Unregulated brokerage CgTrade exposed as scam by Bulgaria’s FSC

Unregulated brokerage CgTrade exposed as scam by Bulgaria’s FSC

Unregulated Forex brokerage CgTrade has been blacklisted by the The Bulgarian Financial Supervision Commission. The country’s main financial regulatory suspects them being involved in scam operations.

The brokerage CgTrade purports to be owned by both CGTRADE PTY LTD and CgTrade Limited, registered in Australia and Canada respectfully, as well as by a third company under the same name which is registered in Saint Vincent and the Grenadines. The corporate information is quite chaotic and replete with false claims about regulation. We remind readers as well that besides the fraudulent claims,  Saint Vincent and the Grenadines is a well-known offshore zone which does not regulate Forex trading and any relation the brokerage has with it further overshadows the whole operation.

The FSC 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 Bulgarian 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.

 

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