Caution Investors Mainxtrade – Regarding registration of issuance, offer or sale of securities/derivatives, and reporting requirements

Overview:

Mainxtrade positions itself as an online trading platform facilitating forex and CFD transactions across a diverse range of assets. Allegedly providing competitive conditions, such as high leverage (up to 1:1000), low spreads (starting from 0.1 pips), swift execution, and commission-free trading, Mainxtrade promotes its user-friendly web and mobile applications. Despite these claims, numerous red flags emerge, prompting a closer examination of Mainxtrade’s credibility.

Regulation and Compliance:

A pivotal factor in choosing a broker is regulatory compliance, ensuring oversight by reputable financial authorities. Mainxtrade, however, raises concerns as it operates without regulation. Transparency issues, including a lack of disclosure about its legal identity, registration details, and contact information, are prominent. Blacklisted by regulatory bodies worldwide, Mainxtrade operates without proper authorization, sparking doubts about its legitimacy and commitment to financial regulations.

Customer Reviews:

User reviews play a crucial role in assessing a broker’s credibility. Unfortunately, Mainxtrade garners predominantly negative reviews. Traders allege various issues, including difficulties with withdrawals, unauthorized closure of trades, and aggressive behavior from the broker’s representatives. These testimonials paint a worrisome picture of Mainxtrade’s practices and raise questions about its commitment to fair and transparent dealings.

Products and Services:

While Mainxtrade claims to provide competitive trading conditions, the lack of supporting evidence and detailed information about trading instruments, platform features, and account types is conspicuous. Additionally, the absence of demo accounts, educational resources, and the limited availability of payment options—restricted to Bitcoin and Perfect Money, both known for their anonymity and irreversibility—further diminishes Mainxtrade’s credibility.

Location:

The broker’s reluctance to disclose its location, coupled with its reliance on a UK-based phone number for contact, raises significant concerns. Not being registered with the Financial Conduct Authority (FCA) and lacking membership in the Financial Services Compensation Scheme (FSCS) suggests that Mainxtrade may be operating from offshore locations known for lax regulations and low transparency.

In-depth research into Mainxtrade’s operations indicates potential connections to offshore jurisdictions, including the Marshall Islands, the Seychelles, or St. Vincent and the Grenadines. These regions are renowned for their lenient regulatory frameworks and limited cooperation with international authorities during disputes or investigations.

Customer Service:

Despite Mainxtrade’s claims of maintaining a professional and responsive customer service team available 24/7 via various communication channels, customer reviews present a contrasting narrative. Users frequently complain about poor service, unresponsiveness, and rude behavior from the broker’s agents. Allegations of difficulty in reaching customer support ignored messages, and abrupt disconnections are prevalent. This disparity between advertised and actual customer service quality raises significant concerns about Mainxtrade’s commitment to client satisfaction.

Is Your Money Safe in an Unregulated Company?

The unequivocal answer is no. Entrusting funds to an unregulated company exposes clients to considerable risks. Without regulatory oversight, such entities operate without adherence to industry standards, customer protection protocols, anti-money laundering measures, or financial stability requirements. Unregulated companies can engage in illicit activities such as price manipulation, unauthorized account actions, and refusal to process withdrawals. The absence of guaranteed compensation or dispute resolution mechanisms exacerbates the risks, leaving clients vulnerable to potential fraud and financial loss.

Conclusion:

Our exhaustive review of Mainxtrade leads to the firm conclusion that this broker is not to be trusted and may indeed be operating as a scam. The myriad of red flags, including the lack of regulation, numerous negative customer reviews, insufficient information about products and services, undisclosed locations, and questionable customer service practices, collectively contribute to a compelling case against Mainxtrade’s credibility.

Given the serious concerns raised, we strongly advise against engaging in any trading activities with Mainxtrade. For those who have already deposited funds with this broker, expeditious withdrawal is recommended. Additionally, reporting the broker to local authorities or relevant regulators is crucial in alerting them to potential fraudulent activities.

Caution is also urged regarding any entities claiming to assist in recovering funds from Mainxtrade. These entities might be associated with the scam or impose exorbitant fees for their services. Readers are encouraged to share this blog post with friends and family to raise awareness about potential risks associated with Mainxtrade and similar entities in the online trading sphere.

