Spanish Financial Regulator: Forex Brokers Warned by CNMV

On April 22, 2024, six unauthorized forex brokers were warned by the National Securities Market Commission (Comisión Nacional del Mercado de Valores), the Spanish regulator.

The CNMV is the regulatory body that oversees the Spanish financial market. A broker that has been blacklisted by this watchdog is not authorized to legally provide financial services in Spain. This is also a warning to investors who may choose a broker that does not provide adequate protection for their funds.

Before proceeding with a transaction, BrokersView recommends that investors carefully refer to the information provided by the regulator and scrutinize whether the broker maintains a record of good conduct under the regulator's rules to avoid unnecessary troubles and risks.

The Securities Market Act states that the following brokers are not authorized to provide investment services, foreign currency transactions, or related financial instruments.

FintechMarket / FINTECH MARKET PLC

Website: https://fintechmarket-consulting.com/

AdvancedProfit / HTRENDLINE LTD

Website: https://advancedprofit.cc/

Xtboption / XTB Option (Clone)

Website: https://www.xtboption.com/

Trade Utopia / UTOPIAL FINANCIAL SERVICES LTD

Website: https://www.tradeutopia.net/

TFX Primes 

Website: https://www.tfxprimes.com/

Tide Technologies Group

Website: https://tidetechnologiesgroup.ltd/