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Forex online trading

Why Don’t Crypto Exchanges Do More About Fraud Complaints?

The number of news stories about crypto frauds being busted is increasing, but if you read them closely, you may find that most of the work is being done by investigators and regulators. What are the platforms doing about crypto fraud and why do they often seem passive? 

You may notice that, while reading a story about a government agency investigating a crypto trading scheme that took place on a specific platform, a statement by a representative of the crypto exchange will say something to the effect of cooperating with investigations, but nothing about taking direct action against these activities. 

You may even hear of cases of a regulated crypto platform flat-out saying there is nothing they can do about their own users being involved in Ponzi schemes. 

Part of the reason these crypto platforms seem so passive is the sheer scale of crypto scams, their unwillingness to take action against other users without solid evidence and their lack of resources for tracking down crypto fraud. That is why you need a third party to trace bitcoin transactions on the blockchain and work towards recovering funds. 

Broker Complaint Registry will guide you in the fund recovery process. We consult with clients and provide them with strategies and tools such as intelligence reports that can result in successful fund recovery from the blockchain. Talk to us today, and get started with crypto recovery.

A Tale of Two Crypto Exchanges

Two major stories about fraud and crypto exchanges say a lot about what customers can expect if they lose money to an online bitcoin scheme. One of the exchanges is Binance, which is the largest crypto exchange by number of transactions, but is also unregulated and has received numerous complaints from US and UK authorities. 

Pakistani authorities are currently investigating Binance in connection with a series of crypto schemes that defrauded users of $100 million. Not only are these schemes operated on the exchange, but there is some suspicion that the exchange itself may be involved in illegal activities. 

Although Binance denies any involvement and has tweeted that it intends to cooperate fully with the investigation, many consumers are concerned about using this platform. However, anyone who would have done research into Binance in the past year would see that it has been the subject of investigations and complaints by government authorities in several major countries. 

The other side of the crypto coin is Coinbase, which is a regulated crypto exchange, but nonetheless was in the news for its association with crypto theft. Unlike Binance, there was no doubt that Coinbase had no involvement in the hacking of an individual’s account. 

However, when an Indiana-based man made a complaint that $7,300 worth of crypto currency was stolen from his account through hacking, Coinbase responded that there was nothing they could do, and suggested that he should have changed his password more frequently. 

The victim was irate that, although Coinbase acknowledged that a theft had occurred on their exchange, they did not take action against the suspect, even though they could make money on the unauthorized transaction. 

Why Crypto Exchanges Often Do Not Take Action

This seems like a cruel irony, but as can be seen in the Coinbase story, even regulated platforms sometimes will not take action. There are several reasons for this:

  • The sheer number of crypto frauds and complaints
  • The lack of resources to carry out an investigation themselves
  • Concern about false allegations
  • Concern about their reputation
  • The lack of evidence in a complaint
  • Not having the legal backing to freeze an account or release codes or keys

There is no doubt that the number of crypto scams has increased dramatically in the past few years. According to CNBC, crypto scams robbed $681 million from US customers alone in the first half of 2021. 

Cryptocurrency exchanges receive more complaints than they can act upon and still be efficient running their business. Out of necessity, they may not act upon complaints unless there is evidence behind them or if they receive a large number of them. 

Even if these platforms had time to address every complaint, they may lack the investigative resources to track down funds and uncover identities on the blockchain. These investigations require a significant amount of time and expertise, and crypto exchanges do not have the resources to handle these investigations. 

The exchanges may also be concerned about false allegations which can be made out of malice or by a competitor in disguise. The exchange also has its own reputation to worry about and it does not want to alienate users by taking strong action based on a complaint when the information was not accurate. They therefore need evidence before they are going to treat another wallet holder like a suspect.

In addition, they will not freeze accounts or suspected transactions unless the customer has contacted law enforcement or has received a court order. When working directly with law enforcement, a crypto exchange may even be ready to hand over crypto codes or keys, but not before it has reached this phase. 

What You Can Do About a Crypto Fraud

The best thing you can do to recover from a crypto fraud is not to go it alone. Seek the counsel of third party experts on tracking down crypto frauds on the blockchain. Broker Complaint Registry professionals will help you through every step of the investigation and will get crypto exchanges to work on your behalf and take action against crypto schemes. 

We get results by consulting with clients and creating intelligence reports with evidence about crypto schemes. These reports can influence exchanges to give law enforcement the information they need to catch the criminals behind crypto fraud. 