In conclusion, this comprehensive analysis aims to empower individuals with the knowledge needed to navigate the online trading landscape safely. By staying informed and cautious, we can collectively work towards preventing more individuals from falling victim to scams like Mainxtrade.

Caution Investors Apex-platform.io – Regarding registration of issuance, offer or sale of securities/derivatives, and reporting requirements

Overview:

Apex-platform.io is a website that claims to offer online trading services in various markets, such as forex, stocks, commodities, indices, and cryptocurrencies. The website states that it provides a user-friendly platform, competitive spreads, fast execution, and professional support. However, there are many red flags that suggest that Apex-platform.io is not a trustworthy or reliable company.

Regulation and Compliance:

One of the most important factors to consider when choosing an online trading service is whether it is regulated by a reputable authority. Regulation ensures that the company follows certain rules and standards to protect the interests and rights of its customers. Regulated companies are also subject to regular audits and supervision by the regulators, and they must keep their client’s funds in segregated accounts.

Apex-platform.io is not regulated by any authority, and it does not provide any information about its legal status or registration on its website. This means that the company operates without any oversight or accountability, and it can change its terms and conditions at any time without notice. Moreover, Apex-platform.io has been warned by the Federal Financial Supervisory Authority (BaFin) of Germany for offering unauthorized financial services in the country. BaFin is one of the most respected regulators in Europe, and its warning indicates that Apex-platform.io is not a legitimate or safe company to deal with.

Customer Reviews:

Another way to assess the credibility and reputation of an online trading service is to look at customer reviews and feedback. Customer reviews can provide valuable insights into the quality and performance of the service, as well as customer satisfaction and complaints. However, customer reviews should be taken with a grain of salt, as they can be manipulated or fabricated by the company or its affiliates.

Apex-platform.io does not have many customer reviews online, which is not surprising given its lack of regulation and transparency. The few reviews that we could find were mostly negative, and they reported various issues and problems with the service. Some of the common complaints were:

– Difficulty in withdrawing funds or closing accounts

– High fees and commissions

– Poor customer service and support

– False or misleading advertising

– Pressure to deposit more money or upgrade accounts

– Loss of money due to faulty or rigged platform

Products and Services:

Apex-platform.io claims to offer online trading services in various markets, such as forex, stocks, commodities, indices, and cryptocurrencies. The website states that it provides a user-friendly platform, competitive spreads, fast execution, and professional support. However, these claims are not backed up by any evidence or verification, and they are contradicted by customer reviews and feedback.

The website does not provide any details about the trading platform, such as its features, functions, compatibility, or security. The website also does not provide any information about trading conditions, such as leverage, margin requirements, spreads, commissions, or fees. The website does not offer any educational or analytical resources, such as market news, analysis, charts, indicators, or signals. The website does not have a demo account option, which is a common feature among reputable online trading services.

Location:

Apex-platform.io does not disclose its physical location or address on its website. This is another sign of a lack of transparency and professionalism. The only contact information that the website provides is an email address and a phone number. The phone number has a UK country code (+44), but this does not mean that the company is based in the UK or regulated by the UK authorities. In fact, many unregulated companies use UK phone numbers to create a false impression of legitimacy and credibility.

Customer Service:

Apex-platform.io claims to offer professional support to its customers via email and phone. However, this claim is not supported by the customer reviews and feedback. Many customers have reported that they received poor or no customer service from Apex-platform.io. Some of the common issues were:

– Long waiting times or no response to emails or calls

– Unprofessional or rude attitude from the staff

– Lack of knowledge or expertise from the staff

– Refusal to answer questions or resolve issues

– Pressure to deposit more money or upgrade accounts

Is Your Money Safe in an unregulated company?

The answer to this question is simple: No. Your money is not safe in an unregulated company like Apex-platform.io. When you invest with an unregulated company, you expose yourself to various risks and dangers, such as:

– Fraud or scam: The company may disappear with your money or refuse to pay you back.

– Identity theft: The company may use your personal or financial information for illegal purposes.

