What Are ICOs?

ICOs or initial coin offerings are additions of a new type of digital coin in the market. It is the opportunity to help launch a coin and gain profits on the premiere of a new cryptocurrency.

ICOs are now increasingly popular and are considered to be the ‘popular fundraising methods.’ There are now thousands of coins in the digital coin market. Companies and startups that want to raise funds to create a new coin, app, or service launch an ICO.

ICO is for the young and risky in the cryptocurrency industry.

Many ICOs have been successful and yielded enormous returns for investors, but on the other hand, many have turned out to be complete scams. ICO scams are, in fact, the rotten apples in the crypto-asset industry.

How do ICO Scams Work?

The popularity of cryptocurrency and the hurry to get in on the next deal has led to many scams. Unfortunately, the chances of loss here, even in the best of conditions, are higher than gains. Cybercriminals are pretty adept at scamming people through risky investments.

ICO scams take the investor’s money and either say that the coin launch was a failure and keep the funds or just shut the investor out altogether. The idea behind crypto, forex trading, and ICO scams is that it is easy for scammers to convince the traders that they have lost the money since the trade is risky.

Investors are also less likely to go after the scammers since they are already aware that they could lose their money regardless. One can end these scams when one decides to report them. The risk factor of the fraud should not overshadow the crime.

Many people enjoy risk and are welcoming of the reward, they trade money that they can do without, and it opens a window for scammers to jump in. Every ICO scam follows a pattern that starts with a post or a social media ad that urges people to invest in a new type of digital coin. Then, they give you a sort of a “limited period offer” to make hasty decisions in their favor. Finally, they promise that they are the next big thing and will generate huge returns only to ghost the investor later.

Then you are asked to transfer money via cryptocurrency directly to a personal account. The ICO scammers will then disappear or state that the investment was a failure. They even try to extract more money by saying that they need to send more money to retrieve their funds or that there is a more significant profit if they combine the first amount with additional funds.

The scammers at times even ask for sensitive personal information like bank information, photo IDs, or social security numbers.

How to Identify ICO Scams?

Get rid of ICO scams and phony coins with some extra steps,

Read whitepaper

Check the project’s whitepaper to gain an insight into everything. It helps layout the background, goals, strategy, concerns, financial models, SWOT analysis, and the timeline for execution for any blockchain-related project.

Avoid companies with no whitepapers at all costs.

Know the team

Thoroughly research the team members of a deal. It is essential because developers and the administrative team are crucial for the success of any ICO. Check their social media platforms such as LinkedIn. Take the initiative to see if their credentials match up, explore the development team’s expertise and if their promises are practical and believable or not.

Evaluate their promises

It is crucial to scrutinize all their marketing tactics and their guarantees practically. If it is too good to be true, it is likely a scam.

How to Avoid ICO Scams?

Examining the patterns of ICO scams helps you recognize them and avoid them seamlessly. You can keep your money and data safe from an ICO scam by,

• Investing in an ICO only on through an ICO platform
• Researching the people and company behind the ICO thoroughly
• Not transferring money to personal accounts
• Ensuring there are payment options
• Not making hasty decisions
• Not clicking directly on links

Ignore the ICOs that take place entirely on social media. You should be referred to an ICO platform and not solely on social media. Check for a secure website and a strong background in financial products and cryptocurrency.

Also, avoid ICOs that accept payments through cryptocurrencies since it makes it easier for a scam to disappear with funds paid in digital currency. On the other hand, if there are multiple options to send money only through the platform, it is a reassuring sign.

What To Do If You Have Been Scammed By ICO Scams?

80% of ICOs are scams, but one can stay safe from them by taking certain precautions like not investing in unprofessional deals on social media and researching thoroughly.

Developers use great tactics to fool investors, and therefore with the current rage being vigilant is crucial before investing in an ICO. So invest your time, be alert, and do your research before investing.

