ASIC, the Australian financial regulator, has issued warnings about the following brokers. The regulator doesn’t do this lightly, and has investigated these cases to determine they are suspected scams. The purpose is to educate the public and inform would-be traders about possibly fraudulent financial companies.
These lists are a vital tool to protect yourself against financial scams. If you see a broker on this list, you’ll know not to open an account with them and you can save time and money. Crypto Coin Trace updates these reviews regularly, and creates them after in-depth investigation of each so-called broker.
ASIC, or the Australian Securities and Investments Commission, is a private body established by The Australian Investment and Securities Act of 2001. Even though it is independent of the Australian government, it works with financial authorities to ensure markets are regulated and to license brokers. They are also responsible for consumer protection and their aim is to educate and inform the public about suspected financial scams.
ASIC issues public warnings against brokers for the following reasons. These are the most common red flags–there may be other problems as well.
One of the most common reasons these brokers are flagged are licensing issues. These can range from giving false information about licensing, having no license and practicing an overreach of their licensing by signing up Australian customers when they have no license to offer services in Australia.
Many of these brokers make misleading statements. These may include major issues, such as not being honest about licensing to guarantee returns and concealing important information about terms and conditions.
ASIC will flag brokers that don’t comply with rules and regulations. This is a broad category, but every infraction is significant. The regulator may have received many customer complaints about the broker or the broker may be an imposter or a clone broker. This means they are intentionally trying to lure customers away from regulated brokers and may imitate their website content or design or adopt a similar name.
Legal action against a broker is also grounds for a warning from the ASIC. Many customers may not realize their broker is in legal trouble or could be on the verge of becoming insolvent.
If you currently hold an account with the following brokers, close it and demand an immediate withdrawal of all of your funds. If you do not receive a withdrawal from this broker contact CryptoCoinTrace experts. We consult with clients, advise them on claims and have the tools and methods to track down your funds. The sooner talk to us, the greater the chances of a successful claim!