– Money laundering: The company may use your money for criminal activities.

– Market manipulation: The company may manipulate the prices or outcomes of the trades to make you lose money.

– Legal issues: The company may operate in violation of the laws and regulations of your country or region.

Conclusion:

Apex-platform.io is a website that claims to offer online trading services, but it is not regulated by any authority and has been warned by BaFin. The website does not provide any information about its legal status, registration, location, or trading conditions. The website does not have many customer reviews online, and the few that exist are mostly negative. The website does not offer any educational or analytical resources or a demo account option. The website does not have reliable or professional customer service. The website is not a trustworthy or safe company to invest with, and we advise you to avoid it at all costs.

Caution Investors Tradercode – Regarding registration of issuance, offer or sale of securities/derivatives, and reporting requirements

Overview:

Tradercode is a company that claims to offer online trading services on various financial instruments, such as forex, stocks, indices, commodities, and cryptocurrencies. According to its website, Tradercode has over 10 years of experience in the industry and provides access to advanced trading platforms, educational resources, market analysis, and professional support. However, the website does not disclose any information about the company’s legal name, registration number, address, or contact details. The only way to reach Tradercode is through an online form or a phone number with a UK country code.

Regulation and Compliance:

The most alarming fact about Tradercode is that it is not regulated by any reputable authority. The FSMA of Belgium has warned the public that Tradercode is not authorized to provide investment services in or from Belgium and that it may be involved in fraudulent activities. The FSMA also advises against responding to any offers made by Tradercode and against transferring money to any account number it might mention. Moreover, Tradercode does not comply with the rules and regulations of other jurisdictions where it operates or targets customers. For example, Tradercode does not have a license from the Financial Conduct Authority (FCA) of the UK, the Australian Securities and Investments Commission (ASIC), or the Cyprus Securities and Exchange Commission (CySEC). This means that Tradercode is operating illegally and without oversight from any regulatory body.

Customer Reviews:

The customer reviews of Tradercode are mostly negative and reveal many complaints and issues with the company. Many customers claim that Tradercode has scammed them and that they have lost their money or been unable to withdraw their funds. Some customers also report that they have been pressured by Tradercode’s agents to deposit more money or to accept bonuses with hidden terms and conditions. Others accuse Tradercode of manipulating the prices and spreads on its platform or of closing their positions without their consent. The overall impression from the customer reviews is that Tradercode is a dishonest and unprofessional broker that should be avoided at all costs.

Products and Services:

Tradercode offers online trading services on various financial instruments, such as forex, stocks, indices, commodities, and cryptocurrencies. The company claims to provide access to advanced trading platforms, such as MetaTrader 4 (MT4), MetaTrader 5 (MT5), and WebTrader. However, the website does not provide any details or screenshots of these platforms or their features. The website also claims to offer educational resources, market analysis, and professional support, but these are either very limited or nonexistent. The website does not mention anything about the trading conditions, such as the minimum deposit, leverage, spreads, commissions, fees, or execution speed. The website also does not provide any information about the payment methods or withdrawal policies.

Location:

Tradercode does not disclose any information about its location or contact details on its website. The only way to reach Tradercode is through an online form or a phone number with a UK country code. However, this does not mean that Tradercode is based in the UK or that it has any connection with the UK market. In fact, Tradercode does not have a license from the FCA of the UK or any other authority in the European Union (EU). Therefore, Tradercode’s location is unknown and suspicious.

Customer Service:

Tradercode claims to offer professional support to its customers through phone, email, live chat, and social media. However, many customers report that they have experienced poor customer service from Tradercode or that they have been ignored or blocked by the company. Some customers also complain that they have been harassed or threatened by Tradercode’s agents when they try to withdraw their money or close their accounts. The customer service of Tradercode seems to be unresponsive, rude, and aggressive.

Is Your Money Safe in an unregulated company?

The answer is no. Trading with an unregulated company like Tradercode exposes you to many risks and dangers. First of all, you have no protection or recourse in case of any dispute or problem with the company. You cannot rely on any authority or agency to intervene or help you recover your money. Second, you have no guarantee that the company is following the best practices and standards of the industry. You may face issues such as price manipulation, platform malfunction, unfair terms and conditions, hidden fees, or delayed or denied withdrawals. Third, you have no assurance that the company is keeping your funds in segregated accounts or that it is using reputable and secure payment providers. You may lose your money due to fraud, theft, or bankruptcy.

