When Bullexo first launched, the website seemed comprehensive and good-looking – which is unusual with a lot of trading and investing sites as they can often appear clunky and dated. But, it quickly became apparent that all was not as it seemed. The broker site has since failed to prove its legitimacy and it is clear that the Bullexo trading platform is just one of many trading scams that are out there. 

At WRS, we’ve worked with clients who have lost money through Bullexo scams, with their journey similar to a lot of other trading scams we have experience in recovering funds for. Here, we look at 3 things you should know about the Bullexo trading platform and how we helped clients affected by the scam. 

Appearance Isn’t All That It Seems

Bullexo is an example of an ever-growing trend where well-designed and attractive trading and broker websites are operated by scammers. The design of the Bullexo trading platform is one which looks sophisticated, which to someone who is new to trading or investing can provide an aura of trustworthiness. It does a good job of appearing legitimate, but when it comes to the important aspect, which is the broker services that it is meant to provide, it’s here where the broker begins to show signs of illegitimacy. 

It’s easy to register your details on the Bullexo trading platform and shortly after, you’re then redirected to your depositing wallet. This ease of registration and almost immediate redirection to deposit are just two of the more common signs of a trading scam. You can then access a web trader which is where you will find the available trading assets, such as ETF, cryptocurrencies and Forex, but there is no mention of the available commissions or the ability to choose an account type as, upon sign up, you are only able to access one type. To an inexperienced trader, this will all seem fairly straightforward, however, these tactics are synonymous with trading scams. 

The Bullexo Trading Platform Is Unregulated

On the Bullexo trading platform, there is no indication that it is regulated. Unlike other platforms, where you might see logos of regulatory bodies and links to these, there is nothing. Previous users have noted seeing logos of the Grenadines Financial Services Authority, which doesn’t hold any regulatory power over the FX market, so this information is deceptive. In the T&Cs, it was also found that the broker doesn’t offer services to residents within the Grenadines, which is another red flag in terms of this being a scam. 

The FCA notes that the Bullexo trading platform is unauthorised and warns against trading with this broker. Not only is Bullexo untraceable, but most deposits made on the platform are likely to be lost, along with your personal information and details. 

Beware Of The Deposit and Withdrawal Methods

The Bullexo trading platform will only accept deposits in the form of bitcoin – this should be a huge indicator that Bullexo is a scam platform. There is no legitimate reason for a broker to urge you to make a deposit in bitcoin or crypto only and it is unclear as to whether the funds will ever appear within the wallet. The reason why scammers prefer this method of deposit is that the transaction is essentially untraceable and irreversible, or so investors may think. Here at WRS, we’ve been able to successfully trace and recover funds lost through Bullexo, so if you have fallen victim to a Bullexo scam, contact us today.  

In terms of withdrawal, the only option is through bank transfer, however, this isn’t made clear. When clients go to the withdrawal dashboard, they are then told of bank fees and commissions which will be applicable to their withdrawal, but there is no further information provided anywhere on the site. 

How Does The Bullexo Trading Scam Work?

The Bullexo trading scam works similarly to other trading scams. Although there has been an increase in the number of different trading scams that are circulating, there is actually little difference between the complexities of each scam – they all essentially use the same principle. 

The broker, in this case Bullexo, will attempt to gain the attention of investors and traders through ads or direct contact. Then, they will be pushed to invest on the platform. The goal for most trading scams is to only get the user to invest once and then after this, not only have they gained their personal information, but a deposit as well. Any further investments are seen as a bonus. Sometimes, the client will see a small profit gain, which only then encourages and motivates them to invest more. 

How WRS Have Helped Clients Of The Bullexo Trading Scam

The journey in which our clients have been taken on with Bullexo trading scams is very similar to other trading and investment scams we have worked on. The clients have seen a social media advertisement from “Wixi Crypto Trading” which offers a cryptocurrency-based trading platform and the promise of very high returns. 

