CONSOB Shuts Down Four More Illegal Trading Platforms

The newest names added to the blocklist, according to a press release issued on Friday, are Ethereal Group, Alltradingeu, FinanceCapitalFX Cyprus, and MFCapitalFX. None of these platforms are regulated domestically in Italy or by any other European Union authority.

All four platforms, like the majority of other blacklisted websites, provide high-risk financial products. These include FX and contracts for differences (CFDs) of many asset types. Some even provide bitcoin CFDs to regular traders.

Scams are around.

Across markets, fraudulent internet investment platforms abound. According to data from the industry trade association UK Finance, Britons lost more than £1.3 billion last year to online fraud and scams. In the first five months of this year, Australians wasted AU$ 158 million on investment frauds.

Fraudulent platforms mostly prey on inexperienced retail traders by providing incentives and huge leverage. Though traders normally have no difficulty placing money on these unscrupulous sites, challenges arise when it comes time to withdraw.

Furthermore, authorities have difficulties in proactively detecting such fake sites. They frequently appear as a result of client complaints.

Furthermore, Consob exercises its jurisdiction by blocking access to these bogus websites through internet service providers. It will guarantee that access to these sites is prohibited inside Italy. The regulator was given these powers by Italian legislators in July 2019.

“Consob draws investors' attention to the importance of exercising the utmost caution in order to make informed investment decisions, as well as engaging in common sense behaviors necessary to protect their savings: these include, for websites that offer financial services, ensuring in advance that the operator with whom they are investing is authorized, and, for offers of financial products, ensuring that a prospectus has been published,” the official announcement added.

About WikiFX

WikiFX App is an online and mobile Forex trading search engine that gives detailed information about the broker. It lists over 40,000 brokers on the network, enabling consumers to assess whether or not their favorite broker has a cloned domain with similar content. This is one of the reasons why many investors were duped. WikiFX makes every attempt to collect broker information from across the world in order to help and advise the public in choosing the top brokers. WikiFX support has been actively collaborating with 30 financial regulators to handle any forex trading difficulties.

You may contact WikiFX support using the information provided below.

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