Internet scams are becoming more and more complex each year. This time, in our FinUp review, we will pick apart and analyze one created by a known professional con artist.

From abusing peer pressure to utilizing advanced manipulation strategies, this group will take your money and smile while they do it. Read the remainder of our article to learn about ways to recover your funds.

 Complex Fraudulent Scheme

The FinUp crypto scam is not just any textbook fraud. It’s actually part of a larger-scale unscrupulous project run by an individual known as Shelly Rose Cullen. This person is a notorious pyramid scheme promoter who has been ordered to pay over $5 million for fraud by the Commerce Commission of New Zealand.

The court case was finally brought to a conclusion in July 2024 after a several-year-long process.  

All Evidence Points to Scam

If you think that this disreputable website is the only one of Shelly Cullen’s projects, you’re in for a surprise. The financial regulatory body of New Zealand – FMA has published a detailed list of faux online trading sites related to the entire “Lion’s Share” affair. The alert was later reposted by IOSCO.

However, that is not the end of it. Dvyneways Limited is the main entity that the whole business is centered around, and it is, of course, not regulated by any financial institution. That’s why the FinUp AI hoax was also blacklisted by CNMV, Fi, A-TVP and FSMA. 

Online Fraud Spreads Like Wildfire

The fraudulent platform was created by a notorious pyramid scheme architect. This means that there’s a whole slew of social network profiles intended to promote the fraud. This includes profiles on Facebook, Instagram, YouTube and Telegram owned by the company itself. There are also affiliate fraudsters, who unapologetically create more posts.

Whether these people are aware of what they are a part of or not is irrelevant since the damage is very real. Here’s where the majority of the victims are from:

• Ukraine
• New Zealand
• United Kingdom
• Czech Republic

Access by Invitation Only

You can’t just stumble across the site and create an account. Well, technically, you can, but it remains unusable unless it’s connected to a Mavie.global account, with MaVie being the main financial pyramid. This perfectly projects the cult-like behavior of MLMs and pyramid schemes. They make their victims believe they are a hand-picked group of friends, given a unique opportunity outsiders can’t have.

The client dashboard, and by its extension the FinUp app, thus, remained off limits to us. When it comes to account types, we can see several different membership plans. These are charged as a recurring yearly payment rather than a one-time investment.

• Starter – 199.95 USDT
• Growth – 999.95 USDT
• Pro – 2,999.95 USDT

Other plans are implicated as well, but to add to the confusion, the maximum account balance is mentioned instead:

• Elite – 50,000 USDT
• Premium – 250,000 USDT
• Supreme – 1,000,000 USDT

The loophole the con artists have invented makes victims go through MaVie to purchase a membership. This is how the platform distances itself from managing user funds, even though it basically does exactly that.

Clever Ways to Omit Service Costs

Since the firm, on paper, does not manage client funds, it doesn’t outline any costs. Not on the website anyway, but as we stated before, we couldn’t access the client area and there aren’t many FinUp reviews that discuss this.

One thing that really caught our attention was the investment calculator. It’s a staple of hoax sites – you enter a number, push a few sliders left and right, and see your alleged investment grow exponentially. In this case, the calculator also shows what is called a “Success fee,” which is set at 35%. The membership selection page has a profit split of up to 50%. It is unclear whether these are combined, applied separately, or whether one overrides the other.

No Mention of Payouts

Another part of the whole “we don’t manage money, we just provide an app” narrative is that there is no such thing as a FinUp withdrawal. The Terms of Service document, although lengthy, never addresses any possibility of a payout from the platform.

No matter the type of fraud, the notion of a payout is always just a pretext to take your money. Similar entities, like Apex Bitcoin Mining, are known to ask for additional payments in an advance fee follow-up fraud.

If you require assistance in recovering funds from any such fraudulent business, contact our legal team by using the live chat.

Don’t Rely On Support For Help

Website visitors may only reach out to the help desk by email. Whether this is true for members is not openly discussed.

