Polish Watch dog KNF Cautions Versus Forex Broker MIB700.com

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This news item was originally published here.

The general public has actually been recommended to avoid any business or deals with these companies.

Poland’s monetary regulative body, the Polish Financial Supervision Authority (KNF), on Tuesday released a public caution versus MIB700.com, a Vanuatu-based supplier of FX and CFDs items, specifying that the company is not licensed to supply financial investment services or activities in the nation.

The most recent addition to the blacklist runs through www.mib700.com and declares an address at 43 Franklin St, Belfast BT2, UK. The company is administered by Blue Seal Limited which declares to be based in the Republic of Vanuatu.

The KNF warns the general public that the abovementioned company targets Polish consumers and since it has no right to do so, the KNF has actually included this company to its list of unapproved financial investment companies.

The general public has actually therefore been encouraged to avoid any business or deals with any uncontrolled service providers and to be knowledgeable about the increased threat brought on by the absence of authorisation needed to offer monetary services in Poland and the European Union.

Financial investment services and activities in Poland might just be offered by business certified by the Polish Financial Supervision Authority (KNF) under the regards to the Act on Financial Market Supervision.

Reports offered to the KNF by the country’s brokerage homes providing customers the chance to buy the forex market through online platforms exposed that, typically, 79.3 percent of financiers revealed a bottom line from trading in each of the 2016 4 quarters.

According to a study performed by KNF, the portion of financiers generating income from trading in the over the counter market balanced 20.7 percent in the duration from 1 January 2016 to 31 December 2016. But eventually, 80% of traders make losses in the long run.