Spanish regulator CNMV has issued yet another warning against Forex brokers with no registration in Spain. Is YFX Capital scam or reliable?
11 July, AtoZForex - The National Securities Market Commission (CNMV), Spanish financial regulator, has issued the new alert for investors on its website. This time, the Spanish watchdog has warned investors against dealing with one of the Forex brokers. The company under the spotlight - YFX Capital. Spanish CNMV believes that the firm operates in the country without any authorization to do so.
Is YFX Capital scam or reliable?
According to the CNMV latest Forex broker warning, YFX Capital operates in Spain without any registration. The Spanish supervisor stresses that the broker has not right to provide investment services in the country. The official warning from the Spanish regulator states the following:
“According to CNMV records, these institutions are not registered in the corresponding registry of this Commission and, therefore, are not authorized to provide investment services. “
CNMV also notes that the warnings about entities with no registration are available for review here. In case investors have additional queries, the Spanish regulator has special contact investor service at 900 535 015.
YFX Capital is a Forex broker that operates online via http://www.yfxcapital.com/. The visit to YFX Capital official website revealed that the firm also offers an opportunity to invest in commodities, stocks, and indices. YFX Capital has a parent firm, operating under the name T.W capital LTD. The firm lists the following address on its website: Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960.
Previous CNMV Forex broker warnings
Just in the beginning of the last week, the Spanish watchdog has warned against a number of Forex brokers that appeared to target traders in the country. That time, CNMV warned against two unregistered Forex brokers in Spain. Specifically, CNMV has cautioned investors’ community against Retail Forex brokers with no regulation, namely NetoTrade and GBO Capital. The regulator noted that brokers do not possess a license from CNMV.
NetoTrade is a Forex broker that is operating online via https://www.netotrade.com/. The company provides an opportunity to open four different kinds of accounts with it: Mini, Gold, ECN, and Platinum account.
Second Forex broker, GBO Capital, also operates online, through the website gbocapital.com. The Forex broker’s parent firm operates under the name Bali Limited LTD. The company has an office at the following address: 1421 Sofia City, Sofia District, Bulgaria Lozenets, Bolgrad No.5.
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