The unregulated Forex brokerage Brokerz LTD registered offshore in Saint Vincent and the Grenadines 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.
Brokerz LTD operates via the website brokerz.com and according to the information from the website it is registered in Saint Vincent and the Grenadines which is a favourite spot for shady brokerages. We remind readers that Saint Vincent and the Grenadines is an offshore zone and the authorities there have numerously stated publicly that they do not regulate Forex trading. More often than not scammers registered there flaunt some sort of “trading certificates” on their websites, however, the government of SVG issues no such certificates.
The brokerages provides the MetaTrader 4 platform and extend clients a balanced leverage of 1:100 and a fixed spread of 3 pips. 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: