FSMA Has Issued Warnings About the Following Brokers

The FSMA has alerted the public about the following brokers. This Belgian regulator regularly calls out financial companies that are violating standards and are endangering the public. Many of these brokers are suspected scams, and they should be avoided. 

ChargeBax compiles lists of problematic brokers and publishes reviews warning consumers about these operations. It’s always a good idea to check our listings before opening an account with a broker. We update our reviews regularly to keep you informed. 

What Is the FSMA?

The FSMA or the Financial Services Markets Authority is the main financial regulator in Belgium. It’s responsible for regulating financial markets in Belgium and oversees the operation of financial institutions that operate there or sign up Belgian customers. 

The FSMA will take disciplinary action against brokers that violate licensing rules and will warn consumers about suspicious brokers. These warnings not only benefit Belgians but would-be traders around the world.

Why Did the FSMA Flag These Brokers?

  • Licensing problems
  • Misleading information
  • Lack of transparency
  • Account issues
  • Customer complaints

Many of these brokers have licensing problems. They may have no licenses or may be violating the terms of their licenses. One red flag indicating a possible financial scam is a broker that has no license. There is no reason a legitimate broker would avoid being regulated. 

Brokers that guarantee returns or claim to have no fees are making statements that mislead consumers. Exaggerations about credentials and ratings are also common statements that can lure customers until they discover they aren’t accurate. 

Before signing up with a broker, it’s important to find out the names of actual people who run the brokerage, their addresses, and contact information. Many of these brokers aren’t forthcoming about these details, and this is a red flag. 

Shady brokers often restrict transactions and charge inordinate fees for account maintenance. They may also not allow withdrawals without paying huge fees or unless traders make a certain amount of money. These practices aren’t legitimate and there is no reason to keep customers from using their accounts. 

FSMA flags brokers when they receive many complaints about them. These claims are examined and verified by the regulator before brokers are flagged on suspicion of fraud.

FSMA 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.