简体中文
繁體中文
English
Pусский
日本語
ภาษาไทย
Tiếng Việt
Bahasa Indonesia
Español
हिन्दी
Filippiiniläinen
Français
Deutsch
Português
Türkçe
한국어
العربية
Abstract:Scams exist in all financial markets, including the FX market. Scammy forex brokers are still deceiving traders in 2022. How will investors be able to spot rogue brokers? Apart from examining the blacklists of forex brokers on the websites of global regulators, we can also learn from investors who have shared their scammed trading experiences with some fraudulent brokers.
Scam exists in any financial markets and the forex market is no exception. Even in 2022, sleazy forex brokers continue to deceive traders. How could investors know fraudulent brokers? Besides checking the blacklists of forex brokers on global regulators' website, we can also find from investors, who shared their scammed trading experiences when dealing with some fraud brokers.
Recently, BrokersView learned that many investors has been trapped by a scam conducted by the forex broker FinoMarkets and lost a lot of money.
Unable to Withdraw
Ian dougall, an investor from CA, posted that FinoMarkets is a total scam. He opened an account in the company and everything worked well before another manager replaced his first account manager and contacted with him. The new manager told him to invest a few thousand more dollars in order to trade with a bot system. He was insulted by the new manager through phone calls. He didnt want to deposit extra money as the new manager told. He asked to close his account and wanted to get his money back. To his surprise, his withdrawal requests was denied and he had nothing back. Finally, he got sucked into opening account with $250.
Warned by Three Financial Regulators
From the information we hold, we found that FinoMarkets was warned by three financial regulators before.
The first warning comes with the Spanish regulator CNMV. According to the release, CNMV warns that FinoMarkets is not authorised to carry out investment services and activities in Spain as a result of lacking necessary authorization.
The second is from British regulator FCA. On 4 October 2021, the watchdog added the company to its alert list, saying that this firm is not authorised by it and is targeting people in the UK.
The last one is reported by FSMA in Belgium. The regulator strongly advises against responding to any offers of financial services made by the entity. The financial supervisor claims that the scammer acts very aggressively. The fraudster also try to convince the victims to invest increasingly higher amounts of money by conducting its investment fraud.
These proofs make it clear: FinoMarkets is actually not regulated or registered by any financial regulators. That means investors' funds in the broker is unsafe and cannot be protected by any laws. Therefore, it is a scam.
As regulation is the most important factor for the safety of any investment, BrokersView strongly advice potential traders to invest only with properly licensed brokers.
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
As the 2024 U.S. presidential race approaches, investors worldwide are closely watching potential outcomes and their implications for global markets. While a 269-269 Electoral College tie between Vice President Kamala Harris and former President Donald Trump remains unlikely, its occurrence would set the stage for an unprecedented period of political uncertainty, triggering a contingent election decided by Congress. Such uncertainty would ripple across forex, stock, and oil markets, where stability and predictability are prized. Here’s a look at how a tie could affect these key financial sectors.
A former finance officer in Malaysia lost RM450,000 in savings after being deceived by an investment scheme advertised on social media.
A 50-year-old Malaysian woman experienced a devastating loss exceeding RM80,000 after falling victim to an online investment scam that preyed on her aspirations for substantial returns. The victim, a former secretary at a private firm, had initially hoped to secure a profitable investment opportunity but instead found herself deceived by a fraudulent scheme.
CMC Markets partners with ASB Bank to offer NZ clients advanced trading technology, access to global markets, and enhanced investment tools on ASB's digital platforms.