SCAM BROKER - CFX Point

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Unregulated Forex broker CFX Point, along with several other alleged scammers, have been the latest additions to the warning list of Spanish financial watchdog – the Comision Nacional del Mercado de Valores (CNMV).

CFX Point is owned and operated by an offshore company with the name KLDC Technological Systems LTD. The company is registered in the Marshall Islands which is a favourite destination for would-be scammers due the country’s liberal laws regarding the registering of a firm, the authorities do not even require a physical presence in order to be done.

Readers are suggested of all the danger and risk in investing with an unregulated Forex broker. Without a license, there is simply no guarantee for the safety of the client’s funds which is, perhaps, the most vital aspect of trading. Furthermore, there is no assurance that there is no commingling of the client’s money with the finances of the firm, as well as no authority to which to turn in case of scam.

The Comision Nacional del Mercado de Valores (CNMV), just like the FCA in the UK and CySEC in Cyprus, maintains and updates an online registry of all the investment companies that are authorized to do business in Spain. We advise interested traders to always run a quick check before investing with a brokerage.

Reprinted from theforexreview, the copyright all reserved by the original author.