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.
| Broker | Country | Regulation | Platform | Min Deposit | Review |
|
US | CFTC, NFA | MT4, Web, in-house |
$50 | Review Website |
|
US | NFA, CFTC | MT4 | $250 | Review Website |
|
Cyprus, UK, Mauritius | CySec, FCA, IFSC | MT4, MT5, Web | $10 | Review Website |
|
Cyprus, Australia | CySec, ASIC | MT4, Web, Mobile app |
$100 | Review Website |
|
Australia | 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 |
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