Do You Need Assistance with Crypto Fund Recovery? Broker Complaint Registry Will Help

 Contact Broker Complaint Registry experts if you need fund recovery from a cryptocurrency transaction. We deal with a variety of issues, including data theft, broker scams, and crypto complaints. Our team will refer you to experts who have vast experience dealing with regulators, banks, and law enforcement. We will provide advice and can draft an intelligence report to help you resolve the issue.

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Forex online trading

What to Look for in a Trading App

Trading apps make trading forex, stocks, commodities, options and cryptocurrencies faster and easier. With the dramatic increase in online trading, these apps have also taken off and are giving thousands of people their first taste of trading. 

This development is both positive and negative. On the one hand, trading apps give people direct access to markets and eliminate the need for brokerage accounts. On the other hand, this freedom can often mean that there is no oversight and no regulations that can protect customers. In addition, some apps lack the same safety standards as secure broker websites. 

However, it is quite possible to stay safe when using a trading app. It is simply a question of knowing what to look for and using precautions when making a selection. Doing research before using an app to trade money is essential. If you have lost money to a trading app, speak to professionals and seek fund recovery assistance right away. 

Broker Complaint Registry will guide you in the fund recovery process. We consult with clients and provide them with strategies and tools such as intelligence reports that can result in successful fund recovery from the blockchain. Talk to us today, and get started with crypto recovery. 

The Proliferation of Trading Apps

At the beginning of the COVID-19, economies were shaken with uncertainty and according to some prediction, trading volumes would dip significantly. Instead, online trading actually increased and the use of trading apps rise by 55%. 

Since many people were working at home, they were doing everything online and that includes trading. Even those who were not familiar with investing discovered that they enjoyed trading through these apps which are convenient and give the trader direct access to the market. 

Apps are often cheaper than signing up with a broker, and some charge no commissions or fees at all. There is no need to call up a broker with instructions to buy and sell but traders can execute orders right away. 

The Downside of Trading Apps

However, with every technological advance, there are also drawbacks. The following are things to watch out for with investment apps:

  • Many are not secure
  • They can lead to impulsive decisions and big losses
  • There is no guidance
  • Many are not regulated

The fact that trading apps give traders direct access to the markets is both an advantage and a drawback. Often the trading is too fast and can cause traders to make impulsive decisions. This, combined with the fact that many trading apps lack protections such as stop losses, can lead to huge losses. 

Many people can find these apps addictive, like video games. However, unlike actual games, they are trading with the user’s actual money. Part of the problem is that there is no guidance for many of these apps. It isn’t just beginners that can benefit from the input of a broker but also experienced investors who want to refine their trading technique may seek guidance. 

Another concern is that many trading apps are not regulated. This gives customers few if any protections from unscrupulous parties who create apps to take advantage of customers. Even those that are not intending to swindle customers may nonetheless offer unsecured apps and those that do not protect customer information with encryption. 

Tips for Selecting the Right Trading Apps

There are some pros and cons to trading apps. Some people may prefer to sign up with a broker and avoid these apps, others may opt for apps alone or still others may sign up with a registered broker and use their apps as a service. However you decide to use this technology, the following are some tips for selecting the right trading apps: 

  • Make sure it is registered
  • Confirm it uses encryption and two-step verification
  • Do research
  • Use the Demo account
  • Keep learning about investing

The most important step when choosing a trading app is to ensure that it is registered. Too many people believe that apps don’t need a license, but unfortunately, forex scams may take advantage of people who buy into this misconception. Just as a broker needs a license and oversight from a regulator, an app also needs to be regulated. 

Research who is behind the app. Financial technology is only as good as the people who develop it, so looking at the credentials of the people who created the app will indicate how reliable the application is. Read reviews on reputable tech sites rather than relying just on customer reviews, since many customer reviews are not authentic, but are created by the company or by competitors. 

Take the time and learn about investing before using a trading app. The pace of apps can go very quickly, so the more you know going in the better position will be in. Apps also have educational tools and demos that will help you get the idea of trading before risking your finances. 

Trading apps can be exciting, but they can also lead to significant losses without the proper research and precautions. Your best bet is to sign up with a registered broker and to use the proprietary trading platform that they offer as a service to their clients. This combines the freedom of direct access to markets and trading on the go with the expert guidance, oversight, and consistency of a brokerage account. 

If you have lost money to a trading app, you need fund recovery assistance right away. When you file a claim, experts will help you present your case to authorities and can improve your chances for fund recovery success. 

