The CySEC Has Flagged These Brokers. What This Means for You
CySEC has issued warnings against the following brokers. It’s important to take these warnings seriously. If you have thought about opening an account with any of the brokers on this list, it’s best to forget about them and look for a regulated broker that has a strong reputation.
If you hold an account with any of these brokers, close and demand your funds back. If they don’t release them, you’ll need assistance from Broker Complaint Registry professionals.
At Broker Complaint Registry, we collect warnings from regulators and look more deeply into the problems with each broker. We update these reviews regularly and create a one-stop shop for broker research with reviews from the world’s major regulators.
Cyprus Securities and Exchange Commission (CySEC)
The Cyprus Securities and Exchange Commission is an independent entity that works with the government of Cyprus to regulate the financial and investment markets in the country. It inspects financial institutions and brokers to ensure they are abiding by rules and regulations, issues licenses, takes disciplinary action against institutions that don’t comply and warns the public about potential frauds so they can make sound financial decisions.
Why Were These Brokers Flagged by the CySEC?
There can be numerous reasons why the CySEC chooses to warn the public about a financial service. The following are the most frequently occurring reasons for these warnings.
- Unlicensed
- Misleading claims
- Clone broker
- Non-compliance
- Numerous customer complaints
- Legal action against the broker
One of the most common reasons CySEC will warn the public about a broker is that it isn’t licensed. It may have no license at all, hold a license but not one that allows it to take clients in Cyprus or operate in Cyprus or may hold a revoked license.
CySEC also issues red flags against brokers who make misleading statements, such as guaranteeing daily and weekly returns at certain levels. They also warn the public about clone brokers, which are imposters that adopt names similar to reliable and regulated brokers for the purpose of deceiving the public.
CySEC will exact substantial penalties against brokers that don’t comply with rules and regulations and will warn the public if there have been numerous customer complaints about the broker. If the financial service is facing legal action, has been issued a cease and desist order or is insolvent, CySEC will alert the public.
If You’ve Lost Money to Any of These Brokers, Talk to Us
We create these reviews to warn consumers about brokers and schemes that may be fraudulent. If you have an account with any of these flagged brokers, close it and request a withdrawal. If you are not given your money back, contact Broker Complaint Registry right away. We will consult with you, work to track down your funds and create investigative reports, and will assist with fund recovery efforts.