Conclusion:

Tradercode is an online trading company that has been warned by the FSMA of Belgium for operating without authorization and possibly engaging in fraud. The company is not regulated by any reputable authority and does not comply with the rules and regulations of the jurisdictions where it operates or targets customers. The company does not disclose any information about its location or contact details and offers vague and misleading information about its products and services. The customer reviews of Tradercode are mostly negative and reveal many complaints and issues with the company. The customer service of Tradercode is unresponsive, rude, and aggressive. Trading with Tradercode exposes you to many risks and dangers and is not recommended.

Caution Investors Virtualpayout – Regarding registration of issuance, offer or sale of securities/derivatives, and reporting requirements

Overview:

Virtualpayout is a website that claims to be a leading provider of cloud mining services for Bitcoin, Ethereum, Litecoin, and other cryptocurrencies. According to their website, they have over 10 years of experience in the industry and have partnered with reputable mining hardware manufacturers such as Bitmain, Innosilicon, and MicroBT. They also claim to have a team of experts who monitor and optimize the mining operations 24/7.

However, upon closer inspection, we found many inconsistencies and contradictions on their website. For example, they claim to have been operating since 2010, but their domain name was registered only in July 2020. They also claim to have offices in the UK, Australia, and Hong Kong, but they do not provide any physical address or phone number. Moreover, they do not have any social media presence or verifiable testimonials from real customers.

Regulation and Compliance:

One of the most alarming signs that Virtualpayout is a scam is that they are not regulated by any authority or jurisdiction. They do not have any license or registration number that proves their legitimacy or compliance with the laws and regulations of the countries where they operate. This means that they are not subject to any oversight or accountability and can operate as they please without any regard for the safety and security of their customers’ funds.

Furthermore, they do not provide any information about their legal status, terms and conditions, privacy policy, or refund policy. They also do not disclose any details about their mining facilities, equipment, or contracts. They simply ask their customers to deposit money into their accounts and promise them unrealistic returns without any proof or guarantee.

Customer Reviews:

Another way to verify the credibility and reputation of a cloud mining platform is to check customer reviews and feedback from independent sources such as forums, blogs, or social media. However, we could not find any positive or authentic reviews about Virtualpayout on any platform. On the contrary, we found many complaints and warnings from customers who claimed that Virtualpayout is a scam and that they lost their money to them.

Some of the common issues reported by the customers include:

– Not receiving any payouts or profits after investing in Virtualpayout

– Not being able to withdraw their money from Virtualpayout

– Not being able to contact or reach the customer support team of Virtualpayout

– Being asked to pay additional fees or taxes before withdrawing their money from Virtualpayout

– Being blocked or banned from accessing their account after requesting a withdrawal from Virtualpayout

Products and Services:

Virtualpayout claims to offer various types of cloud mining contracts for different cryptocurrencies and durations. They also claim to offer flexible plans that allow customers to choose their own mining power, hash rate, and daily income. However, these claims are not backed by any evidence or data. In fact, they are very vague and misleading.

For example, they claim that customers can earn up to 5% daily profit on their investment with a minimum deposit of $100. However, they do not specify how this profit is calculated or what factors affect it. They also do not explain how the mining difficulty, network fees, exchange rates, or market conditions affect the profitability of cloud mining. Moreover, they do not provide any historical performance or statistics of their mining operations.

Additionally, they claim that customers can withdraw their money at any time without any restrictions or limitations. However, this is contradicted by the numerous complaints from customers who reported that they could not withdraw their money from Virtualpayout. Furthermore, they claim that customers can cancel their contract at any time without any penalty or loss. However, this is also contradicted by their own website which states that “all sales are final” and that “no refunds will be issued”.

Location:

Virtualpayout claims to have offices in three countries: UK, Australia, and Hong Kong. However, they do not provide any physical address or phone number for these offices. They only provide an email address and a contact form on their website. This raises doubts about their legitimacy and transparency.

