Unregulated Forex brokerage Universal Markets has been blacklisted by the regulatory authority in Belgium.The country’s main financial regulatory suspects them being involved in scam operations.
According to a statement posted by the Finance and Markets Authority in Belgium, “Universal Markets is not, however, authorized to offer financial services and products in Belgium. Moreover, the system proposed by Universal Markets exhibits features characteristic of a pyramid scheme.” We further point out that we have come across user reviews on the web have exposing the scam operation. It appears that Universal Markets has been targeting mostly young people through its website www.universalmarkets.com
The FSMA has always advised traders to only do business with legitimate firms that hold the proper license. Traders may always check the regulatory status of a given company by going on the online registry of the Belgium financial watchdog and typing out the name of the company. Another good idea is simply googling the name of the company and reading reviews from ex-clients of the brokerage, as well as from professional Forex bloggers.