FXNobels is Blacklisted Again, this time by CONSOB

It might only be Monday, but already regulators have warned against a series of suspected scams. Over in Italy, financial regulator the Commissione Nazionale per le Società e la Borsa (CONSOB) has posted a warning against two entities operating within 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) trading space, including FXNobels.

The two warnings are for Glencoe Partners Ltd and Velmon Enterprise Ltd. According to CONSOB, the two entities which are offering investment services and activities to residents within the country are in violation of Italian law.

As highlighted by the regulator, Glencoe Partners Ltd is offering its investment services through its trading names FXNobel and FXNobels through two websites: https://www.fxnobel.com/ and https://www.fxnobels.io/. As the name suggests, the entity claims to provide forex trading through the two websites.

Specifically, the company states on the website for FXNobels: “FXNobels is a Forex Brokerage that allows customers to trade Forex, Stocks and Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term online. We believe that everyone should have access to the world’s biggest financial market, and we are here to educate and support our clientele.”

FXNobels is Blacklisted by MFSA

As Finance Magnates previously reported, the Malta Financial Services Authority added an entity by the name of FxNobels to its warnings list earlier in January, which could be the same firm.

The other warning, which goes to Velmon Enterprise Ltd, is in regards to the trading services it offers via its trading name FxTradingPro. Through its website www.fxmarketpro.io, the entity claims to be a leading online trading provider.

“With one Fx Market Pro account, traders can trade over 175 products ranging from Currencies, Commodities, Indices and Stocks to use their desktop, tablet or smart-phone devices,” FxTradingPro claims.

Despite the claims from the two entities that they are trustworthy companies, because of CONSOB’s warning, it is a good idea to avoid dealing with either of these firms.