We’ve investigated the WhatsApp correspondence between the victims and Bullexo trading platform, although the preferred contact is through untraceable telephone calls. These messages show that one client was coerced into sending funds to the scammers via cryptocurrency. As to be expected, the Bullexo representatives appeared to be extremely friendly, sincere and helpful, explaining exactly how to place “trades”, withdraw crypto, and navigate cryptocurrency exchanges & wallets. A lot of the technical stuff that traders may not be familiar with is usually done via screen-sharing software such as Anydesk, as was the case here.

The rest of the scam process was also fairly similar to what we see with scams, with the client’s supposed profits reaching $328,000. Unfortunately, when they decided to try and withdraw funds, they were initially told the funds were stuck in the blockchain (this would never happen), later being told they are also being held in escrow and will be available as soon as more funds are sent to them.

Initially, it might seem as though there is no getting your funds back after a Bullexo scam. But, here at WRS we’ve been successful in recovering funds for clients who have fallen victim to scams on the Bullexo trading platform.

What To Do If You’ve Fallen Victim To A Bullexo Trading Scam 

If you’ve fallen victim to a Bullexo trading scam, then the first thing to do is contact your bank as soon as you realise. You should also get in touch with us – we’re here to help clients who have lost money through online trades, such as the Bullexo trading platform and have helped clients before who have lost money this way. Get in touch with the team today and arrange a free consultation.

There is a lot of misinformation out there about getting your money back after falling victim to online scams, which often leads people to believe either that their money is recoverable, or that there is no hope of getting it back. People believe that if they fall victim to an online scam, then their bank can recover the funds, but this isn’t always the case. Here, we explain how we can help recover your money after being scammed online. 

What To Do First

When you first find that you have fallen victim to an online scam, you will almost immediately wonder how you can get your money back after being scammed online. Then, most victims will go on to make a report at their bank. In almost all cases, the bank will simply provide a complaint reference, and then attempt a chargeback. They may also potentially make contact with the bank to which the money was sent. 

However, most people who fall victim to online scams will find that all of their money is long gone and this is where most struggle to recover it through their bank. It is very hit-and-miss as to whether your bank can recover money lost through online scams. 

Next Steps

If you do try and recover your lost funds through your bank, then there are some things you should be aware of first. If you lost money by sending money to a scammer’s account – known as authorised push payment fraud – then a contingent reimbursement model (CRM) is your best hope of recovery. In May 2019, half of banks in the UK agreed to abide by this new practice which is designed to allow victims who have lost money through online scams a fairer and more consistent remedy to recover their funds and banks can refund those who have followed certain obligations before and during the incident. 

However, not all banks are involved with this scheme and the wording of the scheme’s small print gives the banks that have opted in plenty of reasons not to provide support for victims or attempt to recover their money. If you have lost money through an online scam and have contacted your bank for help without success, then we recommend that you do a subject access request, which then gives you access to everything the bank has on file for you, which can also reveal internal information about your case.

However, at Wealth Recovery Solicitors, we can do this on your behalf if you instruct us to investigate your case. We do all the paperwork, tracing and investigations for you so that you don’t need to worry further. 

How Wealth Recovery Solicitors Is Different 

When you’re wondering how to get money back after being scammed online and you contact your bank, it’s important to know that the bank won’t do a trace to find out who scammed you. We find that, when clients look for how to get their money back after being scammed, they try to hold the bank responsible for keeping them and their money protected, or for identifying the scam. In most cases, the bank will likely have acted correctly and will reject the claim, and this is something that a lot of our clients say has happened. Clients may also have used services like Revolut, which don’t offer the same protections as other banks when it comes to fraud and scams. 

If your case has involved a cryptocurrency scam, then we can follow the trail of the property and get funds back this way. This is something which can be applied worldwide and isn’t restricted by bank governance. 

