SummitFxt Review – Report a Scam
|Financial Conduct Authority||United Kingdom|
Subject: “Regarding market intermediaries (investment and trading advisers, collective investment schemes, brokers, dealers, and transfer agents)
Researching brokers is a crucial first step for successful crypto trading. We have created these review to help consumers avoid questionable brokers and crypto trading schemes. After looking carefully at SummitFxt, we have determined that it may be a scam and we recommend closing an account.
It is never worth the risk to continue trading with a broker that you do not trust. Many people do not get out of these bad investments because they are afraid they won’t be given their money when they ask for a withdrawal. Although SummitFxt is likely to behave this way, you are in any case not going to make any money with this broker.
Contact us for fund recovery guidance. Broker Complaint Registry experts are skilled at tracking down crypto frauds on the blockchain. We will work with you to track down your funds and can help you file a complaint with the authorities.
Not only do we help many clients locate their funds, but our philosophy is also to be proactive. It is much easier to avoid potential broker scams than to get funds back after they have been taken. Therefore, we have created this broker review to warn you about SummitFxt and other suspicious brokers.
Why Is SummitFxt a Suspected Fraud
We don’t jump to conclusions when it comes to making these reviews. Nor do we rely only on a few negative customer reviews. Although much of the feedback on review sites is genuine much of it is created either to boost the reputation of a broker or to trash competitors. Some dodgy brokers hire people to write phony customer reviews.
It takes working carefully investigating broker scams for years to sense whether the preponderance of reviews is reliable or not. Our experts also have other methods of sifting through relevant information, including data from regulators, news stories, and official warnings.
We also see patterns of evidence in the many scams we investigate and can locate clues that indicate a broker is not legitimate. In this case, SummitFxt seems to us to be a suspected fraud.
This isn’t just a hunch but is based on, first, alerts we receive from regulators and second, thorough investigation by our team. SummitFxt was flagged for any of the following problems and may have exhibited several of these issues.
No License or Offshore License
We always recommend our clients check that a broker has a license before they open an account with them. However, just checking that the broker claims to have a license or even that there is an image of one is not enough to stay safe.
SummitFxt might have, like many shady brokers, have claimed falsely to have a license, displayed a counterfeit license, or may show a license, but it has been revoked. This kind of fakery is unfortunately common. SummitFxt might have felt confident that people would not look farther and examine their claims.
Those who do dig deeper and go to the regulator’s site may notice that SummitFxt does not have a current license and there may even be warnings about them. It takes less than a minute to validate or refute licensing claims by checking a website.
The other possible problem with SummitFxt is that it may have a license, but it may be offshore or third-tier. Many shady financial schemes will get a license that isn’t worth anything. They can just pay a fee and get a license, but there will be no oversight or inspections, and therefore, no protection for customers.
It has come to our attention that SummitFxt has a negative reputation. This is based on not only customer reviews but expert reviews, news from regulators, and the press. Any broker can have the occasional dissatisfied client. Someone may not have made enough money on trades and accuse the broker of being a fraud. These are not compelling complaints. We have found, however, enough credible complaints against SummitFxt that it is easy to believe that they are not legitimate.
False Guarantees or Claims
SummitFxt may guarantee a certain level of returns on their website or claim that clients can make a certain amount of money. There is no way a reliable broker would make these guarantees, particularly with volatile assets like cryptocurrency. Any broker that offers guaranteed returns is simply not telling the truth.
SummitFxt has been flagged for not complying with rules and regulations either in the area where they claim to be located or in the area where their clients are located. This is a serious offense that can lead to legal action and even criminal proceedings. A broker who does not follow rules and regulations is unlikely to honor their clients. It is not worthwhile working with them.
Regulators might have warned the public against opening an account with SummitFxt. There are thousands of online brokers. If a regulator singles out SummitFxt, there must be something wrong. Once a regulator or a government organization issues a warning about a broker, it is safe to say that it should be avoided.
Does SummitFxt Do the following?
Do any of these characteristics apply to SummitFxt?
- Not licensed or third-tier license
- Aggressive tactics
- Inflated guarantees or claims
- No transparency
- No contact information
- High fees, spreads, and commissions
- Will not allow withdrawals
- Cuts off communication
If you see any of the above with SummitFxt close your account, request a withdrawal, and be finished with them. However, our experts understand that few scam brokers simply return clients’ money on request. That is why you should contact us immediately to help you deal with SummitFxt. We can help you track down your funds on the blockchain.