Polish Watchdog KNF Warns of CySEC-Regulated Broker Depaho
- Depaho Ltd, operating through its brand name FXGM and domain name www.fxgm.com, is already licensed and regulated by CySEC.
Poland’s financial regulatory body, the Polish Financial Supervision Authority (KNF), today issued a public warning against Depaho Ltd, a Cyprus-based provider of FX, and CFDs products, stating that the firm is not authorized to provide a specific investment service in the country.
Depaho Ltd, operating through its brand name FXGM and domain name www.fxgm.com, is already licensed and regulated by the Cyprus Securities and Exchange Commission (CySEC CySEC The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision Read this Term). Back in 2013, the company purchased the brand name FXGM and the domain name www.fxgm.com from FX Global Markets (FXGM), which in turn renounced its licence in the same year.
As such, we understand that Depaho’s cross border license for the provision of its services to Poland is still valid and the company already maintains its business activities in Poland.
Investment services and activities in Poland may only be provided by companies licensed by the Polish Financial Supervision Authority (KNF), or those licenced in other EU Member States under the MiFID II passporting rights.
Bleak metrics about FX traders’ performance
Reports provided to the KNF by the nation’s brokerage houses offering clients the opportunity to invest in the 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 market through online platforms revealed that, on average, 79.3 percent of investors showed a net loss from trading.
According to a survey conducted by KNF, the percentage of investors making money from trading in the over-the-counter market averaged 20.7 percent in 2017. But ultimately, 80% of the profitable traders make losses in the long run.
Earlier last year, the Polish police carried out a raid on the Warsaw offices of Amplio Investments, a company that operates call centers for several forex brands, including CFD 1000, VORTEX ASSETS, and MIB 700. Authorities have arrested 20 of the company’s top managers and salespeople.
Officers from the Police Central Investigation Bureau (CBŚP) accused a total of 36 workers of providing investment advice without a license, as well as aggravated fraud, all of which allegedly occurred between 2016 and 2018.
Poland’s financial regulatory body, the Polish Financial Supervision Authority (KNF), today issued a public warning against Depaho Ltd, a Cyprus-based provider of FX, and CFDs products, stating that the firm is not authorized to provide a specific investment service in the country.
Depaho Ltd, operating through its brand name FXGM and domain name www.fxgm.com, is already licensed and regulated by the Cyprus Securities and Exchange Commission (CySEC CySEC The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision Read this Term). Back in 2013, the company purchased the brand name FXGM and the domain name www.fxgm.com from FX Global Markets (FXGM), which in turn renounced its licence in the same year.
As such, we understand that Depaho’s cross border license for the provision of its services to Poland is still valid and the company already maintains its business activities in Poland.
Investment services and activities in Poland may only be provided by companies licensed by the Polish Financial Supervision Authority (KNF), or those licenced in other EU Member States under the MiFID II passporting rights.
Bleak metrics about FX traders’ performance
Reports provided to the KNF by the nation’s brokerage houses offering clients the opportunity to invest in the 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 market through online platforms revealed that, on average, 79.3 percent of investors showed a net loss from trading.
According to a survey conducted by KNF, the percentage of investors making money from trading in the over-the-counter market averaged 20.7 percent in 2017. But ultimately, 80% of the profitable traders make losses in the long run.
Earlier last year, the Polish police carried out a raid on the Warsaw offices of Amplio Investments, a company that operates call centers for several forex brands, including CFD 1000, VORTEX ASSETS, and MIB 700. Authorities have arrested 20 of the company’s top managers and salespeople.
Officers from the Police Central Investigation Bureau (CBŚP) accused a total of 36 workers of providing investment advice without a license, as well as aggravated fraud, all of which allegedly occurred between 2016 and 2018.