Think €250 Is a Small Test Investment? That’s How the Scam Starts, FSMA Warns

Belgium’s Financial Services and Markets Authority (FSMA) has issued a fresh warning to the public after uncovering a growing network of fraudulent online trading Online Trading Online trading represents the trading of fiat currencies, digital currencies, commodities, stocks and indices, where traders and investors intend to make a profit, via the purchase or sale of the aforementioned products. This is done through an electronic network, made accessible by brokers in the form of an online trading platform or hub.Online trading continues to see a rapid growth year on year, due to a number of reasons. Firstly, the number of brokers offering their services, with more mone Online trading represents the trading of fiat currencies, digital currencies, commodities, stocks and indices, where traders and investors intend to make a profit, via the purchase or sale of the aforementioned products. This is done through an electronic network, made accessible by brokers in the form of an online trading platform or hub.Online trading continues to see a rapid growth year on year, due to a number of reasons. Firstly, the number of brokers offering their services, with more mone Read this Term platforms targeting European investors.

The regulator says the schemes promise fast profits but rely on deception, pressure tactics, and fake trading dashboards to steal funds from unsuspecting users.

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Using Aggressive Recruitment Tactics

The fraudsters are now employing new tactics, including contacting victims through sponsored social media ads, fake news articles, and fabricated endorsements using public figures.

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Other schemes exploit dating apps, WhatsApp messages, or so-called investment “clubs” to initiate contact. In many cases, scammers pose as financial advisers or acquaintances who claim to offer private earning opportunities.

Once victims engage, they are urged to sign up on professional-looking trading platforms and deposit an initial sum, often around €250. Some scammers request remote access to victims’ devices to “assist” with account setup, a move that exposes bank logins and personal data to cyber theft.

After the first deposit, victims are shown simulated profits to create the illusion of successful trading. In reality, no trades take place. Fraudsters use this illusion to pressure victims into investing more money. The FSMA notes that high-pressure phone calls, time-bound offers, and intimidation are common tactics.

Withdrawals expose the fraud. Victims who request their funds face delays and are told to pay invented taxes or fees. In most cases, the platform blocks withdrawals and cuts contact once victims resist further payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term.

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According to the FSMA, several of the flagged platforms use pyramid-style recruitment. Victims are encouraged to bring in new investors with promises of referral bonuses, while earlier withdrawals are financed with incoming deposits. The model collapses once recruitment slows.

Platforms Placed on Warning List

The FSMA has added more than 20 websites to its blacklist. These include: Finance Legend, Aurudium, BerryPAX, Boosty Flow, Deal-Traders, Fintradix, HashXCapital, Lamaco (clone), Lesrouleaux, Nobu Invest, Priv-Solutions, ProfitBee, RiseGrandAction, Total-Profits, Windelagence, XH Pro, and others linked to fraudulent activity.

The regulator warns that these sites target investors across Europe and frequently rebrand under new names once discovered.

The regulator also warns against so-called “recovery room” scams, where fraudsters contact previous victims and offer to recover lost funds for an upfront fee. These operations are often run by the same networks behind the original fraud.

It is not the first time that FSMA has issued such a warning. Recently, the regulator flagged suspected online trading platforms functioning like pyramid schemes, using misleading claims of profitability and fabricated investment dashboards to win the trust of victims.

The platforms initially appear legitimate, but their model depends on continuously recruiting new investors rather than generating real trading profits. These schemes typically use deposits from new participants to pay supposed returns to earlier investors, creating the illusion of success.