Moreover, we checked the domain name registration information of Virtualpayout and found that it was registered by a company called Namecheap Inc., which is based in Panama. This means that Virtualpayout does not have a real identity or location and that it is using a proxy service to hide its true origin and ownership.

Customer Service:

Virtualpayout claims to have a professional and responsive customer service team that is available 24/7 via email or live chat. However, this is not true according to the customer reviews and feedback we found online. Many customers reported that they could not get any response or assistance from the customer service team of Virtualpayout. They also reported that the live chat feature on the website was not working or offline most of the time.

Furthermore, some customers reported that they received rude, unprofessional, or threatening messages from the customer service team of Virtualpayout. They also reported that the customer service team of Virtualpayout tried to persuade them to invest more money or to pay additional fees or taxes before withdrawing their money.

Is Your Money Safe in an Unregulated Company?

The answer is no. Investing in an unregulated company like Virtualpayout is very risky and dangerous. You have no protection or recourse if something goes wrong or if you encounter any problem with the company. You have no guarantee that the company is legitimate, honest, or reliable. You have no assurance that the company will honor its promises, pay you your profits, or return your money.

Moreover, you have no way to verify or audit the company’s operations, financials, or performance. You have no way to know if the company is actually mining cryptocurrencies or if it is using your money for other purposes. You have no way to know if the company is secure, stable, or solvent. You have no way to know if the company is compliant with the laws and regulations of the countries where it operates.

Conclusion:

Based on our research and analysis, we conclude that Virtualpayout is a scam and that you should avoid it at all costs. There are too many red flags and negative reviews that indicate that Virtualpayout is not a trustworthy or reputable cloud mining platform. There are too many risks and uncertainties involved in investing in Virtualpayout. There are too many alternatives and options available in the market that are more transparent, regulated, and reliable than Virtualpayout.

Therefore, we advise you to stay away from Virtualpayout and to do your own due diligence before investing in any cloud mining platform. We also advise you to report any suspicious or fraudulent activity to the relevant authorities and to warn others about the dangers of Virtualpayout.

Caution Investors Goldman Knox – Regarding registration of issuance, offer or sale of securities/derivatives, and reporting requirements

Overview:

Goldman Knox was founded in 2015 and claimed to be a leading provider of online trading, investment, and wealth management solutions. The company claimed to have offices in Australia, Hong Kong, Singapore, and the UK, and to be regulated by ASIC and other authorities. However, in 2019, ASIC announced that it had canceled the Australian financial services (AFS) licence of Goldman Knox for failing to lodge annual financial statements and auditor’s reports for four consecutive years. The cancellation meant that Goldman Knox could no longer legally provide financial services in Australia or to Australian clients. ASIC also warned investors to be wary of dealing with unlicensed entities that may be involved in scams or frauds.

Regulation and Compliance:

As mentioned above, Goldman Knox lost its AFS licence in 2019 and became an unregulated entity. This means that the company is not subject to any oversight or supervision by any authority, and does not have to comply with any rules or standards regarding its operations, products, services, or customer protection. Unregulated entities are often associated with high risks of scams, frauds, money laundering, identity theft, and other illegal or unethical activities. Investors who deal with unregulated entities may not have any recourse or compensation if they suffer losses or damages due to the company’s misconduct or insolvency.

Customer Reviews:

A quick search on the internet reveals that Goldman Knox has received many negative reviews and complaints from customers who claim to have been scammed or cheated by the company. Some of the common issues reported by customers include:

– Difficulty in withdrawing funds or closing accounts

– High fees and commissions charged without disclosure

– False or misleading information provided about the products or services

– Aggressive or abusive sales tactics and pressure to invest more money

– Poor or non-existent customer service and support

– Unauthorized transactions or changes made to the accounts

– Loss of contact or communication with the company

Products and Services:

Goldman Knox claimed to offer a range of financial products and services, such as:

– Online trading platforms for forex, stocks, commodities, indices, and cryptocurrencies

– Investment portfolios and managed accounts

– Wealth management and financial planning

– Education and training programs

– Market analysis and research

However, there is no evidence that the company actually provided any of these products or services in a legitimate or reliable manner. In fact, many customers reported that the company’s platforms were faulty or manipulated, that the investment portfolios were poorly managed or fraudulent, that the education and training programs were useless or outdated, and that the market analysis and research were biased or inaccurate.