One way or the other, contacting help means getting back to the same people who have defrauded you. Most probably, they will simply ask for more money, as is usually the case with other cons like EuroDex.

There Is a Way to Get the Stolen Money Back!

While the documentation utilized by the various parties involved in this fraudulent scheme is mind-bogglingly complex, remember that it is completely separate from any legality.

Do not let these cybercriminals get away with stealing your cash! Book a free consultation with our professionals as you start working on recovery. We are available around the clock in the live chat on our page.

FAQ

Is FinUp a Legitimate AI Trading App?

No, it is an extension of a known financial pyramid. We strongly advise against investing in this company!

What Can I Do To Recover Lost Money?

Use the live chat on our site to book a free consultation with our recovery experts. You may reach out to our team at any time.

In general, the Vkkcoin scam could be exposed in numerous ways. Firstly, the company was not operating transparently. Literally zero information was provided about the platform, features, and conditions. But also about legal details and security.

Secondly, the company was operating without regulations. That was the dealbreaker for any experienced trader. Therefore, you have to watch out for signs we reveal in this Vkkcoin review if you want your funds safe.

Never Had A License To Begin With

Vkkcoin was a fraudulent organization working on a global scale. Although their website is currently defunct, it left us some important breadcrumbs to follow. The company was allegedly operating from the US, but they were not licensed by the CFTC, as we deducted from the NFA BASIC search.

The company was operating in many strictly regulated jurisdictions, without any license or authorisation. We know this, because we’ve searched the registers of the most prominent regulators on the planet.

After inquiring with the FCA, FINMA, FSCA, ASIC and CONSOB, we found no traces of the company. All investment firms that handle client’s funds must be licensed and authorized by the regulator of the jurisdictions they are operating in.

Many regulators have imposed strict constraints on their investment firms. Negative balance protection and segregated bank accounts are only some of them. When dealing with an unlicensed firm, you forfeit these important financial safeguards.

In the case of Vkkcoin, the company just up and ran with the client’s funds, because they were under no supervision from the authorities.

Who Did This Scam Target?

The Vkkcoin scam was active for a very short period of time. In the timeframe of just a year, spanning from 2022 to 2023, they have managed to defraud a myriad of people from these regions:

• United States
• Canada
• Philippines
• Brazil
• Turkey

Unlicensed companies avoid traditional marketing methods, in an effort to evade persecution. Companies like Vkkcoin and FCF Markets rely heavily on boiler room agents and referral programs to attract new victims.

If you have been approached by anyone claiming to be an employee of an investment firm, break contact immediately. In the case you’ve already deposited with a scam like Vkkcoin or Forex48, contact our legal experts to see how you can start your chargeback process.

Disgruntled Traders Complain About Vkkcoin

Sites like TrustPilot are a good platform for posting client reviews. Beware of the fake testimonials, though. Many fraudsters employ review seller networks in an attempt to boost their reputation.

Here are a few comments left by the Vkkcoin victims:

“ It’s a total scam, also contacted by attractive Asia woman who convinced me to put in $150 which I did, now VKKCN doubled my amount and now according to the app I have 43300 USD value for the investment! Hahaha hilarious. Impossible to remove transfer or sell the EEA coin to get the money! “

“ VKkcoin is fraudulent. They froze my account and wouldn’t let me withdraw unless I topped off my account with more money. They have locked my account and won’t release my funds. They have never allowed me to withdraw. If you can read this do not continue! It’s a scam. “

“ They limit your ability to withdraw money when you deposit to sell your bitcoin, keeping your money there because they exaggerate the worth of cryptocurrencies. They require even more money to withdraw under the guise of verification, but as soon as you make this deposit, they’ll demand even more money! Save your time and money, it’s a scam! “

No Info On Trading Costs

While we couldn’t pull the info about different trading conditions from the vkkcoin.com website, there are still clues on how this firm operated.

One of the things that Vkkcoin used to offer are incredible returns on any investment. Allegedly, their clients can gain passive income by depositing assets to the platform.

