According to Belgium's FSMA, listed platforms may extort money from investors.
A Clone of the WeBull trading brand is one of them.
The
Financial Services and Markets Authority (FSMA), Belgium's financial market
regulatory watchdog, flagged 21 online trading platforms offering unlicensed
services in the country. A clone of Webull, a popular US trading platform for
retail investors, is one of them.
Webull Clone in Belgium's
FSMA Warning
Belgium's
FSMA says the list contains potentially fraudulent companies and advises
against using their services. Contracts for difference (CFDs), forex (FX)
brokers and cryptocurrency platforms were among them. Some of these include
Binotrader, Globale-Invest, Itoro-Capital, STB Markets and Webull Investing, a
clone of US regulated Webull trading platform. At the time of writing, the
clone website (webullinvesting.com) is still operating, offering retail CFD
trading.
A complete
list of 21 unlicensed, potentially dangerous platforms and websites is
available in the FSMA's official announcement.
Screenshot of Webull's clone website
FSMA notes
that the trading platforms use aggressive marketing strategies on social media
and online video platforms. Some also exploit mobile apps and affiliate
programs to attract as many victims as possible.
"These
platforms act very aggressively. Scammers even try to persuade the victims to
allow them to take control of their computer remotely in order to make certain
money transfers. The fraudsters also try to convince the victims to invest
increasingly higher amounts of money. They also make promises of repayment in
exchange for one last money transfer. This is a technique to collect even more
money from their victims," the FSMA commented.
Watch the recent FMLS22 panel titled: "Regulation Roundup: Everything You Need to Know for 2023."
FSMA, FCA and CySEC Warn
against Clone Firms
As reported
by Finance Magnates three months ago, FSMA warned against another clone of a well-known brand in the trading service industry, namely CoinDesk. Although,
CoinDesk is a popular crypto trading news website, a company's clone that
offers cryptocurrency trading is potentially dangerous, especially for
beginners and less experienced investors.
A clone is
usually a firm that impersonates another popular trading brand looking to
attract unsuspecting customers. To do so, it may use a similar name, website
layout or even commit identity theft using the exact address details and
license numbers.
Other
popular financial market regulators, including Cyprus' CySEC and the UK's FCA, recently
reported on other clone offers. According to CySEC's announcement in February, an unregulated cryptocurrency firm, IMS Crypto, falsely claimed to
possess a CySEC trading license, using the details of the authorized company,
Initial Merit Secure Ltd, which operates a different website address.
In the
meantime, the British regulator issued a warning against AXI Corp Limited, a
clone firm of the registered forex and CFD broker Axi and its sister company,
One Financial Markets. According to the FCA, while the clone firm is located in
Leadenhall Street, London, the two authorized firms are based at 1 Finsbury
Market, London.
The
Financial Services and Markets Authority (FSMA), Belgium's financial market
regulatory watchdog, flagged 21 online trading platforms offering unlicensed
services in the country. A clone of Webull, a popular US trading platform for
retail investors, is one of them.
Webull Clone in Belgium's
FSMA Warning
Belgium's
FSMA says the list contains potentially fraudulent companies and advises
against using their services. Contracts for difference (CFDs), forex (FX)
brokers and cryptocurrency platforms were among them. Some of these include
Binotrader, Globale-Invest, Itoro-Capital, STB Markets and Webull Investing, a
clone of US regulated Webull trading platform. At the time of writing, the
clone website (webullinvesting.com) is still operating, offering retail CFD
trading.
A complete
list of 21 unlicensed, potentially dangerous platforms and websites is
available in the FSMA's official announcement.
Screenshot of Webull's clone website
FSMA notes
that the trading platforms use aggressive marketing strategies on social media
and online video platforms. Some also exploit mobile apps and affiliate
programs to attract as many victims as possible.
"These
platforms act very aggressively. Scammers even try to persuade the victims to
allow them to take control of their computer remotely in order to make certain
money transfers. The fraudsters also try to convince the victims to invest
increasingly higher amounts of money. They also make promises of repayment in
exchange for one last money transfer. This is a technique to collect even more
money from their victims," the FSMA commented.
Watch the recent FMLS22 panel titled: "Regulation Roundup: Everything You Need to Know for 2023."
