Spain CNMV warning against BForex, Titan Trade and more brokers

The Spanish watchdog has blacklisted four brokers on the same day that includes Spain CNMV warning against BForex, Grizzly Ltd., Titan Trade, and FX-Boutique.

7 March, AtoZForex – The Comisión Nacional del Mercado de Valores (CNMV) is a financial regulator in Spain. It is responsible for inspecting and supervising the Spanish Stock Markets and the activities of the participants in those markets. CNMV ensures the transparency of the Spanish market and protects the investors. The Spanish regulator has recently issued a warning against four unregistered companies that are not authorized to conduct any financial services in the country.

Spain CNMV warning against BForex and other three brokers

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CNMV has added a Forex broker Grizzly Limited, a binary options broker Titan Trade as well as BForex Limited and FX-Boutique to its warning list as unauthorized entities. As per the regulator, these companies are not authorized to provide investment or conduct financial services in Spain. Moreover, they are not allowed to target any Spaniard to promote their products according to CNMV.

MXTrade and TradingBanks are two brands owned and operated by Grizzly Limited. MXTrade and TradingBanks are the leading international Forex brokers. They both provide online trading platform dealing in Forex, CFDs, and metal trading. Titan Trade is a binary options broker providing a web-based trading platform. It claims to be located at 35 Barrack Road, Third Floor, Belize City, Belize with its UK phone number +442036088333. BForex Limited claims to be a leader in online Forex trading whereas FX-Boutique and BForex websites were not accessible. Looking at the forums and blogs, both of them were marked as scammers by many bloggers.

Previous warnings from other financial authorities

MXTrade operates online via Despite CNMV, there are many other regulators that have warned MXTrade in the past. Previously, MXTrade got warnings from Malta’s financial authority MFSA, Cypriot regulator CySEC, and Capital Markets Board of Turkey (CMB). Moreover, the firm has been blacklisted by the Russian watchdog KROUFR in the past. Grizzly Limited operates its other firm TradingBanks through the website Along with CNMV, TradingBanks has also been on the list of many other regulatory entities. The authorities that red flagged TradingBanks are Hong Kong’s SFC, Swiss regulator FINMA, Italian CONSOB, Belize IFSC, Maltese MFSA, and South Africa’s FSB.

A binary options broker well familiar to various financial authorities, Titan Trade, has been on their warning list several times. The long list of watchdogs that have already restricted Titan Trade includes Canada’s provincial regulator BCSC, American CFTC, Italy’s CONSOB, Belize’s IFSC, Australia’s ASIC, and the Kiwis FMA. Moreover, the firm provides an online platform via Spain CNMV warning against BForex and FX-Boutique is for the first time.

According to the Spanish watchdog CNMV, the above-mentioned entities are not authorized to provide any financial services as per Securities Markets Law. Moreover, they cannot even provide auxiliary services which include investment advice in relation to the financial instruments.

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