The unregulated Forex brokerage CCFDBank supposedly based in Switzerland has been added to the warning list of the Swiss financial watchdog Swiss Financial Market Supervisory Authority FINMA. We learn this from the website of the regulatory agency which keeps and regularly updates a comprehensive list of unauthorized financial services providers and blacklisted brokers.
CCFDBank operates via the website – www.ccfdbank.com – and, according to the information from the terms and conditions of the brokerage, is owned and operated by a company of the same name purported to be registered Switzerland. We remind readers that online Forex trading in Switzerland is well integrated within its regulatory framework. It’s safe to assume that CCFDBank is presenting misleading information and is most likely registered offshore as is often the case with such shady firms.
The brokerage does provide a web-based trading platform and extends clients an extremely high leverage of 1:500, as well as spreads way above the industry average. Besides the obvious sign of trouble which is the official warning issued by the Swiss Financial Market Supervisory Authority clients simply should not risk it with such unfavorable trading conditions.
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.