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Abstract：AltimaTrade is defrauding traders with confusing regulations.
An Unregulated UK-based Forex Broker
At the first glance of the broker, it seems that AltimaTrade is a legit and reliable British broker. However, evidence tells thats totally untrue. If we go by the information on its home page, we will see that the entity claims it is owned and operated by the group of companies, including:
1) Shenanigans Consulting LTD registered in St. Vincent and the Grenadines with registration number: 26499 BC/21.
2) Shenanigans Business Consulting LTD registered in the Companies House of United Kingdom (CH) with registration number: 13631130.
We do find results matched with Shenanigans in the St. Vincent and the Grenadines Financial Services Authority (SVG FSA) and the register of the Companies House.
However, neither does SVG FSA nor the Companies House regulate any forex investment activities. It is the Financial Conduct Authority (FCA) that supervises financial activities of any UK companies in the market. But when we searched on the FCA registry, we found no registration results.
CNMV Warned Against AltimaTrade
What's more, On 18 April 2022, the Spanish financial authority CNMV issued a warning that AltimaTrade has not been authorized to carry out investment services and activities in Spain. That is to say, AltimaTrade is an unregulated forex broker. If clients invest their funds in the firm, they are unlikely to get their money back if things go wrong.
Therefore, we can conclude that AltimaTrade is a scam. It means you are not protected under any financial schemes if you invest any funds in the firm.
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
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