Both companies show that they’re based in Cyprus; Frontier even claims to be authorized by CySEC.
Cyprus financial regulator CySEC has continued its crusade against unregulated forex and binary brokers which operate unlicensed out of the country, or (more likely) which appear to be based in Cyprus.
The latest two?
- Retail forex broker site FrontierForex (www.frontierforex.com), owned apparently by a company called Frontiers Group Investment Ltd. FrontierForex actually writes on its website (see below) that is “authorised to operate by the EEA… is registered with all European Regulatory Authorities… provides its services according to the strict financial standards prescribed by its chief regulator, the Cyprus Securities and Exchange Commission (CySEC).”
- Binary options broker OptionSmarter, www.optionsmarter.com, owned by Mercuria Technologies Ltd. While not claiming to be regulated, OptionSmarter claims on its website that it is ‘based in Cyprus’.
To see the CySEC warning against OptionSmarter click here.
To see the CySEC warning against FrontierForex click here.
For more on the global Forex industry see the LeapRate-Dow Jones Forex Industry Report.