If, however, you end up lending money to ICO scams, we are here to deal with it. Our financial recovery experts have vast experience dealing with regulators, banks, and law enforcement.

Crypto Victim Desk is the right place to turn to when you have been a victim of an ICO scam or any other type of fraud. Talk to us today.

What is a Loan Scam?

Loan scams are essentially a crime that does not follow any legal guidelines. The money in loan scams never actually materializes. They are not just unfair or have unaffordable terms; they never really turn out to be a loan.

What types of Loan Scams are there?

Crooks prey on a consumer’s financial weakness by promising financial assistance. Let’s look at the various types of loan scams through which they lure the victims in,

Student Loans

Student loan scams play out either by charging to help fill out the FAFSA form or debt relief companies that guarantee loan forgiveness but are just after fees.

They may guarantee impossible offerings with incorrect advice for complex situations. They demand costly upfront payments and are laden with lawyers to appear legitimate.

Most student loans are made through the government, but private student loans are available from banks, credit unions, and other institutions. Also, many personal student loans have variable interest rates, contrary to the lower fixed rates offered by federal loans.

Mortgage

Mortgage scammers often find people who are having financial troubles by reviewing publicly available foreclosure notices. Scammers even promise that the homeowners can stay in their house, followed by signing loan-like paperwork. In reality, the owner is signing off the house to the individual.

At times, they demand fees for counseling or auditing but do not deliver any real help.

Personal Loans

Legit personal loans can help you with debt consolidation, but they are not debt relief scams. They promise to settle your debts but end up charging you fees. With your debts still unpaid, your accounts fall into default, and your credit score gets damaged. It may also lead to a lawsuit from creditors.

Car Title Loan

With your car title as collateral, you can get a loan of up to 50% of the car’s value. The usual interest rate on a car title loan is 25% per month and must be repaid. Meaning if you got a loan of $500, you would have to repay $625 in addition to the fees within 30 days, or your car gets repossessed.

In some cases, the loan gets rolled over into another month, leading to an even larger cash outlay, somewhere around $800 to pay off the interest and fees.

How do Loan Scams Work?

Loan scams layout various ways, the basic being tricking you into paying money and then not coming through with the loan funds. Standard scammer techniques are:

• They do not require a credit check.
• The scammers demand upfront payment like an application or credit check fee before processing your application.
• They ask you to send money through a channel that is hard to trace and does not involve a bank account.
• They pressure you into making a decision instantly.

Borrowers with bad credit who won’t qualify for other loans could be at risk from scammers who are out to prey on helplessness.

The trademark of a loan scam is an advance fee. Dishonest lenders charge upfront fees for services, insurance, or processing, by promising future funds when they never actually plan to lend any money.

Advance fee loan scams are still going very strong, the only change being the ways the victim is approached and engaged with. They refer to news and pop culture to sound more relevant and authentic.

How do you spot Loan Scams?

If you are looking for a loan, always go through these red flags to stay safe,

Upfront Money

Do not pay money before getting your loan capital. The scammer might ask you to make a payment through an unusual payment method. There is a legitimate fee levied, but any other costs other than that are a red flag.

High-pressure sales tactics

Do not fall for the “act now” or the “limited time offer” call to action. These are ways to pressure you from making fast and wrong decisions.
Be 100% sure of what you are diving into, know the process and where you fit it, ask for verification.

Credit Cross-Check

Your creditworthiness is determined based on your credit score. Therefore, the companies promising not to check your credit are potential scams.

Who approached whom for the loan?

If a company advances towards you out of the blue with an offer for a loan, it is likely a scam.

The physical address

A legitimate should have a physical address that you can check. If there is none, it is likely a front for a scam. Check if the company is registered in your state with your state’s attorney general’s office.

Unsolicited loan approval

It is a scam if you are approached saying that your loan has been approved when you don’t recall initiating one.

What to do if you have been Scammed by Loan Scams?

