CNMV Warns Public Against Unregulated Forex and Binary Options Brokers

The firm is clearly banking on attracting newbie investors who are not aware of the existence of regulatory registers.

The Comision Nacional del Mercado de Valores (CNMV), the financial regulatory body of Spain, today updated its blacklist of companies that are illegally conducting financial services targeting the country’s residents.

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The newly-listed company is NETMARK CONSULTORES EN SOLUCIONES E INNOVACION, SL (trading as CAPITAL FOREX), which operates several forex and binary options brands. The Spanish regulator located the company’s websites at,, Solidary Markets FX (“SMFX”) and The first and second entities are two platforms for binary options trading, while SMFX offers trading in various instruments including forex, stocks and commodities.

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Although the financial watchdog didn’t provide specific details, the inclusion of NETMARK CONSULTORES means it is not officially registered in Spain and was thus not authorized to offer its trading services to domestic traders. The firm also claimed to have offices in London but after some research on our side, it became clear that it isn’t regulated either by the FCA as a forex broker nor by the UK Gambling Commission as a binary options provider.

In the ‘About Us’ section, NETMARK CONSULTORES makes reference to global offices. ‎However, the company didn’t claim any specific regulatory status in these jurisdictions.  On the website of one of its unregulated arms, the company has only this statement to reassure its clients: “Solidary Markets NZ Ltd maintains strict compliance policies in all aspects of its business to ensure that we are up-to-date on our obligations.”

Another interesting statement reads: “Solidary Markets NZ is a Financial Services Provider but outside the policy framework of the Financial Act 2008 so it does not require us to stay in the Register of FSP for companies that provide services within New Zealand.” As such, the non-compliant firm is clearly banking on attracting newbie investors who are not aware of the existence of regulatory registers and are ill-informed to take investment decisions.

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