Etrader & Top Forex Forced to Pay € 270.000 to the CySEC AuthorityLaw Firm Mikov & Attorneys reveals that Etrader & Top Forex brands of Goldenburg Group Limited, paid the amount of €270 000 to the CySEC Authority due to possible violations, acts, or omissions of the Law.
Table of Contents
- Etrader & Top Forex Under Investigation of Financial Authorities
- Etrader & Top Forex – Goldenburg Group Ltd Regulation and Legal Entities
- What are the Risk when Investing with Etrader or Top Forex?
- Forex Scam? What Should Alert You:
Etrader & Top Forex Under Investigation of Financial Authorities
On 1 February 2021, Etrader & Top Forex, – Goldenburg Group Limited – paid €270 000 to the Cyprus Securities and Exchange Commission (CySEC). The CySEC board decision, under the Cyprus Securities and Exchange Commission Law of 2009, reached a settlement agreement due to the following wrong compliance:
- “[…] organizational requirements with which a CIF is required to comply”
2. Article 24(1) of the Law, regarding conflicts of interest.
3. Article 25, paragraph (1) and (3), of the Law, regarding general principles and information to clients.
4. Article 26(3)(a) of the Law, regarding the assessment of appropriateness to clients.
5. […] the obligation to execute orders on terms most favorable to the client.” - […] regarding the conditions for the marketing, distribution, or sale of CFDs to retail clients.
https://www.cysec.gov.cy/CMSPages/GetFile.aspx?guid=3ec5a98e-49b2-453c-b72a-f47a15eda805
Etrader & Top Forex – Goldenburg Group Ltd Regulation and Legal Entities
Goldenburg Group Limited, the owner of ETRADER, is registered as a Cyprus Investment Firm with the Licence number 242/14. The Forex Investment Firm office has an address at 1 Siafi, Porto Bello Building, 3rd Floor, flat/office 303, 3042 Limassol, Cyprus.
Besides Etrader & Top Forex, Goldenburg ltd manages the following forex trading platform:
www.goldenburggroup.eu; www.topforex.com; www.toptrader.eu; www.fxglobal.com; www.tradecentrum.com; www.etrader.eu; www.topbinary.com; www.xpartners.com; www.cfdworld.com
Financial Fraud Lawyer warns the public against the activities of several financial brokers proposing investments in Forex in Europe.
What are the Risk when Investing with Etrader or Top Forex?
Public Authorities report that CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Even Etraders and Top Forex claim risks on their websites about the risks :
“82.14% of retail investor accounts lose money when trading CFDs.”
Financial Fraud Lawyer aims to inform and protect interesting parties. Law Firm Mikov & Attorneys writes Forex Broker Reviews about financial websites identified as offering investments on the unregulated Forex market.
Forex Scam? What Should Alert You:
- You do not know the person who contacts you;
- Very high returns promise without risk;
- You must make a decision quickly;
- Transfer to a bank account abroad.
If in doubt about an investment proposal estimate and the level of risk of scam, contact Financial Fraud Lawyer.
Financial Fraud Lawyer warns the public against the activities of several financial brokers proposing investments in Forex in Europe.
Contact:
Nicolas Rosemond, Director of Development at Law Firm Mikov & Attorneys
rosemond@mikov-attorneys.com
The Fraud lawyers at Law Firm Mikov & Attorneys and the author of Etrader & Top Forex Review and Press Release are regularly engaged in collecting and disseminating financial brokers’ information to the public through Forex Broker Review. This Press Release aims at sharing experiences and warning the interested parties in good faith. It is based on Financial Public Authorities reports, dating from February 2021.
