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Vilt Trade Review
Looking back, the last decade has seen the online trading scene explode, as millions of people all over the world have jumped onto the bandwagon. The launch of the crypto space is one reason for the increase in traffic and the coronavirus also pushed people to look for alternative ways to make money. There is no doubt that trading online comes with a lot of benefits and conveniences that traditional trading could not offer, but it also has its risks, such as that of scam brokers. This Vilt Trade review gives insight into one such company.
It is likely that you have heard about fraudulent and scam brokerages if you are looking into starting your online trading journey. After all, the first step is to find a broker and when you begin, you will almost immediately come across the horror stories. No one in their right mind would ever want to go through the harrowing experience of dealing with a fraudulent brokerage. However, you can only accomplish this goal if you are willing to make an effort to do so. Most people don’t take scams seriously until it happens to them and if you have the same stance, you could lose your money.
Rather than thinking it would not happen to you, it is best to be cautious from the get go and avoid such scenarios altogether. Why take the risk when your money is involved? It does not require any such effort on your part because all you have to do is be a bit more diligent. Instead of signing up with a broker after giving it a quick glance, you should check its offerings a bit more closely to see if there are any warning signs. Scammers know how to conceal their reality and all you have to do is peel away the layers to learn the truth.
The same approach can come in handy with Vilt Trade, which promises to be a trustworthy platform that offers financial freedom. They claim to have the lowest commissions, tightest spreads and leverage as high as 1:400. They also claim to have a state-of-the-art platform and catering to more than 200,000 traders spread across 25 countries around the world. On the surface, it seems like just the broker you need, but you will find some warning signs that indicate otherwise at a closer look. What are they? Check them out below:
Virtually anonymous brokerage
The first thing to note is that when you start looking for a brokerage, you should always check out its background. As you will be trusting them with a lot, you need to know exactly who you are dealing with and this can also help you assess their credibility. This is also true for Vilt Trade and you should not sign up without looking into its background. When you try to do so, you will learn that it is a virtually anonymous brokerage.
This is a warning sign because genuine and authentic companies are typically transparent about their corporate background and provide extensive details that potential clients can verify for their peace of mind. Yet, when you go through the Vilt Trade website, you will find it severely lacking in terms of any such information. There is no corporate background that can be found and this includes a contact address. This means that you have absolutely no idea where the company is based.
It also means that you cannot check their regulatory and licensing status. The only piece of information you do find on the Vilt Trade website is an obscure phone number and email address. They have mentioned that a company by the name of SWISS-SVG HOLDING LTD owns and operates Vilt Trade and the Terms and Conditions of the broker make a vague reference to Saint Vincent and the Grenadines.
This does not inspire any trust in Vilt Trade because SVG is recognized as an offshore zone and its Financial Services Authority (FSA) has clearly mentioned that they do not regulate the forex industry. Hence, registration in the jurisdiction does not offer you any protection that you would otherwise enjoy from a regulated and licensed broker.
Malicious withdrawal policies
Going through the Terms and Conditions of a brokerage is a good idea because it tells you what you can expect in terms of fees and policies. Doing so in the case of Vilt Trade certainly pays off because you can spot another warning sign in their withdrawal policies. They have openly stated that they can refuse your withdrawal request, or put payments on hold if they believe you are in breach of their agreement.
This means that they can come up with any excuse to claim you have breached the rules and prevent you from making a withdrawal, confirming that Vilt Trade is up to no good.
Shady bonus policy
It is not just the withdrawal policy of Vilt Trade that are a warning, but so is their bonus policy. As is standard, these bonuses come with strings attached like minimum trading volume requirements, but you will find that Vilt Trade can add any additional requirements and conditions whenever they want. The purpose is to ensure that traders cannot make withdrawals at the end of the day.
No trading platform
Even though Vilt Trade claims to be offering an advanced trading platform, you will find that this is just a big lie. When you complete the registration process and come to their ‘trading platform’, you will discover that it is just an illusion. Vilt Trade does not appear to have a trading platform at all because all they have is a dashboard that does not give you the option to trade. All you are allowed to do is make a deposit, which is what the brokerage wants.
All of these warning signs are telling you the same story about Vilt Trade; it is not a genuine and authentic brokerage and should not be considered as an option when you are looking for a platform to start trading.