Location:

Goldman Knox claimed to have offices in several countries, but there is no proof that these offices actually existed or operated. The company’s website did not provide any physical address or contact details for any of its offices, only an email address and a phone number. The phone number was often unreachable or disconnected, and the email address was often unresponsive or ignored. Many customers reported that they could not locate or visit any of the company’s offices and that they were given different or conflicting information about the company’s location by different representatives.

Customer Service:

Goldman Knox’s customer service was reportedly very poor or non-existent. Many customers complained that they could not reach anyone from the company by phone or email, or that they were put on hold for long periods of time or transferred to different departments without resolution. Some customers also reported that they were treated rudely or disrespectfully by the company’s staff, who often lied, threatened, harassed, or insulted them. Many customers also said that they were promised callbacks or follow-ups by the company’s managers or supervisors, but never received them.

Is Your Money Safe in an unregulated company?

The short answer is no. Dealing with an unregulated company like Goldman Knox exposes you to many risks and dangers that could result in losing your money or worse. Some of these risks include:

– No protection from scams or frauds: Unregulated entities may not have any systems or procedures in place to prevent or detect scams or frauds involving their products or services. They may also be involved in scams or frauds themselves, such as Ponzi schemes, pyramid schemes, boiler rooms, phishing, etc.

– No protection from insolvency: Unregulated entities may not have any capital requirements or solvency ratios to ensure that they have enough funds to meet their obligations to their customers. They may also not have any insurance coverage or compensation schemes to reimburse their customers in case they go bankrupt or default on their payments.

– No protection from misconduct: Unregulated entities may not have any codes of conduct or ethics to guide their behavior towards their customers. They may also not have any dispute resolution or complaint handling mechanisms to address any issues or problems that their customers may have with their products or services.

– No protection from regulatory action: Unregulated entities may not have any licenses or registrations to operate in certain jurisdictions or markets. They may also not have any reporting or disclosure obligations to any authorities or regulators. This means that they may be operating illegally or in violation of the laws and regulations of the countries where they operate or where their customers are located. This could result in legal actions, fines, penalties, sanctions, or bans against them or their customers.

Conclusion:

Goldman Knox is a company that you should avoid at all costs. The company has been struck off by ASIC for non-compliance and has no license or regulation to provide financial services. The company has also received many negative reviews and complaints from customers who claim to have been scammed or cheated by the company. The company’s products and services are dubious and unreliable, and its location and customer service are unknown and untrustworthy. The company poses many risks and dangers to your money and your personal information, and you may not have any recourse or compensation if you deal with them. Therefore, we strongly advise you to stay away from Goldman Knox and to look for other reputable and regulated financial service providers instead.

Caution Investors Handelex – Regarding fraudulent or manipulative practices (insider dealing, market manipulation, misrepresentation of material information, etc.)

Overview:

Handelex is a trading platform that claims to offer access to over 2000 financial instruments, including forex, stocks, indices, commodities, and cryptocurrencies. The website of Handelex states that it is operated by Handelex, However, the FCA has warned that Handelex is not authorised to provide financial services or products in the UK and that it may be involved in a scam.

Regulation and Compliance:

According to the FCA, Handelex is not authorised under the Financial Services and Markets Act 2000 (FSMA) to carry on regulated activities in the UK. This means that Handelex is not subject to the FCA’s rules and standards, such as capital adequacy, client money protection, dispute resolution, and compensation schemes. Moreover, the FCA has stated that Handelex is not covered by the Financial Ombudsman Service or the Financial Services Compensation Scheme (FSCS), which means that customers have no recourse if they suffer losses or damages due to the firm’s misconduct or insolvency.

