The Italian regulator Consob has published new warnings against unregulated broker. We list them in this review.
The company says it has offices in Great Britain, Switzerland and Singapore. The problem is that RichmondFX is not registered in any of those countries, it has no license whatsoever to offer investment services.
Despite this fact it is offering its services in different countries, including Italy, which is the reason it has been placed on the blacklist of the local financial regulator.
And the similarities don’t end here, because GlobalFX also says it has offices in the UK, Switzerland and Singapore. But also in this case the company has no authorization to offer investment services in any country, it is completely unregulated.
But don’t do it. The first warning signal is that reviews and testimonials on the website of the broker are fake.
The second red flag is that RMT500 has no authorization to provide investment services. It is based in the Marshall Islands and despite the lack of authorization it is soliciting residents of Europe.
But Premium Brokers has the same problem with regulation, it has not been authorized anywhere to provide investment services but is still offering them in Italy among other countries. This is the reason it recently was included in the blacklist of the Italian regulator.
AJ Asset Management
The offering of the company is a little bit vague, but according to the presentation on its website it is an investment service that will grow your capital.
AJ Asset Management supposedly is base in the United Kingdom, but it is not known there, it has not been authorized by the Financial Conduct Authority.
RichmondFX, GlobalFX, RMT500, Premium Brokers and AJ Asset Management are unregulated investment services that have been flagged by the Italian financial regulator Consob. Stay away from them.
For trading use regulated brokers only, because they offer some degree of protection to your money.