The key financial regulator of Austria, Financial Markets Authority, has published a caution note to investors' community. Let's see the Austrian Regulator FMA Spot2Trade Warning details. Should you be concerned?
What do we know about Spot2Trade?
The latest regulatory statement from the FMA mentions the entity Spot2Trade Ltd. The Austrian regulator states that it is not recommended to deal with this firm. By updating its warning list, the FMA aims to safeguard investors’ community in Austria from the potential losses.
Spot2Trade is operating online via www.spot2trade.com. According to the information on its website, the firm offers an opportunity to trade Forex, stocks, binary options and commodities. The company allegedly has an office in the UK on the following address: Spot2Trade Ltd, Portman Square, Green St 14 33W1H 6BG London, UK.
Further inspection of the website did not reveal any relevant regulatory information. The company did not claim any specific legal status either.
Austrian Regulator FMA Spot2Trade Warning Details
The FMA has warned the public not to invest with Spot2Trade. Investors should be cautious of dealing with this firms’ solicitations, according to the regulator. The FMA notes that Spot2Trade did not register as a legitimate provider in Austria. Thus, it does not have any right to offer financial services in the country.
The official announcement from the FMA states that Spot2Trade:
“is not entitled to carry out banking transactions in Austria that require a licence. The provider is therefore neither permitted to conduct deposit-taking business (Article 1 para. 1 no. 1 BWG) nor to trade on a commercial basis on its own account or on behalf of others (Article 1 para. 1 no. 7 BWG)”
The FMA also has published this warning in the official gazette “Amtsblatt zur Wiener Zeitung” of 20 December 2017.
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