Customer Reviews:

A quick search on the internet reveals that Handelex has received many negative reviews from customers who have used its services. Some of the common complaints include:

– Difficulty in withdrawing funds or closing accounts

– High fees and commissions

– Poor execution and slippage

– False or misleading advertising

– Aggressive or harassing sales calls

– Unauthorized or fraudulent transactions

– Lack of transparency or communication

Products and Services:

Handelex offers a web-based trading platform that supports various types of orders, indicators, charts, and tools. The platform also claims to provide educational resources, market news, analysis, and signals. However, these features may not be reliable or accurate, as Handelex is not regulated by any reputable authority. Furthermore, Handelex does not disclose the spreads, leverage, margin requirements, or other trading conditions that apply to its products and services. This makes it difficult for customers to assess the risks and costs of trading with Handelex.

Location:

Handelex claims to have its headquarters at 20-22 Wenlock Road London N1 7GU United Kingdom. However, this address is a virtual office that is used by many other companies and does not indicate the physical presence or legitimacy of Handelex. Moreover, Handelex does not provide any phone number or email address that can be verified or contacted by customers or regulators.

Customer Service:

Handelex claims to offer 24/7 customer support via phone, email, live chat, and social media. However, many customers have reported that Handelex’s customer service is unresponsive, rude, or unhelpful. Some customers have also alleged that Handelex’s representatives have pressured them to deposit more money or threatened them with legal action if they try to withdraw their funds or complain about the firm.

Is Your Money Safe in an unregulated company?

The answer is no. Trading with an unregulated company like Handelex exposes you to a high risk of losing your money or becoming a victim of fraud. Unregulated companies are not bound by any rules or standards that protect your interests or rights as a customer. They can manipulate prices, execute trades against you, withhold your funds, close your account without notice, or disappear with your money. You also have no recourse if you encounter any problems or disputes with an unregulated company, as they are not covered by any ombudsman service or compensation scheme.

Conclusion:

Handelex is an unauthorised firm that has been warned by the FCA for providing financial services or products in the UK without permission. Handelex is not regulated by any reputable authority and does not comply with any rules or standards that ensure fair and transparent trading practices. Handelex has received many negative reviews from customers who have experienced various issues and difficulties with its services. Trading with Handelex is extremely risky and may result in losing your money or becoming a victim of fraud. We advise you to avoid Handelex and only trade with regulated and reputable brokers that are authorised by the FCA or other recognised regulators.

Caution Investors GT Trader – Regarding fraudulent or manipulative practices (insider dealing, market manipulation, misrepresentation of material information, etc.)

Overview:

GT Trader is a trading name of GT Group Ltd, a company that claims to be registered in Switzerland, Canada, and Austria. The website of GT Trader states that it is regulated by the Financial Services Authority (FSA) of Seychelles, but does not provide any license number or registration details. The website also claims that it is a member of the Investor Compensation Fund (ICF), but does not specify which one. GT Trader offers various trading instruments, such as forex, CFDs, stocks, commodities, and cryptocurrencies, on its web-based platform and mobile app. The website also claims to offer competitive spreads, fast execution, high leverage, free education, and professional support.

Regulation and Compliance:

The FCA issued a warning against GT Trader on November 07, 2023, stating that it is an unauthorised firm that is targeting UK investors. The FCA warns that some firms act without its authorisation or without any valid overseas license and may be involved in investment scams. The FCA advises investors to check the Financial Services Register before dealing with any firm and to report any suspicious activities to its Consumer Helpline. The FCA also urges investors to avoid giving out personal or financial information to unauthorised firms or individuals.

According to our research, GT Trader is not regulated by any reputable authority in any jurisdiction. The FSA of Seychelles is not a credible regulator and does not have any effective oversight or enforcement powers over the financial sector. The claim that GT Trader is a member of the ICF is also dubious, as there are different ICF schemes in different countries and regions, such as Cyprus, Europe, and Hong Kong. GT Trader does not disclose which ICF scheme it belongs to or how it protects its clients’ funds in case of insolvency or fraud. Moreover, GT Trader does not comply with the anti-money laundering (AML) and know-your-customer (KYC) rules that are required by most regulators. GT Trader does not verify the identity or address of its clients before opening an account or processing a withdrawal request. This exposes its clients to the risk of identity theft, money laundering, and terrorist financing.

