Finance Magnates discussed the rampant problem of scams in the retail trading industry with Pere Monguió Montells.
Watch the full video interview below.
“Scams are a big problem in the industry,” Pere Monguió Montells, FXStreet’s Co-CEO, told Finance Magnates at the iFX EXPO International, adding that scams are not only “stealing business from companies but also hurting traders.”
FXStreet has launched a campaign to fight scams. The platform's primary goal is to raise awareness within the industry about various types of scams and frauds. It even collaborated with Finance Magnates earlier to launch an industry-wide survey to gauge the reach of such scams.
Highlighting the campaign's purpose, Montells said it is important to “help traders protect themselves and let them know what to expect from us and what they shouldn't expect from us,” adding that “messages are important to help them prevent being scammed.”
“Regulators Are the Most Fragile”
Further explaining to the responsible parties how to prevent scams, he pointed out that “there are three layers.”
“The first layer, probably the most important one, is at the trader level,” he added. “Traders should be aware of this problem and should protect themselves. And if you are careless as a trader, there is nothing anyone else can do to help you.”
“Then there are brands, including brokers or any others, that convey trust and will probably be exploited by bad actors,” he said, adding: “Brands should explain to their followers what they do and what they never do. For example, at FXStreet, we do not manage third-party funds and do not accept money from traders for trading purposes—that's something very important for our users to know. If someone reaches out to them asking for a transfer, they should be aware that it's definitely a scam.”
Finally, there are regulators, who, according to Montells, are “the most fragile right now.”
“All these scams are not happening on the brokerage web pages or the official platforms,” he pointed out. “It's happening on 3rd party platforms, like social media, WhatsApp, Discord, Telegram. So these players should address this problem because if you have built a platform and it's being used for scams, it's part of your responsibility as well to address this. That’s where I think regulators could help the most: helping the industry address this problem at the platform level.”
Brokers Do Not Want to Talk “About the Struggles”
It is to be pointed out that many regulators actively publish lists of fraudulent domains or scams that target traders. While most of the regulators in the United Kingdom, Cyprus, Spain, and New Zealand only alert the public about fraudsters, the one in Italy goes a step further in blocking the website domain. However, none of them act against the rampant scams on 3rd party platforms like social media.
Highlighting the lack of most brokers’ efforts to flag the clones, Montells said that “it's a problem”, adding that it is because “it doesn't look good.”
“It's not something they are happy to talk about,” he continued. “They prefer to talk about a new feature or how good they are, but not about the struggles they are having. We need to realise that this is a common problem and we need to address it, probably together, as this is not a single broker’s problem. This is our problem as a group, and I think we should rally together and tackle this challenge together.”
“Scams are a big problem in the industry,” Pere Monguió Montells, FXStreet’s Co-CEO, told Finance Magnates at the iFX EXPO International, adding that scams are not only “stealing business from companies but also hurting traders.”
FXStreet has launched a campaign to fight scams. The platform's primary goal is to raise awareness within the industry about various types of scams and frauds. It even collaborated with Finance Magnates earlier to launch an industry-wide survey to gauge the reach of such scams.
Highlighting the campaign's purpose, Montells said it is important to “help traders protect themselves and let them know what to expect from us and what they shouldn't expect from us,” adding that “messages are important to help them prevent being scammed.”
“Regulators Are the Most Fragile”
Further explaining to the responsible parties how to prevent scams, he pointed out that “there are three layers.”
“The first layer, probably the most important one, is at the trader level,” he added. “Traders should be aware of this problem and should protect themselves. And if you are careless as a trader, there is nothing anyone else can do to help you.”
“Then there are brands, including brokers or any others, that convey trust and will probably be exploited by bad actors,” he said, adding: “Brands should explain to their followers what they do and what they never do. For example, at FXStreet, we do not manage third-party funds and do not accept money from traders for trading purposes—that's something very important for our users to know. If someone reaches out to them asking for a transfer, they should be aware that it's definitely a scam.”
Finally, there are regulators, who, according to Montells, are “the most fragile right now.”
