Day: November 30, 2021

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scam reviews 2021

PetronPay Review

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PetronPay

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Is PetronPay a Scam Broker? 

PetronPay promotes itself as a unique opportunity to invest in petroleum. It is a scheme that encourages clients to urge their friends to participate. The original clients can then make money on the trades of the people they sign on. If this sounds familiar, it is the pattern of any MLM scheme. These schemes are almost never worth getting involved with and are generally regarded as frauds. 

Is PetronPay a Scam or Legit Broker?

One tip-off that PetronPay is not legitimate is that it claims to return 2.5% daily for clients. These generous claims are not realistic. A solid investment usually returns an average of 10% a year, not 2.5% a day. Customers should avoid doing business with PetronPay because of its resemblance to an MLM scheme, its impossible guarantees, and lack of transparency. This company has been the subject of a warning from Swiss regulators FINMA. 

 

Here are some problems we have discovered from our research on PetronPay and reviews:  

  • No license
  • Warning from the FINMA
  • An MLM or pyramid scheme
  • Negative reviews

 

Our experts do not recommend PetronPay.  We encourage visitors to do research, read our broker reviews, and select regulated brokers. If you have been scammed by PetronPay or any other broker, contact Broker Complaint Registry right away and we can advise you on fund recovery. 

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scam reviews 2021

QTeck Review

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QTeck

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Is QTeck a Scam Broker? 

QTeck is proof that just any license is often not good enough. It also falsely claims to have a higher-grade license than it does, which is not a good basis for trusting a broker with your money. We did not find any information about the brokers behind QTeck, which is a red flag. The ambiguity behind licensing is enough to suggest walking away from QTeck. 

Is QTeck a Scam or Legit Broker?

QTeck claims to have a license from the FCA. All brokers in the UK must be licensed by the Financial Conduct Authority. However, QTeck does not have an FCA license but instead has a license from St. Vincent and the Grenadines. This is a very low-grade license and it is akin to not being regulated at all. The fact that QTeck is dishonest about this issue and has received a warning from the FCA is sufficient to cross it off your list. 

Here are some problems we have discovered from our research on QTeck and reviews:  

  • Warning from the FCA
  • Falsely claims to have an FCA license
  • Has a low-grade license from St. Vincent and the Grenadines
  • No information about the brokers in this firm
  • Bad reviews

Our experts do not recommend QTeck.  We encourage visitors to do research, read our broker reviews, and select regulated brokers. If you have been scammed by QTeck or any other broker, contact Broker Complaint Registry right away and we can advise you on fund recovery. 

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scam reviews 2021

Sunton Capital Review

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Sunton Capital

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Is Sunton Capital a Scam Broker? 

Sunton Capital claims to be based in the UK and says it has a license from the FCA or the Financial Conduct Authority. This broker also says that it can give clients a return of between 5-20% daily. There are plenty of red flags already, including the lack of visibility into who is behind Sunton Capital. So what are the reasons consumers should walk away from this broker. 

Is Sunton Capital a Scam or Legit Broker?

First, we examined Sunton Capital and discover it has no FCA license and we could not confirm its actual location. It may be falsely claiming a UK residence. In addition, no brokers can give absolute guarantees about returns, particularly with high-risk assets. However, 5-20% is an absurd level, since most licensed brokers average around 10% annually. 

Here are some problems we have discovered from our research on Sunton Capital and reviews:  

  • No license
  • False claims
  • No contact information 
  • Unrealistic promises of  returns
  • Bad reviews

 

Our experts do not recommend Sunton Capital.  We encourage visitors to do research, read our broker reviews, and select regulated brokers. If you have been scammed by Sunton Capital or any other broker, contact Broker Complaint Registry right away and we can advise you on fund recovery. 

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scam reviews 2021

Cheonan International Limited Review

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Cheonan International Limited

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Is Cheonan International Limited a Scam Broker? 

Like many other brokers, Cheonan International Limited uses a friendly bot to greet visitors to the site and provide information and services. However, tools like this should not obscure the real issue–that Cheonan International Limited is an unregulated broker that makes false claims about licensing. After looking closely at this broker, its friendly exterior rings false and it is best to stay away. 

