The unregulated Forex brokerage CryptoCapitalFX presumably registered in Cyprus 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.
CryptoCapitalFX operates via the website it.cryptocapitalfx.com and according to the information from the website it is registered in Cyprus. Forex trading in the country is regulated by one of the foremost regulatory agencies in the world – Cyprus. Going through the online registry of the Cypriot authorities we did not come across the name of the company which isn’t surprising.
The brokerages provides a web-based trading platform, however, there is no demo account available and the trading conditions are unclear. Furthermore, 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: