Latest news with #onlineTrading
Bloomberg
13-06-2025
- Business
- Bloomberg
Pre-IPO Marketplace Hiive Seeks New Cash as Competition Heats Up
Hiive Markets Ltd., an online trading platform for shares of venture-backed companies, is hoping to raise as much as $100 million as soon as this year, its chief executive officer said. The Vancouver-based startup, founded in 2021, is profitable and wants a funding infusion to move faster, founder and CEO Sim Desai said in an interview with Bloomberg News. Its Series B target is an ambitious leap from 2023, when it raised C$5.7 million ($4.2 million) from investors including Uncorrelated Ventures, Splash Capital LLC and Harmony Venture Partners.
Khaleej Times
13-06-2025
- Business
- Khaleej Times
Fake platforms, real losses: How UAE residents fall victim to online trading scams
A Khaleej Times (KT) investigation has uncovered an online trading syndicate in the UAE operating a high-stakes scam through fraudulent call centres, fake trading platforms, and shell companies set up to siphon investor funds. Documents, testimonies, and internal communication show that the syndicate is behind a cluster of dodgy platforms including Sigma-One Capital, DuttFx, EVM Prime, UTrade, EVA Markets and Core Financial Markets among others that have left hundreds of investors in financial ruin in recent months. Promoted through aggressive cold-calling and slick online dashboards, these platforms were never licensed by UAE regulators. Some didn't even exist beyond a website and have since gone offline. While KT cannot independently verify the full scale of the fraud, conversations with victims and insiders indicate losses running into millions of dollars. Several investors have filed police complaints or turned to the courts for recourse. The network came under renewed scrutiny after KT published an exposé on Gulf First Commercial Brokers, which abruptly shut down and disappeared, leaving a trail of defrauded clients. In its aftermath, scores of whistleblowers, victims, and former staff stepped forward, triggering a deeper probe. Deceptive brokerage model Central to the scam is a deceptive brokerage model known as the B-book system. Unlike licensed brokers who pass trades into the real market (A-book), B-book brokers bet against their own clients and profit when investors lose. 'You're not trading in the real market,' explained a former Gulf First employee on conditions of anonymity. 'You're gambling against the house, and the house is rigged.' To tilt the odds even further, brokers manipulate trades by delaying executions, widening spreads, triggering premature stop-losses, and sometimes even showing fake profits to lure clients into investing more. Some investors were even shown instruments like ' that don't exist. 'We can't say we're going to steal your money,' said another ex-relationship manager. 'So we make it look like you lost it in a bad trade. Then we blame you, say you didn't follow instructions or misunderstood them. Once your account is empty, we cut off contact. If you persist, they may even turn hostile.' And who would know that better than the victims? AK, a Dubai resident, said he lost Dh150,000 across three platforms recently. When he confronted his assigned 'relationship manager', the man laughed: 'Do you even know how many zeroes are in one-hundred-and-fifty-thousand dirhams?' The call, he said, ended in a barrage of expletives and threats. 'That voice still rings in my head,' AK told KT, sharing an audio recording of the threats. 'They built my trust over months, then flipped overnight.' SJ, who reportedly lost $232,000 to Sigma-One Capital, said his agent not only pressured him into risky hedging positions but also manipulated the trades. The stories of AK and SJ are far from unique. Dozens of victims have described similar tactics, each steered by a carefully scripted playbook originating from Dubai-based call centres. Operational backbone These call centres form the operational backbone of the scam. KT has verified the existence of at least seven such centres across the city, each staffed with anywhere between 50 and 200 telesales agents. Internal communications show they are part of the same syndicate. For legal reasons, KT is withholding the names of the centres and individuals involved. Every morning, buses pick up staff from across the city and drop them at sites like IMPZ and Business Bay, where briefings begin at 9:15 am. 'We were told: avoid locals and government officials as it's too risky,' says 26-year-old Mohammad Zubair (name changed), who quit after witnessing a client lose $30,000. Agents are given daily quotas to convince residents to deposit a minimum of $1,000. 'Close before the 10th of the month and you get Dh900. Later clients earn Dh200,' said a former employee. 'Salaries and commissions, always paid in cash, arrived in sacks. Food was served within the premises,' he added. Zubair, who worked briefly at the Business Bay office, called it 'haram money'. Much of the money collected by these call centres is funnelled into a network of shell companies posing as legitimate businesses, ranging from software firms to e-commerce fronts. A recurring address on payment invoices is Saih Shuaib, Dubai. KT found this location listed in documents from several ventures, including a software firm that billed a Sigma-One victim for Dh18,350, and an e-commerce outfit called Core White Marketing. None of these companies were found operating at the stated address. One Keralite expat said he transferred Dh500,000, savings meant for his child's education, believing he was investing through Gulf First Commercial Brokers into a platform called Core Financial Markets. 'Now the website doesn't even load,' he said. 