Italy’s CONSOB exposes compensation scam by AFX Capital Markets

Italy’s CONSOB exposes compensation scam by AFX Capital Markets

The recently suspended Forex brokerage AFX Capital Markets 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.

AFX Capital Markets operates via the website – ww.afxcapital.com – and until last year was licensed by the Cypriot regulatory agency CySEC before having its license suspended as a disciplinary measure instituted by the Cypriot authorities.

The brokerages provides the MetaTrader 4 platform and extends clients attractive floating spreads, however, readers are urged to take heed of the warning issued by the Italian authorities which reads that the brokerage is no longer part of the compensatory mechanism of CySEC and has been stripped of its official license.

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:

 

Top Forex Brokers

Broker Country Rating Min. Deposit Website
US 5/5 $50 Click for a special offerWebsite
UK, Cyprus, Belize 4.94/5 $5 Click for a special offerWebsite
Australia 4.93/5 $100 Click for a special offerWebsite
UK, Australia 4.85/5 $50 Click for a special offerWebsite

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