The unregulated Forex brokerage SmartFX 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.
SmartFX operates via the website – www.smartforex.site – which, according to the information from the terms and conditions of the brokerage, is completely anonymous and does give out even so much as a contact number, only an UK address.
The brokerages provides a web-based platform, not the MetaTrader 4 platform and extend clients a generous leverage of 1:200 and floating spreads. However, 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.
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: