The CySec Has Flagged These Brokers—Is Your Broker on This List?
CySec has warned about the following brokers. It’s important to take notice when Cysec raised the alarm about a broker because it’s a top-rated regulator. CySec is the main financial regulator of Cyprus and in our experience, its alerts often signal that a broker is likely to be a fraud.
At ReportScamOnline, we stay current on the latest alerts from regulators. We compile lists of suspicious brokers so you can know to steer clear of them. We then create reviews so you can use them as tools for researching brokers. It’s worthwhile to check back to our reviews regularly to ensure you aren’t trading with a problematic financial service.
What Is the CySec and What Does It Do?
CySec stands for Cyprus Securities and Exchange Commission. It is an independent body that works together with the government of Cyrpus to ensure its financial markets are free, fair, and transparent.
CySec issues warnings about problematic financial companies and issues warnings. The agency also does its independent reviews and audits to ensure compliance. If they notice brokers aren’t abiding by rules in Cyprus or if they notice unregulated brokers offering their services in the region, CySec will flag those brokers.
Why Is the CySec Warning the Public About These Brokers?
The following are common issues that brokers that we see with flagged brokers.
It only takes a few minutes to confirm a broker’s license. However, few customers perform their due diligence to check that claims about licensing and regulation are correct. It’s as easy as validating the information on the regulator’s website. This is an important step that will keep your money safe when trading online.
The brokers on this list often have licensing issues. They may have no license at all, may not be properly licensed for the region they operate in, or could have a third-rate license that isn’t worth the virtual paper it’s printed on.
One of the hallmark strategies of fraudulent brokers is to mislead people into signing up. They can make a host of false claims, including fake guarantees of returns or ridiculously low commissions and spreads (which are raised later on). Be careful about what a broker tells you–and steer clear of overly aggressive marketing tactics that include exaggerated statements.
Lack of Transparency
Find out who you are trusting your money with. This is a cardinal rule of trading. Don’t be fooled by fake stock photo pics or pseudonyms. Verify all information about the people running the brokerage online. Look for credentials, independent reviews, and accurate addresses.
When you can’t log into your account, tech problems can be to blame. However, if this keeps happening or if the broker makes excuses why you can’t access your account, it’s time to speak to ReportScamOnline experts to help you track down your funds. There should be no reason why you can’t withdraw your money, and don’t let the broker persuade you to pay a lot of extra charges for access.
CySec issues a warning about a broker if they’ve received customer complaints that have been verified. Don’t rely on broker review sites alone–many of these contain reviews that can be generated by anyone and which may be created by competitors or the brokers themselves. Keep in mind that CySec reviews and verifies complaints before acting on them.
Have You Lost Money to Any of These Brokers? Talk to Us!
ReportScamOnline experts understand brokers–reliable ones and scam operations. We have researched brokers and have created these reviews to help consumers make the right choice for trading. We recommend that you avoid the scam brokers mentioned here and instead find a reliable and licensed broker. If you have lost money to this broker, contact us and we will launch an investigation that will bolster your claim.