Do You Need Assistance with Crypto Fund Recovery? Broker Complaint Registry Will Help

 Contact Broker Complaint Registry experts if you need fund recovery from a cryptocurrency transaction. We deal with a variety of issues, including data theft, broker scams, and crypto complaints. Our team will refer you to experts who have vast experience dealing with regulators, banks, and law enforcement. We will provide advice and can draft an intelligence report to help you resolve the issue.

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scam reviews 2021

UnixBroker Review

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UnixBroker Review

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Is UnixBroker a Scam Broker? 

UnixBroker says it offers a variety of trading products on advanced platforms. They may seem impressive and reliable at first glance, but should you trust them? Broker Complaint Registry researches brokers and produces reviews to guide consumers in their financial decisions. We have looked carefully at UnixBroker and have come to these conclusions. 

Is UnixBroker a Scam or Legit Broker?

Despite what it says on its site, UnixBroker is unlicensed and there is a complaint by the FCA against this broker. It apparently run by a company called Z Line Corporation that is located in the Marshall Islands. It has an offshore license which is not much better than no license at all. These regulators will issue a license to anyone who gives them a fee and does not deal effectively with customer complaints. Therefore, it is best to look for a regulated broker instead.  Also, check the regulator to ensure it is reliable and has high standards for its licensees. 

Our experts found out the following about UnixBroker:

  • Low tier license
  • Warning by the FCA
  • No transparency
  • Bad reviews

Our experts do not recommend UnixBroker. We encourage visitors to do research, read our broker reviews and select regulated brokers. If you have been scammed by UnixBroker 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

Sun CFD Trading Review

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Sun CFD Trading

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Is Sun CFD Trading a Scam Broker?

Sun CFD Trading’s site indicates that it offers trading services of CFDs, forex, cryptocurrencies, shares, indices, commodities and other assets. Although its copy is fluffy and unprofessional and its web design is tacky, it features photos and names of professionals in the company and claims it has a CSSF license. Is this good enough to trust Sun CFD Trading? Broker Complaint Registry took a closer look and has created this review. 

Is Sun CFD Trading a Scam or Legit Broker?

Sun CFD Trading is the subject of a warning from the CSSF, Luxembourg’s regulatory body, and they have stated clearly that Sun CFD Trading’s claims of licensing are false. There are also other official warnings issued against Sun CFD Trading by other European regulators and it is therefore clear that consumers should stay away from this broker. This is an important lesson in not taking broker’s claims at face value, but looking carefully at them before signing up. 

Our experts found out the following about Sun CFD Trading:

  • No license
  • Warning by the CSSF
  • Fluff and unprofessional content and web design
  • Bad reviews

Our experts do not recommend Sun CFD Trading. We encourage visitors to do research, read our broker reviews and select regulated brokers. If you have been scammed by Sun CFD 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

Dristor Solutions Ltd Review

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Dristor Solutions Ltd

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Is Dristor Solutions Ltd a Scam Broker?

Dristor Solutions Ltd owns other names such as Interactive Trade, so there are other financial services under this rubric. The FCA has issued a warning that Dristor Solutions Ltd and Interactive Trade are clones of FCA-regulated brokers. This is a symptom of a serious problem that is becoming more widespread. Broker Complaint Registry has investigated this and other clone scams and provides guidance to consumers on how to avoid financial scams. 

Is Dristor Solutions Ltd a Scam or Legit Broker?

Broker Complaint Registry recommends consumers avoid falling prey to scams like Dristor Solutions Ltd by researching brokers well. This means working only with regulated brokers and confirming all of their contact data and licensing information on the regulator’s website. Even those who have lost money to a clone broker scam can succeed at fund recovery with BCR experts. 

Our experts found out the following about Dristor Solutions Ltd:

  • Identified as a clone site by the FCA
  • No transparency
  • False license and information

Our experts do not recommend Dristor Solutions Ltd. We encourage visitors to do research, read our broker reviews and select regulated brokers. If you have been scammed by Dristor Solutions Ltd 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

Go Rise Markets Review

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Go Rise Markets

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Is Go Rise Markets a Scam Broker?

Go Rise Markets claims that it can create a return on investments and trades, but it has a few issues that start with site design. The site has an unhelpful design that is not professional-looking and the web content is full of fluff is vague and confusing. Go Rise Markets does not offer MetaTrader 4 or 5, which is not necessarily a red flag, but it should be noted that a proprietary platform is only as good as the broker. There is not enough information about licensing or who is behind Go Rise Markets to inspire confidence. 

Is Go Rise Markets a Scam or Legit Broker?

Broker Complaint Registry researches brokers and creates reviews to assist consumers in making the right choice. Brokers like Go Rise Markets provide only vague information about their services and licensing and have a sub-par content style and design. BCR does not recommend working with non-regulated brokers. Since we cannot find regulatory information about Go Rise Markets, we can’t recommend this broker. 

