Financial markets authority warns against bogus online trading platforms

Financial markets authority warns against bogus online trading platforms
© fsma

Belgium's financial markets authority, FSMA, warned on Thursday of new fraudulent online trading platforms operating on the Belgian market.

These platforms publish fake advertisements on social networks where a personality is often seen presenting a get-rich-quick scheme. They also sometimes use mobile applications to lure their victims.

“These fake ads and mobile applications offer virtual currency, software or trading training. After clicking on the ad or downloading the mobile application and providing their contact details, victims usually receive a quick phone call from the scammers who present them with a concrete investment proposal,” FSMA explained.

It noted that some platforms offer consumers a so-called affiliate programme, which has the characteristics of a pyramid scheme.

This is investment fraud. Not only do the fraudsters act without the necessary authorisations, but they also misappropriate the invested funds. “In such cases, investors are unable to recover their funds, as these illegal actors are usually located abroad,” FSMA said.

The new fraudulent platforms spotted by FSMA are: Asia Coinin, Binotrader, Buxberg, Cedar Financial, Central Margins, Coinclick, Coins Crossing, Coins Trades, GLE Markets, Globale-Invest, Grow Deposits, Itoro-Capital/ ItoroStocks, Mega Markets, RXK Capital, STB Markets, Stocks Views, Thinvest, Ulian Pro, Webull Investing, Wilton Option and Xpoken.

Victims of investment fraud should file a complaint with their local police or judicial authorities, FSMA advised.

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