FSMA, FCA and CySEC Warn
against Clone Firms
As reported
by Finance Magnates three months ago, FSMA warned against another clone of a well-known brand in the trading service industry, namely CoinDesk. Although,
CoinDesk is a popular crypto trading news website, a company's clone that
offers cryptocurrency trading is potentially dangerous, especially for
beginners and less experienced investors.
A clone is
usually a firm that impersonates another popular trading brand looking to
attract unsuspecting customers. To do so, it may use a similar name, website
layout or even commit identity theft using the exact address details and
license numbers.
Other
popular financial market regulators, including Cyprus' CySEC and the UK's FCA, recently
reported on other clone offers. According to CySEC's announcement in February, an unregulated cryptocurrency firm, IMS Crypto, falsely claimed to
possess a CySEC trading license, using the details of the authorized company,
Initial Merit Secure Ltd, which operates a different website address.
In the
meantime, the British regulator issued a warning against AXI Corp Limited, a
clone firm of the registered forex and CFD broker Axi and its sister company,
One Financial Markets. According to the FCA, while the clone firm is located in
Leadenhall Street, London, the two authorized firms are based at 1 Finsbury
Market, London.
Damian's adventure with financial markets began at the Cracow University of Economics, where he obtained his MA in finance and accounting. Starting from the retail trader perspective, he collaborated with brokerage houses and financial portals in Poland as an independent editor and content manager. His adventure with Finance Magnates began in 2016, where he is working as a business intelligence analyst.
Exness CMO Alfonso Cardalda on Cape Town office launch, Africa growth, and marketing strategy
Exness CMO Alfonso Cardalda on Cape Town office launch, Africa growth, and marketing strategy
Exness is expanding its presence in Africa, and in this exclusive interview, CMO Alfonso Cardalda shares how.
Filmed during the grand opening of Exness’s new Cape Town office, Alfonso sits down with Andrea Badiola Mateos from Finance Magnates to discuss:
- Exness’s marketing approach in South Africa
- What makes their trading product stand out
- Customer retention vs. acquisition strategies
- The role of local influencers
- Managing growth across emerging markets
👉 Watch the full interview for fundamental insights into the future of trading in Africa.
#Exness #Forex #Trading #SouthAfrica #CapeTown #Finance #FinanceMagnates
Exness is expanding its presence in Africa, and in this exclusive interview, CMO Alfonso Cardalda shares how.
Filmed during the grand opening of Exness’s new Cape Town office, Alfonso sits down with Andrea Badiola Mateos from Finance Magnates to discuss:
- Exness’s marketing approach in South Africa
- What makes their trading product stand out
- Customer retention vs. acquisition strategies
- The role of local influencers
- Managing growth across emerging markets
👉 Watch the full interview for fundamental insights into the future of trading in Africa.
#Exness #Forex #Trading #SouthAfrica #CapeTown #Finance #FinanceMagnates
How does the Finance Magnates newsroom handle sensitive updates that may affect a brand?
How does the Finance Magnates newsroom handle sensitive updates that may affect a brand?
Yam Yehoshua, Editor-in-Chief at Finance Magnates, explains the approach: reaching out before publication, hearing all sides, and making careful, case-by-case decisions with balance and responsibility.
⚖ Balanced reporting
📞 Right of response
📰 Responsible journalism
#FinanceMagnates #FinancialJournalism #ResponsibleReporting #FinanceNews #EditorialStandards
Yam Yehoshua, Editor-in-Chief at Finance Magnates, explains the approach: reaching out before publication, hearing all sides, and making careful, case-by-case decisions with balance and responsibility.
⚖ Balanced reporting
📞 Right of response
📰 Responsible journalism
#FinanceMagnates #FinancialJournalism #ResponsibleReporting #FinanceNews #EditorialStandards
Executive Interview | Kieran Duff | Head of UK Growth & Business Development, Darwinex | FMLS:25
Executive Interview | Kieran Duff | Head of UK Growth & Business Development, Darwinex | FMLS:25
Here is our conversation with Kieran Duff, who brings a rare dual view of the market as both a broker and a trader at Darwinex.
We begin with his take on the Summit and then turn to broker growth. Kieran shares one quick, practical tip brokers can use right now to improve performance. We also cover the rising spotlight on prop trading and whether it is good or bad for the trading industry.
Kieran explains where Darwinex sits on the CFDs-broker-meets-funding spectrum, and how the model differs from the typical setups seen across the market.
