Today, the Spanish regulator CNMV issued a warning against Australian broker Zero Markets and its offshore entity Zero Markets LLC. Zero Markets is a group of companies that include Zero Financial Pty Ltd, Australia, and Zero Markets LLC, registered in St. Vincent & the Grenadines. While Zero Financial Pty Ltd as the operator of http://www.zeromarkets.com.au, is an Authorised Representative of First Prudential Markets Pty Ltd, the offshore entity Zero Markets LLC as the operator of http://www.zeromarkets.com has no license to offer financial services in the European Union.
Zero Markets, which operates in Europe without the required authorization, has several payment processors facilitating these illegal services. Among them are ZotaPay, 4xPay, Skrill, Ebuy, or ClipPay. In fact, many currencies are offered for deposits for customers in North America, Europe, Asia, and Africa. Deposits via bank wire are made directly to the Australian principal First Prudential Markets Pty Ltd (see screenshot left.
As a European client, you should never use an unregulated offshore entity of a broker. Not even if the broker is licensed in another jurisdiction such as Australia. Many CySEC companies use offshore entities to circumvent regulation and financial laws in Europe. This puts clients at a massively increased risk in what is already a high-risk trading area. Stay away.