“All these scams are not happening on the brokerage web pages or the official platforms,” he pointed out. “It's happening on 3rd party platforms, like social media, WhatsApp, Discord, Telegram. So these players should address this problem because if you have built a platform and it's being used for scams, it's part of your responsibility as well to address this. That’s where I think regulators could help the most: helping the industry address this problem at the platform level.”
Brokers Do Not Want to Talk “About the Struggles”
It is to be pointed out that many regulators actively publish lists of fraudulent domains or scams that target traders. While most of the regulators in the United Kingdom, Cyprus, Spain, and New Zealand only alert the public about fraudsters, the one in Italy goes a step further in blocking the website domain. However, none of them act against the rampant scams on 3rd party platforms like social media.
Highlighting the lack of most brokers’ efforts to flag the clones, Montells said that “it's a problem”, adding that it is because “it doesn't look good.”
“It's not something they are happy to talk about,” he continued. “They prefer to talk about a new feature or how good they are, but not about the struggles they are having. We need to realise that this is a common problem and we need to address it, probably together, as this is not a single broker’s problem. This is our problem as a group, and I think we should rally together and tackle this challenge together.”
Infinox Reappoints Lee Holmes to Executive Management
Transformation in the APAC Trading Landscape and Beyond | FMPS:24
Transformation in the APAC Trading Landscape and Beyond | FMPS:24
As the financial services industry experiences rapid and transformative changes, leading fintech experts and policymakers come together to discuss the present and future of retail trading and the evolving regulatory landscape. Join this insightful session for a forward-looking perspective on the trends, innovations, and trader needs that are shaping the future of offerings on a global scale.
Speakers:
Eric Blewitt, CEO, Investment Trends
Rhys Bollen, Senior Executive Leader, Digital Assets, Australian Securities and Investments Commission (ASIC)
Michael Bogoevski, Head of Institutional Sales, CMC Connect
Karin Setchell, General Manager, Product & Investing Solutions, CommSec
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As the financial services industry experiences rapid and transformative changes, leading fintech experts and policymakers come together to discuss the present and future of retail trading and the evolving regulatory landscape. Join this insightful session for a forward-looking perspective on the trends, innovations, and trader needs that are shaping the future of offerings on a global scale.
Speakers:
Eric Blewitt, CEO, Investment Trends
Rhys Bollen, Senior Executive Leader, Digital Assets, Australian Securities and Investments Commission (ASIC)
Michael Bogoevski, Head of Institutional Sales, CMC Connect
Karin Setchell, General Manager, Product & Investing Solutions, CommSec
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Executive Interviews with Joe Li & Simon Naish | ATFX | FMPS:24
Executive Interviews with Joe Li & Simon Naish | ATFX | FMPS:24
In this Finance Magnates Executive Interview, Joe Li, Chairman at ATFX and Simon Naish, Country Head of Australia at ATFX Connect, discuss ATFX’s strategic growth in the APAC region, particularly focusing on their institutional arm, ATFX Connect. They highlight the importance of Australia as a strategic hub, the challenges of operating in a highly competitive and regulated market, and their plans for regional expansion across APAC. The conversation touches on the integration of advanced technology and multi-asset offerings, the significance of optimal execution tools, and the importance of tailoring solutions to meet the sophisticated demands of institutional clients. They also emphasize their strong regulatory compliance and their commitment to enhancing client experience through innovative tools and infrastructure.
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In this Finance Magnates Executive Interview, Joe Li, Chairman at ATFX and Simon Naish, Country Head of Australia at ATFX Connect, discuss ATFX’s strategic growth in the APAC region, particularly focusing on their institutional arm, ATFX Connect. They highlight the importance of Australia as a strategic hub, the challenges of operating in a highly competitive and regulated market, and their plans for regional expansion across APAC. The conversation touches on the integration of advanced technology and multi-asset offerings, the significance of optimal execution tools, and the importance of tailoring solutions to meet the sophisticated demands of institutional clients. They also emphasize their strong regulatory compliance and their commitment to enhancing client experience through innovative tools and infrastructure.
