Authorities from Cyprus and USA have taken steps against IGM Forex and Tallinex.
The CySEC has announced that it has suspended the licence of IGM Forex. The reason is that the broker is not complying with the laws requirements about own funds and capital adequacy ratio.
IGM Forex has 15 days to correct these problems.
The second news comes from the USA, a court in Utah has imposed a $681,888 penalty on Tallinex and it also ordered the broker to restitute more than ten million dollars to US clients.
The reason is that the broker was working with US residents without being regulated in the USA and that it gave false and misleading information about easy profits to its clients.
For trading use regulated brokers.