Caution Investors synth.trade – Regarding registration of issuance, offer or sale of securities/derivatives, and reporting requirements
Overview:
Synth.trade is a website that claims to provide access to various financial markets, such as forex, stocks, commodities, indices, and cryptocurrencies. The platform also claims to offer advanced trading tools, educational resources, and customer support. However, synth.trade is not registered with the ASC or any other securities regulator in Canada. This means that synth.trade is operating illegally and may be involved in fraudulent activities.
Regulation and Compliance:
According to the ASC, any person or company that engages in the business of trading in securities or derivatives in Alberta must be registered with the ASC, unless an exemption applies. Registration helps protect investors by ensuring that the registrants meet certain standards of proficiency, solvency, and integrity. Moreover, registered dealers and advisers are subject to ongoing oversight and enforcement by the ASC. Synth.trade does not have any registration or exemption from the ASC. Therefore, synth.trade is violating the securities laws and exposing investors to significant risks.
Customer Reviews:
A quick search on the internet reveals that synth.trade has received many negative reviews and complaints from customers who have lost money or encountered problems with the platform. Some of the common issues reported by customers include:
– Difficulty in withdrawing funds or closing accounts
– High fees and commissions
– Poor execution and slippage
– False or misleading advertising
– Aggressive or harassing sales tactics
– Lack of transparency or disclosure
– Manipulation of prices or charts
– Identity theft or phishing
Products and Services:
Synth.trade claims to offer a variety of products and services to its customers, such as:
– A web-based trading platform that supports multiple devices and languages
– A range of trading instruments, including forex, stocks, commodities, indices, and cryptocurrencies
– A choice of account types, from basic to VIP, with different features and benefits
– A selection of payment methods, including credit cards, e-wallets, and cryptocurrencies
– A team of professional analysts and educators who provide market insights and training
– A customer service department that is available 24/7 via phone, email, or live chat
However, these claims are not verified or supported by any evidence. In fact, synth.trade may be offering products and services that are not authorized or regulated by the ASC or any other securities regulator in Canada. For example, synth.trade may be offering contracts for difference (CFDs), which are complex and risky derivatives that are banned in some jurisdictions. Furthermore, synth.trade may be using third-party providers or intermediaries that are also unregulated or unreliable.
Location of Synth.trade:
Synth.trade does not disclose its physical address or contact details on its website. The only information available is a phone number with a UK country code (+44) and an email address ([email protected]). However, these details may not be accurate or trustworthy. According to the WHOIS database, the domain name synth.trade was registered on September 9, 2021, by a person or entity named Privacy Protect LLC, located in Burlington, Massachusetts, USA. However, this may be a proxy service that hides the true identity and location of the owner of synth.trade.
Customer Service:
Synth.trade claims to have a customer service department that is available 24/7 via phone, email, or live chat. However, many customers have reported that synth.trade’s customer service is either unresponsive or unhelpful. Some customers have also alleged that synth.trade’s customer service agents are rude, aggressive, or abusive. Moreover, some customers have claimed that synth.trade’s customer service agents have tried to pressure them into depositing more money or accepting bonuses that come with restrictive terms and conditions.
Is Your Money Safe in an Unregulated Company?
The answer is no. When you deal with an unregulated company like synth.trade, you are putting your money at risk. Unregulated companies are not subject to any rules or standards that protect investors’ funds. For example:
– Unregulated companies do not segregate client funds from their funds. This means that they can use your money for their purposes or combine it with other clients’ money.
– Unregulated companies do not hold client funds in reputable banks or custodians. This means that they can store your money in offshore accounts or shell companies that are difficult to trace or recover.
– Unregulated companies do not have adequate capital or liquidity to meet their obligations to clients. This means that they can become insolvent or bankrupt at any time and leave you with nothing.
– Unregulated companies do not participate in any compensation schemes or insurance programs that cover investors’ losses in case of fraud or failure. This means that you have no recourse or remedy if something goes wrong with synth.trade.
Defensive Measures Against Fraudulent Brokers:
If you are considering trading in securities or derivatives, you should always check the registration status and background of the person or company you are dealing with. You can do this by using the National Registration Search tool on the Canadian Securities Administrators (CSA) website. You can also contact the ASC or your local securities regulator for more information or assistance. In addition, you should follow these tips to protect yourself from fraudulent brokers:
– Do your own research and due diligence before investing your money
– Avoid platforms that promise unrealistic returns or guarantee profits
– Beware of platforms that use high-pressure sales tactics or offer bonuses or incentives that are too good to be true
– Read and understand the terms and conditions of any contract or agreement you sign
– Keep records of all your transactions and communications with the platform
– Never share your personal or financial information with anyone you do not know or trust
– Report any suspicious or illegal activity to the ASC or your local securities regulator
Conclusion:
Synth.trade is an unregulated and potentially fraudulent online platform that claims to offer trading in various securities and derivatives. However, the ASC has issued a warning about the risks of dealing with such platforms. Synth.trade is not registered with the ASC or any other securities regulator in Canada. This means that synth.trade is operating illegally and may be involved in fraudulent activities. Synth.trade has also received many negative reviews and complaints from customers who have lost money or encountered problems with the platform. Therefore, we advise you to avoid synth.trade and any other unregulated platforms that offer similar products and services. If you have any questions or concerns, please contact the ASC or your local securities regulator.
