The Spanish financial regulator CNMV has put GSI Markets and Top4X on its blacklist.

Top4FX is a Forex broker allegedly based in Cyprus. But it has no investment licence whatsoever.

GSI Markets is a Forex broker allegedly based in Great Britain, but as the FCA warned a few days ago, it is not regulated.

The CNMV stated that Top4FX and GSI Markets are unlicensed brokers that have no authorization to provide services in Spain.