Is broker eXbino scam or reliable? The Polish watchdog has warned the public that the brokerage has been targeting Polish customers without any authorization to do so. Therefore, the KNF decided to add this company to its list of unauthorized investment firms.
27 April, AtoZ Markets – The Polish financial regulatory body, the Polish Financial Supervision Authority (KNF), has issued a public warning on its official website. The warning had mentioned a name of an offshore provider of Binary Options, CFDs, and FX products eXbino Ltd and was aimed to reach the investors’ community.
Is broker eXbino scam or reliable? Polish regulator issues warning
The Polish regulator has stated that the firm in question is not authorized to provide any investment services or activities in the country. This warning appears as the latest addition to the caution list of the regulator. The KNF has noted that the broker is operating online via https://exbino.com. In addition, the broker is claiming to have an office at the following address: Orionweg, Willemstad, Curacao.
The Polish watchdog has warned the public that the brokerage has been targeting Polish customers without any authorization to do so. Therefore, the KNF decided to add this company to its list of unauthorized investment firms.
In addition, the regulator has urges investors to restrain from dealing with any business or transactions with any unregulated providers. The KNF has added that the public needs to be aware of the increased risk that is caused by the lack of authorization that is necessary to provide financial services in Poland and in the European Union.
Investors See Losses in the Long Run
Brokers that are willing to provide investment services in Poland need to be licensed by the Polish Financial Supervision Authority under the terms of the Act on Financial Market Supervision.
The Polish watchdog has carried out a survey, according to which, the percentage of investors that are making money from trading in the OTC market has averaged 20,7% in the period from 1 January 2016 to 31 December 2016. However, around 80 percent of the profitable traders experience losses in the long run.
Brokerage houses from across the country have provided reports to the KNF have revealed that. On average, 79,3% of investors have reported a net loss from trading.
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