The Danish Financial Supervisory Authority (Finanstilsynet) recently issued warnings against Forex broker 23Traders and binary options broker Titan Trade who are both providing financial services in Denmark without a valid license to carry out business in the country. Both brokers have been trying to draw in Danish traders through their respective websites, but neither are authorized by the Finanstilsynet.

23Traders, offering Forex options among others, and is listed as a brand of Hermes Ventures, a firm licensed in Vanuatu, although the company does not appear listed anywhere in the Vanuatu Financial Services Commission.

Titan Trade is a binary options broker which has come already come under fire from several national regulatory authorities, namely Italy’s Consob, Australia’ s ASIC, New Zealand’s FMA, and Canadian regulator, the Ontario Securities Commission, among others, for breaches in regulations. They have become notorious on social networks for engaging in unethical business practices and thousands of traders have complained after falling victim to their scamming activity. Their shady dealings over the years has made them one of the biggest binary options scams to ever be exposed.

As part of the EU, Denmark does allow financial service providers regulated in other member states to operate within its borders but those regulated outside the EU are strictly forbidden to provide services in the country. always recommends trading only with honest, reliable, and regulated brokers in order to avoid such scams. Moreover, traders will have more peace of mind knowing that they have the support of well-known regulators such as CySEC, FCA and the MGA, to back them up in case something should go wrong during their trading journey.

Source: Cr