Swiss regulator FINMA NetoTrade warning is the latest in the series of regulatory warnings against this Forex broker. What do we know about this broker?
30 August, AtoZForex – The Swiss Financial Market Supervisory Authority FINMA is the key financial regulator of the Switzerland. The financial watchdog has warned Swiss investors against dealing with Forex broker NetoTrade.
Swiss regulator FINMA NetoTrade warning
Swiss regulator FINMA NetoTrade warning comes the latest in the line of regulatory warnings against this broker.
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.
CNMV warning against NetoTrade
Spanish financial supervisor CNMV has warned investors against dealing with NetoTrade in the beginning of July. According to the alert from Spanish regulator, NetoTrade does not have a right to operate in Spain. That is why the CNMV advised 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.
Quebec AMF warning against NetoTrade
In 2015 May, Quebec’s financial market watchdog the Autorité des marchés financiers (“AMF”) has issued a special warning in regards the recent popularity of binary options brokers, many of which are may actually have fraudulent intentions. That time, the Canadian province has become a new target for binary options dealers, both licensed and unlicensed.
The warning against NetoTrade was majorly directed at the broker that is not duly authorized to carry on such business in the region.
Based on discoveries from the AMF’s cyber surveillance team, a strong rise in binary options broker activities were discovered, especially from overseas brokers which seem to be targeting majorly Quebec residents. Some of these brokers present unrealistic promises of high returns and easy gains.
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