The scam becomes obvious only when the victims try to withdraw. The company will then ask for insane fees and other costs to be paid up front.

Opaque Trading Conditions

No information is left about the Vkkcoin trading features. We weren’t able to find, or test, different trading platforms, for instance. Likewise, it was impossible to find anything about their alleged investment plans.

The fraudsters’ servers are down, and it goes without saying that creating a Vkkcoin login is impossible at this time.

Unreachable Trading App

Investment firms don’t require complex trading software for their business. Scams like Vkkcoin push the lower limit of what is considered to be a trading application, however.

These fraudulent companies feature opaque trading software that doesn’t give their client any insights into market shifts. Although you may always use Tradingview for market analysis, scammers don’t necessarily follow actual market shifts, but invent their own prices instead. 

Volatile Trading Assets

Scammers greatly exacerbate the actual market shifts, and let their victims believe that they are earning incredible sums in a matter of days. Vkkcoin pushed the idea of trading cryptocurrencies on the global market.

Vkkcoin featured crypto investments like these:

• Cryptocurrencies (Bitcoin, Ethereum, Ripple, Cardano)

Incredible Financial Gains

Vkkcoin is primarily a cryptocurrency investment scam. The clients were prompted to deposit an amount of FIAT or cryptocurrencies and let them ride, as they would say.

Many faux investment firms offer plans that yield incredible percentages in a very short amount of time. Investing with Vkkcoin could allegedly generate as much as 100% in a matter of 3 days, which would be a serious challenge even for a lifetime Wall Street broker.

With illicit investment firms like Vkkcoin, you won’t have access to a demo account.

Vkkcoin Never Allowed Withdrawals

Swindlers will always try to push the anonymity of cryptocurrency transfers as beneficial to their clients in some ways. Of course, this is done in order to protect the con artists’ own identity.

It is clear to us that Vkkcoin never let their clients withdraw. If you have invested with this faux company, you may rely on our chargeback experts to recover your funds.

Vkkcoin Customer Service

Remember, customer support with unlicensed companies does not exist to help you with any issues, but to solicit further purchases! The same is true for Vkkcoin as well.

Their support agents were all too happy to help you lose more money. If you tried to withdraw, however, they’d cut off communication and block you on all channels.

How To Recover Assets From Vkkcoin Scam?

Vkkcoin was a fraudulent investment firm that capitalized on the current cryptocurrency craze. The company operated without any authorization or supervision from regulators. This eventually allowed them to just up and run with their investors’ money.

Vkccoin Website Inactive – What Now?

As can be seen, the Vkkcoin crypto scheme is exposed. The company decided to run away with all the money they collected meanwhile. Therefore, you are left with a grudge and disappointment. Still, there is a way to recover the funds which should be your key priority.

In many cases, big transfers are done via crypto. These transfers are fast, approved only by the system and there’s no bank or any institution that could stop it. In the past, this method was highly efficient because there was no way to trace it or recover it. Nowadays, there’s a CipherTrace tool our experts are always using.

Therefore, don’t be upset even if you are sending crypto. There’s a way to get it back. Feel free to contact our refund experts for all the necessary steps.

Where to Report Scam Brokers?

If you experience a Vkkcoin withdrawal problem, you should immediately report it. Especially if the company is not regulated. The first option is always domestic regulators. However, if you want to raise the game to the next level, contact Tier 1 authorities.

Such as FCA, CFTC, BaFin, ASIC. These regulators have a lot of work since many swindlers target countries regulated by these. If you still don’t know if your broker is scamming you or not, book a consultation with our team and talk it through.

FAQ Section

What is Vkkcoin?

Vkkcoin is an illegal investment firm that capitalizes on the current cryptocurrency investment craze.

Is Vkkcoin a Scam?

Vkkcoin is a complete scam. The only reason their domain vkkcoin.com existed is to attract victims and steal their money.

How To Get My Money Back From Vkkcoin?

