The Financial Services and Markets Authority (FSMA) is once again drawing the public’s attention to the dangers of fraudulent trading platforms that promise quick and easy earnings but often result in significant financial losses.
How Fraudulent Trading Platforms Work
- Modes of Contact: Fraudsters use various techniques to contact potential victims, such as fake news articles mentioning celebrities, online ads, fake social media accounts, dating apps, or “lost” messages. These platforms promise high returns in a short time, often beyond realistic expectations.
- Registration: Interested investors register on the platform and deposit funds, usually starting with a small amount (e.g., €250). In some cases, fraudsters offer to assist by taking over the victim’s computer remotely, which allows them to install viruses and spyware.
- Manipulation and Pressure Tactics: Once funds are deposited, the platform manipulates transactions to show significant fictitious profits. Fraudsters then pressure victims to invest more money using repeated phone calls, time-limited offers, and threats.
- Impossible Withdrawals: While an initial small withdrawal might be allowed to gain trust, larger withdrawals are blocked using various pretexts, such as high fees or taxes. Eventually, the platform disappears, taking all the investors’ money.
Websites Recently Flagged by the FSMA
The FSMA has identified numerous websites that are putting consumers in touch with fraudulent trading platforms.
The public is advised to avoid the following:
- Educational Platforms:
- Algo Education
- Bitcode Method
- Immediate Peak
- Immediate Intal
- Immediate Vortex
- Trading Platforms:
- 4xai
- BFTCapitals/BFTCapitalspro
- Bitlet
- Bitnomics
- BNP Groups (cloned firm)
- Chronovalor review
- CMCapitals (cloned firm)
- Coinsbit
- CryptoCom AI (cloned firm)
- DCY Markets
- Easy Trade
- Fortnomics
- FX Margine
- GMT Direct
- High BTC Stock review
- Invotrade
- Lasbert
- Omega Capital Markets
- Opti Market Exchange
- Parenta Financial Services Ltd
- Promarket AI
- Quopi review
- Sense traders
- Sfcap/Safecap Investments/Finalto
- SkyTarget Ltd
- Swiss-Vests
- TigersFM
- Titanwealth24
- Tradex4u
- Verify Markets
- Vourteige review
- XHPX
FSMA’s Advice
The FSMA strongly advises against responding to offers from unregistered trading platforms. Engaging with such entities poses significant risks, as they operate outside regulatory protections.
Steps to Take if You’ve Fallen Victim
- Stop All Transactions: Cease all deposits and break off contact with the platform. Do not provide any additional personal or financial information.
- Contact Your Bank: Inform your bank immediately if payments have been made to the fraudulent platform.
- Report the Fraud: File a complaint with the FSMA and the police.
- Document Evidence: Gather all communications and transaction records with the platform. This documentation will be useful when reporting the fraud.
- Beware of Recovery Scams: Be cautious of entities claiming to help recover lost funds for a fee, as these are often fraudulent as well.
For more information on how to recognize and avoid investment fraud, please visit the FSMA website.
The site offers additional tips and awareness-raising videos to help you protect your investments.
