Belgium's FSMA Adds 17 Fraudulent Online Trading Platforms to Its Warning List

Belgium's Financial Services and Market Authority (FSMA) yesterday updated its list of fraudulent online trading platforms that are operating in the Belgian market based on the complaints the regulator received from consumers during the last weeks.

These trading platforms try to arouse consumers' curiosity by placing scam ads on social media. In these fake ads, a (well-known) person often explains how to get rich quick. Trading platforms also use mobile applications to lure victims. 

According to the watchdog, the following new trading platforms are all suspicious sites:

• Binarycent (www.binarycent.com)

• BTC-chain (www.btc-chain.com)

• Clever Trade (www.clever-trade.com)

• Crypto Trading Association (www.cta-capitals.com and www.cta-capital.com)

• FiniVieX (www.finiviex.com)

• Finomarkets (www.finomarkets.com)

• Genesis11 (www.genesis11.com)

• Global Trading26 (www.globaltrading26.com)

• Gs4trade (www.gs4trade.com and www.gs-4trade.com)

• KapitalEU (www.kapitaleu.com)

• LPLFinances (www.lplfinances.com and www.lplfinances.eu)

• NitroCapitals (www.nitrocapitals.com)

• OrbitGTM (www.orbitgt-m.com)

• Sunton Capital (www.suntonfx.com)

• Uptrade (www.uptrademarket.com)

• Ventera Group (www.venteragroup.com)

• Winbitx (www.winbitx.com)

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In order to avoid fraud, the FSMA addresses the following recommendations to investors: 

Always check the identity (company name, home country, registered office, etc.) of the company. If the company cannot be clearly identified, it should not be trusted.

Always verify if the company in question has the requisite authorization. Always beware of 'cloned firms': companies that pass themselves off as different, lawful companies even though they have no connection with them. A close look at the email addresses or contact details for the companies in question may prove useful in order to detect this type of fraud and prevent it.