The CNMV Has Warned the Public About These Brokers

The CNMV has warned the public about the following brokers. It’s essential to take these warnings seriously. Too often, people are unaware of these updates and they sign up with a broker that has been flagged as a scam. The results are likely to be disastrous. 

The best thing you can do to stay safe as an online trader is to research your financial services and brokers regularly. If you see a broker listed, don’t take a chance, but avoid opening an account with them. Check CryptoCoinTrace’s site often to see our compilation of broker reviews from the world’s top regulators.

What Does The CNMV Do ?

CNMV is short for the Comision Nacional del Mercado de Valores. It’s sometimes translated as the National Securities Market Commission. This regulatory body is independent but works together with the Spanish government to regulate financial markets and to oversee financial companies and brokers. They warn the public about prospective scam brokers that have been suspected of wrongdoing.

6 Reasons These Brokers Made CNMV Scam Broker List

The CNMV issues public warnings against brokers for the following reasons. These are the most common red flags–there may be other problems as well. 

  • Licensing issues
  • Misleading statements
  • Non-compliance with regulations
  • Proliferation of customer complaints
  • Clone broker
  • Legal action against the company

Many of these brokers have licensing issues, which may include not having a license or involving Spanish customers in brokerage services if they don’t have authorization to do so. The CNMV will flag brokers about misleading statements the broker has made that can deceive consumers. In addition, the proliferation of customer complaints validated by the regulator can also lead the CNMV to warn the public about the broker. 

A large number of the brokers on this list are clone brokers, meaning they adopt a name and even website design similar to a regulated broker to give the impression they are a legitimate financial entity. Additionally, CNMV will flag a broker if they are facing legal action and if there is suspicion they will become insolvent.

What You Should Do If You Have an Account with These Brokers?

If you currently hold an account with the following brokers, close it and demand an immediate withdrawal of all of your funds. If you do not receive a withdrawal from this broker contact CryptoCoinTrace experts. We consult with clients, advise them on claims and have the tools and methods to track down your funds. The sooner talk to us, the greater the chances of a successful claim!

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