CONSOB pins Bestocopy

Bestocopy… Is that a name that doesn’t mean much to you? That’s a good thing. Because it is a social trading platform pointed out by the Italian regulatory body CONSOB. The latter has placed it on the blacklist and strongly advises against it for Italian traders… Should French traders also be wary?

Bestocopy on the black list in Italy

Bestocopy is the name of a platform specialized in social trading. At the end of November 2015, CONSOB, the Italian regulatory body, issued strong criticisms of it. The regulator even places the platform on a blacklist and advises Italians not to use it. It would also appear that Bestocopy did not justify the necessary authorisations to offer its services in Italy, thus operating illegally. For the time being, the exact reasons for its presence on the CONSOB blacklist are not clear. But there is no doubt about the regulator’s warning.

consob Italian regulator

And in France?

Bestocopy is a platform that, in addition to offering its services to Italians, is aimed at French traders. It should be noted that it has been added to a regulated platform in France, OptionWeb. Web option that justifies regulation by the Autorité des Marchés Financiers (AMF). This organization will probably not fail to make a communication on this issue. At first glance, it is not a platform that should inspire mistrust. Nevertheless, one is never immune to an unpleasant surprise and the CONSOB warning should not be taken lightly.

Beware of social trading!

If, a priori, Bestocopy seems quite legitimate, especially since the platform has joined the famous broker OptionWeb, it is still necessary to be vigilant. Especially since this is about social trading. As a reminder, it is a matter of taking inspiration from other traders and copying their tactics in order to trade successfully. Personally, we prefer social trading in Forex, which seems much more realistic in terms of potential gains (eToro is the reference).

copy trading

This method is becoming increasingly popular, but its reliability and effectiveness are not satisfactory. The ideal is to learn the basics of the stock market by yourself and follow training courses provided by specialists in the field. It should also be noted that the best brokers generally offer this type of training to their clients. And the trader has, in addition, many interesting books to deepen their knowledge and refine their strategy.