To recover assets from Vkkcoin or other financial scam, get in touch with our team of professionals. Don’t let your money go to waste! Book a free consultation today via the live chat to learn more.

Does this website look suspicious to you? It’s perfectly natural if you think that way because there are a lot of fraudulent details regarding SSC Investment.

Thus, we analyzed what this bogus website offers to expose the underlying investment scam. The truth is here in our SSC Investment Review.

Is SSC Investment a Scam Broker?

It’s hard to discern the exact legal status of SSC Investment since the website is really misleading. The shady broker claims to have offices in the UK, Germany, and France.

On the other hand, a part of the Terms and Conditions text states that the agreement is subject to the laws of Seychelles. Also, the text says that this brokerage is run by Halebore LTD, allegedly based in London but not registered with the Financial Conduct Authority (FCA).

Halebore LTD is bad news because there are a lot of warnings against the company, which we will reveal in the following section. 

To conclude this section, SSC Investment is unregulated, i.e. a cyber scam, just like Axe Market. Avoid these fraudsters and find a reliable broker that is regulated by financial market authorities such as the FCA (UK), ASIC (Australia), BaFin (Germany), CFTC (US), IIROC (Canada), etc.

Warning Issued by Financial Authorities

And now, for the warnings we mentioned in the previous chapter. The warnings came from Germany’s BaFin, Austria’s FMA, Norway’s FI, and the Dutch AFM. It’s important to note that these warnings are not against SSC Investment directly. 

They are directed against the company behind the business, Halebore LTD. If these two entities are truly connected, then you must heed these warnings and avoid SSC Investment at all costs.

The Opinions of Traders On SSC Investment

To put the final nail in SSC Investment’s coffin, we decided to share traders’ experiences. There are loads of complaints against the broker.

Traders are frustrated because they got scammed by SSC Investment in a deceitful manner. We were not surprised when we found out about withdrawal issues, a common occurrence with scammers such as SSC Investment and Vital Markets.

I signed up with 250€ Everything seemed fine I managede to make 53.000€ that was all perfect.
But the moment I wanted to withdraw 100€ they wanted me to withdraw the entire amount and pay a fee on 10.000€ which is impossible for me… So now they have a account with 53.000€ witch will never get paid out. The broker Amy is trying to force me to loan the money which is no option.

– Trustpilot user, May 3, 2023.

SSC Investment’s Platform

We had a hard time trying to navigate the website in search of information regarding SSC Investment’s trading platform. In one small segment, the website says this platform is web-based.

So basically, we have an unregulated broker with an online trading platform. From our experience, online platforms are not reliable, i.e. lackluster and ineffective.

Web platforms offer just some elementary charts, graphs and indicators. SSC Investment does not support valid third-party trading software such as MT4, MT5, or SiriX.

Which Financial Instruments Does The Platform Offer?

According to the broker’s website, traders are promised the following instruments:

• Forex currency pairs;
• CFDs on popular assets (stocks, indices, commodities);
• Crypto assets (BTC, ETH, USDT…).

SSC Investment’s Areas Of Activity

When it comes to SSC Investment’s areas of interest, this fraudster set its gaze on several reputable domains:

• US;
• UK;
• Germany;
• Canada;
• India.

Except for India (Tier 2), the rest of these domains have Tier 1 regulations, i.e. the best possible. The regulators in these countries are merciless, which can be seen from the warning issued by the German watchdog BaFin. Alarmingly, SSC Investment has been providing services illegally all along.

Account Options Offered by SSC Investment

Here’s an overview of SSC Investment’s account options:

• Basic – 250 $;
• Bronze – 5,001 $;
• Silver – 25,001 $;
• Gold – 100,001 $;
• Platinum – 500,001 $.

Those are the minimum deposits and as you can see, these accounts are pricy. They offer numerous perks but we do not trust SSC Investment.

It’s most likely a ruse to persuade a certain trader to invest money. Key trading conditions such as the max leverage, spreads and trading commissions were not disclosed.

