Spain’s CNMV Adds BelforFX and Escuelade Traders to its Warning List

The CNMV today warned against several domains including that of

Spain’s financial markets watchdog, the CNMV, today issued two announcements warning against a total of four websites, two in each update, including against BelforFX in the first update, and Escuelade Traders in the second parallel announcement.

The first warning from the CNMV listed the websites as well as, explaining how the providers are not authorized to provide investment services under the relevant local capital markets law, including any investment advice, and cited foreign exchange transactions for the related warning it made to Spain’s residents.

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Is BelforFX still in business?

A review of the Belforfx site shows a company with multiple operations, including in Europe, and with services provided by Fisecorp Limited. The LinkedIn company profile for BelforFx says the company is ‘legally constituted’ in London, New Zealand, British Anguilla and Seychelles, and with its headquarters in Bulgaria.

The isocial url also referenced in the aforementioned warning appears to be either an affiliate or additional domain for the Belforfx brand or offering, as it points back to the broker. Finance Magnates reached out to the toll-free number listed on the company’s website around time of publication but was unable to reach anyone. It’s not clear whether the company is still in operation, or what its current status is, as a review of the Financial Services Register in New Zealand reports that Belforfx’s New Zealand entity, Belfor Financial, had deregistered last July. More recently a company or person under the name of BAPTISTE, Verette and with FSP number 465946 uses the trading name ‘Fisecorp Limited’, yet also deregistered on March 24, 2016 barely more than a week ago.

EscuelTrades websites offline

The parallel warning also dated today from the CNMV was for two additional websites including and, which also lacked any authorization with the local regulator for any relevant investment authorization, citing the same legal jargon with regard to foreign exchange transactions. A review of both of the related urls for Escueltraders shows a WordPress site and hosting – indicating the prior FX related offerings have since been removed by the site’s administrators.

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