The CySEC Has Warned the Public About These Brokers

CySEC has warned the public about the following brokers. Our CryptoCoinTrace team pays attention to these alerts and updates our scam broker review list when regulators raise red flags about potential scams. It’s important to pay attention to warnings issued by high-tier regulators such as CySEC. 

The proliferation of online trading scams is of major concern. Regulators try to keep up with the problem by investigating customer complaints, overseeing the activities of financial companies and educating the public about how to keep their money safe. We have aggregated warnings from regulators in one place so our site visitors can research brokers before opening an account. 

Consult our lists frequently because they are updated on a regular basis. Don’t open an account with any of the brokers you see on these lists. If you run across the name of a broker, check this list to see if it is on it. If not, due your own diligence and further research before opening an account with a broker.

What Does The Cyprus Securities and Exchange Commission (CySEC)?

The Cyprus Securities and Exchange Commission is responsible for regulated financial markets in Cyprus, overseeing financial institutions and educating and protecting the public. They also license financial companies and brokers and oversee them to ensure they are compliant with well-defined standards. CySec issues warnings and can take disciplinary actions against financial companies that don’t comply and will issue red flags against potential frauds.

6 Most Frequent Broker Red Flags

  • The CySEC issues public warnings against brokers for the following reasons. These are the most common red flags–there may be other problems as well. 

    • Licensing issues
    • Misleading statements
    • Non-compliance with regulations
    • Proliferation of customer complaints
    • Clone broker
    • Legal action against the company

Many of the brokers on this list have issues with licensing. This may mean that they don’t have any license or that their license has been revoked or has expired. In addition, the companies mentioned on this list may have made misleading statements, for instance, about the kinds of returns clients can expect and broker credentials. 

The CySEC will issue warnings about non-compliance with regulations, which is a broad category, but is a common problem with the brokers on this list. If the regulator receives a huge number of customer complaints or if there is legal action against the company, they will warn the public. In addition, many of the listings here are clone brokers–or brokers who adopt a name similar to a real, regulated entity in an attempt to steal traffic, leads and customers from legitimate financial entities.

What You Should Do If You Have an Account with These Brokers?

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!

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