The Financial Services and Markets Authority (FSMA) of Belgium issued a warning, reminding everyone to be wary of fraudulent trading platforms. These platforms proliferate across the internet, attempting to lure investors with promises of quick and easy profits.

How do fraudulent trading platforms operate?

• Contact: Scammers reach out to their victims using various techniques: fake news articles mentioning celebrities, online advertisements, fake accounts on social media, dating apps, or even "lost" messages. In each case, the platform entices investors with promises of exceptionally high returns in a short period, often far beyond realistic potential profits.
• Registration: Interested investors register on the platform and deposit funds into their trading accounts. In most cases, investors start by depositing relatively small amounts (e.g., 250 euros). In some instances, scammers may propose assisting with certain transfer operations by remotely controlling the victim's computer, enabling them to exploit viruses and spyware.
• Manipulation and Pressure: Once the victim deposits funds, the platform manipulates trades to give the illusion of significant profits. These returns are false, and the funds are not genuinely invested. Subsequently, scammers pressure victims to invest more money (repeated phone calls, time-limited offers, threats, etc.).
• Withdrawal issues: Sometimes, small withdrawals may be processed initially to build trust with the victim. However, when investors attempt to withdraw larger amounts, scammers refuse to honor them for various reasons (high fees, taxes owed, etc.). Eventually, the fraudulent platform disappears, taking all investors' funds with it.