The CNMV Has Flagged These Brokers—Is Your Broker on This List?
Are you considering opening an account with any of the brokers on this list? We certainly hope not, because they have been flagged by CNMV, the main Spanish financial regulator. If you have an account with any of the brokers on this list, it’s important to close it right away and try to get your money back. If you run into any trouble, contact ReportScamOnline.
We stay updated on the latest warnings from the world’s top regulators. We aggregate these alerts and create user-friendly reviews that can help you safeguard your money when trading with online brokers. In addition to providing useful content, ReportScamOnline experts will help you track down your funds if you’ve lost money to flagged brokers.
What Is the CNMV and What Does It Do?
The CNMV is also called Comisión Nacional del Mercado de Valores. It is an independent body that aids the Spanish government and is responsible for maintaining the health of Spanish financial markets. This means it ensures all financial companies located in Spain or serving Spanish customers are complying with relevant rules and regulations.
CNMV is empowered to carry out disciplinary actions against companies that violate these rules. This means revoking or suspending licenses and warning the public about brokers it has found to be suspicious.
Why Is CNMV Warning the Public About These Brokers?
The following are common issues that brokers that we see with flagged brokers.
Many brokers flagged as scams have questionable licenses or no license at all. Some try to fool the public into thinking they are authorized to offer services in places they aren’t allowed to. Some of these brokers could have had a license at one point, but have had it revoked and suspended and are still trying to offer services. Others have fake licenses or none at all.
Brokers that lack licenses, a strong reputation, and solid independent reviews may rely instead on misleading statements to generate enthusiasm. They may promise 100% return on a forex investment in 3 days or claim to have zero fees, spreads, or commissions. Customers only realize later that these claims weren’t accurate. This kind of behavior leads to a broker getting flagged by CNMV.
Lack of Transparency
The About Us page might tell you nothing about who actually runs the brokerage or it may contain fake information. You need to know the people you are trusting your money with, including their licenses, professional history, media mentions, and independent reviews. A lack of transparency, however, isn’t safe and can only lead to confusion.
When a broker tries to limit your access to your account, they may use myriad excuses, but none of them are good enough. There isn’t any valid reason for a customer not to be able to access an account, except for exceptional security reasons or occasional tech problems. Demanding high fees, claiming the customer has to make additional trades or other excuses are a reason to flag a broker.
CNMV has received numerous complaints about these brokers. It has investigated each one and has determined that they have merit and the brokers do not. People who complain to regulators tend not to have trivial claims–and it isn’t for nothing that these brokers have been flagged.
Have You Lost Money to Any of These Brokers? Talk to Us!
ReportScamOnline experts understand brokers–reliable ones and scam operations. We have researched brokers and have created these reviews to help consumers make the right choice for trading. We recommend that you avoid the scam brokers mentioned here and instead find a reliable and licensed broker. If you have lost money to this broker, contact us and we will launch an investigation that will bolster your claim.
CNMV has added Optionify Limited / Option Finance Ltd (optionify.ltd) to its list of suspected scam brokers. This is a serious development, particularly if you have
CNMV has added Omnium Trading Group (omniumtg.com) to its list of suspected scam brokers. This is a serious development, particularly if you have an account with
CNMV has added Pristine Group Llc (nvestpro.world/es) to its list of suspected scam brokers. This is a serious development, particularly if you have an account with
CNMV has added Luxembourg Financials /Ross Sales (Pty) Ltd (luxfins.com) to its list of suspected scam brokers. This is a serious development, particularly if you have