Regardless of what the loan is, always take precautions to not fall for a scam. Read the entire agreement with the FINE PRINT. Understand the costs, the time period you have to clear the due, and your default penalties. Do not sign off a loan until you are fully aware of the terms and conditions.

Despite taking all the precautions, it is likely to fall for a loan scam. If you have unfortunately fallen for loan fraud, don’t worry. Our Crypto Victim Desk experts will help you get your funds back.

Is CFD Trading a Scam?

CFDs are a genuine investment alternative and trading product. It follows a standard procedure and isn’t a suspicious asset. The market participants trade it on leverage, and their profits and losses depend on the gap between the trader’s opening and closing prices. CFDs allow traders to deal in high-risk investments through liquid assets comprising stocks, forex, indices, commodities, and more.

After trading in CFDs for decades, traders look at it as a suitable asset now. There was a time when CFDs were unavailable to investors who lacked experience dealing with high-risk investments and had a net worth below £100,000. The point is the more the market opens up to traders, the more it liberalizes scammers and other dishonest schemers to get things their way.

Although CFDs are high-risk assets, they aren’t a scam. But CFD scams still occur, with several scammers preying on the traders and their money.

How CFD Trading Scams Work

CFD frauds work in varied methods. The most popular practice involves fraudulent brokers cold calling targets. They implement high-pressure sales strategies to convert targets into clients(more like victims). The customers are persuaded into trading higher by chipping in more funds.

These scams further diversify and operate in every sector, including; forex markets, cryptocurrency scams, and more. First, clients are led to believe that trading can be favorable with the broker with hefty returns. Then, once the traders start depositing money, they’re suggested that expanding their investment can maximize their profits.

While some potential CFD brokers only try to steal money with excessive commissions on each trade. The majority of the scammers still try to get the clients to trade more and vanish without paying any returns.

The expertise, special trading features, and services that the brokers flex on are just a cover-up. Victims are often shown false progress in their accounts. The fraudulent CFD brokers run the entire plot by feeding the trader a delusion.

To understand the scam adequately, let’s look at all the methodologies that the scammers use to steal money from the victims;

Use Of Fake Trading Bots

Plenty of these online scammers promote trading software and bots that assure accuracy and yields. The bot formulated by the experts is declared to be the best at decision-making. It gives signals and assists the traders in taking the path to success.

Further, they claim that the software developer has created an algorithm that makes trading easy with predictions. They guarantee 98% of preciseness to the predictions. Beginners and inexperienced traders find such options amusing. They opt for it without verifying the software, the provider, or the market fundamentals.

However, things end up ugly when the traders finally realize that what they were in for was merely a scam. When they understand that the market is unpredictable and does not work on a pattern learnable by the bot, it is already too late by then. The provider not only takes away your deposits but also levies fees on the bot service.

Alluring Leverages

The most appealing way of getting a trading audience to sign up for a scam is by introducing sizable leverages on trade. Unfortunately, most scammers also religiously rely on this method. If one sees leverages as high as 1:1000, they are likely to give in to it as a trader.

The rewards appear to be so provoking that one wouldn’t even stop to check whether the broker is registered or not. The trader’s sentiments overpower their ability to think straight. Hence, the next time you notice insanely high leverages, do not jump into the trade without any background check.

Huge Bonuses For Signing Up

Generally, every trader initiates trading by signing up for a new account. In the vast number of brokers, many offer sign-up bonuses and other rewards to get customers. Now, there is nothing wrong with that; however, understanding the motive behind why a broker would give off huge bonuses is crucial.

To attain the sign-up bonus, a trader must create an account and deposit their money. But, unfortunately, the scammers we refer to make traders sign-up and invest while they never pay off the bonuses.

How to Spot CFD Scams?

Although scammers always develop innovative ways to get victims, some familiar and old tactics still work for them. With the assistance of our experts, we’ve listed down some warning signs that can help you spot a CFD scam.

• • The broker is unregulated.

A lot of brokers pretend to follow all the regulations even when they run an unregulated business. They might even put up fake certifications or show connections with renowned authorities.

