Market News

Belgium’s FSMA warns of 10 forex, binaries brokers – can be fraud

Dec 08 2017
By Jonathan Smith , Find me on Google+

Belgium’s financial markets and services providers regulator FSMA, has issued a warning against 10 forex, CFD and binary options brokers who are not authorized to offer their services in Belgium.

The brokers that made it to the warning list are the following:

- CMS Trader / Pandorx Ventures Limited (www.cmstrader.com)

- FXANDCO / Globe and Co Ltd (www.fxandco.com)

- IFT Advisory Group (www.iforextrading.co.uk)

- Kin Capital / Chemmi Holdings (www.kin-capital.com)

- Markets Broker / Age Capital (Payments Solutions) Ltd (www.marketsbroker.com)

- Shtern Group / European Soft Ltd (UK) (www.shterngroup.com)

- SLS Trade (www.slstrade.com)

- Swiss Royal Banc / SRB Group (www.swissroyalbanc.com / www.srbgroup.com)

- Trade24 / Trade 24 (www.trade-24.com)

- TradeV (www.tradev.com)

According to FSMA, people who have invested with those companies have never recovered their money and most likely have become victims to fraud. Hence, the regulator “strongly advises” against responding to offers or investing with them. The FSMA also reminds that in fact the active distribution of binary options, certain forex products and CFDs in Belgium, has been forbidden since August 2016, for all such companies, authorized or not.

It is worth noting that some of the brokers on the warning list are old acquaintances of the regulators or have already scammed quite a few people. For example, the offshore broker Trade24 has been warned against the Ontario Securities Commission (OSC), New Zealand’s FMA and Belize’s IFSC, which warned that Trade24 is displaying a fake license. At the same time, a significant number of people have complained under our review of the broker that they cannot withdraw their funds. They call them “scam”, “fraud” and “fraudulent criminal organization”.

Another broker on the list – CMS Trader – has garnered warnings from UK’s FCA, the OSC and have been flagged by our readers as scam.

Markets Broker – another dubious offshore broker on FSMA’s list – has also been described by our readers as scam, fraud and gangsters, stealing money from its clients.

As always, we advise our readers to avoid investing money with unregulated and offshore forex and binary options brokers, as often they are a scam. We suggest that you do proper research and choose a broker licensed by a reputable regulator like UK’s FCA, for example.

TAGS: belgium fsma warning scam

Broker	Advantages
	FXTM a regulated forex broker (regulated by CySEC, FCA and FSC), offering ECN trading on MT4 an MT5 platforms. Traders can start trading with as little as $10 and take advantage of tight fixed and variable spreads, flexible leverage and swap-free accounts.
	easyMarkets is a CySEC and ASIC regulated broker offering access to over 300 trading instruments, tight fixed spreads, no slippage and a 50% deposit bonus.

	XM is broker with great bonuses and promotions. Currently we are loving its $30 no deposit bonus and deposit bonus up to $5000. Add to this the fact that it’s EU-regulated and there’s nothing more you can ask for.
	FXCM is one of the biggest forex brokers in the world, licensed and regulated on four continents. FXCM wins our admirations with its over 200,000 active live accounts and daily trading volumes of over $10 billion.
	FxPro is a broker we are particularly keen on: it’s regulated in the UK, offers Metatrader 4 (MT4) and cTrader – where the spreads start at 0 pips, Level II Pricing and Full Market Depth. And the best part? With FxPro you get negative balance protection.
	FBS is a broker with cool marketing and promotions. It runs an ongoing monthly $999 forex contest, offers a $5 no-deposit bonus for anyone willing to try out its services, and an FBS MasterCard is also available for faster deposits and withdrawals.
	FxChoice is a IFSC regulated forex broker, serving clients from all over the world. It offers premium trading conditions, including high leverage, low spreads and no hedging, scalping and FIFO restrictions.
	HotForex is a EU Regulated broker, offering wide variety of trading accounts, including Auto, Social and Zero spread accounts. The minimum intial deposit for a Micro account is only $50 and is combined with 1000:1 leverage - one of the highest in the industry.
	Exness is a leading forex broker, offering MT4 and MT5 platforms. Traders can take advantage from a true ECN environment and trade on ultra tight spreads, starting from 0 pips.

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	FCA, ASIC	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

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