The National Commission of the Stock Market (CNMV), Spain’s financial regulator, has issued a warning against six unregistered entities including “Pepper Stone Ltd” and “PRIMUS FX”. In a statement released Monday, CNMV said the platforms were operating nine websites without permission.
According to the Spanish financial regulator, unauthorized sites include pepperstoneld.com operated by Pepper Stone Ltd, primusfx.net operated by PRIMUS FX and exteom.com/en/ operated by WIRRERIUM LLC. Other sites include forzatrade.io, forzatrade.net, forzatrade.org, and forzatrade.world, all of which are operated by FORZATRADE; and itradersfx.com operated by ITRADES FX LTD. There is also said the regulator lionmarket.live.
“The CNMV clarifies that these companies are not registered in the corresponding register of this commission, and therefore are not authorized to provide investment services or other activities subject to the supervision of the CNMV,” the Spanish supervisory authority explained.
Pepperstone and FXPRIMUS clones?
Pepperstone Ltd and PRIMUS FX appear to be clones of Pepperstone and FXPRIMUS, which are well-recognized and multi-regulated brokers. While Pepperstone is regulated in jurisdictions such as Australia, The Bahamas, the United Kingdom, Germany, Kenya and Dubai, FXPRIMUS operates under the supervision of the Vanuatu Financial Services Commission and the Cyprus Securities and Exchange Commission (CySEC).CySEC
CySEC
The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory body in Cyprus. CySEC is one of the main regulators for brokerages in Europe, whose financial regulations and operations comply with the European Financial Harmonization Act MiFID. Founded in 2001, CySEC is instrumental in providing licensing and registration to forex brokers and binary options providers formerly. Responsible for a variety of different functions, including supervision
The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory body in Cyprus. CySEC is one of the main regulators for brokerages in Europe, whose financial regulations and operations comply with the European Financial Harmonization Act MiFID. Founded in 2001, CySEC is instrumental in providing licensing and registration to forex brokers and binary options providers formerly. Responsible for a variety of different functions, including supervision
Read this term).
Home of the well-known financial brokerage, FXPRIMUS
On its website, PRIMUS FX says it has been in business for more than 10 years and is “one of the leading financial institutions in Europe specializing in forex
forex
Foreign exchange or forex is the process of converting the currency of one country into the currency of another country (which owns a different currency); For example, converting British pounds into US dollars, and vice versa. Currency exchange can take place over the physical counter, as in the case of the Bureau de Change, or online via the broker’s platforms, where currency speculation takes place, known as forex trading. The foreign exchange market, by its very nature, is the largest trade in the world
Foreign exchange or forex is the process of converting the currency of one country into the currency of another country (which owns a different currency); For example, converting British pounds into US dollars, and vice versa. Currency exchange can take place over the physical counter, as in the case of the Bureau de Change, or online via the broker’s platforms, where currency speculation takes place, known as forex trading. The foreign exchange market, by its very nature, is the largest trade in the world
Read this term and CFD trading. However, the platform, which claims to offer forex, CFDs, stocks and commodities, does not say which jurisdictions it is regulated in.
PRIMUS FX website
Moreover, Pepper Stone also does not say where it is organized and claims to have been in the market for more than five years with more than 10,000 customers under its belt. On the other hand, the popular Pepperstone, in addition to being multi-regulated, offers its clients trading opportunities in more than 1,200 CFDs. It also gives its clients access to the MetaTrader 4, MetaTrader 5 and cTrader trading platforms.
Homepage of the globally recognized broker, Pepperstone
The homepage of the “Pepper Stone” website tagged by CNMV
In its release, CNMV did not say whether “Pepper Stone Ltd” and “PRIMUS FX” are clones of two well-known brokerage firms. finance poles I reached out to Pepperstone and FXPRIMUS for comment but to no avail.
Meanwhile, Spain’s financial regulator last month warned of a number of unregulated entities providing financial services to retail investors in Spain. Some of them include Morgan Finance, OneCapital Invest, Invinco, Theta Investments, Shadlake, Trade Coin, Trade Nation, and Millenium Operations.
CySEC continues its crackdown on illegal trading platforms
Meanwhile, CySEC on Monday announced a new warning against eight illegal forex/CFD websites operating in the country without permission. The latest warning is in addition to the six and five online trading sites flagged by the Cypriot regulator in March and January 2023, respectively.
The newly reported sites are world-trade-center.io, financista.com, swiftpuprime.com, ocdfinances.net and ocdfinances.org. The others are: inverbid.net, inverbid.com, and inverbid.co.
CySEC labels 8 FX platforms; the departure of Equiti’s vice president of sales; Read today’s new nuggets.
