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Cypriot forex broker, FXGM, on the KNF's list of warnings
Today, the Polish Financial Supervision Authority announced that Depaho Ltd, based in Nicosia, Cyprus, which operates on the Polish market under the FXGM brand, has been placed on the warning list.
FXGM on the "blacklist"
Depaho Ltd., which owns the FXGM brand, has Cypriot CySEC license from the 2011 year. It is also overseen by the FSCA - South African regulator. The product offer is also adjusted to the guidelines introduced by ESMA in July last year. The broker focuses on offering CFDs based on currencies, indices, commodities, stocks, ETFs, cryptocurrencies as well as options.
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This, however, proved insufficient and in order to be able to legally operate in Poland, the company must also have a notification from the Polish Financial Supervision Authority. Interestingly, on its website boasts that it has such consent. However, this is not true.
Notification of a crime
In connection with the activities carried out in Poland by Depaho Ltd., the Office sent to the prosecutor's office a notification of suspicion of an offense under Art. 178 Act on Trading in Financial Instruments (operating in the field of trading in financial instruments without required authorization or authorization).
The following four websites belong to the entity controlled by CySEC:
- www.depaho.com;
- www.fxgm.com;
- www.gtcm.com;
- www.taotrade.com.
We warn against using the services of unlicensed companies. Before opening an account, always make sure that the broker has the appropriate regulations and permits from the indicated institution supervising the financial market.
