Finanstilsynet warns against Tradingskolen and PrimeVerse

Finanstilsynet has received information indicating that Tradingskolen markets investment opportunities and trading services to Norwegian consumers through social media. The marketing refers, among other things, to the PrimeVerse trading platform and solutions for trading, signals, and automated trading.

Finanstilsynet wishes to point out that neither Tradingskolen nor PrimeVerse is authorised to provide investment services or conduct investment business in Norway. Finanstilsynet therefore does not supervise these entities and has not approved the services they offer. Investors should not enter into agreements with, or transfer money to, Tradingskolen, PrimeVerse, or affiliated platforms.

Typical Characteristics

  1. Automated Trading
    Marketing of solutions where trades can be executed automatically or copied from other traders.

  2. References to Professional Traders
    Claims that users can connect to professional traders or have others trade on their behalf.

  3. Low Barrier to Entry
    Content encouraging consumers to make contact in order to start trading or investing.

  4. Unclear Roles
    The offering may appear to be educational in nature, while the marketing directs users towards investment services or trading solutions.

The rules governing investment services are designed to ensure investor and consumer protection. There is a significant risk that consumers may be misled or lose money when investing through entities that do not hold the necessary authorisations.

Finanstilsynet’s register of authorised entities contains information on all firms authorised to provide investment services in Norway. Finanstilsynet’s website also contains a non-exhaustive list of entities operating in the market without the required authorisation.