CONSOB blacklists broker brands of shady offshore company

Numerous broker brands of the same company, including SmartProFX, ProCapitalFX and CryptoClubFX have been added to the warning list of the Italian financial watchdog Commissione Nazionale per le Societa e la Borsa (CONSOB). CONSOB keeps and updates one of the most comprehensive list of unauthorized financial service providers that are operating illegally in Italy.

ProCapitalFX, SmartProFX, and CryptoClubFX all have identical website and almost identical trading conditions. They all display Game Capital Ads Limited as the company behind them. The company itself is registered offshore, in St. Vincent and the Grenadines, which is a favourite destination for shady firms that are running scams.

All of the brokerages provide the MetaTrader 4 platform and extend clients a generous leverage of 1:200. Usually, they write on their website that they are based in some EU country, like Romania, however, this is far from the truth. They are all property of the SVG-registered company and are not subject to any sort of European regulatory oversight.