Unlike other wealth recovery solicitors, who will simply reach out to your bank on your behalf when they know that this is unlikely to result in the recovery of your funds, we will conduct every trace we can to find out where your money has gone. There are many different avenues we can take depending on your individual circumstances and case, whether perhaps cryptocurrency was involved, or if your case is applicable to court, and we will always handle this for you. 

If you would like more information on how to get your money back after being scammed online, or to start your recovery process, contact our UK-based team of lawyers today.

Last year, police swooped in on the iSpoof site, closing it down in one of the biggest fraud stings on record which saw over 100 scammers arrested and facing prosecution for fraud. In the wake of these arrests and the recent conviction of the mastermind behind the criminal subscription website, up to 200,000 Brits may soon be receiving communications from the police informing them that they could have been a victim of a scam conducted using the iSpoof website. Here we take a look at iSpoof, including what it was, what it did, and what to do if you think you may have been a victim of fraud.

What was iSpoof?

iSpoof was created in late 2020 by small time criminal Tejay Fletcher. The site was used by criminals looking to target their victims via phone scams by masquerading as a trusted source – in this case, large and well known banks including HSBC, Santander, Natwest, Nationwide, Lloyds, Halifax and TSB. iSpoof provided it’s users with a subscription based service, essentially allowing them to pay a monthly fee in order to disguise themselves as various services from banks. At iSpoof’s peak, the Metropolitan Police reported that the site had up to 59,000 users subscribed to use the spoofing service, and as many as 20 unsuspecting people per minute were being targeted at the height of its’ usage.

By allowing criminals to portray banks, iSpoof effectively enabled them to contact hundreds of thousands of people and request monetary transfers and/or sensitive financial or account information that granted them access to bank accounts. Victims were targeted in their droves by iSpoof users via phone and also via text message, often having their bank accounts completely emptied once they had provided access information to the scammers. The website is thought to have earned around £3.2million in cryptocurrency, with the iSpoof founder Tejay Fletcher taking a reported £2million of the overall sum.

What is a ‘spoofing’ scam?

‘Spoofing’ is terminology used in cybersecurity and cybercrime and refers to the act of masking the identity of an unknown source, usually as a known and trusted entity, with malicious intent. Usually, the intention behind spoofing is to gain access to sensitive information such as bank accounts and identity information, and/or to request payments and monetary transfers. Spoofing can be carried out in a number of ways, most commonly via phone, text message, email and other messaging services such as WhatsApp.

Who has been scammed by iSpoof?

The victims of Fletcher’s iSpoof are, unfortunately, wide ranging in demographics as the scammers using the website were indiscriminate in their targeting, often calling people en-mass every day until they were successful. We do know, however, that the majority of victims of iSpoof are based in the UK (35% of victims) and the US (40% of victims), as well as a smaller number in Australia and other areas of Europe. Whilst some victims have reported financial losses of up to £3million, the average loss as a result of being targeted by iSpoof is around £10,000.

The site was targeting up to 20 people per minute at the height of its usage, and in the year prior to being taken down in August 2022 it is reported that as many as 10million calls were made using the iSpoof technology, with 350,000 calls lasting more than one minute – an indication that they could have been successful. The 350,000 calls that lasted into a full conversation were made to around 200,000 individuals. To date, there have been around 4,800 cases of fraud enabled by iSpoof reported to Action Fraud – a drop in the ocean compared to the estimated 200,000 minimum victims.

If you received a call from someone purporting to be from your bank between December 2020 and August 2022, and experienced an account breach and financial losses shortly afterwards, then the chances are you may have been a victim of fraud enabled by iSpoof.

Can I get back my money that was lost to iSpoof scams?

