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

Dec 08 2017
By
Jonathan Smith

 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 Country Regulation Platform Min Deposit Review
Cyprus, UK, Mauritius CySec, FCA, FSC MT4, MT5, Web $10 Review Website
UK, Bulgaria FCA, FSC Web €29 Review Website
Australia ASIC MT4, MT5,
IRESSTrader
$100 Review Website
Cyprus, Australia 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
UK FCA MT5 $5 Review Website
UK FCA MT4, Web, MT4
for Mac
$100 Review Website
Australia, UK ASIC, FCA MT4, MT5,
cTrader
$200 Review Website
UK, Cyprus, Dubai FCA, CySEC, DFSA MT4, MT5, Web,
PrimeTrader
$100 Review Website

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