• • The company lacks details

Brokers who run a sham want to hide their dealings most of the time. Therefore, they never publicly trade or post about their firm or operations anywhere. Many websites are vague and include no warning sections informing the users about the risks involved in trading.

• • Offers excessively high returns

If a broker claims to offer unrealistic returns, it can indicate that it is a scam. Returns within the market cannot be predetermined as the market is uncertain.

• • Has a pushy customer support

If a customer support agent cold calls traders and pressurizes them into making decisions, they might be a scammer. Such type of pushy behavior is consistent among fraudulent customer support teams.

How to Avoid CFD Fraud?

Evaluating just the warning signs isn’t enough when you are trying to prevent CFD scams. So we’ve put together some points that can help trade safely.

Here are things to focus on before you settle for a broker;

• Confirm whether the broker has a valid license.
• Make sure their claims in terms of returns are in sync with the market potential.
• Check whether the broker meets the necessary regulations.
• Conduct a background check on the company
• Do not fall for advertisements or promises that guarantee to give you over or beyond what’s possible.
• Scan through its reviews and what its users have to say about it.
• Verify if its address is correct.

What to do if you have been Scammed by CFD Scams?

If you’ve missed all the warning signs and fell right into a scam, you can report it to the authorities. Connecting to a scam recovery agency can be the ideal alternative as they can help you understand the situation and resolve your issues.

Crypto Victim Desk is a top-notch fund recovery service that supports online scam victims. So regardless of whether you lost money in a sports betting scam, cryptocurrency scam, or romance scam, we’ve got you covered. With millions of cases solved to date, we continue to take the lawful method in recovering money for the scam victims.

Our elite team comprises the best of attorneys, consultants, detectives, analysts, and other experts. If you have queries about a firm you invested in or want to verify them, you can always connect to us. Reach out to us now for a free consultation session!

What is S2Trade?

Before handing your money to someone, know who they are and where you can find them. S2Trade extends beyond the country. On their site, they claim to have spread their services across Europe and Asia. One can open an account with them from anywhere in the world.

S2Trade is also known as S SquareTrade. GoldTech Media Services OÜ owns and operates the business. In addition, it acts as a forex broker based in Estonia. The brokerage services were initiated in May 2017. S2trade has assets such as forex, indices, commodities, and shares.

Further, it provides services across three distinct account types. Dealings are generally done through USD, GBP, and EUR.
Let’s look at s2trade scam or not,

Is S2Trade Legit or a Scam?

Yes, Definitely! While everything about S2trade seems genuine, the fact that it’s a scam remains unchanged. Especially after a massive batch of traders dealing with losses due to their deceptive moves. S2Trade was good at covering up and getting rid of reviews. But, not anymore!

S2Trade is an unregulated broker; they have no restrictions whatsoever. S2Trade has no license from any financial regulator in the world. Working with a broker with no license is a bad idea; you are left with no one to run to if you collide with hurdles. You will always be uncertain of its safety.

The lack of licensing and regulation is your first red flag of the S2Trade being a scam.

S2Trade scam does not describe any details related to the senior management. Moreover, there are no records available regarding the registration regulation of the company by any legitimate and government authorized financial institution. Therefore, it would be better to say that the s2trade scam is legit and stay away from such brokers.

S2Trade Services

S2Trade offers many currency pairs for forex trading and, on top of that, offers CFDs trading for commodities, metals, and indices. The offerings here are not too bad.

S2Trade Trading conditions

The minimum balance you need to open an account with S2Trade is $500 for a standard account. Although the minimum balance is not unreasonable, some brokers also allow a $100 minimum balance. But looking at their regulation, it is not understandable that they require this high of an amount.

They have several account types; the basic ones have reasonable spreads on the major forex pairs. With exotic pairs, the spreads become very wide, making the trading costly. When it comes to ECN accounts, they charge a commission, but the spreads remain relatively wide.