'We were told these companies were authorised to route our money to the platform. We believed them,' added another victim who lost Dh175,000. Currently, call centre agents are steering investors toward a new entity called Grow Plus Markets, which claims to be registered in the Comoros Union and also lists the Saih Shuaib address in its paperwork. But a site visit by KT found no such company there. Like others named in this investigation, Grow Plus Markets is not licensed by any UAE regulator, including the Dubai Financial Market (DFM) or the Securities and Commodities Authority (SCA). A comment from the SCA was not readily available. On its website, the SCA warns investors against individuals forging documents falsely attributed to the authority, including those bearing its logo and fake signatures. These documents often relate to financing and loans that fall outside the SCA's regulatory scope. The authority urges the public to verify the status of any company via its official list of licensed entities. In 2018, a Dubai court sentenced Indian expat Sydney Lemos and his accountant to 517 years in prison for running Exential, a bogus forex scheme that promised 120 per cent annual returns. Around the same time, Malik Noureed Awan, CEO of MMA Forex in Dubai was sentenced to two years in jail on charges of fraud. Proxy owners Since then, scam operators have adapted. No longer fronting the schemes themselves, they now hide behind layers of shell companies and proxy owners — a strategy designed to distance themselves from liability. Investigations show that the individuals listed on the trade licenses of these firms are often just figureheads with no real role or authority. In several cases, those named on official documents flee the country long before the scam surfaces. By the time complaints are filed or verdicts issued, the damage is done. Abu Dhabi resident Imran Moghul, who lost Dh140,000 to DuttFx, recently won a court case. Last month, a three-month jail term followed by deportation was handed to the man in whose name the DuttFx bank account was held, as well as the relationship manager who handled Imran's trades. But for Imran, the verdict brought little solace. 'They're gone,' he told KT. 'I took a bank loan of Dh176,000 to invest. I'm still paying the instalments. My life is ruined.' Another Abu Dhabi resident, Mohammad Bilal Saeed, who lost $50,000 to Sigma-One Capital, has also filed a police complaint. 'They put someone else's name on the license. You don't know who you're dealing with until it's too late.' Nigel Sillitoe, CEO of Insight Discovery, a Dubai-based market intelligence firm, says it is 'deeply concerning' that so many unregulated online trading and forex investment companies continue to operate in the UAE. 'Investors have plenty of legitimate options, so why risk your savings with an illegal, unregulated entity?' 'Unregulated platforms often promise high returns with minimal risk. These are red flags. Sadly, many individuals only realise too late after losing money with no legal protection.'
CNA
06-06-2025
- Business
- CNA
Singapore to block access to trading platforms Octa and XM over unlicensed activity
SINGAPORE: Two overseas online trading platforms will be blocked in Singapore after they were found to have breached financial regulations, according to a joint news release from the police and the Monetary Authority of Singapore (MAS) on Friday (Jun 6). The websites of the platforms, Octa and XM, will be inaccessible to users in Singapore from Jun 20. Their services - including leveraged foreign exchange, commodities, indices and equities trading - were offered to Singapore customers without licences under the Securities and Futures Act (SFA). This is a breach of the Act, the police and MAS said. The capital markets services licence is required for an entity to carry out business dealing in capital markets products, which include securities and leveraged foreign exchange trading, the authorities said. Investigations revealed that Octa and XM had also actively offered and marketed their services to customers in Singapore. The platforms are operated by entities incorporated overseas – Octa by Octa Markets and Uni Fin Invest, purportedly based in the Union of Comoros and Mauritius respectively; and XM by XM Global, purportedly incorporated in Belize. The authorities stated that these entities do not hold licences to deal in capital markets products and are therefore prohibited from offering such services. "This prohibition extends to entities operating outside Singapore, when the entities solicit or advertise products or services that are targeted at Singapore persons, or if there is a substantial number of Singaporeans using a foreign entity's products or services," the release said. The information on their websites constitutes prohibited content under the Internet Code of Practice, the authorities added. "As such, access to both trading platforms' websites will be blocked for Singapore residents with effect from Jun 20 and consumers with active accounts with Octa and XM will not be able to access their websites through Internet Access Service Providers based in Singapore." The police and MAS advised the public to deal only with licensed platforms listed in MAS' Financial Institutions Directory. They added that unregulated online trading platforms, particularly those based outside Singapore, pose a greater risk of fraud since the credibility of their operations cannot be easily verified. Such platforms also offer limited recourse for consumers in the event of disputes. They may also require payment for trades to be made using credit or debit cards, posing the added risk of unauthorised card transactions, said the authorities.
