More Unregulated Financial Services Providers Flagged by CNMV in November
From November 11 to 24, 2025, the National Securities Market Commission (Comisión Nacional del Mercado de Valores, CNMV), Spain’s financial regulator, issued warnings to unauthorized forex brokers and other unlicensed financial service providers.
As the watchdog overseeing Spain's financial markets, the CNMV updates ‘Public Warnings’ that serve as a crucial warning to investors, urging caution and fund protection when dealing with unregulated brokers.
According to the regulator, brokers flagged by the Commission were not legally providing financial services within the country. Therefore, BrokersView advises investors to carefully review the warnings issued by the CNMV before making investment decisions, especially those residing in Spain.
The following brokers are not authorized to offer investment services, conduct foreign currency transactions, or deal in related financial instruments under the Securities Market Act:
| Name | Website | Screenshot of homepage |
| ATOMIC PROTOCOL SYSTEMS OÜ / Atomix Wallet | https://atomicwallet.io/ |  |
| Bravionex / BravionexApp / Bravionex App |
https://bravionexapp.com/ https://bravionexapp.es/ https://bravionexapp.art/ |
|
| Citex Trading / Citex Trading System | https://citextradingsystems.com/ |  |
| CRYSTAL FINANCES LIMITED | https://crystalfinanceslimited.com/ |  |
| Lagaretta / Lagaretta Capital | https://lagaretta.com/ |  |
| Longsharks Capital / Longsharks |
https://longsharks.com/ https://longsharks.capital/ |
 |
| Mercantix / MERC INVESTMENTS PTY LTD / ADVENZA LIMITED | https://mercantix.io/ |  |
| PASS Investment Managers |
https://passinvestmentmanagers.com/ https://www.pass-im.io/ |
 |
| Proforextradings / Proforextradings Inc | http://proforextradings.com/ |  |
| Shore Inst | https://www.shoreinst.com/#/ |  |
| TerraX | https://www.terraxvip.com/ |  |
| WF GLOBAL PRO | https://stocks.wfglobal-pro.com/ |  |
Among the brokers without lincences, two broker have been identified as clones.
| Name | Website | Screenshot of homepage |
| CRYSTAL FINANCE UK | http://www.crystalfinanceuk.online/ |  |
| Santiago Del Vilar / ALFA VALOR INVESTMENT / ALFA VALOR INVESTMENT LTD | https://sdvch.com/ |  |
Some unlicensed financial services providers’ websites have been suspended, but the perpetrators behind the platforms may come back to the market with new names and websites.
| Name | Website |
| PROFIT-INVESTMENT | https://profit-investment.co/ |
| ALDISYN INVESTMENTS | https://www.aldisyn.com/ |
| SPEED BIT TRADER | https://speedbitrader.pro/ |
| XSTATION 7 / XST 7 | https://www.xstation7.com/ |
| FUTURE E-TRADE PTY LTD | https://fxfuturetrade.net/ |
| Unidentified brand name |
https://www.jbhbjd.com/ https://www.xhvdfd.com/ |
| VASSET MANAGEMENT | https://www.vassetmanagement.net/ |
| TRADEGAIA | https://tradegaia.com/ |
| TRADING 2I2 ESPAÑA / TRADING2I2ESPANIA / TRADING2I2SPANIA | https://trading2i2espania.com/ |
| GVD COINS |
https://www.gvdcoins.com/ https://www.gvdcoinsing.com/ |
| POWER TRADES | https://learnwiseacademy.co/lander |
| Unidentified brand name | https://my.forisdaxltd.top/ |
| IFC ESPAÑA / GRUPO IFC / INFICOAI APP |
https://www.infgespanol.vip/ https://inficoai.com/ |
| STOCKMARKETANALYSIS | https://stockmarketanalysis.live/ |
| CRYPTGATEMARKET LTD / TRUSTED MARKET | https://cryptgatemarket.com/ |
BrokersView reminds you
The National Securities Market Commission (CNMV) is the Spanish government agency responsible for the financial regulation of the markets in Spain.
Click to find more brokers regulated by the CNMV.
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