We finish with a look at how he uses AI in his daily workflow — both inside the brokerage and in his own trading.
Here is our conversation with Kieran Duff, who brings a rare dual view of the market as both a broker and a trader at Darwinex.
We begin with his take on the Summit and then turn to broker growth. Kieran shares one quick, practical tip brokers can use right now to improve performance. We also cover the rising spotlight on prop trading and whether it is good or bad for the trading industry.
Kieran explains where Darwinex sits on the CFDs-broker-meets-funding spectrum, and how the model differs from the typical setups seen across the market.
We finish with a look at how he uses AI in his daily workflow — both inside the brokerage and in his own trading.
Why does trust matter in financial news? #TrustedNews #FinanceNews #CapitalMarkets
Why does trust matter in financial news? #TrustedNews #FinanceNews #CapitalMarkets
According to Yam Yehoshua, Editor-in-Chief at Finance Magnates, in a world flooded with information, the difference lies in rigorous cross-checking, human scrutiny, and a commitment to publishing only factual, trustworthy reporting.
📰 Verified reporting
🔎 Human-led scrutiny
✅ Facts over noise
According to Yam Yehoshua, Editor-in-Chief at Finance Magnates, in a world flooded with information, the difference lies in rigorous cross-checking, human scrutiny, and a commitment to publishing only factual, trustworthy reporting.
📰 Verified reporting
🔎 Human-led scrutiny
✅ Facts over noise
In this video, we take an in-depth look at @Exness , a global multi-asset broker operating since 2008, known for fast withdrawals, flexible account types, and strong regulatory coverage across multiple regions.
We break down Exness’s regulatory framework, supported trading platforms including MetaTrader 4, MetaTrader 5, Exness Terminal, and the Exness Trade App, as well as available account types such as Standard, Pro, Zero, and Raw Spread.
You’ll also learn about Exness’s leverage options, fees and commissions, swap-free trading, available instruments across forex, commodities, indices, stocks, and cryptocurrencies, and what traders can expect in terms of execution, funding speed, and customer support.
Watch the full review to see whether Exness aligns with your trading goals and strategy.
👉 Explore Exness’s full broker listing on the Finance Magnates Directory:
https://directory.financemagnates.com/multi-asset-brokers/exness/
📣 Stay up to date with the latest in finance and trading. Follow Finance Magnates for industry news, insights, and global event coverage.
Connect with us:
🔗 LinkedIn: /financemagnates
👍 Facebook: /financemagnates
📸 Instagram: https://www.instagram.com/financemagnates
🐦 X: https://x.com/financemagnates
🎥 TikTok: https://www.tiktok.com/tag/financemagnates
▶️ YouTube: /@financemagnates_official
#Exness #ExnessReview #Forex #FinanceMagnates #ForexBroker #BrokerReview #CFDTrading #OnlineTrading #MarketInsights
In this video, we take an in-depth look at @Exness , a global multi-asset broker operating since 2008, known for fast withdrawals, flexible account types, and strong regulatory coverage across multiple regions.
We break down Exness’s regulatory framework, supported trading platforms including MetaTrader 4, MetaTrader 5, Exness Terminal, and the Exness Trade App, as well as available account types such as Standard, Pro, Zero, and Raw Spread.
You’ll also learn about Exness’s leverage options, fees and commissions, swap-free trading, available instruments across forex, commodities, indices, stocks, and cryptocurrencies, and what traders can expect in terms of execution, funding speed, and customer support.
Watch the full review to see whether Exness aligns with your trading goals and strategy.
👉 Explore Exness’s full broker listing on the Finance Magnates Directory:
https://directory.financemagnates.com/multi-asset-brokers/exness/
📣 Stay up to date with the latest in finance and trading. Follow Finance Magnates for industry news, insights, and global event coverage.
Connect with us:
🔗 LinkedIn: /financemagnates
👍 Facebook: /financemagnates
📸 Instagram: https://www.instagram.com/financemagnates
🐦 X: https://x.com/financemagnates
🎥 TikTok: https://www.tiktok.com/tag/financemagnates
▶️ YouTube: /@financemagnates_official
#Exness #ExnessReview #Forex #FinanceMagnates #ForexBroker #BrokerReview #CFDTrading #OnlineTrading #MarketInsights
