Portugal’s CMVM Flags Multiple Unregulated FX, Binary Brokers
- The CMVM typically blacklists unlicensed platforms engaged in activities that may pose a risk to investors in its jurisdiction.
Continuing a string of warnings against 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 and binary options brokers, targeting traders in Portugal, Comissão do Mercado de Valores Mobillários (CMVM) has cautioned investors regarding First Financial Banc, Invcenter and RB Options.
The regulator explicitly points out that these firms are promoting speculative and risky trading products and that they could lose their entire investment.
The CMVM typically blacklists unlicensed platforms engaged in activities that may pose a risk to investors in its jurisdiction, which are apparently targeting Portuguese traders.
Portugal’s watchdog confirmed that registration under the local laws is required in principle, even for overseas operators offering financial instruments for residents, or making transactions on their behalf as counterparties.
Some of the brands flagged today by Portugal’s securities watchdog had previously received similar warnings earlier from other regulators. This includes Zulutoys Limited and its subsidiary RBOptions, a binary options broker domiciled in Canada but not authorised to render financial services in Portugal.
RBOptions is a Canadian broker with a history of raising the hackles of financial regulators. Three Canadian provincial watchdogs have warned against the binary broker in the last few years, including the British Columbia Securities Commission (BCSC) and Ontario Securities Commission’s (OCS). Saskatchewan’s regulator also followed other provincial authorities and warned about the brand.
Inherent Risks in Trading with Unlicensed Entities
According to the broker’s website, RBOptions is owned by Zulutoys Limited in the Marshall Islands, and the Clearing Clearing Clearing is a general term that simply means many different things depending on the subject and related industry. Most commonly, this refers to the reciprocal exchange between banks of checks and drafts, and the settlement of the differences, or the total of claims settled at a clearinghouse. In finance and banking, the word clearing has different meanings depending on the more specific business model. Moving checks from the bank where they were deposited to the bank on which they were drawn. Th Clearing is a general term that simply means many different things depending on the subject and related industry. Most commonly, this refers to the reciprocal exchange between banks of checks and drafts, and the settlement of the differences, or the total of claims settled at a clearinghouse. In finance and banking, the word clearing has different meanings depending on the more specific business model. Moving checks from the bank where they were deposited to the bank on which they were drawn. Th Read this Term services with respect to the website and the company are provided by RB Secured Processing LTD, a UK company located at NWMS Center, 31 Southampton Row, London WC1B 5HJ.
Apparently, they eventually changed their headquarters address to the Marshall Islands after Canadian regulators cracked down, but who can confirm? Virtual office addresses can be bought over the internet everywhere.
RBOptions attracted the attention of many Canadian authorities after the company proudly released a press release stating that it is the only binary options brokerage operating from within Canada, although it does not claim on its website that it is regulated.
In conclusion, the Portugal regulator advises investors to consider any claims about the products offered carefully, and if it sounds too good to be true, then it probably is a fraud. Investors should also check whether the brokerage or platform are regulated by CMVM, which is also in charge of forex brokers operating in Portugal.
Continuing a string of warnings against 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 and binary options brokers, targeting traders in Portugal, Comissão do Mercado de Valores Mobillários (CMVM) has cautioned investors regarding First Financial Banc, Invcenter and RB Options.
The regulator explicitly points out that these firms are promoting speculative and risky trading products and that they could lose their entire investment.
The CMVM typically blacklists unlicensed platforms engaged in activities that may pose a risk to investors in its jurisdiction, which are apparently targeting Portuguese traders.
Portugal’s watchdog confirmed that registration under the local laws is required in principle, even for overseas operators offering financial instruments for residents, or making transactions on their behalf as counterparties.
Some of the brands flagged today by Portugal’s securities watchdog had previously received similar warnings earlier from other regulators. This includes Zulutoys Limited and its subsidiary RBOptions, a binary options broker domiciled in Canada but not authorised to render financial services in Portugal.
RBOptions is a Canadian broker with a history of raising the hackles of financial regulators. Three Canadian provincial watchdogs have warned against the binary broker in the last few years, including the British Columbia Securities Commission (BCSC) and Ontario Securities Commission’s (OCS). Saskatchewan’s regulator also followed other provincial authorities and warned about the brand.
Inherent Risks in Trading with Unlicensed Entities
According to the broker’s website, RBOptions is owned by Zulutoys Limited in the Marshall Islands, and the Clearing Clearing Clearing is a general term that simply means many different things depending on the subject and related industry. Most commonly, this refers to the reciprocal exchange between banks of checks and drafts, and the settlement of the differences, or the total of claims settled at a clearinghouse. In finance and banking, the word clearing has different meanings depending on the more specific business model. Moving checks from the bank where they were deposited to the bank on which they were drawn. Th Clearing is a general term that simply means many different things depending on the subject and related industry. Most commonly, this refers to the reciprocal exchange between banks of checks and drafts, and the settlement of the differences, or the total of claims settled at a clearinghouse. In finance and banking, the word clearing has different meanings depending on the more specific business model. Moving checks from the bank where they were deposited to the bank on which they were drawn. Th Read this Term services with respect to the website and the company are provided by RB Secured Processing LTD, a UK company located at NWMS Center, 31 Southampton Row, London WC1B 5HJ.
Apparently, they eventually changed their headquarters address to the Marshall Islands after Canadian regulators cracked down, but who can confirm? Virtual office addresses can be bought over the internet everywhere.
RBOptions attracted the attention of many Canadian authorities after the company proudly released a press release stating that it is the only binary options brokerage operating from within Canada, although it does not claim on its website that it is regulated.
In conclusion, the Portugal regulator advises investors to consider any claims about the products offered carefully, and if it sounds too good to be true, then it probably is a fraud. Investors should also check whether the brokerage or platform are regulated by CMVM, which is also in charge of forex brokers operating in Portugal.