Recovering your money from phone scams like iSpoof can be difficult, but is not impossible with the correct processes and/or professional help. Due to the nature of the scams and the obviously fraudulent activity involved, there are often ways to try and recover your lost money. Whilst the methodology for doing so depends largely on the circumstances of your case, a proportion of your lost funds may very well be recoverable so, whilst you may not get all of your money back, you will at least be able to recoup some of your financial losses from the scammers. The best way to get this process started is to take advice from a professional recovery solicitor with experience in dealing with cases involving fraud. If you are looking for assistance, we offer no-obligation, free of charge consultations to run through your individual case, and, having recovered millions for our clients over the last year alone, we are well-positioned to advise you of the best steps to take to recover your funds where it may be possible to do so. Contact us to book an appointment or call us on 02036959239 / 01617684798.

What will happen now with the iSpoof case?

Following the successful police investigation that resulted in the take down of the iSpoof website, police were able to trace Bitcoin records from the site and pinpoint any UK based users who had spent more than £100 on iSpoof during the time it was active. This has led to a large number of arrests with many cases still pending against alleged offenders. As things stand, it appears as though facilitator Tejay Fletcher’s arrest and conviction is just the tip of the iceberg.

Despite having no involvement in the scams, images and reputations of celebrities are being continuously utilised by criminals in an attempt to make victims feel comfortable and at ease, making them more likely to lose money in a celebrity impersonation scam. There are various techniques used by scammers to steal money from victims, ranging from phishing messages to promising investment opportunities, all designed to emulate trust and lose their money.

There are some forms of celebrity impersonation scams that are more frequently used by others, simply because they have the highest success rates in terms of successful scams. Let’s take a look at how you can avoid losing money to celebrity impersonation scams.

Cryptocurrency Giveaways

Even since cryptocurrency became more mainstream, there have been people losing money to fake cryptocurrency scam giveaways. In order to reach as many potential victims as possible, these scammers will carry out celebrity impersonation scams. They often hijack accounts on YouTube that have a high number of followers, or now with the changes in Blue Tick verification on Twitter, can make their accounts seem legitimate. They will then ask people to send digital cash to a Bitcoin address, with the promise of increasing or even doubling their initial investment as the prize of a giveaway. 

In order to make these celebrity impersonation scams seem legitimate, criminals will use people in tech or well-known celebrities in order to build trust. There have been many celebrities impersonated in these scams, including Elon Musk, Jake Paul, Paris Hilton and Jamie Foxx. The scammers will also tend to use pump and dump scam techniques, inflating the cost of the stock and then cashing out before the scam becomes apparent, leaving investors with nothing. 

Fake Emails

Another common celebrity impersonation scam involves financial journalist Martin Lewis. Many people have lost money through celebrity impersonation scams involving Martin Lewis, with scammers using Martin’s images on paid ads across social media platforms, but also notably through fake emails. It is believed that, collectively, people have lost close to £6 million through this specific celebrity impersonation scam. 

Scammers used fake emails claiming to be from Martin Lewis’ site MoneySavingExpert.com using “mseoptions.com” as one of the emails used to encourage recipients to part with their money. This celebrity impersonation scam has been around for years and, despite best efforts from the Money Saving Expert team, they still continue. Martin Lewis and the website team have said that they never advertise or endorse their site online, so if you do spot them, avoid them. 

How To Spot A Celebrity Impersonation Scam

There are some telltale signs when it comes to spotting a celebrity impersonation scam. Some are similar to other scam methods, but there are some differences in the way that these scammers operate. 

The Account Looks Unusual 

On Twitter, there will be very obvious signs that the account is involved with a celebrity impersonation scam. If the bio seems unusually written for the celebrity or uses a lot of emojis, then this could be a spam account. If they mention cryptocurrency trading or money in any way, then this is also something to be wary of. 

Check the username for the account – this is also recommended for email celebrity impersonation scams – as celebrity accounts don’t tend to use numbers or special characters. When scammers copy celebrity accounts, the only thing they can’t copy is the account name.

Another thing to check is the posts on the account. If they’ve all been posted in quick succession of one another, then this is a technique that scammers will use for celebrity impersonation scams in an attempt to look like a legitimate celebrity. 