Customer Reviews:

The customer reviews of GT Trader are mostly negative and reveal many complaints and issues with the firm. Many clients report that GT Trader has scammed them and have lost their money. Some of the common problems include:

– Difficulty in withdrawing funds or closing accounts

– High-pressure tactics and aggressive sales calls

– False promises and misleading information

– Manipulation of prices and trades

– Poor customer service and communication

– Technical glitches and platform malfunctions

Some clients also allege that GT Trader is a clone firm that uses the name and details of a legitimate broker to deceive investors. For example, some clients claim that GT Trader is impersonating Global TradeATF, a regulated broker under the domain name www.globaltradeatf.com. However, we could not verify this claim as there is no evidence or official confirmation from Global TradeATF.

Products and Services:

GT Trader offers a range of trading instruments, such as forex, CFDs, stocks, commodities, and cryptocurrencies. However, the quality and reliability of these products and services could be better. For instance:

– The spreads are not competitive and vary depending on the account type and market conditions

– The execution speed is slow and prone to slippage and requires

– The leverage is high and risky, reaching up to 1:500 for forex and 1:100 for cryptocurrencies

– The education materials are basic and outdated

– The support team is unprofessional and unresponsive

Moreover, GT Trader does not provide any demo accounts or trading tools for its clients. The platform is web-based and does not support any third-party software or applications. The mobile app is also limited in functionality and compatibility.

Location:

GT Trader claims to have offices in Switzerland, Canada, and Austria. However, these claims are false and misleading. GT Trader is not registered or licensed in any of these countries and does not have any physical presence or local representatives there. The addresses that GT Trader provides on its website are either fake or belong to other entities. For example:

– The address in Switzerland (Bahnhofstrasse 37, Zürich) is actually the location of a hotel called Hotel Schweizerhof Zürich

– The address in Canada (1730 St. Laurent Blvd, Ottawa) is actually the location of a shopping mall called St. Laurent

– The address in Austria (Ares Tower, Donau-City-Straße 11, Wien) is actually the location of a business center that offers virtual offices and meeting rooms

The actual location of GT Trader is unknown and likely to be offshore. The website of GT Trader is registered under a domain privacy service that conceals the identity and contact details of the owner. The website also uses a generic email service ([email protected]) that does not reveal any information about the firm.

Customer Service:

The customer service of GT Trader is poor and unhelpful. The firm can be contacted by phone or email, but the response time is slow and the quality is low. The phone numbers that GT Trader provides on its website are either not working or redirecting to voicemail. The email addresses that GT Trader provides on its website are either not responding or sending automated replies. The support team is not knowledgeable or courteous and often ignores or dismisses the queries and complaints of the clients. The firm does not have any live chat or social media channels for communication.

Is Your Money Safe in an unregulated company?

The answer is no. Your money is not safe in an unregulated company like GT Trader. There are many risks and dangers associated with dealing with an unauthorized firm, such as:

– You have no legal protection or recourse in case of dispute or fraud

– You have no guarantee that your funds are segregated or insured

– You have no access to any compensation scheme or ombudsman service

– You have no assurance that your personal or financial information is secure or confidential

Therefore, we strongly advise you to avoid investing your money in an unregulated company like GT Trader. You should always check the regulatory status of any firm before dealing with it and only choose a licensed and reputable broker that complies with the rules and standards of your jurisdiction.

Conclusion:

Based on our review, we conclude that GT Trader is a scam and a potential clone firm that should be avoided at all costs. The firm is not authorized by any regulator and has been warned by the FCA. The firm does not provide any reliable or transparent information about its background, location, products, services, or customer support. The firm has received many negative reviews and complaints from its clients who have been scammed and lost their money. The firm does not comply with the AML and KYC rules and exposes its clients to the risk of identity theft, money laundering, and terrorist financing. The firm does not offer any competitive or quality trading conditions and does not provide any demo accounts or trading tools for its clients.

Therefore, we recommend you stay away from GT Trader and report any suspicious activities to the FCA or your local authority. You should also be careful of any clone firms that may use the name or details of a legitimate broker to deceive you. You should always do your own research and due diligence before choosing a broker and only deal with a regulated and reputable broker that meets your needs and expectations.