SEC Nigeria Notifies of Ban on Six (6) Online Brokers By Italian Financial Authorities


Monday, March 09, 2020  07:44 PM / by SEC Nigeria/ Header Image Credit:  Kiplinger

The attention of the Securities and Exchange Commission (the Commission) has been drawn to the public notice by the Italian securities regulator, Commissione Nazionale per le Società e la Borsa (CONSOB) on six (6) online forex brokers who engage in "unlawful" and "misleading" Forex and other retail products marketing practices and financial services.

The online brokers and their respective websites are:

  1. ACE Capital Limited  (,
  2. KS-Securities (,
  3. Local Trader (,,
  4. RMT500 Limited (,
  5. Tradepoint Systems Limited (, and
  6. RL Limited (

The above list by CONSOB is not an exhaustive list of illegal online forex brokers. This list will be updated on an on-going basis as more confirmations are made by the Commission.

The public is therefore warned to desist from transacting with the above named online brokers or any unregistered entity providing any financial services.

The Commission wishes to remind the investing public that a framework for the regulation on online retail forex trading is still being developed thus it is yet to register any online forex broker in Nigeria.

The investing public is hereby advised that online forex trading is highly risky as most investors often lose their money. Anyone engaged in forex trading do so at their own risk.

Current status of all registered financial service providers can be obtained at the Commission's offices in Abuja, Lagos Kano and Port Harcourt or its website.


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