Recently, the Cyprus Securities and Exchange Commission CySEC published a list of forex platforms not authorized by the regulator and added five of them to the blacklist of illegal platforms. Two of the platforms on the list are inaccessible, while the other three are still in operation.

As it stands, these listed illegal and fraudulent trading platforms offer high-risk investment instruments, including trading products in forex, cryptocurrencies and other popular asset classes. Some are also offering large deposit bonuses and high leverage beyond permitted limits, a practice that is illegal within the EU.

Tianyan Jun gave early warning and advised investors to stay away from the illegal and fraudulent trading platforms in the list. Its fraudulent trading platforms include: Algo Trade, First BTC FX, IPO Experts, EDR Financial Limited, and HYCM Capital Markets.

Cyprus is a very popular jurisdiction for brokerages looking to tap into the lucrative but highly competitive European Brokerage Area (EEA) market. CySEC's requirements are less stringent than those of other EU regulators, and brokers can hold a license to provide services in any EEA member State.

However, illegal fraudulent trading platforms are rampant in all markets, some of which appear to be legitimate, offering multiple deposit methods and trading platforms. And when customers try to withdraw funds, they often reveal themselves as illegal platforms. Therefore, it is challenging to proactively combat these illegal fraudulent trading platforms, as they can only be discovered through complaints from victims.

CySEC urges investors to consult their websites before doing business with investment companies to determine which entities are licensed to provide investment services and/or investment activities. Meanwhile, other European regulators regularly publish lists of such fraudulent platforms. Britain's FCA, Spain's CNMV and Italy's Consob regularly publish the names of dozens of fraudulent trading platforms, including clones of legitimate companies. Consob currently blocks 805 illegal websites within its jurisdiction.

About Algo Trade, First BTC FX, EDR Financial Limited, HYCM Capital Markets, Algo Trade's Tianyang score is 1.01 points, no effective regulatory information has been verified, please pay attention to the risks! Advise to stay away!

First BTC FX's Skyeye score is 1.45 points, and the British FCA investment advisory license it claims to hold is suspected to be a set of licenses, and there is currently no other effective supervision, investors are advised to stay away!

EDR Financial Limited's Tianye score is 6.48 points, the Cyprus CYSEC full license claimed to hold is still under supervision, from its relationship tree can be found that the platform has a number of fake platforms, investors are advised to pay attention to screening!

HYCM Capital Markets' Sky Eye score is 1.81 points, and the UK FCA full license, Cyprus CYSEC direct license, UAE DFSA retail foreign exchange license, and Cayman Islands CIMA general financial license that it claims to hold are "suspected sets of licenses", and there is no effective supervision for the time being, investors are advised to stay away!