The Italian financial watchdog, CONSOB, has warned that the companies Exo Capital Markets Ltd and Global Fin Service Ltd are not authorised to provide investment services and investment activities by any means. They are operating through the brand Trade12 as a forex broker.
According to its website, Trade 12 is owned and operated by Exo Capital Markets – a company registered on the Marshall islands – an archipelago of coral atolls in the Pacific Ocean, with an address there, but there is no regulatory information whatsoever. It offers trading in forex, CFDs on shares and indices and precious metals via the MetaTrader4 platform. It also has an introducing broker and affiliate programs.
The website has versions in English, Italian, Russian, Spanish and French, plus several Asian languages. It appears that the broker has been targeting Italian traders – they have complained on the company’s Facebook page that they want their deposit back but nobody is replying to their e-mails and phone calls.
By EU law, if a broker wants to operate on the EU market, it must be regulated by the financial supervision body of at least one EU country. Trading through unregulated brokers poses a significant risk of fraud and losses.