Pushes For Donations To Charitable Causes

Another way you can spot a celebrity impersonation scam is if the account is pushing for donations to be made to a charitable cause. This can occur on any platform and via email, however, the tactic isn’t very sophisticated, as the scammers will typically reach out directly to other users and act as the celebrity, asking them to donate to a charity they are supposedly supporting. As is the case with celebrity impersonation scams, if users donate, then the charitable cause they have donated to will never receive the funds. 

How To Stay Safe From Celebrity Impersonation Scams

It’s easy to spot signs of some scams and although there are some obvious signs of celebrity impersonation scams, hundreds of people still fall victim to them each year, losing thousands of pounds. 

Thankfully, social media platforms have begun taking more steps to protect users from celebrity impersonation scams and make it easier to distinguish between real celebrities and fake imposters. It is more difficult to impose restrictions on celebrity impersonation scams via email, so the best way to stay safe is to remain vigilant and always do some research if you are contacted via email. 

If you have lost money through a celebrity impersonation scam, then our team may be able to help you recover the lost funds. Get in touch with us today and we can see how we could help! 

Cryptocurrency has been a huge trend for many years now, and as it gets more popular, it becomes more of a playground for scammers and fraudsters. With crypto trading not being regulated as well as many more people having been scammed from a range of different methods such as the everyday taxpayer, the government have been working hard to find a method where they can help to recover losses from a range of different scams. In this blog, we will go through why the British government have now created a fraud squad.  

What Will The Public Sector Fraud Authority Team Consist Of?

A new team has been put together to help remedy and search for fraud committed against the general population. The team’s goal for the first 12 months is £180 million in recovery. 

The Government Efficiency Minister Jacob Rees-Mog has called for a new public sector for Fraud Authority with a target of £190 million in identified fraud recovery. The Domestic And Economic Efficiency And Value For Money Committee has ensured that there are long-term targets in place by the end of this year. 

The Public Sector Fraud Authority will consist of counter-fraud and data experts whilst using the most innovative and latest technology and advanced analytics to help protect public money. The team will also be supported by a cross-sector advisory panel that can provide expert advice and help shape the approach in a strategic method for fraud prevention and reduction. The advisory panel will have a chairman, which will be announced in September.  

What Will The Public Sector Fraud Authority Do?

The new  Public Sector Fraud Authority will be backed by a £25 million fund. The whole organisation will modernise the existing counter-fraud response and will work closely with a range of departments and public bodies to test fraud defences. They will use leading best practices and innovative techniques to put more pressure on fraudsters. The backing will also help to create stronger safeguards in place by doing the following: 

• Agree on ambitious counter-fraud plans for all departments and public bodies to review progress. 
• Regularly brief cabinet ministers directly on the latest fraud landscape. This includes the treasury and cabinet office. 
• Provide expert knowledge and support regarding fraud risks and threats that are regularly faced. Then help to create a defence against these and test them thoroughly. 
• Create a new National Counter Fraud Data Analytics Service that can provide advanced data capabilities. This includes social network analysis to help point out, fight and prevent fraud against taxpayers. 
• Intensify the use of fraud intelligence across a range of sectors to combat a range of different specific threats. 

Government Body Comments

The Minister of Government Efficiency, Jacob Rees-Mogg goes on to say that public sector fraud is not a personal attack, but due to the money being lost in the government, it is mostly taxpayers’ money. The Public Sector Fraud Authority will help support BEIS and bank lenders with more advanced data analytics to find and recover fraud losses.

The Chief Secretary to the Treasury Simon Clarke has gone on to say that the new body will put pinpoint precision on fraud and refresh their efforts to combat people taking advantage of different sectors. He also went on to say that it will also reinforce the wider investment in the government to crack down on fraud. This includes a £210 million investment for HMRC and a £510 million investment for DWP to target welfare fraud. Whilst a new chair is being discussed, the team is being led by Mark Cheeseman OBE who is an internationally known public fraud expert. 

