According to the regulator, the two companies have been offering their illicit services to members of the great, pizza-loving Italian public.
Being the swift, fast-acting group of people that they are down at CONSOB, it seems that their warning efforts have already paid off.
The site that the scammers had been using to try and attract customers – www.wwwtoptrade.fm – has already shut down.
CONSOB – They Aren’t Top Traders
Now, far be it from me to criticize a regulator, but it does seem possible that CONSOB has made a typo in its warning.
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The reason I say this is that a trip www.toptrade.fm, a trip I suggest you don’t make, takes you to another trading site that is run by PayPeq Holdings.
As such, it’s fair to say that this is probably the firm that CONSOB was referring to in the warning it released this Monday.
Unlike many other scam brokers, this site does attempt to lend itself an air of legitimacy. For instance, it says that it is regulated by PIPSEC – an independent regulator.
The fact that the company is offering 500:1 leverage on contracts-for-differences (CFDs) would suggest, however, that it is not adhering to European Union regulation.
So if someone from Top Trade does give you a call, just hang up – don’t encourage the scammers.