There are numerous brokers out there that will offer you better trading conditions as compared to S2Trade.

The aspect of trading with S2Trade jeopardizes your funds due to the absence of any information in the public interest. Furthermore, trading with an offshore broker has its own risks; take strict precautions before entering any trade activities.

S2Trade Complaints

S2Trade complaints have surged into our scam database. If you are searching for reputable online trading brokers, then we recommend you stay away from S2Trade. Although there are many broker scams, you should use caution and go only for regulated entities.

When you trust a broker with your money, you are also giving your data. Predatory scam brokers are after your money, yes, but also your data. Therefore, you must be careful and avoid any trading broker that raises severe warnings. The abundance of complaints points to the high potential of it being a scam.

S2Trade to Withdraw Money

These brokers make depositing as easy as possible but come to withdraw, creating all kinds of problems.

If you are looking to select a broker, cut off S2Trade from the list and select only regulated and adequately licensed brokers.

How S2Trade Scams Work?

When we look at the company deeply, it throws light on the fact that GoldTech Media Services OÜ runs Glenmore Investments along with S2Trade. It is another Forex broker that provides similar services, but their website is quite junky. It appears to be made in a hurry and by an inexperienced designer. Running two separate brokers offering similar services points to something shady at work.

Another red flag is the company’s location. GoldTech Media Services OÜ is located in Estonia, but its official phone number is based in the UK. Upon investigation, it was revealed that the number belonged to a company called We Love Communications Limited.

The S2Trade bonus does not appear so bad; clients receive a 25% bonus on their deposit. You also get to withdraw your bonus if you achieve the minimum required trading volume. Fulfilling the minimum requirement is difficult, but it’s also better than the bonus offered by other brokers, which cannot be withdrawn at all.

It is pretty clear now that the company raises enough red flags to be declared a scam.

Why Is S2Trade A Scam?

Unregulated Business

As a broker operating across various investment sectors and countries, complying with the set rules become crucial.
Regulatory authorities require the brokers to follow their laid regulations. When a business fails to do so, its reliability becomes doubtful. Besides, there’s no proof that your funds will remain secure with them. Hence, we at Crypto Victim Desk suggest not to trade with S2Trade.

Lures Investors With Lies

If you notice ads or videos by S2Trade, they generally focus on keywords such as “get rich quick” or “make money with S2Trade”. But, in reality, the investor attains no money and ultimately realizes it’s a scam. The company claims to offer support 24/7 but doesn’t lend the same. Further, withdrawals never work, even if your account displays profits.

How Do You Spot an S2Trade Scam?

You can identify a scam through some common red flags that raise doubts.

It’s a scam if S2Trade blocks your account or you cannot log back into your account. It can also be that they froze your account. The broker can also take money out from your account.

If the website has been taken down out of the blue, it is a scam. A scammer will also stop taking your calls once they get the money or data they want. So if S2Trade took your money out without your permission, it is a quite definite red flag.

It is a scam if they are requesting more money for your account after losing a considerable sum of money.

What to do if you have Lost Money in S2Trade Scam?

Whether it’s an S2Trade scam or any other forex scam, keep in mind that your money rightfully belongs to you and is recoverable. Crypto Victim Desk puts in all the efforts so our clients can get their money back and feel safer within the investment sector. So if you have lost your money or already signed a contract with S2Trade scam, just reach out to us, and we are here to take care of the rest.

What is Push Money App?

Push Money App is a platform that allows investors to sign up, invest, and make fast income. It associates investments towards binary options trading. The software was developed and created by Mike Callahan and Dennis Moreland. Dennis Moreland also features in all the promotional videos. The majority of push app’s popularity comes from his persuasive skills.

They claim it is the best binary options trading software, but he conveniently forgets why it works. They argue that they have paid loads of money to the beta tester from various backgrounds.

Unfortunately, there is no genuine and verifiable information about this trading software. For example, the website or the pitch video does not mention the strategy Push Money App uses to give winning signals to traders.