Is Cheonan International Limited a Scam or Legit Broker?

Cheonan International Limited claims it is located in the UK and says it is run by Blackwell Global Industries which has an FCA license. However, Blackwell Global Industries does not run Cheonan International Limited and it does not have an FCA license. In many ways, it is more pernicious to make false claims of licensing than to provide no information at all, because the purpose is to mislead clients. This is a very poor tactic, but unfortunately, it is not uncommon. Always double-check licensing information on the regulator’s site. 

Here are some problems we have discovered from our research on Cheonan International Limited and reviews:  

  • Not regulated
  • Falsely claims of regulation
  • Exaggerated promises
  • No contact information

 

Our experts do not recommend Cheonan International Limited.  We encourage visitors to do research, read our broker reviews, and select regulated brokers. If you have been scammed by Cheonan International Limited or any other broker, contact Broker Complaint Registry right away and we can advise you on fund recovery

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scam reviews 2021

Teqra Review

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Teqra

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IsTeqra a Scam Broker? 

Like many brokers, Teqra has tried to establish a strong social media presence. However, doing this without providing any support for claims or even high-quality content backfires. Teqra has many Facebook posts, but they are in all-caps and use hypey language. The YouTube videos are comically out of synch and dubbed, which shows the desire to hide their actual identity. It is apparent that an actor was used and the voice of someone else was dubbed. This shows Teqra has something to hide, meaning, the people who run it. 

Is Teqra a Scam or Legit Broker?

Poor content is more than skin deep. A high-quality, regulated broker wants to make a solid impression. The fact we could find no license for Teqra is no surprise given, the poor content. It seems that Teqra is trying to fool people into signing up with them, but hasn’t even put sufficient effort into seeming legitimate. Although Teqra tries to seem professional, it does not even have a license. 

Here are some problems we have discovered from our research on Teqra and reviews:  

  • Not regulated
  • Poor marketing content
  • Guarantees without basis
  • Bad reviews

Our experts do not recommend Teqra.  We encourage visitors to do research, read our broker reviews, and select regulated brokers. If you have been scammed by Teqra or any other broker, contact Broker Complaint Registry right away and we can advise you on fund recovery. 




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scam reviews 2021

RSQ Trading Review

RSQ Trading

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RSQ Trading

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Is RSQ Trading a Scam? 

RSQ Trading is a UK-based broker. Any broker that is based in the UK must have a license from the FCA or the Financial Conduct Authority. However,  RSQ Trading has no FCA license. This is reason enough to avoid it, no matter what services it claims it provides. However, there is another detail about this broker that makes it unreliable. It tries to evade responsibility for losses by blaming its own clients. 

Is RSQ Trading a Scam or Legit?

This broker’s contract includes a clause that the broker will not be responsible for any clients who are trading in regions for which  RSQ Trading does not have a license. This is basically blaming the victim. This should not deter anyone from filing a claim against  RSQ Trading, since they are responsible for having a license in the first place. Customer should do their own diligence, but they do not forfeit the right to recover funds from unlicensed brokers.

 

Here are some problems we have discovered from our research on RSQ Trading and reviews:  

  • Not regulated
  • Risky spreads
  • Tries to push responsibility onto clients
  • Negative reviews

 

Our experts do not recommend  RSQ Trading. We encourage visitors to do research, read our broker reviews, and select regulated brokers. If you have been scammed by  RSQ Trading or any other broker, contact Broker Complaint Registry right away and we can advise you on fund recovery. 

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scam reviews 2021

Select Global Limited Review

Select Global Limited

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Select Global Limited

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Is Select Global Limited a Scam Broker? 

Select Global Limited is a broker about which there is little information. It does not seem to have a license, there are no names on the website and it is hard to know who is really behind this brokerage. There are two main reasons to stay away from a broker. One reason is the lack of a license. The second is no transparency. A legitimate broker should want people to know who they are and about their services. 

Is Select Global Limited a Scam Broker or Legit?

We did discover that Select Global Limited offers MetaTrader 5, which is a hugely popular trading platform. However, this perk does not compensate for the lack of a license or other vital information. Given how little we know about this broker, there doesn’t seem to be any compelling reason to open an account and many reasons to stay away. 