The Interim Public Sector Fraud Authority CEO, Mark Cheeseman has said that they need to raise the ambition and challenges to increase the impact of this underestimated crime. The launch of the Public Sector Fraud Authority is built on the success of the National Fraud Initiative which prevented more than £200 million in pension fraud. 
This is a fantastic new initiative and we certainly welcome this to help everyone and every sector to fight and recover from fraud. If you believe you may have lost money through crypto scams, then contact us today and we will be able to help you recover your losses.

Scams are everywhere, and in the crypto world, this is no different. If you get caught out and invest in the wrong opportunity, you can lose a lot of money and, the worst part is that it is not always protected. It can be difficult to know how to spot a crypto scam, so in our latest blog post, we will look into how to spot a crypto scam so you don’t lose all of your investment funds. 

The Promise of High or Guaranteed Returns

Many scammers will promise the world so you invest your money with them, so it is incredibly important that you do your research and see whether their offer seems too good to be true. This is one of the best ways of how to spot a crypto scam, especially if you are a new trader. An example of this would be a scammer promising to make a 1500% return on your investment which would be amazing, but in reality, this is just not realistic. 

To know how to spot a crypto scam of this type is pretty easy, as most scammers will provide fake promises of their returns without any strategy and will often give little to no information on how they are achieving these returns. An ICO is an initial coin offering where they are offering a discount rate, but this will increase dramatically. Now you know how to spot a crypto scam of this type, you need to steer away from it. 

Lots of Promotional or Marketing Offers

Another way how to spot a crypto scam is to notice how much marketing they provide. If you are overloaded with marketing ads, then this is likely to be a scam. Massive banners, lots of blogs on it and other promotional offers are all designed to target as many people as possible in the quickest time possible, so they can raise as much money in a short period. The more legit coins won’t advertise or expand exponentially and instead they will develop naturally. This is an easy way of how to spot a crypto scam.

Unnamed or Non-Existent Team Members

A simple way how to spot a crypto scam is to see who are the team members on the project. Like any business, you will easily be able to find out who all the team members are for the project. Once you have all the names, do your research on their background, and check their social media profiles for who follows them and who they follow. Contact these team members and ask them some questions about how they are achieving their promises. If they don’t respond, ignore them. Yes, this sounds like a lot of work, but if you are going to be investing your hard-earned money into something, it is always best to do your due diligence. This is a long way of how to spot a crypto scam, but it works well and ensures that your trades are protected. 

Check the White Paper

How to spot a crypto scam? Check for the whitepaper. The whitepaper outlines the initial coin offering (ICO) and describes how the project has been created, how it is going to grow, how the project will make money and will give a whole overview of the project. If the project doesn’t have a whitepaper, avoid it at all costs. If they do have one, but it is overly complicated, this is because the scammers are trying to confuse you as they know the project is fake. This is also a really simple way of how to spot a crypto scam. 

Watch Out For Fraudulent Trading Platforms

A cryptocurrency trading platform is a great way to start investing, but do your research first. Check the reviews for the platforms as this will give you a lot of information on how the platform performs and this will likely give you more information on how to spot a crypto scam on the particular platform. Many will offer great start-up bonuses and will also suggest they can beat prices and exchange rates with their automated process, this isn’t always the case. 

There are many spammy platforms, but it isn’t hard to decide on the more reputable platforms. How to spot a crypto scam via these platforms is to do your research and see what existing accounts are saying. 

Want To Make Safer Trades?

We hope this blog post has provided you with some of the best and easiest ways of how to spot a crypto scam and has given you some valuable tips so that you can go on to make safer investments. If you make regular trades and are unsure of the wallet destination where your funds are heading, check out our Crypto Wallet Checker to give you long-term peace of mind and a quick way of how to spot a crypto scam. 

Who is Vantage FX?

