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Illegal Brokers – Austrian Regulator Issues Warning Against Bulgarian Brokerz

The Austrian Financial Market Authority (FMA) recently issued an investor warning regarding the Bulgarian online broker Brokerz who is not entitled to offer regulated financial services. Not only the FMA but also lawyers and review pages have pointed out that Brokerz is not only an illegally operating broker site but most certainly also a scam.

Another Bulgarian Scam

Brokerz (www.brokerz.com) is like so many other illegal brokers domiciled in Sofia, Bulgaria. However, the companies Brokerz Ltd or All Media Ltd (All Media EOOD) listed on the website as its operators cannot be found in the Bulgarian Companies Register or in any other European Companies Register.

Like with other illegal broker schemes, payment service providers (PSP) cooperate with this illegally operating broker facilitating their fraudulent activities. The offered payment options include some already known suspects such as:

Clients are also offered to deposit their money using cryptocurrencies. Whoever clicks on the crypto payment option will be redirected to the BuySmartBits page. According to the information on the website, this is also operated by All Media EOOD in Sofia.

The FinTelegram team will take a closer look at the Brokerz scheme and the people behind it over the next few weeks. We also want to take a closer look at the payment transaction provider Anywires involved. The readers of FinTelegram are already aware that the license of UK provider Entropay has been revoked by the UK Financial Market Authority FCA.

Report Claims and Activities

Illegal brokers like Brokerz are an increasing threat to investors on the web and the online investment space. Together with lawyers and authorities, FinTelegram fights these activities rigorously. Anyone who has information about Brokerz and/or the associated payment service providers Praxis Pay, Entropay, Anywires or BuySmartBits is invited to share it with us via our whistleblower system:

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