The Czech National Bank remains vigilant and has renewed its long blacklist of unregulated brokerages. It appears the newly spawned Forex broker Financial Signal has been the latest addition to the list. The country’s main financial regulatory suspects them being involved in scam operations.
According to the website Financial Signal is supposedly registered in the Czech Republic, however, the name of the company is missing and there is even no registered address given. Such anonymity is a sure sign of trouble and we suggest all traders avoid doing business with a financial services provider which does not show it’s owner-company. We do remind readers that Czech Republic is deeply integrated within the EU and the Czech National Bank follows the ESMA guidelines.
The Czech National Bank 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 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.