The Cyprus Securities and Exchange Commission (‘CySEC’) added unregulated brokers World Trust Invest, Eurotrade Investments, and CoinOptions Trade to its warning list on Tuesday. According to the regulatory agency, the companies behind the broker brands are operating illegally in the country.
World Trust Invest is a Forex broker based in Russia. Its website is available only in Russian and it provides the UTIP platform. It came under fire by CySEC because it falsely claims to be regulated in Cyprus in order to mislead potential traders.
The same goes for Eurotrade Investments which seemingly targets Spanish traders. The trading conditions and the corporate information of the brokerage are quite unclear and to top it all off – it sneakily uses the name of Cypriot Investment Firm (CIF) Eurotrade Investments RGB LTD, which operates Eurotrader (CY) brokerage brand. Traders may rest assured that Eurotrade Investments is not regulated by any agency.
CoinOptions also falsely claims to be licensed by CySEC but its pitch to traders is a bit different. It purports to be a private investment firm providing asset management services, including Bitcoin Mining Program, Cryptocurrency trading, exchange and crypto assets management, as well as some more “traditional” trading in forex and binary options. The brokerage even uses the reference number of another CySEC-regulated firm – A-Conversio Capital Ltd.
The Cyprus Securities and Exchange Commission has always urged interested traders to invest only with legitimate and licensed brokerages. In order to exclude the risk of fraud – they are further advised to always check the online registry of the agency to see whether a brokerage is in fact in compliance with the Cypriot regulatory standards.
The Cypriot financial watchdog urges investors to be particularly cautious before conducting business with any investment company and always check whether it is duly licensed. Forex brokers authorized by CySEC have to abide by a number of rules, which provide significant assurance for the security of clients’ funds.