Spain’s CNMV Warns Against Forex Broker Your Trade Choice

The Spanish financial services watchdog has flagged another forex broker for unlawfully soliciting its services to the public.

Comisión Nacional del Mercado de Valores (CNMV), Spain’s securities markets watchdog, today added retail forex broker Your Trade Choice to its warning list, cautioning the public against conducting business with this entity.

Not Authorised

Your Trade Choice, which offers a range of products and services for trading in the forex and CFD markets, is operated by Choice Trade international Ltd which purports to be registered in New Zealand and is part of the Your Trade Choice Group.

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The company manages www.yourtradechoice.com, www.yourtradechoice.net together with www. tradechoicefx.com, www.ytc.com.ru and is, according to the company’s website, licensed by the VFSC to carry out the business of dealing in securities.

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However, the CNMV has blacklisted the company because it is not authorised to provide investment services or provide auxiliary services including investment advice in Spain, as detailed in the Securities Markets Law.

Spain’s Financial Watchdog

Spain’s CNMV ensures the protection of investors by promoting the dissemination of as much information as necessary to achieve this purpose. To this end, its role is to inform investors that investing through unregistered companies may pose a high risk of substantial capital losses since they operate outside of the controls of supervisory authorities.

The addition of Your Trade Choice is part of the watchdog’s continued attempts to put a stop to the activities of unauthorised financial services entities soliciting their services to the public and follows the recent addition of  IT-Group Sucursal en España to its warning list earlier this month, as reported by Finance Magnates.

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