Today, the Italian CONSOB warns against easyinvestment500, a binary options broker. Alongside, the Forex broker LM Swiss Group also received a warning. Should investors trust these brokers?
12 December, AtoZForex – Italy’s financial regulator, the Commissione Nazionale per le Società e la Borsa (CONSOB), issued a warning today against 2 financial entities. CONSOB warns against easyinvestment500 and LM Swiss Group. Both brokers are not licensed and have purportedly provided their investment services to Italian investors.
CONSOB warns against easyinvestment500
CONSOB reported the companies Pel Ltd. and Kakao Ltd. not authorized to carry out investment services and activities in Italy. These companies are operating under the website easyinvestment500.com. Additionally, the watchdog mentions that the binary options brokers do not give any address details and they ask clients to contact them by email. Claiming their email at easyinvestment@europe.com and phone number as +390694808300.
Is LM Swiss Group a reliable Forex broker?
Additionally, the regulator warns investors from dealing with LM Swiss Group which is a forex broker. The company operates under the brand SwissFxTrading through the website swissfxtrading.com. Morevoer, LM Swiss Direct that operates as SwissFxTrading as well as SwissFxPro, and LM Swiss. The websites where the company operates through are swissfxtrading.com, swissfxpro.com, and lmswiss.com.
These entities are claiming to be located at Ajeltake Road, Ajeltake Island, Majuro MH96960, Marshall Islands. Also, they’re not authorized to carry out any investment services or activities in Italy.
CONSOB’s latest warning
Earlier this month, CONSOB issued a warning against 5 binary options brokers for contravening its rules and regulations. The regulator stated that the companies have no authority to provide investment services in Italy. Additionally, the watchdog highlights that it suspects the firms can be the High Yield Investment Programs Scams.
Furthermore, the Italian watchdog issued 2 warnings in less than 2 weeks and now issuing the third warning against such entities in less than a month. That reflect the Italian watchdog’s increased attention to unregulated binary options providers. However, the regulator still did not follow the bold footsteps of other authorities in Europe that took serious steps against Binary Options activities.
Think we missed something? Let us know in the comments section below.