SECP Issues Warning Against Unlicensed Trading Platforms

The Securities and Exchange Commission of Pakistan (SECP) has recently cautioned the public about the risks of investing through unauthorized online trading platforms that promote “unrealistic returns”.

“We are alerting the public to be cautious of deceptive online trading platforms that make promises of returns that are too good to be true,” the SECP stated.

The commission identified several platforms, including Interactive Brokers Group (IBKR), IGIL Securities Country, BMA Capital No.108/BMAC Global Pro, WTIC World Top Competition, and Aviva Securities, as operating without licenses in Pakistan.

“To ensure your financial safety, only invest with SECP-licensed brokers. Always verify the legitimacy of the platform before investing!” the SECP advised.

Social Media Loan Scams

SECP also highlighted the increasing use of social media by scammers to promote fraudulent loan schemes. According to SECP, these scammers are offering ‘quick, interest-free loans’ through sponsored ads, often falsely associating themselves with well-known and respected organizations to appear legitimate.

The commission clarified that “these fraudsters” typically ask for upfront payments, such as processing or registration fees, or request sensitive personal details, and then disappear without providing the promised loan.

“Do not fall victim to these scams! We are reporting these activities to the Federal Investigation Agency (FIA) and the Pakistan Telecommunication Authority (PTA) for immediate action,” the SECP declared.

“Always double-check financial offers! Refer to the SECP website for a list of licensed companies and approved loan applications.”

Qxbroker (Quotex) Alert

Last month, the SECP issued a warning regarding Qxbroker (Quotex), an unauthorized platform targeting Pakistani investors. This platform is accessible through its website, qxbroker.com, and via a mobile application on the Google Play Store.

The SECP emphasized that Quotex lacks the necessary authorization to operate within Pakistan and has been identified by numerous international regulatory bodies for conducting unauthorized activities.