The unregulated Forex brokerage Goldmancfd supposedly based in Bulgaria has 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.
Goldmancfd operates via the website – goldmancfd.com – which, according to the information from the terms and conditions of the brokerage, is registered both in the Marshall Islands and Bulgaria. We remind readers that Bulgaria is a member-state of the EU and the regulatory guidelines of ESMA are in full force in the country. It’s safe to assume that Goldmancfd is presenting mischievous information and the company behind the brokerage – GOLDMANCFD LTD – is actually registered offshore in the Marshall Islands which is a haven for shady brokerages and scammers.
The brokerages provides the MetaTrader 4 platform and extend clients a balanced leverage of 1:50 and floating spreads. However, readers are urged to take heed of the warning issued by the Italian authorities which reads that the brokerage is providing financial services unauthorized and is targeting Italian traders illegally.
We always remind readers that the best way to exclude all risk of fraud in trading is by associating only with entities that fall under the regulatory oversight of prestigious agencies such as the FCA in the UK or CySEC in Cyprus.
Here is a screenshot of the complete list of unregulated, ill-minded Forex brokerages that have been added to the warning list of CONSOB on Monday: