Belgium FSMA Warns Against 12 Fraudulent Online Trading Platforms


The financial regulator of the Belgium markets, the FSMA has continued to receive complaints from consumers concerning new fraudulent online trading platforms that are operating in the Belgian market.

November 20, 2020 | AtoZ Markets – Belgium’s Financial Services and Markets Authority (FSMA) has issued an announcement on Thursday to inform the public that 12 fraudulent online trading platforms are claiming new victims in Belgium.

FSMA warns against 12 suspicious trading platforms

As per the announcement, the Belgian regulator warned against the activities of several entities that are unlawfully offering Forex products and/or contracts for differences (CFDs) on the market.

Specifically, the regulator strongly advises against responding to any offers of financial services made by the following 12 new trading platforms:

  1. 365capitalmarkets (www.365capitalmarkets.com)
  2. Bright Finance (www.brightfinance.co)
  3. Markets Pilot (www.marketspilot.com)
  4. MottoFX (www.mottofx.com)
  5. MyCoinBanking (www.mycoinbanking1.com and www.mycoin-banking.com)
  6. OnlineMarketShare (www.onlinemarket-share.com)
  7. OTPFX (www.otpfx.com)
  8. Profits Trade (www.profitstrade.com)
  9. Solid Invest (www.solidinvest.co)
  10. Synergy Capitals (www.synergycapitals.co.uk)
  11. TradersChain (www.traderschain.com)
  12. Uptos (www.uptos.com)

Furthermore, the FSMA said it 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

As a result, the FSMA has urged investors to remain vigilant and to always verify the identity of any company that they are thinking of investing with.

How to avoid fraud

In order to avoid fraud, the FSMA recommends that investors always check the identity (company name, home country, registered office, etc.) of the company. Also, investors should always verify if the company in question has the authorization to offer financial services.

If the legal status of a company cannot be clearly verified, it should not be trusted.

To this end, an easy search on the financial supervisory authority’s website will do.

Most importantly, investors should beware of ‘cloned firms. These are fraudulent entities that copy details of legal firms, such as their name, website. They also copy their address or firm reference numbers in order to mislead investors to think that they do represent the actual firm.

Should fraudsters moreover manage to take control of your computer, the FSMA recommends that you contact your bank and, if necessary, that you change your passwords.

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