How Push Money App Works?

Push Money App is easy to use. It requires only your name and email id to continue your registration. You receive an instant bonus of $10,000 in VIP membership, and to access this bonus, you have to select any associated broker with the trading app. Then, they ask you to pay a minimum of $250 to activate your trading account fully.

And although you receive the $10000 bonus, you are required to deposit $10000 in your trading account from your pocket. Once this gets done, you click on the auto trading button in your application to continue auto trading. Then you read a short introduction of the Push Money App and how it’ll help you get money.

The software designed to do everything for you makes it a supposedly excellent choice for new and experienced traders. However, as you start using Push Money App, you will soon realize that you need to have a working knowledge of these markets to stand a chance at succeeding. Moreover, the welcome screen will advise you not to gain the returns you expect unless you strictly follow their instructions.

But does the app do everything that it claims to? Let’s look at push money app scam or not,
The application, without a doubt, appears genuine but is similar to most fake trading software; it is a fabricated binary option. To promote the scam, the app owner uses fake screenshots, paid actors for testimonials, and a bunch of lies.

A thorough investigation suggests that the trading software is not genuine. The information in the pitch video and the site about the trading software’s performance is inaccurate and fake. Let’s see why we consider the Push Money App scam is legit,

What is a Broker Scam?

Broker scams, simply put, are impersonation scams, and they keep updating with new variants every day. It can be cyber-related incidents, including swindlers creating fake websites taking actual industry professionals’ names and professional details with no connection to these imposter sites.

Impersonation is among the oldest scams but at the same time; they are also tricky to spot unless you are sure of what you are looking for.

How to Identify a Broker Scam?

Here we list for you the two patterns to be aware of and tips to know whether broker scam is legit,

Imposter Websites

The scam is carried out by setting up imposter websites with a registered investment professional’s name and publicly available professional details. The scammers then call and direct potential victims to the imposter websites.
Often their goal is to mimic a legit website to obtain the personal information or login credentials of existing or potential clients.

To make these imposter websites, you should look for typical mistakes such as poor grammar, spelling errors, or misuse of investor terminologies. In addition, the investors should be wary of websites using the name of the registered representative as the domain name for the website.

Imposter Documents

The other broker imposter scheme involves an unregistered individual impersonating a registered investment professional to entice potential investors. For example, a scammer creates a fake version of a public report of a legitimate broker (an experienced broker with a clean regulatory record).

The manipulated report is then emailed to you using a registered investment professional’s name and CRD number but with an unregistered company as a broker-dealer.

The solicitation asks for some documentation and a request for the personal information of the investor.

Scams to beware of when choosing a Broker

To avoid falling for these investment scammers, let’s look at five scams you should look out for when choosing a broker.

Excessive or hidden charges

Brokers often take hold of your money by charging you through increased spreads, fees, and commissions. Certain unethical brokers charge more than typical brokers. Misinterpreting information on spreads, commissions, and fees can lead to swindling as, at first glance, they seem to match the standard pricing of leading competitors.

They hide the actual pricing information from you. And while an experienced trader can make out the scam, beginners are likely to fall for it for a prolonged period.

Stop-Loss Hunting

Market manipulation is quite hard to prove and yet goes on to be among the most profitable scams fraud brokers use to grab their clients’ money. The broker has access to the clients’ trading information and can set up certain market moves that automatically force traders to close their positions by hitting stop-loss orders. This causes short-term volatility in the market and leaves many traders in the red.

Read reviews of the broker before going all-in. Then, do rigorous research for more information about your broker.

Market manipulators are individuals who influence the market with their actions. Likewise, bogus investment companies practice moves and strategies that are likely to favor them over their clients.

Signal Sellers

Brokers often offer trading ideas to encourage you to make trades. Although it is a valid manner to add to your trading repertoire, some brokers go ahead and provide trading signals. And although not all signal sellers are scammers, it is always good to approach such offers with healthy skepticism.

