Is Dubai FXM scam or reliable? CONSOB blocks 16 online trading firms


The Italian regulator CONSOB blocks 16 websites of unauthorized online trading companies. Dubai FXM is one of them. However, the number of unauthorized online trading sites blocked by Consob has increased to 117. Is the Dubai FXM scam or reliable?

20 December, 2019 | AtoZ Markets – According to DUBAI FXM website, it is a true ECN Forex Broker where trader can invest in Forex and CFDs (Index, Stocks and Commodities). Moreover, it is regulated by VFC. It has a worldwide presence. Furthermore, it understands the importance of building reliable data centres, secure trading platforms, well-trained, efficient and experienced support staff to resolve all questions.

It does not have a Dealing Desk. Hence, it guarantees no conflict of interest and no price manipulation to ensure stable trading parameters.

CONSOB Blocks Unauthorized Online Trading Firms Including Dubai FXM

Under the Decreto Crescita, Consob can order Internet service providers to block access from Italy websites that offering financial services without proper authorization. Also, today the Italian Companies and Exchanges Commission (CONSOB) has announced that it has blocked access to 16 websites of unauthorized investment entities. Dubai FXM is one of them. Is the Dubai FXM scam or reliable? However, according to CONSOB, Dubai FXM is offering financial services in Italy without proper authorization.

CONSOB has ordered the blackout of the following websites:

  • Allianz Capital Ltd (www.capitalallizie.com);
  • WebNet Ltd (www.2dots.it);
  • Cleavesecurities (www.cleavesecurities.com);
  • Game Capital Ads Limited (www.welttrades.com and www.it.welttrades.com);
  • BCProfit2019 (www.bcprofit2019.com);
  • Terratech Ltd (www.swissfingroup.com);
  • Dubai FXM Ltd (www.dubaifxm.trade and www.dubaifxm.trading);
  • VirtualStocks (www.virtualstocks.co and www.virtualstocks.cc);
  • RoyalFunds (www.royalfunds.co and www.royalfunds.cc);
  • Lctrade Ltd (www.lctrade.net);
  • Arrow Capital Ltd (www.lvgrowmarkets.com and www.partners.lvgrowmarkets.com).

However, the regulator explains that blocking access to the websites mentioned above takes several days to implement for technical reasons.

Read More: SEC Plans to Update Accredited Investor Definition for US Capital Markets

CONSOB is Following the Footsteps of ESMA

At the beginning of June, the regulator decided to follow in the footsteps of ESMA by prohibiting the sale of binary options to individual customers. And it also extended its restriction to the promotion of CFD to non-professional investors.

As a result, the number of websites blocked by the Italian regulatory authority has risen to 117 since July 2019. Last week, Consob ordered the blocking of three other websites of entities that are not authorized to offer investment services in Italy.

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