The FSMA Has Flagged These Brokers—Is Your Broker on This List?
The FSMA of Belgium has warned the public about the following brokers. Financial regulators regularly issue alerts about financial services that aren’t licensed or are engaged in suspicious activities. It’s important to pay attention to these alerts and avoid opening an account with any of the brokers on this list.
ReportScamOnline investigates the brokers mentioned on these watchlists and complaints about them. We aggregate alerts from a number of the world’s top regulators, examines claims and creates reviews designed to inform the public about potential scams.
What Is the FSMA and What Does It Do?
The Financial Services Markets Authority is an independent organization that is given the authority by the Belgian parliament to regulate financial markets. Any financial company operating in Belgium or who signs up Belgian customers must comply with rules and regulations. The FSMA ensures compliance with these standards and inspects licenses.
The FSMA also educates the public about financial services and issues warnings about suspicious brokers and companies that violate standards. They act as a watchdog and will publish warnings and red flags about individual brokers. We investigate these brokers and create reviews that are vital tools to keeping your money safe online.
Why Is the FSMA Warning the Public About These Brokers?
Licensing Issues
Many of the brokers on this list either aren’t licensed or have questions bout licensing. They may falsely claim they are regulated or may be signing up customers in areas where they have no authority to provide trading or other financial services.
A number of these brokers may be clones, meaning that they adopt a name and a logo similar to regulated brokers, but instead are trying to fool the public into thinking they are dealing with a licensed broker.
Misleading Information
Misleading information may be about terms and conditions, fees or guaranteed returns. It may take seemingly innocent forms, such as a broker claiming that they are in the top ten of the world’s leading brokers. However, these exaggerations can be signs of more problematic activities. We don’t usually find that legitimate brokers will make these kinds of exaggerated claims, since they have licenses and credentials to inspire confidence.
Lack of Transparency
Many of the brokers on this list don’t have any actual names or real contact information connected to them. Instead, their websites may show stock photos of people in suits and false addresses. When you sign up with a broker always verify their identities and addresses with a quick Google search or checking on a regulator’s website.
Questionable Activities
The FSMA may list brokers as suspected scams if they try to bypass rules and regulations governing financial companies. They could be offering certain trading assets that are not legal in certain areas or may use leverage that exceeds the limits in the region. .
Account Problems
Once customers sign up for an account with a dodgy broker, they will see all kinds of unexpected limits. These restrictions may not be mentioned prior to opening an account, but suddenly the fraudulent broker will tack on a whole list of fees and charges. They may not allow wthdrawals until the client makes a certain amount of money–although they never mange to make this kind of money because no actual trading is taking place.
Customer Complaints
.The FSMA will add a shady broker to the watch list if there are numerous verified customer complaints. The word “verified” is important, because these claims are checked as credible. This makes these alerts far more reliable that customer review sites, where anyone can say anything about a company, and perhaps may be competitors involved in a smear campaign.
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.
FSMA Blacklist
The FSMA Has Flagged 4x-Trade (4x-trade.net and 4x-trade.com
FSMA has warned the public about 4x-Trade (4x-trade.net and 4x-trade.com. This shouldn’t be
The FSMA Has Flagged 24xForex (24xforex.com)
FSMA has warned the public about 24xForex (24xforex.com). This shouldn’t be dismissed. 24xForex (24xforex.com)
The FSMA Has Flagged Alpes Trading (alpes-trading.com)
FSMA has warned the public about Alpes Trading (alpes-trading.com). This shouldn’t be dismissed.
The FSMA Has Flagged Allied Indices International (alliedindicesinternational.com).
FSMA has warned the public about Allied Indices International (alliedindicesinternational.com).. This shouldn’t be
The FSMA Has Flagged Shard Asset Management (sassetmanagement.net, shardassetmanagement.net)
FSMA has warned the public about Shard Asset Management (sassetmanagement.net, shardassetmanagement.net). This shouldn’t
The FSMA Has Flagged Universal Asset Management (universalassetmgmt.com)
FSMA has warned the public about Universal Asset Management (universalassetmgmt.com). This shouldn’t be
The FSMA Has Flagged Word Wide Brokers (worldwidebrokers.co)
FSMA has warned the public about Word Wide Brokers (worldwidebrokers.co). This shouldn’t be
The FSMA Has Flagged X-tradebrokers (x-tradebrokers.com).
FSMA has warned the public about X-tradebrokers (x-tradebrokers.com).. This shouldn’t be dismissed. X-tradebrokers (x-tradebrokers.com).
The FSMA Has Flagged World Markets (worldmarkets.com)
FSMA has warned the public about World Markets (worldmarkets.com). This shouldn’t be dismissed.
The FSMA Has Flagged Ualgo (ualgo.com)
FSMA has warned the public about Ualgo (ualgo.com). This shouldn’t be dismissed. Ualgo (ualgo.com)
The FSMA Has Flagged Trends Turbo (trends-turbo.com)
FSMA has warned the public about Trends Turbo (trends-turbo.com). This shouldn’t be dismissed.
The FSMA Has Flagged Trade Horizon (tradehorizon.com and tradehorizon2.com)
FSMA has warned the public about Trade Horizon (tradehorizon.com and tradehorizon2.com). This shouldn’t