Recently, there has been a noticeable expansion of various online trading platforms that allow citizens to trade different products (Forex instruments, CFDs, digital assets, etc.) without the appropriate licenses to conduct such activities. This often results in investors being defrauded or suffering financial losses.
The Securities Commission emphasizes that trading through platforms or individuals offering various financial services online, who are not located, registered, or licensed in the Republic of Serbia and are often not subject to the regulatory or supervisory authority of Serbian or other competent authorities, can be highly risky. In many cases, these are unauthorized and unregistered entities not subject to any regulatory oversight, often involving fraudulent activities.
Common fraud scenarios include:
- Entities that are not registered or do not possess the proper licenses to trade Forex, futures, options, digital assets, or other market instruments.
- Websites that do not display a physical address, or the address is obviously false or offshore. If no address is provided, the owners are likely trying to hide their location.
- Absence of a customer support phone number. A lack of contact number almost certainly indicates a scam; instead, only chatbots, emails, or “contact us” forms are provided. When fraud is discovered, the website disappears along with all contact information.
- Fraudulent websites are often short-lived, hastily created, use automated translation tools, and contain numerous errors. Unnatural language, strange syntax, inactive links, and similar signs often indicate fraud.
- Many fraudsters attempt to create fake credibility using images of trophies and awards. If an award is unknown or it is unclear who granted it, it should not be trusted.
- Fake reviews and testimonials are common tactics. Do not rely solely on website content. Instead, search the domain with keywords like “scam,” “fraud,” or “reviews” to check if other users have reported warnings.
Typical patterns once a user engages:
- Aggressive outreach to potential investors via social media, advertisements, emails, or direct calls. Fraudsters often present themselves as financial advisors, analysts, or employees of reputable brokerage firms.
- Multiple daily calls, ignoring refusals to cooperate.
- Promises of guaranteed and quick profits — unrealistic returns or “risk-free investments.”
- Requests for initial investments — often small amounts to activate accounts, followed by demands for additional funding under various pretexts.
- Requests for personal data, documents, or remote access to computers or mobile devices.
- Offers to trade on behalf of the user, claiming no experience is required.
- Avoiding written communication and primarily using foreign phone numbers.
- Delays or blocking of fund withdrawals or imposing new fees, citing tax obligations or administrative charges.
Recommended precautions before investing:
- Verify whether the platform or company is registered with the competent regulator.
- Understand the risks — all investments carry risk; higher promised returns usually mean higher risk.
- Be skeptical of promises of high and guaranteed returns — no profit is guaranteed.
- Never provide personal data, documents, or money to unknown individuals or unverified websites.
- Exercise caution with payments abroad — transfers to accounts in countries with weak regulation or through unknown intermediaries often mean funds cannot be recovered.
- Never allow remote access to your computer or mobile device (e.g., via AnyDesk or TeamViewer), as it may lead to data misuse and theft of funds.
- Carefully read terms and conditions, paying particular attention to clauses on fees, risks, and withdrawal procedures.
- Insist on written documentation — a licensed entity is obliged to provide contracts, business rules, information prospectuses, or other relevant documents. The absence of such documents is a warning sign.
- Report suspicious activities to the Securities Commission or other competent authority if there is suspicion that an entity is operating without a license.
Important!
Invest only through regulated and registered entities established according to the law and supervised by competent authorities.
Be cautious and verify the identity of any individual or entity with whom you enter into a contractual relationship, including whether they hold the appropriate license for the services and activities offered. This ensures you deal with a licensed entity and know what investor protections apply.
Under the Digital Assets Law of June 2021, all companies intending to provide services related to digital assets (virtual currencies and digital tokens) in Serbia are required to obtain a license. This law divides responsibilities between the Securities Commission, which oversees digital tokens as a type of digital asset and those with characteristics of financial instruments, and the National Bank of Serbia, which oversees virtual currencies.
The list of licensed entities authorized by the Securities Commission is available on the Commission’s website (www.sec.gov.rs) in the Official Register of Information. The Commission continuously and directly supervises the operations of these entities in accordance with its legal powers.
In case of suspicion of unauthorized services or activities related to the capital market or digital tokens in Serbia, you can contact the Securities Commission at: nadzor@sec.gov.rs