The unregulated Forex brokerage CapitalGMAFX has been added to the warning list of the Italian financial watchdog Commissione Nazionale per le Societa e la Borsa (CONSOB). CONSOB keeps and updates one of the most comprehensive list of unauthorized financial service providers that are operating illegally in Italy.
CapitalGMAFX operates via the website – www.capitalgmafx.com – which, according to the information from the terms and conditions of the brokerage, is supposedly based in Bulgaria. We remind readers that the government authority responsible for Forex trading in Bulgaria is the Financial Supervision Commission and searching through the website of the brokerage, we could not find any mention of a license.
The brokerages provides a web-based platform, not the MetaTrader 4 platform and extend clients a generous leverage of 1:200 and floating spreads. However, readers are urged to take heed of the warning issued by the Italian authorities which reads that the brokerage is providing financial services unauthorized and is targeting Italian traders illegally.
We always remind readers that the best way to exclude all risk of fraud in trading is by associating only with entities that fall under the regulatory oversight of prestigious agencies such as the FCA in the UK or CySEC in Cyprus.