Zawya
15-05-2025
- Business
- Zawya
Harmful advice for traders: Octa broker's warnings
KUALA LUMPUR, MALAYSIA - Media OutReach Newswire - 15 May 2025 - When navigating online trading recommendations, it's easy to come across information that goes against the grain of conventional financial wisdom. Some of these bits of advice are questionable, while others can be straight-up harmful to financial outcomes. Octa, a regulated and trusted broker, breaks down some of the worst advice traders can follow and describes potential consequences that can ensue while offering viable counterarguments. Harmful advice #1: forget about brokers' reputation Imagine a trader who doesn't care whether their broker is regulated and trusted, focusing solely on short-term financial gains mentioned in ads. This approach can be rooted in the unwillingness to go into too much detail when choosing a broker. After all, the difference between regulated and unregulated brokers often becomes evident only with time. It's not always possible to spot a difference from the get-go, especially for the less experienced traders. In reality, regulation plays a crucial role in defining brokers' reliability. Some unregulated brokers may engage in unethical or illegal practices, such as unauthorised trading, churning (excessive trading to generate commissions), or offering fake investment products. In the long term, a more reasonable approach would be to choose an experienced and globally regulated broker whose trustworthiness has been proven by traders' reviews. If a broker meets the strict criteria of multiple regulatory bodies from various regions, it is much more likely to be a safer choice for traders. Harmful advice #2: withdrawals are always easy, don't fret about it It's only natural for those starting their trading journey to look only one step ahead and focus on achieving financial gains first. After all, tapping into a viable source of supplementary income is one of the main reasons why people start trading in the first place. It may seem that once traders have reached their financial goals, cashing in their profits should not be a problem. However, this is where things can easily go wrong unless the broker has been carefully selected based on public information about its withdrawals. By establishing a transparent, user-friendly transactional mechanism and offering a wide variety of withdrawal options, brokers show a client-oriented approach to business and send a clear message to their clients about their reliability. To keep abreast with the industry benchmarks, Octa, a globally recognised broker with more than 14 years of experience, offers a fast and efficient withdrawal procedure confirmed by real-life traders' reviews. All Octa's fees and conditions are fully disclosed in the broker's terms and conditions, creating a reliable trading environment. Harmful advice #3: don't pay attention to trading conditions At first glance, trading conditions offered by a broker may seem a minor detail that is not worthy of consideration. After all, if a strategy is viable and executed consistently, what could go wrong? But it is worth remembering that in trading, gains and losses are marginal most of the time, and long-term success highly depends on the broker's fees. When evaluating financial brokers, having more knowledge leads to better decisions. This is especially applicable to trading conditions. Choosing a broker with advantageous conditions, including low spreads, efficient withdrawals, and transparent fees, may not yield immediate gains, but will have a considerable long-term impact on outcomes. Before committing any funds, it is recommended to test the broker's advertised trading conditions. Only brokers that are fully transparent about their charges are worth the trust. For example, Octa broker's long and successful track record and lack of hidden fees can be verified through thousands of positive online reviews. However, the best approach remains testing trading conditions firsthand. Harmful advice #4: in trading, caution is for the weak At first glance, for a new trader, risk management tools may appear relevant only in cases involving ultra-short time frames or high-frequency trading activity. Otherwise, spending time on such details may seem unnecessary, since just a few high-risk trades are perceived as decisive. However, it couldn't be further from the truth. Stop-loss and take-profit orders are a must for any trader, regardless of their style and asset preferences. When traders focus on short-term profits and disregard the strategic aspect of trading, including using risk management tools, they enter the realm of random outcomes, which doesn't operate in their favour. Ignoring risk management tools and fully trusting emotions during the stressful moments of high market volatility is almost like trying to extinguish fire with gasoline. Trading becomes much less stressful and more efficient when approached with a cool head and uses all the tools at disposal to navigate sudden bursts of volatility. Conclusion In trading, following the fundamental rules from step one is essential for long-term success. These rules include choosing a reliable broker, since this is the only way to ensure a smooth trading experience overall. By ensuring fast withdrawals and a transparent, clearly communicated fee structure, brokers enable their clients to achieve their financial goals—and thus build up their reputation for the long term. Hashtag: #Octa The issuer is solely responsible for the content of this announcement. Octa Octa is an international CFD broker that has been providing online trading services worldwide since 2011. It offers commission-free access to financial markets and various services used by clients from 180 countries who have opened more than 52 million trading accounts. To help its clients reach their investment goals, Octa offers free educational webinars, articles, and analytical tools. The company is involved in a comprehensive network of charitable and humanitarian initiatives, including the improvement of educational infrastructure and short-notice relief projects supporting local communities. In Southeast Asia, Octa received the 'Best Trading Platform Malaysia 2024' and the 'Most Reliable Broker Asia 2023' awards from Brands and Business Magazine and International Global Forex Awards, respectively. Octa
