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Financial markets have become the talk of town these days because of the high returns they offer. But, you cannot talk about the rewards without talking about the risks and there are a number of them that you have to take into account. The process starts with your search of a broker and here you will deal with a major risk of scammers. There have been multiple incidents of shady and fraudulent brokers where people ended up losing their hard-earned money. Doing your due diligence like going through this Bitswapfx can help keep you safe from similar incidents.
It is essential to bear in mind that brokers do not come with an obvious warning sign of being a scam and fraudulent platform. As a matter of fact, many of them go to great lengths to masquerade as legitimate platforms, so you will not realize the truth until it is too late. You definitely don’t want to be another statistic and this means being diligent when you are considering brokerages. This is also applicable in the case of Bitswapfx, one of the many options you will come across when you start looking for a platform.
A quick look makes it appear as a comprehensive trading solution, but you only have to look a bit closer and see how the house of cards falls apart. Let’s check out some of the various problems associated with Bitswapfx that show it is up to no good:
False licensing and regulation
Every expert you talk to will advise you to sign up with a regulated and licensed broker because these are compliant with strict rules and regulations and can be held accountable in case of a problem. They have a proper license to offer their trading services and this ensures proper protection for traders in their activities. The fact that Bitswapfx claims to be licensed and regulated, not only in one jurisdiction, but in two, will obviously grab your attention.
However, you have to remember that saying is one thing and actually being regulated and licensed is another and you will find just how true it is in the case of Bitswapfx. First off, the brokerage claims to be licensed in Australia, but by the Financial Services Authority (FSA). This is obviously a false claim because the regulatory authority in the country is the Australian Securities and Investment Commission (ASIC) and not the FSA.
The next claim that you will come across at Bitswapfx is regulation by the Cyprus Securities and Exchange Commission (CySEC), which would make them regulated in the entire European Union by extension. But, you can check the register of the regulatory authority and not find them mentioned anywhere.
Most importantly, it is not possible for Bitswapfx to be regulated in Australia or Cyprus because they are breaching the policies regarding leverage. The broker also offers bonuses that are also banned in various regulated jurisdictions, which is further confirmation that we are not dealing with an authentic company.
Branding of legal documentation
You would obviously want to take a look at the legal documentation and Terms and Conditions of a broker before signing up. After all, they will establish what kind of relationship you will have with them in the long run, including the policies you will be required to comply with and the fees to be paid. Unfortunately, you will come across a glaring issue with the Terms and Conditions at Bitswapfx.
Their legal documentation is branded with the name of Fondex, which is an actual broker, but it is not connected to Bitswapfx in any way. This clearly shows that they have simply copied the policies of a different broker as a shortcut and only a fraudulent platform would do so.
High levels of leverage
As mentioned earlier, Bitswapfx is in breach of the leverage policies that are imposed in both Australia as well as the European Union. While leverage may seem very attractive, it is a fact that it can also be very risky. Keeping this in mind, regulatory authorities decided to impose a limit on the amount of leverage that could be provided to minimize investor risk.
Thus, the maximum leverage that brokers in Australia and Cyprus can offer is 1:30, yet Bitswapfx is offering leverage of 1:500, which is just not possible for a regulated and licensed company. This is further confirmation that it is not a licensed broker and has lied about it.
No access to trading platform
One of the major problems that you will find with Bitswapfx is the fact that the broker first requires you to create an account before it will give you access to its trading platform and features. You will not find a single authentic broker that would ever coerce its clients in this way. In fact, legitimate brokers are open and transparent about their offerings to ensure people know exactly what they are signing up for and there is no confusion.
No credit cards accepted
The payment methods offered by a broker are also very important because you want to make sure that you are offered convenient, easy and safe options to choose from. This is another area where Bitswapfx will disappoint you because they only offer you two options to choose from; you can either make payments via wire transfers, or you can make your deposits in the form of different cryptocurrencies.
The problem with both these options is that they are irreversible and you will not be able to file a chargeback if you want your money back. Only credit cards like VISA and MasterCard give you this option and Bitswapfx has not added support for this option, which means your money will be lost.
Taking into account the blatant lies about being regulated and licensed, the refusal to give access to trading features before sign up, the high leverage levels and the issue with their legal documentation, you can conclude that Bitswapfx is not up to any good and should not be trusted at all.