Our experts found out the following about Go Rise Markets 

  • No information about licensing
  • No transparency
  • No visibility into who is behind Go Rise Markets
  • Bad reviews

Our experts do not recommend Go Rise Markets. We encourage visitors to do research, read our broker reviews and select regulated brokers. If you have been scammed by Go Rise Markets 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

Union Credit Bank Review

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Union Credit Bank

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Is Union Credit Bank a Scam Broker?

Union Credit Bank is a legitimate-sounding organization, but according to the FCA, it is a clone broker. This means that it has copied the images and content from the legitimate website and has adopted a similar-sounding name. The idea is that consumers may get confused between the two and open an account with the scam version. The FCA has warned about the increasing problem of cloned broker websites. 

Is Union Credit Bank a Scam or Legit Broker?

Broker Complaint Registry assists in fund recovery efforts and consults with those who are victims of cloned broker websites. We recommend that all consumers do research before signing up with a broker. This means working only with a registered broker and confirming their information with the regulator’s website before signing up for an account. Since there are so many clone and scam brokers, taking the time and doing research is essential. 

Our experts found out the following about Union Credit Bank

  • Identified as a clone site by the FCA
  • No transparency
  • False license and information

Our experts do not recommend Union Credit Bank. We encourage visitors to do research, read our broker reviews and select regulated brokers. If you have been scammed by Union Credit Bank 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

Lombard London Review

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Lombard London

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Is Lombard London a Scam Broker?

Lombard Finance promises “alternate ways to grow your business” but this is not the case with Lombard London, which is a clone of a legitimate broker. The names Lombard Finance and Lombard London are very similar, the scam brokers have designed it this way to mislead consumers. The FCA has warned the public against Lombard London, which is a cloned site that is meant to distract customers from legitimate and similar-sounding brokers such as Lombard Finance and Lombard Odier Asset Management. 

Is Lombard London a Scam or Legit Broker?

Cloned websites are a growing problem. The FCA has issued warnings that consumers should always check the actual identity and licenses of brokers since many scammers are copying website images and content and using similar-sounding names. Broker Complaint Registry recommends checking all contact and licensing information of a broker against the listing on the regulator’s website. 

Our experts found out the following about Lombard London

  • Identified as a clone site by the FCA
  • No transparency
  • False license and information

Our experts do not recommend Lombard London. We encourage visitors to do research, read our broker reviews and select regulated brokers. If you have been scammed by Lombard London 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

Full Funding Circle Review

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Full Funding Circle

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Is Full Funding Circle a Scam Broker?

Full Funding Circle has been identified as a clone site by the FCA. Full Funding Circle claims to offer small businesses approved loans, but instead, it extracts fees from customers and does not deliver on promised services. It has created a name that is similar to a regulated financial service in order to mislead consumers. Therefore, Broker Complaint Registry urges consumers to avoid this false financial service. 

Is Full Funding Circle a Scam or Legit Broker?

During the pandemic, many businesses were hit hard and are still seeking loans to help them stay afloat. Unfortunately, many loan scams took advantage of this growing need among individuals and small businesses. Fake loan services take a fee and do not end up finding a loan for clients. Full Funding Circle pretends to be a legitimate service but actually takes clients’ money with nothing in return. 

Our experts found out the following about Full Funding Circle

  • Identified as a clone site by the FCA
  • No transparency
  • False license and information

Our experts do not recommend Full Funding Circle. We encourage visitors to do research, read our broker reviews and select regulated brokers. If you have been scammed by Full Funding Circle 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

Phase Asset Management Review

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Phase Asset Management

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Is Phase Asset Management a Scam Broker?

Phase Asset Management may seem like a reliable broker, but it has been listed as a clone site by the FCA. Phase Asset Management is a fake version of an EEA authorized broker and does not provide genuine investment and trading services. It is easy for consumers to confuse clone brokers with the real thing and for that reason, it is important to do research before signing up with a broker. 

Is Phase Asset Management a Scam or Legit Broker?

It is relatively easy for scammers to copy a website, including its structure, visuals, and content. They come up with a name that sounds like the original. Sometimes the only thing that gives the fake website away is the address. Broker Complaint Registry investigates these clone brokers and recommends that consumers confirm the address with the information on the regulator’s website. Do not open an account with an unregulated broker. 

Our experts found out the following about Phase Asset Management: 

  • Identified as a clone site by the FCA
  • No transparency
  • False license and information

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