de | cn | ru

Market News

ACCC: Australians have lost $926 401 to investment scams in January

 

Australians have lost $926 401 to investment scams in January 2019, revealed the latest Scamwatch report issued by the Australian Competition & Consumer Commission (ACCC).

 

Although the figure seems solid, it actually marks a decrease of 48% when compared to previous month, and nearly 80% decline from January 2018, when the total loss to investment scams amounted to $4 631 103.

 

If we look more globally, Australians reportedly lost $38 846 635 collectively in 2018 to investment scams. The figure represents a 24% increase when compared to 2017, which is a worrisome trend. The large majority of investment scams are still focused on traditional investment markets like stocks, real estate or commodities, but cryptocurrency trading and binary options are also popular among fraudsters.

 

The Australian Competition and Consumer Commission (ACCC) is an independent statutory authority whose role is to protect consumer rights, business rights and obligations, to perform industry regulation and prevent illegal anti-competitive behavior.

 

In doing so, ACCC works closely with and ACORN and the Australian Securities and Exchange Commission (ASIC). The latter is in charge of licensing and supervision of forex and CFD brokers in Australia, and regularly issues warnings against unregulated CFD providers that could be involved in scam. Most recently, the Australian financial watchdog blacklisted 4XFX. 

 

TAGS: ACCC  Scamwatch  Australia  scam 
Broker Country Regulation Platform Min Deposit Review
Cyprus, UK, Mauritius CySec, FCA, IFSC MT4, MT5, Web $10 Review Website
Cyprus, Australia CySec, ASIC MT4, Web,
Mobile app
$100 Review Website
Australia, Cyprus ASIC MT4, MT5,
IRESSTrader
$100 Review Website
UK, Cyprus, Australia FCA, CySec, ASIC MT4, MT5 $5 Review Website
UK, Australia, South Africa FCA, ASIC, FSCA MT4, Trading
Station,
NinjaTrader
$50 Review Website
UK, Cyprus, UAE, South Africa FCA, CySEC, DFSA, FSB MT4, MT5, FxPro
Markets,
cTrader
$100 Review Website
Cyprus CySEC MT4, MT5, Web $1 Review Website
Belize IFSC MT4, MT5 $100 Review Website
Cyprus, UK, South Africa, UAE CySec, FCA, FSCA, DFSA MT4, MT5, Web $5 Review Website
Cyprus, UK CySEC, FCA MT4, MT5 $1 Review Website
Australia ASIC MT4, MT5 $100 Review Website
UK FCA MT4, Web, MT4
for Mac
$100 Review Website
Australia, UK ASIC, FCA MT4, MT5,
cTrader
$200 Review Website

More Forex Market News

France’s AMF updates crypto scam list with JBCapitals, XCoinBroker and several other unregulated brokers

Jun 25 2019 13:21:17

  The Autorité des marchés financiers (AMF) updated its alert list of scam crypto brokers with JBCapitals, XCoinBroker and several other unregulated entities. Read more

Italy follows suit: bans binary options and restricts CFD trading permanently

Jun 24 2019 15:08:16

  Italy is the next European country to make ESMA’s product intervention measures permanent. Read more

QuadrigaCX founder used clients’ funds for private ends

Jun 21 2019 13:03:59

  The founder and CEO of now defunct QuadrigaCX Gerald Cotton used clients’ funds for private ends, reported the firm’s bankruptcy trustee Ernst & Young Inc. Read more

The FCA may push ISPs to take down misleading or unfair financial promotions

Jun 20 2019 15:09:20

The Financial Conduct Authority in the UK (FCA) is considering additional powers in respect of internet service providers (ISPs). In its first annual perimeter report, the FCA says it might push ISPs to take down misleading or unfair financial promotions, in order to improve consumer protection. Read more

Spain’s CNMV blacklists unregulated brokers Financika and Hybrid Reserve

Jun 19 2019 13:00:47

  The latest editions to the warning list of Spain’s financial regulator, the CNMV, are unregulated brokers Financika and Hybrid Reserve. These entities are not authorized to provide investment services or investment advice in Spain, the CNMV said. Read more

Italian regulator orders unregulated brokers CryptoCapitalFX, OnlyTrades, and Nasdaq 500 to cease operations

Jun 17 2019 12:02:43

  Italian regulator Commissione Nazionale per le Societa e la Borsa (CONSOB) warned that CryptoCapitalFX, OnlyTrades, and Nasdaq 500 are not licensed to provide financial services in the country, and ordered them to cease operating in Italy.    Forexbroker. Read more

UK’s FCA warns of AGM Group and Sigma4Trade clone firms

Jun 13 2019 14:18:24

  The UK’s Financial Conduct Authority (FCA) has recently updated its warning list with AGM Group and Sigma4Trade – two forex brokers that falsely claim to operate under legit companies, licensed by the regulator. Read more

Ireland to ban binary options and restrict CFD trades permanently

Jun 12 2019 15:40:33

  The Central Bank of Ireland (CBI), which also serves as a financial services regulator, announced its plans to make ESMA’s product intervention measures permanent. Read more

Spanish regulator adds Olympus Markets and several other offshore brokers to its warning list

Jun 10 2019 13:21:05

  The Comision Nacional del Mercado de Valores (CNMV) has updated its warning list with the already Olympus Markets, as well as several other offshore brokers - TopTradepro, UBCFX and Profit Trade. Read more

The FCA flags GlobalArabFX and iForex24 as clone firms

Jun 06 2019 12:48:37

  UK's Financial Conduct Authority (FCA) has recently warned against two clones: GlobalArabFX and iForex24. Read more

de | cn | ru