The AvaTrade broker is on the KNF's list of public warnings

Today Polish Financial Supervision Authority announced that as many as 6 new entities were added to the list of alerts. One of them is a recognizable broker AvaTrade EU Limited based in Dublin, but also having a branch in Poland. Details below.

AvaTrade EU on the list of warnings

On November 9, 2021, the list of public warnings increased by as many as 6 items. The greatest surprise for some it may be putting on "Blacklist" Irish Forex / CFD broker - AvaTrade. This is because this is not a company with a similar profile to those that the KNF often warned against. AvaTrade is an entity operating since 2007 and currently regulated by institutions in Ireland, Australia, Japan, Abu Dhabi, Cyprus, as well as in Israel. He is also the official sponsor of the Jamaican athlete - Usain Bolt.

So why is AvaTrade on the alert list? The announcement concerns AVA Trade EU Limited sp. Z o. O. Branch in Poland with its seat in Warsaw (KRS 774427) and AVA Trade EU Limited, based in Dublin. From the KNF's website you can read that the article was "The one who always", i.e. a notification regarding a suspicion of committing a crime under Art. 178 in connection with joke. 69 sec. 2 point 5 of the Act on Trading in Financial Instruments. It means conducting activities in the field of trading in financial instruments without the required permit or authorization. The proceedings were initiated by the KNF Office and the case is being conducted by the District Prosecutor's Office in Warsaw.

However, when looking at the act, it can be seen that in section 2, point 5, there is a reference to "Investment consulting" (link to the bill in PDF).

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Watch out for these entities!

In addition to AvaTrade, the KNF Office also warns against five other entities. These are:

• marketbull, using the website marketbull.co.uk/pl, through which the services are provided by an entity using the name Market Bull Ltd;
• Viamarketsgo, using the viamarketsgo.com website, through which the services are provided by entities using the names Viamarketsgo.Com Limited; Rt Sale - Viamarketsgo.Com Ltd; Es - Viamarketsgo.Com Limited and ChViamarketsgo.Com Limited;
• Royal Trades, using the website royal-trades.com, through which the services are provided by RYTDS LTD;
• Bulls & Bears Trades, using the website bullsbearstrades.com;
• Greenfield Investment, using the website greenfieldinvestment.co.uk.

There are practically no doubts about each of these companies. None of them have any licenses or permits that would allow them to legally serve European customers. There is also a high probability that these are typical scams. However, the official reason for the inclusion on the list is the notification regarding the suspicion of committing an offense under Art. 178 in connection with joke. 69 sec. 1 and sec. 2 point 2, 3 of the Act on Trading in Financial Instruments, i.e. conducting activities in the field of trading in financial instruments without the required permit or authorization. The proceedings were initiated by the KNF Office and the case is being conducted by the District Prosecutor's Office in Warsaw.

We warn against using the services of unlicensed companies. Before opening an account, always make sure it is correct the broker has the appropriate regulations and permits at the indicated financial market supervisory institution.