The SFC Has Warned the Public About These Brokers

The SFC has issued warnings about the following brokers. It’s important to take these warnings very seriously and to avoid opening an account with them. Some of these brokers have been subject to disciplinary action by brokers and others may have even faced prosecution. However, it doesn’t have to get to this point before consumers should be careful. Even if a broker has only been flagged, that’s reason enough to stay away.

Crypto Coin Trace creates these reviews based on brokers that have been flagged by the SFC. We update these reviews regularly and urge consumers to check back frequently for new entries to ensure your financial services aren’t on the list. The research on financial services doesn’t end when you open an account. Always pay attention to regulator updates. 

What Does The Securities and Futures Commission (SFC)?

The Securities and Futures Commission or SFC of Hong Kong is an independent organization that works with the government to regulate financial markets and protect consumers of financial services. This means overseeing brokers and other financial companies and ensuring that consumers are safe from fraud.

6 Reasons These Brokers Made SFC’s Scam Broker List

ASIC 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

The ASIC issues warnings against brokers that have no license, falsify information about licensing or have had them revoked. They will also warn about how brokers recruit Australian customers if the broker has no license to extend its services to Australia. 

Many of these brokers have made misleading statements. Some of these statements may seem minor, but no responsible broker should make claims without validating them, whether it’s about fees, returns or about their credentials. 

ASIC’s job is to ensure compliance with rules and regulations. That means that if they violate these rules they get flagged and eventually disciplined if they continue. Many of these frauds have adopted fake names and have imitated the website content and design of regulated brokers. These are clone brokers and their purpose is to lure customers away from regulated brokers. 

When ASIC receives a proliferation of customer complaints, they will flag a broker. In addition, if the broker has legal action taken against them, since the public should know, particularly their customers, ASIC releases the information. 

WestPointFx ( Review

The SFC Has Alerted the Public About WestPointFx (—Are They a Scam Broker?  The SFC and CryptoCoinTrace Have Found Problems with WestPointFx (   These Red Flags

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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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