Malay Mail
15-05-2025
- Business
- Malay Mail
Harmful advice for traders: Octa broker's warnings
KUALA LUMPUR, MALAYSIA - Media OutReach Newswire - 15 May 2025 - When navigating online trading recommendations, it's easy to come across information that goes against the grain of conventional financial wisdom. Some of these bits of advice are questionable, while others can be straight-up harmful to financial a regulated and trusted broker, breaks down some of the worst advice traders can follow and describes potential consequences that can ensue while offering viable a trader who doesn't care whether their broker is regulated and trusted, focusing solely on short-term financial gains mentioned in ads. This approach can be rooted in the unwillingness to go into too much detail when choosing a broker. After all, the difference between regulated and unregulated brokers often becomes evident only with time. It's not always possible to spot a difference from the get-go, especially for the less experienced reality, regulation plays a crucial role in defining brokers' reliability. Some unregulated brokers may engage in unethical or illegal practices, such as unauthorised trading, churning (excessive trading to generate commissions), or offering fake investment the long term, a more reasonable approach would be to choose an experienced and globally regulated broker whose trustworthiness has been proven by traders' reviews. If a broker meets the strict criteria of multiple regulatory bodies from various regions, it is much more likely to be a safer choice for only natural for those starting their trading journey to look only one step ahead and focus on achieving financial gains first. After all, tapping into a viable source of supplementary income is one of the main reasons why people start trading in the first may seem that once traders have reached their financial goals, cashing in their profits should not be a problem. However, this is where things can easily go wrong unless the broker has been carefully selected based on public information about its establishing a transparent, user-friendly transactional mechanism and offering a wide variety of withdrawal options, brokers show a client-oriented approach to business and send a clear message to their clients about their keep abreast with the industry benchmarks, Octa, a globally recognised broker with more than 14 years of experience, offers a fast and efficient withdrawal procedure confirmed by real-life traders' reviews. All Octa's fees and conditions are fully disclosed in the broker's terms and conditions, creating a reliable trading first glance, trading conditions offered by a broker may seem a minor detail that is not worthy of consideration. After all, if a strategy is viable and executed consistently, what could go wrong? But it is worth remembering that in trading, gains and losses are marginal most of the time, and long-term success highly depends on the broker's evaluating financial brokers, having more knowledge leads to better decisions. This is especially applicable to trading conditions. Choosing a broker with advantageous conditions, including low spreads, efficient withdrawals, and transparent fees, may not yield immediate gains, but will have a considerable long-term impact on committing any funds, it is recommended to test the broker's advertised trading conditions. Only brokers that are fully transparent about their charges are worth the trust. For example, Octa broker's long and successful track record and lack of hidden fees can be verified through thousands of positive online reviews. However, the best approach remains testing trading conditions first glance, for a new trader, risk management tools may appear relevant only in cases involving ultra-short time frames or high-frequency trading activity. Otherwise, spending time on such details may seem unnecessary, since just a few high-risk trades are perceived as it couldn't be further from the truth. Stop-loss and take-profit orders are a must for any trader, regardless of their style and asset preferences. When traders focus on short-term profits and disregard the strategic aspect of trading, including using risk management tools, they enter the realm of random outcomes, which doesn't operate in their risk management tools and fully trusting emotions during the stressful moments of high market volatility is almost like trying to extinguish fire with gasoline. Trading becomes much less stressful and more efficient when approached with a cool head and uses all the tools at disposal to navigate sudden bursts of trading, following the fundamental rules from step one is essential for long-term success. These rules include choosing a reliable broker, since this is the only way to ensure a smooth trading experience overall. By ensuring fast withdrawals and a transparent, clearly communicated fee structure, brokers enable their clients to achieve their financial goals—and thus build up their reputation for the long #Octa The issuer is solely responsible for the content of this announcement. Octa Octa is an international CFD broker that has been providing online trading services worldwide since 2011. It offers commission-free access to financial markets and various services used by clients from 180 countries who have opened more than 52 million trading accounts. To help its clients reach their investment goals, Octa offers free educational webinars, articles, and analytical tools. The company is involved in a comprehensive network of charitable and humanitarian initiatives, including the improvement of educational infrastructure and short-notice relief projects supporting local communities. In Southeast Asia, Octa received the 'Best Trading Platform Malaysia 2024' and the 'Most Reliable Broker Asia 2023' awards from Brands and Business Magazine and International Global Forex Awards, respectively.
