Unregulated Forex brokerage AdunoCapital has been blacklisted by the The Austrian Financial Market Authority (FMA). The country’s main financial regulatory suspects them being involved in scam operations.
The brokerage AdunoCapital purports to be owned by AdunoCapital Ltd, a company registered in Austria but provides traders with no clear information regarding its trading conditions. As we have noted in our review of the broker – it further falsely claims to be regulated by a number of European regulatory agencies, including MFSA and CySEC. Furthermore, we highlight that besides the FMA, the authorities in Germany have also issued a warning against the brokerage. When multiple regulatory agencies have issued regulatory warnings for different brands of the same company it most definitely means it’s involved in a scam operation and is purposefully spawning new websites to avoid being exposed.
The FMA has always advised traders to only do business with legitimate firms that hold the proper license. Traders may always check the regulatory status of a given company by going on the online registry of the Austrian financial watchdog and typing out the name of the company. Another good idea is simply googling the name of the company and reading reviews from ex-clients of the brokerage, as well as from professional Forex bloggers.