FINMA Has Flagged These Brokers–Beware!

When regulators warn the public about a broker, they always have a good reason. If your broker is on this list or if you are considering opening an account with a broker that has been the subject of a FINMA warning, we urge you to stop first and read this review. It may save you a lot of money and headaches. 

CryptoCoinTrace takes the time to read regulator updates, investigates suspected brokers, and creates reviews that will help you keep your money safe when trading online. We aggregate regulator warnings about financial services all in one place so you can simply check here to steer clear of problem brokers.

What Is FINMA?

FINMA is an independent regulatory body that is in charge of regulating financial services in Switzerland. Banks, insurance companies, and brokers that operate in Switzerland or sign up Swiss customers must all be licensed by the FINMA. If a broker is located in Switzerland or claims to be or has Swiss clients and isn’t regulated, they will be flagged by FINMA. 


Also, FINMA will warn the public if they receive other types of complaints about brokers in addition to licensing. FINMA’s aim is to ensure markets run according to rules and are safe for customers. Therefore, they take customer complaints very seriously and after verifying claims, will flag a broker if they find a reason to be suspicious. 

Why Is FINMA Warning the Public About These Brokers?

Given the scale of online trading fraud, FINMA stays very busy and flags many problem brokers. There can be a number of reasons brokers end up on this list, but the following are the most common reasons. Any brokers on this list may have one or more of these issues:

  • Licensing problems
  • Lack of transparency
  • Misleading statements
  • Account issues
  • Customer complaints

Unfortunately, one of the main reasons online trading scams flourish is that not enough consumers demand clear proof of licensing and regulation. Many of these frauds aren’t licensed or have an expired or limited license. Others have third-rate licenses that provide no consumer protection. 

Also, many of these brokers don’t reveal the names of the people who run the brokerage. They may not give an address or even an email address. Problem brokers also may not be forthcoming about fees and procedures and can make up the rules as they go along, charging clients a bundle in ruinous fees. 

A broker may end up on this list because they have made misleading statements about their services, credentials, or client returns. Even slight exaggerations can be a red flag for a more serious issue. 

Most of the clients who complain to regulators do so because they don’t have full access to their accounts. The broker may not let the withdraw their money or charge them huge fees for the right to access their accounts. 

FINMA will flag a broker if they receive a large volume of customer complaints or very serious claims that have been fully verified. If you see a broker on this list, you can be sure that many people have had problems with it and it’s best to stay away.

What You Should Do If You Have an Account with a FINMA-Flagged Broker? 

If you currently hold an account with any of these 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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