Belgium’s FSMA updates list of fraudulent online trading platforms
Belgium’s Financial Services and Markets Authority (FSMA) today updated the list of fraudulent online trading platforms that investors should stay away from.
During the last weeks, the FSMA continued to receive complaints from consumers concerning new fraudulent online trading platforms that are operating in the Belgian market.
The approach remains the same. These trading platforms try to spark consumers’ curiosity by placing scam ads on social media. In these fake ads, a well-known person often explains how to get rich quick. These methods or projects often form part of the offer of a virtual currency or training course. After clicking on the ad and having given their contact details, the victims are usually swiftly called by fraudsters presenting a concrete investment proposal (in shares, alternative investment products, virtual currencies, etc.).
These platforms act very aggressively. Scammers even try to persuade the victims to allow them to take control of their computer remotely in order to make certain money transfers. The fraudsters also try to convince the victims to invest increasingly higher amounts of money.
Recently, these platforms have even hacked into user profiles on social media in order to further spread the aforementioned fake ads.
Victims who agree to do so complain that they are unable to recover their money, or that they are simply not hearing any more from the platform with which they have invested their money.
The FSMA is aware of the following new fake-ads and websites that refer to subsequent projects and training courses:
- Bitcoin Era (www.bitcoinera.com and www.bitcoinera.app)
- Ethereum Code
Moreover, various new trading platforms have appeared on the internet in recent weeks. The FSMA therefore strongly advises against responding to any offers of financial services made by the following new trading platforms:
- 365capitalmarkets (www.365capitalmarkets.com)
- Bright Finance (www.brightfinance.co)
- Markets Pilot (www.marketspilot.com)
- MottoFX (www.mottofx.com)
- MyCoinBanking (www.mycoinbanking1.com and www.mycoin-banking.com)
- OnlineMarketShare (www.onlinemarket-share.com)
- OTPFX (www.otpfx.com)
- Profits Trade (www.profitstrade.com)
- Solid Invest (www.solidinvest.co)
- Synergy Capitals (www.synergycapitals.co.uk)
- TradersChain (www.traderschain.com)
- Uptos (www.uptos.com)
The regulator urges the public to 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 for the companies in question may prove useful in order to detect this type of fraud and prevent it.
In September this year, the Belgian regulator warned against various companies in Belgium are selling, via a pyramid structure, trading and training software intended for trading principally in forex, CFDs and cryptocurrencies.