Here are some problems we have discovered from our research on Select Global: 

  • No license
  • Negative reviews
  • No transparency
  • Very little information on the site

 

Our experts do not recommend Select Global Limited.  We encourage visitors to do research, read our broker reviews, and select regulated brokers. If you have been scammed by Select Global Limited or any other broker, contact Broker Complaint Registry right away and we can advise you on fund recovery. 

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scam reviews 2021

Ideex Review

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Ideex

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Is Ideex a Scam? 

Ideex calls itself the “world’s leading” crypto broker. One useful tip is to avoid superlatives when looking at website or social media copy. This may seem like a minor detail, but hyped-up language is a red flag. Regulated brokers can back up their claims with facts and don’t need to rely on expressions like “world’s leading.” Ideex also does not seem to have a license. It may have a strong social media presence, but this does not compensate for a lack of real information. 

Is Ideex a Scam or Legit?

You can find Ideex on most social media platforms. However, it lacks a secure website. Social media does not compensate for not having a secure website. This is a problem because sensitive financial information should not be communicated through messenger or email but through secure forms. This is another sign that Ideex is not a reliable broker. 

Here are some problems we have discovered from our research on Ideex and reviews:  

  • Not regulated
  • Focuses on high-risk assets
  • No secure website
  • Bad reviews 

Our experts do not recommend Ideex. We encourage visitors to do research, read our broker reviews, and select regulated brokers. If you have been scammed by Ideex or any other broker, contact Broker Complaint Registry right away and we can advise you on fund recovery. 

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scam reviews 2021

Wobit Review

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Wobit

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Is Wobit a Scam Broker? 

Wobit says it is based in Amsterdam and was founded in 2021. However, we could not find any indication that this broker has a license from European authorities. It is best to avoid very new brokers because they are relatively unknown. Many forex scams and crypto scams tend to pop up for a few months to a year only to disappear quickly. Obviously, not all new brokers are unreliable, but with brokers, trust has to be earned. 

Is Wobit a Scam or Legit Broker?

It also should be noted that Wobit focuses on high-risk assets, such as cryptocurrency, forex, and CFDs. This can be a red flag. A reliable broker should offer a range of trading services with varying levels of risk. Those who push high-risk assets often do so to cover the money they are taking by making the believable claim that the client lost the money in a risky trade. 

 

Here are some problems we have discovered from our research on Wobit and reviews:  

  • Not regulated
  • Bad reviews
  • No visibility who is behind it
  • Pushes high-risk assets

 

Our experts do not recommend Wobit  We encourage visitors to do research, read our broker reviews, and select regulated brokers. If you have been scammed by Wobit or any other broker, contact Broker Complaint Registry right away and we can advise you on fund recovery. 



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scam reviews 2021

Oliver Briggs Review

Oliver Briggs

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Oliver Briggs

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Is Oliver Briggs a Scam Broker? 

You may have been warned not to open an account with an unregulated broker and believe that, since Oliver Briggs has a license from St. Vincent and the Grenadines is safe. However, not all licenses are created equal. There are different levels of regulators, and St. Vincent and the Grenadines is third or fourth rate regulator. They do not provide oversight, but simply issue a license if a fee is paid. 

Is Oliver Briggs a Scam or Legit Broker?

Not only does Oliver Briggs have a low-grade license, but the Nova Scotia Securities and Exchange  Commission has warned the public about this broker. According to the NSSEC, Oliver Briggs has claimed that they are licensed to provide brokerage services to people in Nova Scotia, and this is not the case. Having a poor license and an official warning are enough reasons to stay away. 

Here are some problems we have discovered from our research on Oliver Briggs and reviews:  

  • Low-grade license
  • Warning from Novia Scotia Securities Commission
  • Bad reviews
  • Falsely claims that it is licensed to serve clients in Nova Scotia

 

Our experts do not recommend Oliver Briggs.  We encourage visitors to do research, read our broker reviews, and select regulated brokers. If you have been scammed by Oliver Briggs or any other broker, contact Broker Complaint Registry right away and we can advise you on fund recovery.