Italian financial regulator Consob just warned against two new fraudulent binary options brokers. The Italian financial watchdog is known for being a tough regulator. It only provides its authorization to offer binary options trading services in Italy to the best and most reliable brokers. Compared to most European financial regulator, the Italian watchdog identified the binary option threat pretty early and tried to close multiple binary options broker websites already in 2013 when the Consob turned to court to try and attack these fraudulent brokers. Today, on its official website, the Consob warned Italian investor against two binary options brokers: Angel investors and BNR markets. According to the Italian financial regulator, these two brokers have not received the necessary regulatory approvals to operate in Italy and offer their trading services to Italian investors.
BNR Markets is not regulated and not authorized in Italy
According to the information provided by the Italian watchdog, BNR Markets is also operating under the brands AMF Capital Limited and Ampha Management LTD. The company thus uses the name of the French financial regulator AMF (Autorité des Marchés Financiers) in order to also attract French clients. We believe that it won’t take long before the AMF discovers it and add the broker to its quarterly binary options broker blacklist. The French financial regulator is indeed one of the strictest financial watchdogs on the subject of binary options. The institution constantly issues warnings and guidelines to help French investors avoid fraud.
BNR Markets seems to copy all the black and gold colored designs from 24option and almost uses the same menus and examples to present the binary option business. The minimum deposit of 500 dollars far exceeds the industry standards. As a reminder, the minimum deposit levels of our recommended and reliable brokers range from 100 dollars for TopOption to 250 dollars for 24option. Here, the broker seems to seek the highest possible minimum deposit in order to steal the highest amount of cash possible. Indeed, the company, which is not included in the Italian commercial register and is not authorized to offer investment services in Italy, is nevertheless targeting Italian investors. The Customer support phone numbers include one in Italy – a fact that partially explains the Italian regulator’s concerns.
According to the broker website, the brand operates under the holding company AMF Capital Limited, a company registered in Saint Vincent and the Grenadines, a well know tax haven where many fraudulent brokers set up their headquarters. Being incorporated in this tax haven, BNR Markets is not regulated by the CySEC, which is the only European financial regulator that recognizes binary options as a financial instrument. As such, you won’t be able to complain to any European financial regulator if you face any problem with the broker and all the relevant institutions will have no authority on this tax haven. We highly recommend you to avoid doing business with this company.
Italian Watchdog also warns against Angels Investors
Angels investors is a binary options broker that targets English, Russian, French and Italian investors. While the broker website informs us that Angels investors is a brand operated by PEL LTD, a London based holding company, the Terms and Conditions of the broker indicated that the agreement between the trading platform and the client will be governed in accordance with the laws of SEYCHELLES. Well guess what? Seychelles is another tax haven famous for providing shelter to fraudulent brokers and other binary option scams. We won’t even waste our time describing the different services and functionalities of the broker as we believe they are all fake. Angels Investors is obviously not regulated and another major red flag you should pay attention when searching for a broker is the withdrawal processing period: 5 to 7 business days here! As a reminder, all our recommended brokers offer fund withdrawal periods of less than 3 business days.
All our recommended brokers are proven safe and reliable
If you find a reliable alternative to trade binary options, we can only recommend you to have a look at our ranking of the best regulated binary options brokers in Europe. They are all authorized to operate in the United Kingdom by the FCA and will provide you with the most competitive and safest trading conditions. Don’t hesitate to have a look at our detailed reviews of OptionTime, Anyotpion, TopOption and 24option. Use our secure links to benefit from improved bonus and trainings as well as the full support from our team.