CONSOB Remains Alert, Flags Three FX Trading Providers

It’s a new week and that, unfortunately, means there are new warnings about suspected scams within the financial space from financial regulators such as the Commissione Nazionale per le Società e la Borsa (CONSOB) - specifically in the foreign exchange (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), cryptocurrency and contracts-for-difference (CFD) sectors.

CONSOB, which in English translates to the Italian Companies and Exchange Commission, has posted a warning on its website this Monday warning about three suspicious firms.

The companies in question are Capital Com Investment Ltd, One Thousand One Ltd, and Fsm Smart Limited. According to the financial regulator, these three entities need to: “terminate the violation of Article 18 of the TUF consisting in the offer and towards the Italian public of services and investment activities carried.”

What this means, is the entities are operating in Italy without having the required authorization. This type of behavior is often indicative of a scam, as legitimate firms will become authorized and registered before commencing operations in a country.

Overview of the Suspicious Firms Flagged by CONSOB

Capital Investment Com Ltd, which operates through the site https://capital4bank.com claims to be an online Forex Trading Forex Trading Forex trading is the buying and selling of foreign currencies with the aim of generating a profit. The value of currencies, especially floating currencies, fluctuate to varying degrees. This constant volatility of exchange rates opens the door for speculators to invest in a certain currency against another. The Forex market is the world’s biggest and most liquid market, with over $5 billion turnover every single day, with the market being open 24 hours a day, 5 days a week.It goes without saying Forex trading is the buying and selling of foreign currencies with the aim of generating a profit. The value of currencies, especially floating currencies, fluctuate to varying degrees. This constant volatility of exchange rates opens the door for speculators to invest in a certain currency against another. The Forex market is the world’s biggest and most liquid market, with over $5 billion turnover every single day, with the market being open 24 hours a day, 5 days a week.It goes without saying Read this Term provider that provides its clients with “the latest innovations in forex tools and resources to assist you in trading.” The company provides an address from St. Vincent and the Grenadines

One Thousand One Ltd via dax1001.com also offers FX trading, as well as commodities, indices, futures and more, according to its website. This entity offers two addresses, the Marshall Islands, which is a common destination for scams to set up their operations, as well as an address in Bulgaria.

Finally, WSF Smart Limited also claims to be a trading provider of FX, commodities, and indices through the website www.fsmsmart.com. The entity alleges its operations are based in Switzerland.

Due to the warning from CONSOB, no matter how legitimate the above entities may appear to be, and regardless of what they claim, it is a good idea to protect yourself and keep your distance.