Spanish regulator CNMV warns against two unregistered Forex brokers in Spain


Spanish watchdog has issued an alert against two unregistered Forex brokers in Spain. The regulator states that neither of firms has a license from CNMV.

3 July, AtoZForex Spanish financial regulator, the National Securities Market Commission or Comisión Nacional del Mercado de Valores (CNMV) has issued a warning for investors. The Spanish watchdog has warned against a number of Forex brokers that appeared to target traders in the country. The regulator notes that brokers do not possess a license from CNMV.

CNMV warns against two unregistered Forex brokers in Spain

Spanish financial supervisor CNMV has warned investors against dealing with a number of Forex brokers. Specifically, CNMV has cautioned investors’ community against Retail Forex brokers with no regulation, namely NetoTrade and GBO Capital.

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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. According to the alert from Spanish regulator, NetoTrade does not have a right to operate in Spain. That is why the CNMV advices not to deal with this firm on country’s territory.

This is not the first time NetoTrade appears on the warning list of a financial regulator. Earlier in December 2016, the Cyprus Securities and Exchange Commission (CySEC) has warned against this firm. Also, back in January 2015, the French regulator AMF (Autorité des Marchés Financiers) has issued a warning featuring NetoTrade's name.

CMNV warns against dealing with GBO Capital

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.

Spanish regulator warns that this broker has no regulation in the country, Moreover, CNMV warns against dealing with this firm.

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