FINMA Has Issued Warnings About the Following Brokers
FINMA has flagged the following brokers. A large number of broker frauds is increasing daily, and it’s a good idea to keep consulting this list. At ChargeBax, we aggregate warnings from regulators around the world and publish scam reviews to keep the public safe online.
It’s important to take these alerts seriously. FINMA examines every broker it flags and has determined that all of them have serious issues. We update these reviews regularly and provide them as a service to the public.
What Is the FINMA?
FiNMA is the main regulator in Switzerland. It’s responsible for ensuring the Swiss financial market remains free and fair. FINMA checks the licensing of financial companies operating in Switzerland and that sign-up Swiss consumer. It takes disciplinary action against entities that don’t follow regulations.
FINMA also has a role as a watchdog whose aim is to warn the public about the fraudulent financial activity. Given the scale of the problem of suspicious brokers, FINMA plays an important role in making online trading safer.
Why Did the FINMA Flag These Brokers?
- Licensing problems
- Misleading information
- Lack of transparency
- Account issues
- Customer complaints
Many of these brokers have no license. Some are regulated but are violating their licensing agreements by signing up clients in areas they are not permitted to operate or engaging in other unauthorized activities.
Financial frauds often present misleading statements. They may claim that their customers will make a certain amount of returns or that they charge no fees or commissions only to find out something very different later on.
Before opening an account with a broker, you should ensure they tell you the actual names of those who run the brokerage as well as addresses and contact information. Customers are in the dark without these details or openly stated terms and conditions.
Fake brokers often don’t allow customers full access to accounts. They restrict withdrawals or charge huge fees before customers can receive their money. Frauds often provide excuses for holding customers’ accounts on hold, but none of these are justified.
Brokers end up being flagged by FINMA and other regulators mainly because of a large number of verified complaints. These are found to have a basis in fact and are an overwhelming reason to warn the public.
FINMA Broker List 2022
Is Your Broker on This List? Here’s What to Do
We do not recommend opening an account with any of the brokers we have mentioned in our warnings list. If you do hold an account with this broker, close it right away and ask for a withdrawal of your funds. If the broker will not allow you to retrieve your funds, talk to ChargeBax professionals right away. We will investigate the matter, track down the broker and your funds, and will help you prepare your claim.