European Financial Watchdogs Warn against Three More Unlicensed Brokers

The brokers involved this time are not accused of being a scam or running a fraud but the regulators treat

WarningIt has become more and more common in recent years for regulators worldwide to issue warnings about unlicensed financial entities in the forex industry. Brokers are blamed for operating “boiler rooms” where salespeople are cold calling targeted clients, clone websites based on copying the brand or regulation of another firm, or just soliciting traders in markets they are unauthorized to.

Three European watchdogs kicked off 2015 with warnings about unlicensed financial firms targeting clients in their respective countries. The brokers involved this time are not accused of being a scam or running a fraud but the regulators treat them as such because they are not recognized by the regulators or by any other official body that they have a passporting agreement with.

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The British Financial Conduct Authority (FCA) issued a warning today about AGF Markets. This binary options broker claim to be managed and operated by AGLES Ltd., based in London. The company’s phone number is a French one and the main language on the site seems to be French. The website domain is registered under the names of Guetta Stéphane and Durand Alexandre.

The financial watchdog of Spain, the Comisión Nacional del Mercado de Valores (CNMV), issued a warning against GMT MARKETS. This MT4 broker also claims to be based in London and supplies a UK phone number to match. The site operates in English, French, Spanish and Arabic but registration seems to be open to the whole world and beyond. Among the countries that are listed on the website that you can register from are the Soviet Union, North Vietnam and Antarctica.

Earlier this week the Austrian Financial Market Authority (FMA) issued a warning against SpotFN. This binary options broker also claims to be based in London but offers a phone number with the country code of Germany and the main language of the site is German. On the site, the name of its CEO appears to be James Kingsley.

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