Belgium FSMA Adds 27 Fraudulent Online Trading Platforms to Its Warning List

On 14 Sep 2022, Belgium's Financial Services and Market Authority (FSMA) updated its list of fraudulent online trading platforms that are operating in the Belgian market based on the complaints the regulator received from consumers during the last months. 

According to the watchdog, the following new trading platforms are all fraudulent online trading platforms: 

• Capital One Markets (capitalonemarkets.com)

• Cedar Signals (cedarsignals.live)

• DGTL-Trade (dgtl-trade.com)

• Gigachains (www.gigachains.com)

• Green Capitalz (greencapitalz.com)

• Greenlinepro (greenlinepro.com)

• Icorp Securities (icorpsecurities.com)

• JH Group (hk-atf.com)

• Profi Trade 24/7 (profitrade247.com)

• Smart Trade Group (smart-trade-group.com and smart-trade-group.net)

• TradeBaionics (www.tradebaionics.com and www.tradebaionics.net)

• Bullden (bullden.io)

• Capitals Trade Fx (capitalstradefx.com)

• Crypto1Capital (platform.crypto1capital-trade.com and crypto1capital.com)

• Cryptoneyx (www.cryptoneyx.com and www.cryptoneyx.io)

• Gstock (gstocklegal.com)

• Hubblebit (hubblebit.com and hubblebit.vip)

• Inetmarkets (inetmarkets.com)

• Marketsbank (marketsbank.com)

• NABCrypto.io (nabcrypto.io)

• Onotex (onotextrade.com)

• Plus12 (plus12.io)

• Priority Markets (priority-markets.com)

• Quantum AI (quantum-ai-trading.com)

• Swisschains (www.swisschains.com)

• Uniglobal Invest (uniglobal-invest.com)

• UXTrades (uxtrades.com)

In order to avoid fraud, the FSMA addresses the following recommendations to investors:

Always check the identity (company name, home country, registered office, etc.) of the company. If the company cannot be clearly identified, it should not be trusted.

Always verify if the company in question has the requisite authorization. Always beware of 'cloned firms': companies that pass themselves off as different, lawful companies even though they have no connection with them. A close look at the email addresses or contact details of the companies in question may prove useful in order to detect this type of fraud and prevent it.

Since many of the scammers on the list have been exposed by BrokersView, it is believed that searching BrokersView for information about brokers before you start trading can help you avoid getting scammed.