The National Commission of the Stock Market (CNMV), Spain’s financial regulator, has issued a warning against six unregistered entities including “Pepper Stone Ltd” and “PRIMUS FX”. In a statement released Monday, CNMV said the platforms were operating nine websites without permission.
According to the Spanish financial regulator, unauthorized sites include pepperstoneld.com operated by Pepper Stone Ltd, primusfx.net operated by PRIMUS FX and exteom.com/en/ operated by WIRRERIUM LLC. Other sites include forzatrade.io, forzatrade.net, forzatrade.org, and forzatrade.world, all of which are operated by FORZATRADE; and itradersfx.com operated by ITRADES FX LTD. There is also said the regulator lionmarket.live.
“The CNMV clarifies that these companies are not registered in the corresponding register of this commission, and therefore are not authorized to provide investment services or other activities subject to the supervision of the CNMV,” the Spanish supervisory authority explained.
Pepperstone and FXPRIMUS clones?
Pepperstone Ltd and PRIMUS FX appear to be clones of Pepperstone and FXPRIMUS, which are well-recognized and multi-regulated brokers. While Pepperstone is regulated in jurisdictions such as Australia, The Bahamas, the United Kingdom, Germany, Kenya and Dubai, FXPRIMUS operates under the supervision of the Vanuatu Financial Services Commission and the Cyprus Securities and Exchange Commission (CySEC).CySEC
CySEC
The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory body in Cyprus. CySEC is one of the main regulators for brokerages in Europe, whose financial regulations and operations comply with the European Financial Harmonization Act MiFID. Founded in 2001, CySEC is instrumental in providing licensing and registration to forex brokers and binary options providers formerly. Responsible for a variety of different functions, including supervision
The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory body in Cyprus. CySEC is one of the main regulators for brokerages in Europe, whose financial regulations and operations comply with the European Financial Harmonization Act MiFID. Founded in 2001, CySEC is instrumental in providing licensing and registration to forex brokers and binary options providers formerly. Responsible for a variety of different functions, including supervision
Read this term).
Home of the well-known financial brokerage, FXPRIMUS
On its website, PRIMUS FX says it has been in business for more than 10 years and is “one of the leading financial institutions in Europe specializing in forex
forex
Foreign exchange or forex is the process of converting the currency of one country into the currency of another country (which owns a different currency); For example, converting British pounds into US dollars, and vice versa. Currency exchange can take place over the physical counter, as in the case of the Bureau de Change, or online via the broker’s platforms, where currency speculation takes place, known as forex trading. The foreign exchange market, by its very nature, is the largest trade in the world
Foreign exchange or forex is the process of converting the currency of one country into the currency of another country (which owns a different currency); For example, converting British pounds into US dollars, and vice versa. Currency exchange can take place over the physical counter, as in the case of the Bureau de Change, or online via the broker’s platforms, where currency speculation takes place, known as forex trading. The foreign exchange market, by its very nature, is the largest trade in the world
Read this term and CFD trading. However, the platform, which claims to offer forex, CFDs, stocks and commodities, does not say which jurisdictions it is regulated in.
PRIMUS FX website
Moreover, Pepper Stone also does not say where it is organized and claims to have been in the market for more than five years with more than 10,000 customers under its belt. On the other hand, the popular Pepperstone, in addition to being multi-regulated, offers its clients trading opportunities in more than 1,200 CFDs. It also gives its clients access to the MetaTrader 4, MetaTrader 5 and cTrader trading platforms.
Homepage of the globally recognized broker, Pepperstone
The homepage of the “Pepper Stone” website tagged by CNMV
In its release, CNMV did not say whether “Pepper Stone Ltd” and “PRIMUS FX” are clones of two well-known brokerages. finance poles I reached out to Pepperstone and FXPRIMUS for comment but to no avail.
Meanwhile, Spain’s financial regulator last month warned of a number of unregulated entities providing financial services to retail investors in Spain. Some of them include Morgan Finance, OneCapital Invest, Invinco, Theta Investments, Shadlake, Trade Coin, Trade Nation, and Millenium Operations.
CySEC continues its crackdown on illegal trading platforms
Meanwhile, CySEC on Monday announced a new warning against eight illegal forex/CFD websites operating in the country without permission. The latest warning is in addition to the six and five online trading sites flagged by the Cypriot regulator in March and January 2023, respectively.
The newly reported sites are world-trade-center.io, financista.com, swiftpuprime.com, ocdfinances.net and ocdfinances.org. The others are: inverbid.net, inverbid.com, and inverbid.co.
CySEC labels 8 FX platforms; the departure of Equiti’s vice president of sales; Read today’s new nuggets.
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