Vantage FX has over 10 years of experience in offering trading services, including Forex, Indices, Share CFDs (Contract for Differences), to name a few. It falls under the company Vantage Global Limited, is regulated by Vanuatu Financial Services Commission (VFSC), and can be found under the registration number 700271. They are not regulated by the Financial Conduct Authority, which means Vantage FX is not authorised to trade within the United Kingdom. 

They work with trading platforms such as MetaTrader 4 and MetaTrader 5, as well as the Vantage app. They claim to offer low costs with 0% deposit fees and require $200 as a minimum deposit. 

Is Vantage FX a scam company?

A quick look at their Trustpilot page shows that the company is known for losing customers’ money. There are also claims of unethical behaviour from their admin staff and accounts of people ceasing trading on their platforms due to concerns of suspicious activity. The company is known to pay for negative reviews to be removed on the site Forex Peace Army, which has aroused suspicions that the positive reviews being placed on their site are in fact fake.

Vantage FX is also regulated by the Australian Securities and Investments Commission while its associated companies are regulated in the Cayman Islands and Vanuatu – both of which are places that are suspicious, as the financial regulations in these locations are not clear-cut and, as a result, put customers at risk of losing their money. 

With all this murky behaviour, despite Vantage FX attempting to appear as a genuine company, the truth is that they are a scam broker – simply put, your money is not safe with them. 

Let’s chat! 

You do not have to be embarrassed if you have fallen victim to an online trading scam. They are more sophisticated than you may realise. This is why we can help. Our experts use their knowledge and the latest technology available to investigate the brokers you suspect have taken your money and work to recover the funds for you. 
We are a boutique law firm that specialise in tracing your lost money as well as delivering court injunctions and applications to the ombudsman. To discover how we can help, please call us on 0203 695 9239 and book your free consultation today.

Let us break it down: Who are F1 Markets? 

F1 Markets Limited is a Cyprus-based Investment firm that is regulated by the Cyprus Securities and Exchange Commission (CySEC). They have the authority to practise in countries outside of the European Union, including Egypt, Qatar and Switzerland, provided they comply with the regulations of those countries. Being regulated by CySEC means they are able to offer the following investment and ancillary services: reception and transmission, execution, safekeeping, and administration, as well as grant credits or loans. They are forbidden from trading in the UK. They trade under the names Investous, Stratton Markets and Europrime.

They do offer a risk disclaimer on their website, stating 70.57% of retail investors lose money through trading with Contract for Differences (CFDs), alerting users that any money they put in trades is at their own peril. 

Are F1 Markets a scam company? 

The first thing to note is that F1 Markets is forbidden by the Financial Conduct Authority (FCA) to trade in the UK. The reason being is that the FCA has taken action to prevent investment firms based in Cyprus from offering high-risk CFDs (Contracts for Differences) to UK investors. This, along with the warning that F1 Markets display on their website, stating they cannot offer their services in the UK, shows they are a platform to be wary of.

F1 Markets also own the brand Investous, which we have recently confirmed to be a scam broker due to some red flags. These red flags include, activity fees, online customer reviews where people have been advised to stay away from trading with them and have also been told to cease trading within in the UK so as a UK resident, you are not protected under any regulations should you make a trade with both Investous and F1 Markets. 

Let us help you 

Wondering if you have fallen for a scam carried out by F1 Markets, Investous or any other Forex broker? Wealth Recovery Solicitors will be able help you recover your money. We have a qualified team who can trace the money from when it left your account. We are also able to deliver legal services such as count injunctions and handling complaints. We do all this at your discretion. Confidentiality and transparency are as important to us as they are to our clients, which is why contact you at a time and day suitable for you. To book your consultation today, please call us on 0203 695 9239. 

To give you a little insight into the signs you should be looking out for when determining if an online broker is setting you up for a scam, here is a little closer look at the broker 101Investing. 

Who are 101Investing? 

