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.
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.
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.
Gender Gap in Online Privacy Concerns: Women More Reserved in Sharing Personal Data
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
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▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official
Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
📸 Instagram: https://www.instagram.com/fmevents_official
🐦 Twitter: https://twitter.com/F_M_events
🎥 TikTok: https://www.tiktok.com/@fmevents_official
▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official
Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
📸 Instagram: https://www.instagram.com/fmevents_official
🐦 Twitter: https://twitter.com/F_M_events
🎥 TikTok: https://www.tiktok.com/@fmevents_official
▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official
Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/company/financemagnates/
👍 Facebook: https://www.facebook.com/financemagnates/
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▶️ Telegram: https://t.me/financemagnatesnews
Don't miss out on our latest videos, interviews, and event coverage.
🔔 Subscribe to our YouTube channel for more!🔔
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/company/financemagnates/
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🔔 Subscribe to our YouTube channel for more!🔔
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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🔔 Subscribe to our YouTube channel for more!🔔
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/company/financemagnates/
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