Additionally, signal sellers also direct traders with indicators that can bring the best outcome. However, some sly ones sell signals that can only get them money instead of their end consumers.

Robo Advisors

Robo advisors are similar to signal sellers, and many claims they have programmed an algorithm and autopilot that can beat the market consistently. They make things as simple as possible so that anyone, even with no knowledge of the markets, can take part and invest in scams.

The fraudulent brokerage firms with an automated trading system often promise accuracy and big rewards. But the results are always disappointing.

Overly Exaggerated Or Guaranteed Returns

Schemes often offer a guaranteed return on investments which is “too good to turn down.” However, take these offers with skepticism as they often find the broker will simply vanish with the investor’s capital.

Broker Fails

It refers to the group of brokers who use trading losses as cover stories to their blunders.

Unregistered & Unregulated Trading Business

There are plenty of offshore trading businesses or brokers that run their practices without any certifications.

Pyramid & Ponzi Scheme

Two investment rackets that carry massive marketing campaigns to attract and deceive investors.

Boiler Room

It introduces a broker that executes from a temporary location. A type of sham that makes cold calls and interacts across social media sites using fake identities. These activities take place inside an enclosed space known as boiler rooms. Further, brokers disguise their identity by moving from location to location with distinct names.

Pump & Dump

A scheme that the brokers put in place to make big money. To be more elaborate, the broker starts by pumping money into a low-priced asset. Further, they convince the investors into funding it. Then, as the asset sees a price hike, the broker nonchalantly dumps (sells) their funds, making the asset fall again.

Bad Brokers

Here’s a category that includes the worst of its kind. Bad brokers use a similar set of tricks to deceive investors. First, they propose irresistible investment plans and eventually complicate the withdrawal.

How to Avoid Broker Scam?

Working things out in a financial market can in itself be a complex task. Furthermore, spotting scams can feel like shouldering one with more responsibilities. However, being aware is instead a continuous process that requires effort.

To make things easier, we’ve listed a few red flags that investors can keep an eye on;

• Brokers exhibit their client’s lavish lifestyle with expensive cars, designer clothes, and gigantic houses, all from their profits.
• Making claims that Brokers transferred your money to the wrong account at the time of withdrawal.
• Investment companies are constantly urging more money in the form of deposits.
• Charges excessive or hidden fees that are exposed after your funding.
• Putting traders through the pressure of making rapid decisions.
• Gives you the ghost treatment after you’ve put your wealth at stake.
• Massive and guaranteed returns.
• Testimonials that are too fancy to be true.
• Assuring zero risks or losses.
• Sidestepping questions regarding withdrawal.
• Complicated withdrawal procedure.
• Suspends account after deposit.
• Runs an unregulated or unlicensed business.
• Blocks your account access after you’ve invested.
• Business operations shut down abruptly.

What To Do If You Have Been Scammed By A Broker Scam?

The red flags mentioned above give a brief idea of the common approaches that fraudulent brokers use. However, learning the right actions to take is a whole other chapter. For instance, these indicators can stop about 40% of the traders from falling for a scam. But the rest, 60%, who fall for it still seek ways to escape the trap.

That’s why Crypto Victim Desk provides solutions that help recover money lost to scammers. As a fund recovery agency, our core values focus on protecting our clients and their funds. Therefore, we follow legal procedures and ensure that we build a strong case with a thorough investigation.

With $19k recovered to date, Crypto Victim Desk helps recover money from distinct scammers. To name a few, we’ve aided victims through the Fmtrader scam, Cryptocurrency frauds, USI-tech scam, broker scam, and plenty of other digital scams. So reach out to us now and avail of our free consultation!

What is SimpleFX?

SimpleFX was founded in 2014; it is a CFD broker. The broker was registered with an International Business Company in St. Vincent and the Grenadines; it was bluffing about its 200,000 registered users; the twist here is that it doesn’t have a license from a financial regulator. Their advertisement shows that the company provides securities of funds, a negative balance protection policy, and segregation of client funds with many other things.