Established in 2016, 101Investing is the child of its parent company FXBI Financial Invest Ltd, which resides in Cyprus – it is regulated by the Cyprus Securities and Exchange Commission (CySEC). 101Investing also claim to be regulated by the following bodies: National Securities Market Commission (CNMV), Swedish Financial Supervisory Authority (FI),  Financial Supervisory Authority of Norway (Finaanstilsynet), Danish Financial Supervisory Authority (FSA) and Financial Market Authority Austria (FMA). 

101Investing operate using two trading platforms. The first is the MT4 trading platform, which can be used as an app. It is a powerful technological trading engine that enables users to customise the trades they make. The second is Webtrader, which is a platform that supports 11 languages and claims to ensure users safety when it comes to transmitting data. While everything looks fine and dandy from the outside, the further you look into the company the more drawbacks can be noted, such as lousy customer service. 

Is 101Investing a scam? 

The more we investigated 101investing, the more signs we found that led to our verdict: 101Investing is indeed a scam broker. A telltale sign is the urgency and pushiness they employ in their approach to getting traders to invest on their platform. There are records of traders who complained about being forced to make investments when they were actually wanting to withdraw their funds. New traders have also commented on the way account managers would force them to deposit more money without alerting them of the risks of Forex trading and the different strategies one can take. 

Once you start investing, 101Investing do everything possible to make you lose your cash by investing in ‘opportunities with better profit potential’. This essentially boils down to them talking the talk, saying you will be guaranteed big returns; however, they do not walk the walk, as no legitimate company can make such a promise.  With this in mind, we advise you to stay away from 101Investing if you are looking for a legitimate online trading platform. 
Fallen victim to a scam carried out by 101investing or a similar Forex broker? We can help. At Wealth Recovery Solicitors, we tailor our services to your unique experience. This gives us the best chance to pool together our expertise and experience to recover your money. Everything we discuss with our clients is confidential and transparent. Interested in learning more? Contact our team on 0203 695 9239.

If you have fallen victim to such scams, at Wealth Recovery Solicitors, we use our expert knowledge to make sure your money is reclaimed and returned back to you safely. To help you make the right decision about who to trade with, we have done a little investigation into Tradeo to see if they are a company you can trust with your money. 

Who is Tradeo?

Tradeo was established in 2011 and falls under the parent company of UR Trade FX who have their headquarters in Cyprus. When Tradeo was created, it was more of a social platform for brokers to interact with each other; however, this changed in 2014 when the company received its broker licence and was able to start providing its own trading platforms. Tradeo currently give you the option of two trading platforms: MetaTrader 4 and Webtrader. On both platforms, you can open a live account or, if you are a newbie, there is an option for a demo account. The live account will cost $250 if you sign up. 

Is Tradeo a scam broker?

There are many indicators that confirm Tradeo is indeed a scam and a platform to avoid. One of the major indicators is that it is not regulated by the Financial Conduct Authority (FCA), which means they are unable to trade in the UK. In fact, they have a note on their site declaring the company has renounced its Temporary Permission Regime, which should immediately set alarm bells as a sign that this is a broker not to be trusted. If you have been scammed by them, the FCA has strong regulations in place. 

What’s more, in 2014, the Cyprus Securities and Exchange Commission (CySEC) fined UR Trade Fix Ltd (Tradeo’s parent company)  €20,000 after it came to light that the company was offering services that it was not allowed to provide. Tradeo corrected their mistakes and received a new licence in 2015. 

The existing customer reviews are also a telltale sign that Tradeo cannot be trusted. The reviews even highlight instances of abuse and harassment where people have felt pressured to complete the registration process and to deposit money with the company. Companies are not permitted to do this – if you suspect this is happening to you, be it with Tradeo or another broker that is causing you suspicion, please notify one of our experts who will be able to guide you on what next steps you should take. 
If you have fallen victim to a scam by Tradeo or a similar broker, please contact our team on 0203 695 9239. Our experts use the latest technology in order to help you recover your money. Worried about being overheard while talking to us? Fill out the form on our website stating the day and time you wish to speak to us, and we will arrange for one of our experts to contact you accordingly.