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Cypriot supervision warns of 5 investment scams

Cypriot supervision warns of 5 investment scams

created Forex ClubDecember 8, 2022

Cyprus Securities and Exchange Commission, CySEC, announced the addition of 5 new sites to the list of warnings. Among them are primarily "brokers" who do not have the required licenses and permits, but also a clone of a legally operating entity - HYCM Capital Markets – before which British regulator FCA has also recently warned. Stay alert!

Beware Forex Scammers!

The websites listed below offer the opportunity to invest in currencies, stocks, cryptocurrencies, commodities, as well as in IPOs (stock exchange debuts). However, everything indicates that these are "typical scams" that are only intended to extort funds from unwitting investors. None of the following entities is licensed to provide investment services and/or conduct investment activities, in accordance with Art. 5 of Law 87 (I)/2017.

  • edrfinancialltd.com
  • ipo-experts.com
  • firstbtcfx.com
  • hycmcapitalmarkets.com
  • aglotrade.com

Deliberate misleading using false license numbers or using data of legally operating companies, offering trading via popular platforms (such as MetaTrader 4), or offering very favorable trading conditions on popular instruments. These are just some of the techniques used by fraudsters. Always verify your trading partners!

The official CySEC message

How to recover funds from a fraudster

MyChargeBack.com is an American company specializing in the recovery of funds extorted by unreliable companies and "scams" pretending to be honest Forex brokers, binary options brokers and cryptocurrency projects. If you've been scammed, there's a good chance that MyChargeBack.com will be able to help you!

Verify the broker before opening an account!

Cypriot supervision reminds that before starting cooperation with investment firms, the best way to verify the legality of their activity is to check the licenses and permits on the websites of regulators. In the case of CySEC, this can be done on the website www.cysec.gov.cy. However, you need to be vigilant also here - the Cypriot regulator warns against fraudsters who pretended to be ... CySEC. The scam page was a very credible copy of the regulator's website, but it had a different address (cysecgov.com), and the information contained therein was out of date (the latest news came from October 2020).

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About the Author
Forex Club
Forex Club is one of the largest and oldest Polish investment portals - forex and trading tools. It is an original project launched in 2008 and a recognizable brand focused on the currency market.