Austria’s FMA warns against Bulgarian brokerage Digital Exchange Limited

Austria’s FMA warns against Bulgarian brokerage Digital Exchange Limited

Unregulated Forex brokerageD igital Exchange Limited 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 Digital Exchange Limited states that it is based in Sofia, Bulgaria, however, judging by the website it appears to targets Austrian traders. We remind readers that Bulgaria is a member-state of the European Union and Forex trading falls under the regulatory oversight of the local Financial Supervision Commission. We further stress that the company is also blacklisted by the Italian financial watchdog CONSOB.  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.

 

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