Italy’s CONSOB warns against CobraCFD

Italy’s CONSOB warns against CobraCFD

The unregulated Forex brokerage CobraCFD 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.

CobraCFD operates via the website and according to the information from the website it is owned by the company CobraCFD Ltd registered in the Marshall Islands. The offshore zone is among the most popular for unregulated brokerages and we always remind readers that the government itself has multiple times states publicly that it does not conduct any regulatory oversight over CFD trading whatsoever.

The brokerages provides the MetaTrader 4 trading platform, however, further trading conditions remain 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.




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