The Securities and Exchange Commission of Pakistan (SECP) has issued a strong warning to the public about unlicensed online trading platforms promising unrealistic returns. The regulator highlighted platforms such as Interactive Brokers Group (IBKR), IGIL Securities Country, BMA Capital No.108/BMAC Global Pro, WTIC World Top Competition, and Aviva Securities as operating without SECP licenses in Pakistan.
SECP urged investors to only deal with SECP-licensed brokers to ensure financial safety and cautioned the public to verify credentials before investing.
In addition to trading scams, SECP warned about fraudulent loan schemes promoted on social media through sponsored ads, often mimicking reputable organisations. These scammers typically demand upfront fees like processing or registration charges, or seek sensitive personal data, only to vanish without providing any loan.
SECP confirmed that reports against such fraudsters are being sent to the Federal Investigation Agency (FIA) and Pakistan Telecommunication Authority (PTA) for immediate action.
Investors are advised to always check the SECP website for a list of authorised companies and approved loan applications.
Last month, SECP had already warned against Qxbroker (Quotex), an unauthorised platform targeting Pakistani investors through its website and mobile app. The platform is not licensed to operate in Pakistan and has been flagged by several international regulators for unauthorised activities.
The SECP’s warnings underscore the importance of vigilance amid a growing number of scams in Pakistan’s online financial market.
