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Caution Investors DerivTradingLive – Clone – Regarding fraudulent or manipulative practices (insider dealing, market manipulation, misrepresentation of material information, etc.)
DerivTradingLive Review: A Clone Scam to Avoid
DerivTradingLive is a website that claims to offer online trading services, but it is actually a cloned scam that uses the details and website contents of a genuine company, Deriv Investments (Europe) Limited, to deceive the public. The Malta Financial Services Authority (MFSA) has issued a warning about this fraudulent entity and advised the public to refrain from doing any business or transactions with it.
Regulation and Compliance: MFSA Issues Warning
The MFSA is the regulator of financial services in Malta and it is responsible for ensuring that financial service providers comply with the relevant laws and regulations. The MFSA also protects consumers from scams and fraud by issuing warnings and alerts about unauthorised or suspicious entities.
On 31 October 2023, the MFSA published a warning on its website about DerivTradingLive, stating that it is not a Maltese registered company nor is it authorised to provide any financial services in or from Malta. Moreover, the MFSA clarified that DerivTradingLive has no association with Deriv Investments (Europe) Limited, which is a licensed company that operates under the brand name Deriv.com.
The MFSA warned that the website https://derivtradinglive.net/ appears to be a clone of the website of the legitimate entity and that the public should therefore avoid any contact with the false entity. The MFSA also urged anyone who has been approached by or has conducted any business with DerivTradingLive to report the matter to the MFSA or to the Malta Police Force.
As expected, there are no positive customer reviews about DerivTradingLive online. On the contrary, there are several complaints and negative feedback from people who have fallen victim to this scam or have been contacted by its representatives. Some of the common issues reported by customers are:
– Being pressured to deposit money or provide personal information
– Being unable to withdraw funds or access their accounts
– Being ignored or blocked by customer support
– Being threatened or harassed by phone calls or emails
– Being offered unrealistic returns or bonuses
Products and Services:
DerivTradingLive claims to offer various products and services related to online trading, such as forex, stocks, commodities, indices, cryptocurrencies, binary options, and more. However, these are all fake and misleading claims, as DerivTradingLive is not authorised or regulated to provide any such services. Furthermore, DerivTradingLive does not have any connection with Deriv Investments (Europe) Limited, which is the genuine company that offers these products and services under the brand name Deriv.com.
Deriv.com is a reputable and trusted online trading platform that has been in operation since 1999. It is licensed and regulated by multiple authorities, including the MFSA, the UK Financial Conduct Authority (FCA), the Cyprus Securities and Exchange Commission (CySEC), and the Labuan Financial Services Authority (LFSA). It offers a wide range of trading instruments, platforms, tools, features, and educational resources to suit different levels of traders. It also has a strong reputation for customer service, security, transparency, and innovation.
DerivTradingLive does not provide any physical address or contact details on its website. It only provides an email address and a phone number, which are likely to be fake or unresponsive. This is a common sign of a scam, as it makes it difficult for customers to verify the identity or location of the entity.
Deriv Investments (Europe) Limited, on the other hand, has a registered office address in Malta at W Business Centre Level 3 Triq Dun Karm Birkirkara BKR9033 Malta. It also has other offices in Malaysia, Paraguay, Rwanda, UAE, and Ukraine. It provides multiple channels of communication for its customers, such as email, phone, live chat, social media, and web forms.
DerivTradingLive does not have any customer service or support team. It only has a team of scammers who pretend to be customer representatives or account managers. They use various tactics to lure customers into depositing money or providing personal information. They also use aggressive or abusive language when customers try to withdraw funds or complain about their service.
Deriv.com has a dedicated and professional customer service team that is available 24/7 via email, phone, live chat, social media, and web forms. They are friendly, helpful, and responsive to customer queries and issues. They also provide various resources for customer education and assistance, such as FAQs, guides, tutorials, videos, blogs, webinars, glossaries, etc.
DerivTradingLive is a clone scam that uses the details and website contents of a genuine company Deriv Investments (Europe) Limited to deceive the public. It is not authorised or regulated by any authority and it has no association with Deriv.com. The MFSA has issued a warning about this fraudulent entity and advised the public to avoid any contact with it. DerivTradingLive is a scam that should be avoided at all costs.