxiliary services including investment advice in Spain, as detailed in the Securities Markets Law.

Spain's Financial Watchdog

Spain’s CNMV ensures the protection of investors by promoting the dissemination of as much information as necessary to achieve this purpose. To this end, its role is to inform investors that investing through unregistered companies may pose a high risk of substantial capital losses since they operate outside of the controls of supervisory authorities.

The addition of Your Trade Choice is part of the watchdog’s continued attempts to put a stop to the activities of unauthorised financial services entities soliciting their services to the public and follows the recent addition of IT-Group Sucursal en España to its warning list earlier this month, as reported by Finance Magnates.