France’s financial markets regulator, AMF, has added five forex brokers to its warning list of unregulated companies: X90, MT4Invest, GSS Financial, Boom Forex and PromFX.
According to the AMF, neither of the five is authorized to provide financial services in France and warns potential clients not to do business with those companies.
X90.com is operated by the company Indy Group Ltd. with an alleged address in Bulgaria. The company, however, is not regulated. According to our earlier review, the X90 broker was owned by CFD Group Ltd. based on the Marshall islands. There are also plenty of negative reviews from clients.
Mt4invest.com does not provide neither an address, nor ownership information. According to clients on some forums, the company is a scam and was falsely claiming it is regulated by UK’s Financial Conduct Authority. Worse still, administrators of the forum said they have been threatened by MT4Invest to remove the thread.
Gss-fi.eu claim they are based in London, but do not seem to be regulated. The broker claims it has 1.4 million users and is “at the top of the reference brokers in European trading floors”. The link to the broker’s supposed Facebook page actually leads to the Facebook page of a web design company in Moldova.
Boomforex.net is owned by BoomForex Ltd. It says it is regulated by the Vanuatu Financial Services Commission (FSC) and gives a company address in Switzerland. We could not find specific complaints about this broker, but some posts mention it as sharing the same address in Vanuatu with a whole lot of other forex brokers.
Last, but not least, we have promfx.com. It is operated by PIPC Global LTD, with an address in the Commonwealth of Dominica. There are no complaints from this broker, or at least not so far.
Generally, we strongly advise our readers to avoid dealing with unregulated brokers or ones regulated by offshore island authorities like those of Vanuatu, Saint Vincent and the Grenadines, the Seychelles, the Marshall Islands, etc.
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