Belgian Watchdog Warns against Unauthorised Brokers Operating in Belgium

Belgian financial regulator the Financial Services and Markets Authority (FSMA) has published a new warning on its website today informing the public about services provided by several Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term and binary options brands. According to the financial watchdog, the brokers are offering investment instruments involving high risk in the country, without complying with local regulations.

The companies mentioned are: BANK&BINARY, Broker International Bank, Financial Broker, F&C Management Limited, SIA Europe Trade Services, FXGL Capital, HCI Fund, Royal Broker, G.O. LIMITED, BfmMarkets, BoursoMarket, Bankandcapital and OBinary Corporation

The announcement states that the companies are not authorised to offer investment services in the country and do not provide their clients an FSMA approved prospectus, which is an essential prerequisite to offer investment products within Belgium. It follows a similar warning made in July 2014 about another group of binary options brokers.

According to the FSMA’s statement, forex and binary options trading is speculative in nature and very risky. The regulator refers the public to a previous detailed warning outlining that investors are at risk of losing the entire sum which they have invested and the chances of losing are bigger than those of winning.

The Belgian regulator opposes responding to any sort of solicitations for similar financial services or public offerings of investment instruments provided by the abovementioned companies and advises the public against transferring money to any accounts these companies might mention.

The watchdog further warns the public to be aware that if the FSMA has not published a warning regarding a specific provider of binary options, this does not necessarily mean that the provider in question does have a valid authorization.