CONSOB raises alarm over AlphaFX Prime, BB360 and Titan CFD

abdelaziz Fathi

Italy’s Commissione Nazionale per le Società e la Borsa (CONSOB) has shut down new websites in an ongoing clampdown against firms it accuses of illegally promoting investment products in the country.

Consob

The financial regulator stepped in to warn the public about dealing with several companies, which include some FX platforms that mostly operate offshore without a specific regulatory status.

Specifically, Consob has ordered the black-out of 6 new websites that offer financial services/financial products, including 5 illegal broker domains. As a result, the number of sites blacked out since July 2019, when Consob got the power to ban the websites of financial intermediaries it deems unregulated, has risen to 774.

The watchdog added the following brands to its register of banned internet sources for illegally promoting trading products in the country.

– PX Fintech Limited (website www.first-tradecfd.com and related pages https://my.first-tradecfd.com and https://webtrader.first-tradecfd.com);

– “Alphafxprime” (website https://www.alphaprimefx.co);

– “Titancfd” (website www.titan-cfd.com and related page https://platform.titan-cfd.com);

– “BB360.market EU Limited” (website https://bb360.market);

– “Winnex Consulting” (website www.winnexconsulting.com and related page https://client.winnexconsulting.com);

– Uefa Football Fund Ltd (Internet website https://uefa2017.com and related page https://www.2016uefa.com)

A glimpse at the websites of the brokers added out by the Italian financial regulator shows a well-known tactic to attract inexperienced clients to trade highly leveraged products.

Alphafx Prime is offering bonus schemes for their clients to the tune of 100 percent of their deposits. With the usual draconian conditions required to withdraw funds from the account once a bonus is applied, the end-result for such tactics are usually disgruntled clients who have withdrawal issues. With the Forex brokerage industry in the developed world being forced to halt any such practices, offshore jurisdictions remain tolerant of bonus schemes.

One of the latest additions to Consob’s warning list is Titan Trade which has been offering its services via www.titan-cfd.com. Investors have been asked to exercise caution when dealing with the three companies associated with Titan Trade’s website. These include Titan Trade Capital Limited, Dom Technology Services Ltd and Titan Trade Solutions Ltd, none of which are authorised to offer investment services in Italy, online or otherwise.

Titan Trade has raised regulatory concerns on several prior occasions. Ontario Securities Commission (OSC) issued a warning that Titan Trade was not authorised to target Ontario investors. In addition, France’s financial market regulator also included Titan Trade in its periodically updated list of websites that offer binary options trading, for which no authorised investment services provider could be identified.

Read this next

Digital Assets

Binance executives sue Nigerian authorities over rights violation

Two senior executives from Binance have filed a lawsuit against against Nigeria’s national security adviser’s office and its anti-corruption agency, alleging violations of their fundamental rights.

Retail FX

Banxso announces 8.7% interest rate on deposits in South Africa

“With Banxso, they can enjoy the benefits of both worlds – earning competitive interest and having the freedom to trade, all within the same platform.”

Industry News

FINRA to publish transaction details in U.S. Treasury securities

“Consistent with our longstanding practice, FINRA is introducing greater transparency in a calibrated and careful manner, benefiting liquidity and resilience in this critical market while also mitigating potential information leakage concerns.”

Institutional FX

OpenYield launches “cheap and easy” fixed income trading for brokers

“We’re on a mission to make bonds cheap and easy to trade, and are excited about the opportunity to build generational capital markets infrastructure.”

Digital Assets

Sumsub and Mercuryo publish a guide for VASPs: “Mastering Travel Rule Compliance”

“At Sumsub, we’ve concentrated our efforts on filling the gap in understanding the complexity of Travel Rule regulation and helping organizations find the best solution to stay safe and compliant while minimizing costs and avoiding potential risks of non-compliance. This guide we created with Mercuryo, our trusted partner, is the ultimate navigation tool all VASPs can consult.”

Digital Assets

Bitget Wallet Leads with Record Swap Volume & New Crypto Innovations

This week, Bitget Wallet achieved a milestone by surpassing Metamask with a record 388,757 Swap order transactions, securing the global lead. The significant 7-day trading volume, almost 68,000 more than its rival, underscores its liquidity and user trust. This robust activity signals Bitget Wallet’s prominent role and reliability in the dynamic crypto market.

Digital Assets

Embarking on a Digital Currency Journey

Imagine you’ve stumbled upon a treasure map, leading you to untold riches hidden in the vastness of the internet. Instead of gold coins and jewel-encrusted goblets, this treasure comes in the form of digital currencies, the modern-day loot coveted by many.

Reviews

Traders Union Experts Share The Trading Analyst Review For 2024

Navigating options trading in rapidly shifting markets poses a considerable challenge. This is where options trading alert services become invaluable. They aid traders in keeping abreast of evolving opportunities and market trends. In this assessment, Traders Union experts scrutinize The Trading Analyst alert service to ascertain its efficacy. 

Digital Assets

BlockDAG’s Presale Achieves $9.9M: Aiming For A 5000-Fold ROI As Cardano’s Price Rises And Fantom Launches Sonic

Explore Cardano’s surge, Sonic’s efficiency, and why BlockDAG’s growth makes it the top crypto choice. A deep dive into the future of blockchain investments.

<