The broker has been blooming since its inception and claims to trade in 160 countries around the world. SimpleFX has also made trading more beginner-friendly with their web-based trading platform. They also offer an MT4 platform for experienced traders.

The site and platform focus on a global audience and have been translated into over 18 different languages.

How SimpleFX Works?

The broker was offering clients many facilities such as trade commission-free on more than 200 different financial CFD instruments, almost all covering Forex, Stocks, Cryptocurrency, Commodities, and Indices. SimpleFX provided these services via the MetaTrader4 trading platform and the SimpleFX MT4 Tools Web Trader platform for Windows.

SimpleFX also had an exclusive trading app for its users on Android and iOS. The app covered trading for more than 60 currency pairs, more than 16 cryptocurrency pairs, and a vast range of indices, commodities, and stocks, all of these have many deposit options. SimpleFX also includes five significant cryptocurrencies.

All the traders with SimpleFX were offered 500:1 leverage, spreads from 0.1 pips, multi-currency accounts, and this also included no minimum deposits. However, the most intriguing feature was a trading community for signal trading between all MetaTrader 4 brokers. They also had an active trading blog covering the current market and giving live analysis.

They offer low FX spreads on an expansive range of Forex pairs. The customer support provided was stellar and responsive; it leaves you with a strong impression of the broker. They also offer MT4 to their traders. It also has room for traders who have progressed from Web platforms to hone skills on an advanced and world-famous trading tool.

The site also offers a demo trading account you can practice on without risking your money. SimpleFX also states that all quotes used on demo accounts are similar to the real trading accounts with a 5-minute delay, so you get the accurate practice to trade in live markets.

SimpleFX Spreads, Leverages, and Fees

SimpleFX leverage is up to 1:500, the usual for offshore brokers. The spread ranges from 0.9 pips, which is the typical industry average. The fees and commissions are not stated clearly, which raises a red flag similar to the other red flags the company raises.

The Trading Account Types Offered

The brokerage company offers one account type only, which limits a user. Adding more money will not unlock better terms, leaving them uninterested. A minimum deposit of $1 is required offering leverage up to 1:500.

The Demo Account

Apart from the standard live account, SimpleFX offers a Demo. However, this account works solely for the broker’s proprietary trading app and not for the MT4. As a result, traders might experience different conditions than those provided on MT4 and limited charts and indicators.

SimpleFX scam offers the following security measures to claim their trading is safer,

• Two-factor authentication
• Negative balance protection
• No dealing desk
• Fast and secure transfers

Is SimpleFX a Scam or Legit Broker?

Here comes the most crucial question of all. The safety of a broker and their funds tops our list when looking at a broker. First, you have to look through all the broker offers and know if it is not leading you astray; this is your first step to success. Next, you have to be assured that your funds are in the right hands.

To ensure the authenticity of a particular online trading medium is the regulation by an official financial entity. The broker has to accomplish the essentials and criteria to be eligible for a license. Let’s look at SimpleFX scam is legit,

In simpleFX’s case,

It is potentially a scam; the broker is registered offshore and does not have any proper license from a trusted financial regulator. It is unsafe to trade with SimpleFX; we advise you against trading with an offshore broker. The financial investment service they offer is not worth your trust.

SimpleFX is registered by the IBC with register number 22361 and has LEI (Legal Entity Identifier) of 21380042B8QJ87V4HA89. However, it still remains unregulated. Saint Vincent Law binds its operations. The main reason for the lack of regulation, according to them, is their use of cryptocurrencies.

What to do if you have been a Victim of the SimpleFX scam?

To sum up. SimpleFX scam has a good show with the web trading platform and its clean and intuitive layout. Moreover, the trading experience offered is not that intimidating for those stepping into FX trading for the first time. But we cannot, however, ignore its lack of regulation.

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