CySEC issues warning against 7 offshore CFD and crypto brokers
The websites mentioned seem to be a collection of offshore Retail FX, CFD and crypto brokers, some of which claim to be licensed by CySEC.
Offshore FX brokers are websites which offer retail clients trading in forex pairs, CFDs and often cryptocurrencies, while located in one of many “offshore” locations. These include brokers which are licensed by small island and nation-states with the more popular ones being Belize, Seychelles, Mauritius, Saint Vincent and the Grenadines, the British Virgin Islands (BVI), and the Bahamas. Other offshore FX brokers are fully unlicensed, and operate with no regulatory oversight of any kind.
Offshore brokers typically can offer more risky terms to clients than can properly licensed, onshore brokers (such as those located in Europe, Australia, or North America), such as high leverage and volume-related deposit bonuses. However when things go wrong, clients of these offshore brokers typically have no recourse, and no real regulator to turn to,
The websites mentioned seem to be a collection of offshore Retail FX, CFD and crypto brokers, some of which claim to be licensed by CySEC.
Rodeler Ltd had operated 24option, as its name implies as a Binary Options brokerage, but later transitioned to become a “standard” FX and CFDs broker.
Italian financial regulator CONSOB has ordered the blackout of seven additional websites, which illegally offer financial services in Italy.
CySEC typically issues these type of warnings when the broker either contacts Cypriot residents, or claims a Cyprus address or fake CySEC licensing.
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