FSMA Warns Investors Against Rising Wave of Fraudulent Trading Platforms

The Financial Services and Markets Authority (FSMA) has issued a renewed warning to the public about the growing threat posed by fraudulent online trading platforms, which continue to target investors across Europe through increasingly sophisticated scams.

According to the regulator, these platforms often promise unrealistic profits in short timeframes and use fake advertisements, celebrity endorsements, social media profiles, or even dating apps to make contact with potential victims. Some schemes also exploit personal messaging platforms like WhatsApp or SMS to initiate contact.

Once investors register, they are typically asked to deposit small amounts — often starting from €250 — into a trading account. Fraudsters may then offer "technical help" by remotely accessing victims' devices, allowing them to install malware or spyware.

The platforms simulate profitable trades to create an illusion of success and then pressure victims to invest more money, using tactics such as repeated phone calls, time-limited offers, or even threats. In most cases, the profits shown are entirely fictitious, and when victims attempt to withdraw larger sums, they encounter excuses such as high fees or unpaid taxes.

The FSMA also noted that some scams operate on a pyramid structure, where early investors are paid using funds from newly recruited participants. "When it becomes impossible to recruit new participants, the pyramid collapses," the regulator warned.

In nearly all cases, the fraudulent websites eventually disappear — along with investors' funds. The FSMA urged the public to remain vigilant, emphasizing that legitimate trading platforms are always registered and supervised by competent authorities. It encouraged investors to verify a platform's regulatory status before committing any funds.