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Ready to Scale? Regtech in Australia, A Global View | FMPS:24
Ready to Scale? Regtech in Australia, A Global View | FMPS:24
In the effort to elevate Australian fintech on the global stage, RegTech presents a unique and compelling case. Despite the increasing demand for robust compliance solutions, Australia's RegTech sector—ranked third-largest globally—remains underfunded. Join this insightful fireside chat to explore the future of Australia’s RegTech hub and its global potential.
Key discussion points include uncovering the hidden opportunities in RegTech that VCs are overlooking, the necessary steps for increased governmental support, the readiness of the local ecosystem to collaborate across global regulatory regimes, and lessons learned from other leading fintech hubs around the world.
Speakers:
Dickie Currer, National Lead, Tech Australia Advocates
Deborah Young, CEO, The RegTech Association
#fmps #fmps24 #fmevents #RegTech #Fintech #AustralianFintech #GlobalCompliance #TechInnovation
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In the effort to elevate Australian fintech on the global stage, RegTech presents a unique and compelling case. Despite the increasing demand for robust compliance solutions, Australia's RegTech sector—ranked third-largest globally—remains underfunded. Join this insightful fireside chat to explore the future of Australia’s RegTech hub and its global potential.
Key discussion points include uncovering the hidden opportunities in RegTech that VCs are overlooking, the necessary steps for increased governmental support, the readiness of the local ecosystem to collaborate across global regulatory regimes, and lessons learned from other leading fintech hubs around the world.
Speakers:
Dickie Currer, National Lead, Tech Australia Advocates
Deborah Young, CEO, The RegTech Association
#fmps #fmps24 #fmevents #RegTech #Fintech #AustralianFintech #GlobalCompliance #TechInnovation
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Resilience in Trading: From Third Class To World Class | FMPS:24
Resilience in Trading: From Third Class To World Class | FMPS:24
Join Mario Singh, Founder and Chairman of Fullerton Markets, as he shares his life story, highlighting the traits that were required starting without financial knowledge to become a financial and trading expert recognised by world-renowned media like CNBC & Bloomberg.
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Join Mario Singh, Founder and Chairman of Fullerton Markets, as he shares his life story, highlighting the traits that were required starting without financial knowledge to become a financial and trading expert recognised by world-renowned media like CNBC & Bloomberg.
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IBs and Brokers: The Good, The Bad, The Ugly | FMPS:24
IBs and Brokers: The Good, The Bad, The Ugly | FMPS:24
For most brokers, IBs and trading educators are invaluable partners, driving highly targeted traffic from key regions. However, without proper management, these relationships can quickly turn sour. In this session, gain an insider’s perspective on the types of licenses IBs need in APAC, the crucial details in IB agreements that both parties must scrutinize, common disputes between IBs and brokers and effective resolutions, and the pros and cons of transitioning from IB to broker.
Speakers:
Melody Gao, Senior Lawyer, Sophie Grace
James Perry-Keene, Head of Strategic Partnerships, Pepperstone
Christopher Balanzategui, CEO, N3tworx
#fmps #fmps24 #fmevents #IBAgreements #BrokerPartnerships #TradingIndustry #APACFinance #FinancialRegulation
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For most brokers, IBs and trading educators are invaluable partners, driving highly targeted traffic from key regions. However, without proper management, these relationships can quickly turn sour. In this session, gain an insider’s perspective on the types of licenses IBs need in APAC, the crucial details in IB agreements that both parties must scrutinize, common disputes between IBs and brokers and effective resolutions, and the pros and cons of transitioning from IB to broker.
Speakers:
Melody Gao, Senior Lawyer, Sophie Grace
James Perry-Keene, Head of Strategic Partnerships, Pepperstone
Christopher Balanzategui, CEO, N3tworx
#fmps #fmps24 #fmevents #IBAgreements #BrokerPartnerships #TradingIndustry #APACFinance #FinancialRegulation
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