The Italian regulator has issued yet another warning. The watchdog is cautioning against dealing with Forex broker UP4X. Is UP4X scam or reliable?
9 May, AtoZForex – The Italian regulator Commissione Nazionale per le Società e la Borsa (CONSOB) has issued a warning to investors’ community. Specifically, the latest warning from the Italian watchdog cautions investors against dealing with a Retail Forex broker UP4X.
Is UP4X scam or reliable?
The CONSOB has warned the public against dealing with Retail Forex broker UP4X. The parent firm of the brokerage is Up4X Ltd. The UP4X is operating online via website up4x.com. Moreover, the firm claims to provide CFDs, Forex, Indices, and Stocks trading platforms.
The visit to the official website of the firm revealed that the company is claiming to be regulated ‘worldwide’:
‘“UP4X” (www.”Up4X”.com) is a registered brand name of ”Up4X” Ltd., a company authorized and regulated Worldwide.’
UP4X is also presenting the trading license from Vanuatu.
Click to zoom in
However, according to the Italian regulator CONSOB, the firm is at least lacking the trading license to operate in Italy. Moreover, the watchdog has stated it its official announcement that UP4X has no authority to solicit and provide investment services to Italian citizens.
Previous CONSOB warnings
The Italian National Commission for Companies and the Stock Exchange has issued a warning against two websites. Coinspace1.com and MRTmarkets.com received a warning on the 24th of April. In relation to the former website, the CONSOB has approved the ban of the advertising via Coinspace1.com. Moreover, the regulator has stated in the official announcement:
“The National Commission for Companies and the Stock exchange, pursuant to Article 101, Par. 4, Part c) of the Consolidated Law on Finance, has approved the prohibition of advertising via the website www.coinspace1.com in relation to the public offer for ‘cryptocurrency extraction packages’ promoted by Coinspace Ltd (Resolution no. 19968 of 20 April 2017).”
Moreover, the suggestion has been already subject to a precautionary 90-day suspension with Resolution no. 19866 of February 1st, this year.
Additionally, the Italian watchdog has reported that the firms AF Technologies Ltd and KHO Tech Ltd have no authority to execute investment activity services across the country. Thus, the regulator included the MRTmarkets.com in its warning list.
Think we missed something? Let us know in the comments section below.