July 19, AtoZForex - As a part of its duty to ensure a safe and sound investment environment for Spanish public, Spain’s financial regulator, the National Securities Market Commission (CNMV) has issued another public warning against another Forex broker.
CNMV issued warning against Your Trade Choice
This time, the update came to CNMV’s warning list with the name of Your Trade Choice. The broker offers a range of products and services for trading in the Forex and CFD markets and is operating by the Choice Trade International Ltd. The latter is registered in New Zealand and is part of the Your Trade Choice Group.
The company operates online through the www.yourtradechoice.com,www.yourtradechoice.net, www. tradechoicefx.com and www.ytc.com.ru. Additionally, the firm is registered with Vanuatu Financial Services Commission (VFSC).
Spanish watchdog has banned the company because it is not authorized to solicit to Spanish investors and provide any investment services or investment advice in Spain. The above mentioned is detailed in the Securities Markets Law.
AtoZForex has reached out to the officials of Your Trade Choice in order to get the additional insights into the case. Here is the official comment from the Your Trade Choice:
What CNMV is saying is definitely true: we do not have a license in Spain as we don't have any commercial interests in that country and we are not targeting Spanish traders directly. So, a CNMV license is not required for our current marketing and commercial activity.
Spanish regulator note and recent warnings
As the warning against Your Trade Choice is issued, The CNMV warns Spain-based investors about the risk while dealing with unregulated Forex brokers. It warns that opening the account with the broker without a license can be very costly and can result in a loss for the firm since they are not watched by the authorities.
The Spanish regulator attempts to take control of unauthorized financial services entities promoting their services to Spanish investors and to ensure a safe investment environment in the Spanish Stock Market.
Earlier this summer, Spanish watchdog issued two more warnings against unregistered brokers, namely, SFKK Trading Solutions and TBD Options. The SFKK Trading Solutions is operating online via https://www.stcapitals.com and is operated by Y2 Media Group.
The TBD Options is operating online through multiple websites, claiming to be registered in Anguilla and have an office in London, UK.
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