MAS Has Flagged These Brokers—Is Your Broker on This List?
The MAS has raised the alarm about the following brokers. This isn’t a warning to be taken lightly. MAS, or the Monetary Authority of Singapore, doesn’t flag brokers unless it has a very good reason. We have examined this broker and have also found problems, based on what we have seen in the report from MAS.
If you have an account with any of these brokers, immediately request a withdrawal and consult ReportScamOnline if the broker doesn’t return your money. If you have considered working with a broker on this list, we urge you to steer clear. Since they have been flagged by MAS, it simply isn’t worth the risk.
What Is the MAS and What Does It Do?
MAS is the Monetary Authority of Singapore. Its tasks are many, including dealing with monetary policy, issuing government securities, and regulating interest rates. The MAS also ensures financial companies comply with all regulatory and reporting requirements and regularly audits banks, insurance companies, and brokers.
The MAS also has a disciplinary function and will revoke licenses from brokers that aren’t operating according to rules. They also warn the public about unauthorized financial companies and issue lists of flagged brokers regularly.
ReportScamOnline has examined these brokers and has generated reviews that are intended to be used as research tools that will help you steer clear of fraudulent brokers.
Why Is MAS Warning the Public About These Brokers?
The following are common issues that brokers that we see with flagged brokers.
Most scam brokers have some kind of licensing irregularity. Many have no license and don’t seem to be ashamed of this fact. Others have a license, but not the right one. It may not cover their activities in certain regions or may be of inferior quality. Others may have revoked licenses and are counting on customers not to check.
Legitimate brokers rely on their hard-earned credentials and reputation to attract clients. Fraudulent brokers make wild claims about what kind of returns customers can expect and how successful their trades are. Misleading information comes in many shapes and forms, and it’s important to verify these statements.
Lack of Transparency
If you click on the “About Us” page on the website and don’t see any names or photos of people, that’s not a good sign. Some brokers will have window dressing in the form of fake stock photos and phony addresses, but they don’t check out. Verify all contact information and identities of people who run the brokerage before you sign up.
When you can’t make a withdrawal, that’s often when you know you aren’t dealing with a legitimate broker. There’s no reason to withhold a client’s funds. Although there can be account fees, these should be low. When you are denied a withdrawal, that’s the time to make a claim and work with ReportScamOnline.
MAS has received many validated complaints about these brokers, and that is the main reason they have ended up on this list. The kind of claims people make to regulators aren’t just anonymous complaints anyone can make on review sites, but have been verified and are being for
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.