Cyprus’ Securities and Exchange Commission (CySEC) announced today that it has settled allegations of violations by CIF license holder Maxiflex Ltd. to the tune of 370,000 Euros. The regulator indicated that the firm possibly violated Τhe Investment Services and Activities and Regulated Markets Law of 2017 during an investigation conducted by the regulator between January 2019 and September 2020.
Looking at the details it appears the broker did not diligently access individual clients’ suitability for trading financial instruments, as well as failed to provide all necessary information to customers upon their execution of an agreement to receive services. Furthermore, it is noted that the broker failed to execute trades for customers “on terms most favorable to the client” (best-execution).
We encourage all traders to check their broker prior to beginning trading or opening a trading account to ensure that they are dealing with a legitimate and reputable operation. Individuals can use our Check Your Broker Directory, as well as warning and alert lists from international regulators found here.