Warnings (5.07): GlobalTrade, WestMark, NiroTrade…
Table of Warnings
ForexRev warn against 3 dishonest brokers
Beware of the Global-Trading.website broker. The platform contains information to confirm that you have a license to provide investment services. Fraudsters refer to licenses issued by CySec, FSC Mauritius, and IFSC. All indicated license numbers are false and do not appear in the registers of the mentioned regulators. Persons aggrieved by this entity inform that it does not pay out money after submitting a payment application.
Another platform we advise against is Global-Trade.io, this is a site that offers Forex / CFD and Crypto trading. However, the broker does not indicate the license number that would authorize him to offer investment products, nor does he provide data about the company that could allow the investor to verify the platform. In addition, on the Internet you can find many comments confirming the broker’s unfair practices and the promises of guaranteed profit and attractive bonuses characteristic of this type of scams.
The Global-Trade.io platform is affiliated with Online-Trading.io, against which the UK FCA had previously issued a warning. If you want to register on the Online-Trading.io platform, you will be redirected to the Global-Trade.io website.
We also warn you about WestMark.cc, it is most likely a continuation of the WestMark.com scam that the FSMA regulator warned about earlier. A dishonest broker does not disclose information about the company that supervises the functioning of the platform and takes over the money paid by investors. Thus, it is not possible to verify the entity in terms of having a license entitling it to provide financial services.
WestMark.cc victims report that the broker first contacted them to persuade them to make a basic deposit, but the source of the contact details that telephone consultants used to contact the client is unknown.
“I believed in their promises to quickly multiply my money, which I will transfer to them from the Binance platform” – the victim reports.
Fraudsters usually rely on promises to multiply the deposit and propose extremely attractive bonuses, which are to be available to the investor immediately after making the first deposit. We remind you that bonuses and other incentives aimed at persuading the customer to make a deposit to platforms offering financial services are prohibited in the European Union.
As promised by people claiming to be “broker’s investment advisers”, the investor’s payment was multiplied, which was to be indicated by the numbers displayed on the trading platform. The results, however, are manipulated manually by the platform employees so that the client remains convinced until the end that the algorithms do their job and that the “investment advisers” work to their advantage. Problems begin to arise after submitting a withdrawal request.
“They demand an insurance payment (which was not mentioned before) in the amount of 18% of the total amount I have on their account […] they promise immediate payment of the entire amount”
Fraudsters in most cases break contact with the client or inform about the necessity to incur additional costs before the profit payment is made. They do it in many different ways: they send a letter signed with the seals of the Tax Offices, Financial Supervisors or Banks, they demand payment of a commission, insurance, or fake taxes.
A licensed broker operating in accordance with the applicable legal status does not charge fees related to the withdrawal of funds, and all tax settlements are the responsibility of the investor.
ForexRev warns against:
Alps Markets and NiroTrade in KNF’s warning list
The Polish National Commission of Financial Supervision (KNF) has updated the list of warnings, which included two dishonest brokers: Alps Markets and Niro Trade.
KNF warns against:
If you have met with this broker, go to the Alps Markets profile and share your opinion about it.
7 brokers blacklisted by CNMV
The Spanish Stock Exchange Commission (CNMV) placed on the list of warnings 7 entities offering investment services without the required authorization.
Among the entities mentioned by CNMV there was again Widdershins Group Limited, which has appeared on the warning lists of European regulators many times. The company is responsible for many scams, e.g. CFBroker, AdamantFx, Finlay Capital, 24 FinTime and SupraTrade. This time, the fraudsters will use OCTO FINANCES SA registered in Spain.
CNMV warns against:
Flying Hummingbird / Flyingpro / FHBinvest
WEBSITE: www.flyingpro.online / www.fhbinvest.com
COMPANY: Flying Hummingbird Co.,Ltd.
COMPANY: Team North Partners Limited; Colespite Partners Limited, Inter Media Limited
COMPANY: Lithe Group Limited
COMPANY: Widdershins Group Limited
3 brokers websites blocked in Italy
The Italian Financial Market Commission (CONSOB) placed 3 entities on its list of warnings. Since July 2019, CONSOB has blocked a total of 482 websites of dishonest brokers offering investment services in Italy.
CONSOB warns against:
COMPANY: Vibeinv Invest Limited
COMPANY: International Markets Management Limited
FINMA warns against novainvests.com
The Swiss regulator (FINMA) issued a warning against the novainvests.com platform. On the broker’s website, it is in vain to look for information regarding the license to offer investment products and the name of the company to which investors’ funds go.
FINMA warns against: