Rising Concerns Over Fraudulent Trading Platforms in Belgium
Overview of Recent Complaints
In recent weeks, the Financial Services and Markets Authority (FSMA) has observed an uptick in complaints from consumers about new, fraudulent trading platforms targeting the Belgian market.
These platforms draw attention by placing scam advertisements on social media and online video platforms.
Often, these ads inaccurately portray well-known figures promoting quick wealth schemes.
Methods Used by Fraudulent Platforms
These deceptive platforms employ various tactics to lure victims:
- Mobile Applications and Ads: Victims are enticed by offerings such as virtual currency, trading software, or training courses. Following the download of an app or clicking on an ad, the victim’s contact details are captured, and they are quickly contacted with seemingly lucrative investment opportunities.
- Communication Tools: Besides direct contact, these platforms also reach out via dating apps, fake social media accounts, WhatsApp, and Telegram.
- Affiliate Programs: Some platforms promote ‘affiliate programs’ that are structured like pyramid schemes.
Aggressive and Deceptive Tactics
Fraudulent platforms often:
- Claim false authorization from non-existent financial authorities to appear legitimate.
- Persuade victims to allow remote access to their computers to facilitate money transfers.
- Encourage victims to make increasingly larger investments and promise repayment after one final transfer—a method used to extract more money.
Common Complaints from Victims
Victims who have engaged with these platforms report:
- Inability to Recover Funds: Many find themselves unable to withdraw their invested money.
- Lack of Communication: Investors often do not hear back from the platform after investing their money.
These issues are indicative of investment fraud, where unauthorized actors misappropriate investor funds.
FSMA Advisory Against Specific Platforms
The FSMA strongly advises consumers to avoid engaging with the following new trading platforms, which have been flagged for suspicious activities:
- 7solutions (https://7solutions.uk/)
- AES (www.aestotal.com)
- Appex Finance (https://appexfinance.com; https://appex-finance.com)
- ARP Trade (http://arptrade.com/)
- Audemars Group (https://audemarsgroup.com/)
- Bitbinx (http://bitbinx.net/)
- Bitgetinvest (https://www.bitsgetinvest.com/)
- Cap Traders (https://cap-traders.com; https://captraders.net/)
- Capital B Market (https://capitalbmarket.com/)
- Coinex.la (cloned firm; https://coinex.la/)
- CorsairControl (https://corsaircontrol.pro/)
- Cryptomerge (https://cryptomerge.com/)
- Dax-Financial (https://www.dax-financial.com/, https://dax-financial.de/)
- DBG Investment (cloned firm; https://www.dbginvestment.org/)
- Direct Stock (https://direct-stock.com/)
- ECTraders / ECdgTraders (https://www.ectraders.com/)
- Elbitrader (https://www.elbitrader.com/; https://elbi-trader.com/)
- Emarket-24 (https://emarket-24.com/)
- EMG Prime (https://emgprime.com/)
- E-Secure.io (https://e-secure.io/; https://e-secure.app/)
- ETHprofits (http://ethprofits.com/)
- Extonglobal (https://www.extonglobal.com/)
- Financewise (www.financewise.cc)
- FortunaInvest (cloned firm; https://fortuna-invest.com/)
- FuturBTC (https://www.futurbtc.com/)
- FXP360 (http://www.fxp360.com/)
- Gastrade (https://gastrade.co/; https://gastrade.company/)
- Gateway Capital CG/Capital Gateway CG (https://gatewaycapitalcg.com/; https://capital-gatewaycg.com/)
- Global ICM (cloned firm; http://icm-global.com/; global-icm.com; glbl-icm.com; https://www.global-icm.net/)
- Global Mining Hub (https://www.globalmininghub.com)
- Invox Trade (https://invox.trade)
- KTXENR (https://web.ktxenr.com/; https://web.ktxenr.net/)
- LPL Financing (cloned firm)
- MetaSwissX (https://www.metaswissx.net/; https://www.metaswissx.org)
- NFG Finance (https://www.nfgfinance.com/)
- Obcai (https://obcai.cc/; http://www.obcai.com/; http://www.obcai.net/)
- Omers Finance (cloned firm, https://omersfinance.ltd/)
- Quaero Capital (https://quaerocapital.pro/; https://quaerocapital.trade/)
- Quantia (https://quantia.cc/)
- Safity (http://safity.pro/; https://www.privat.bet/index.html)
- SSC Investment (www.sscinvestment.com)
- Tangent Capital (https://tangent-capital.pro/)
- Terallix (www.Terallix.com)
- Terrarobo (https://www.terrarobo.pro/)
- Tools4deals (https://tools4deals.com/; http://tools-4deals.com/)
- Topeu (https://topeu.net/, www.topeu.com)
- Traderup (https://www.traderup.com/, http://www.traderup5.com/; http://www.traderup7.com)
- Tradespeck (www.tradespeck.com)
- Truemarket Trading (https://truemarket-trading.com/)
- Trustbit (https://www.trustbit.trade/)
- Trustly (cloned firm; http://www.trustly.io/; https://trustly.pro/)
- Wise-Markets (https://wise-markets.com/)
- Wisevests (https://wisevests.com/fr/home-fr/)
Recommendations for Avoiding Investment Fraud
The FSMA urges investors to:
- Verify Identities: Always check the identity of the company (company name, country of registration, physical address, etc.).
- Check Authorization: Confirm if the company has the necessary authorization by conducting a simple search on the FSMA website.
- Beware of Cloned Firms: Be cautious of firms that impersonate legitimate entities. Checking email addresses and contact details can help identify such scams.
In case of doubts or before making any further payments, contact the FSMA through the consumer contact form. If you have been a victim, it is advised to report to local police or judicial authorities.
Should fraudsters gain control of your computer, inform your bank immediately and consider changing your passwords.
For further guidance on avoiding investment fraud, visit the FSMA’s ‘How to recognize and avoid fraud?’ page and view their awareness campaign videos.
For more details, visit the official warning page on the FSMA’s website
