How To Get Your Money Back From Scammers?
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Thanks to technology, the financial markets are now right at your fingertips and you can explore them from the comforts of your home, or wherever you may be. As long as you are connected to the internet and sign up with a professional broker, you are good to go. But, it is the second part of the equation that people often have trouble with. Finding a professional and quality broker is not that simple. Some people just don’t know what to look for, while others end up getting scammed. How? This Tradefxlance review can help you understand this.
There was a time when you could spot a scam broker by looking at a couple of things, but those days are long gone. These days, the fraudsters have gotten better at creating the illusion of a dependable and authentic broker, so most people are unable to figure it out. Most importantly, people are usually in such a hurry that they don’t bother checking everything and this is where it can cost them. In addition, the scammers add offerings that can be hard to resist in order to convince people to sign up.
Losing your money to a scam brokerage can be disastrous for anyone and you do not want to have to go through it. Therefore, it is a good idea for you to check Tradefxlance thoroughly to ensure you are not making a mistake. They claim to be a well-established forex/CFD, binary options and cryptocurrency broker, which is also highly regulated. This kind of package can come off as very attractive because they are offering you access to various markets and are also regulated. But, you have to follow up these claims to know if they really are legitimate. Let’s take a look:
Lack of regulation
The best indication of a legitimate brokerage is that they have a license to provide their services from the regulatory authorities in the jurisdiction they are in. If you have ever come across a legitimate broker and visited their website, then you should know that such companies will provide you detailed and clear information about their license and regulatory status. Unfortunately, you will not find any such thing on the Tradefxlance website.
There do have a company name provided on the website, along with an address, but these appear to be fake. According to the brokerage, it is owned and operated by a company named Tradefxlance Markets Incorporated, but this company does not exist. Furthermore, they have given an address in Toronto, Canada, but a follow up reveals that this is the address of the Insurance Institute of Canada.
This means that they have just added an address of the internet and there is no mention of any kind of regulation. Moreover, you will also find that the Tradefxlance website does not have any contact details available. You will not find any email, or phone number given, which is quite alarming. The only way to contact their team is via live chat. If the brokerage was to disappear overnight, there would be nothing you could do about it.
False regulation claims in the EU
As mentioned earlier, Tradefxlance claims to be offering different types of trading services, including binary options, cryptocurrency and forex/CFDs. It has claimed to be governed and regulated by the European MiFID regulations. However, it is just not possible for this brokerage to be regulated in any EU Member state at all. This is because binary options trading was banned in the European Union as well as the United Kingdom back in 2018. Hence, it is obvious that the brokerage is outright lying about its regulatory status.
No legal documentation
You have already seen enough problems with Tradefxlance to make you reconsider your decision about signing up with the broker and it only gets worse when you continue digging. The fact that there is no legal documentation on their website is also a major concern. The purpose of documents like Terms and Conditions, or Client Agreement is to help you see what kind of policies you will have to comply with when using the broker’s services and it also dictates the fees you will be charged.
Therefore, it is shocking to discover that there is absolutely no legal documentation on the Tradefxlance website. You will have no idea what kind of fees they will charge, or the policies they expect you to follow. You will just have to accept them, which is quite alarming because it leaves you exposed to exploitation.
No trading platform
The most vital and essential feature that an online broker provides to you is the trading platform. It shapes your trading experience and gives you the tools needed for making important decisions. You want to ensure that a good platform is available and Tradefxlance promises you a smooth experience with some of the best trading platforms in the market.
As per their claims, Tradefxlance supports the MetaTrader 4, the MetaTrader 5, as well as the cTrader. These are the top trading platforms in the market and their availability would definitely be an advantage. Unfortunately, you will find that they are only lying because there is no trading platform available at all.
What Tradefxlance has done is that they have added a user dashboard on their website that comes with a third-party bitcoin chart and nothing else. The platform does not really function and there is no option of trading. It is only meant to create an illusion, which it does.
Only bitcoin accepted
When it comes to payment methods, you will find that Tradefxlance only allows its clients to make payments in bitcoin. Of course, there is nothing wrong with that, as cryptocurrencies are becoming a popular payment method. But, you have to remember that crypto payments are final and irreversible, which means that if something were to go wrong, you will not be able to get your money back. No chargebacks can be filed and this can lead to losses.
After taking the issues into account, it is apparent that Tradefxlance is not an authentic brokerage and is just a scam.