Instead of specifying those things, SSC Investment was focused on bonuses. Each account type offers a hefty bonus upon deposits. Here you should know that bonuses are banned in the UK and Europe; further proof that SSC Investment isn’t a legit broker.

AnyDesk

We must stress one important thing – AnyDesk! The website included an AnyDesk download link. This app allows one user to access the PC of another and all the files there. 

Per se, AnyDesk is a useful app, but as such, it can be used for crooked purposes, as SSC Investment plans to do. You must deny this fraud access to your personal information!

Can a Trader Use a Demo Account?

No. SSC Investment did not include a risk-free demo account. What this means is that in order to trade with SSC Investment, you have to open a live account and invest real money.

If you’re new to trading, this is the worst possible thing you could do, especially considering that this financial swindler is unregulated. 

SSC Investment included a promo code option on the registration page. This cunning code the scammer sends to the individuals it wants to defraud.

Terms of Service for SSC Investment 

To reiterate, SSC Investment’s Terms and Conditions are full of lies. Crucial info was left out or fake news. It mentions the UK and Seychelles being the jurisdictions under which the broker operates.

SSC Investment cannot possibly be a UK broker, it is not regulated by the FCA. And the dubious Halebore LTD is on the blacklist of multiple European regulators.

Withdrawing Profits From Your Broker Account

SSC Investment’s withdrawal policy is vague and insufficient. But the two main pieces of information we got out of it are the fees and payment methods:

• Credit/debit cards;
• Wire transfers.

As for the fees, SSC Investments charges a wire fee “in the amount not more than 50 Euro in case of bank transfer by the Company in favor of the Client”. The inactivity fee is 50 EUR and kicks in after 90 consecutive calendar days of inactivity.

What Should I Do If I Got Scammed By SSC Investment?

If you have any evidence that SSC Investment violated any terms and conditions, please let us know. You can also write a complaint on the forum to warn fellow traders about this scam.

As for us, we can help you by first reporting the scammer to the authorities. If you need assistance in getting your money back, just give us a call. Our team is ready to guide you through the chargeback process.

Here you can book a free consultation and find out what to do for a start.

What Is SSC Investment?

SSC Investment is a fraudulent cyber scam presented as an FX and CFD trading brokerage.

Is SSC Investment a Regulated Broker?

No. SSC Investment is not a regulated broker and the company behind it is on several regulatory blacklists.

Does SSC Investment Have a Referral Program?

No. SSC Investment did not include any kind of referral or affiliate program.

Does SSC Investment Offer a Demo Account?

No. SSC Investment does not offer a risk-free demo account for practice.

Online trading is fertile ground for numerous financial frauds. While some scheme firms are typical bogus websites with a shady background, some are presenting to be a part of legitimate financial firms hoping to lure more customers into their scams. One such company is Martyn Services, which will be the subject of our review. Keep reading and don’t miss any details.

Additionally, we strongly advise you to avoid the fraudulent brokers Fibonacci Trade, TopTrade500, and Broker Capitals.

Is Martyn Services Trade a Safe Broker or a Scam?

Martyn Services broker is an example of a clone firm. As you may see from their well-designed website, the company claims to be a part of Martyn Services Limited, a UK-registered company. This, however, is not true. Upon research, we found that Martyn Services Limited does exist at the address provided on the website, but it’s a firm providing financial intermediation not elsewhere classified. In addition, it’s not subject to FCA regulations.

All this indicates that Martyn Services is an anonymous phony website, and if an issue arises, you have nowhere to file a complaint. 

Reasons Not to Trust an Unlicensed Broker

There are plenty of reasons to avoid unlicensed firms, especially those pretending to be legitimate. While customers believe they are under FCA protection and entitled to the FCSC compensation fund, it’s actually the opposite. No regulator will reimburse you if you have been dealing with Martyn Services or a similar clone company.

Martyn Services Warning by the UK Financial Conduct Authority

The UK regulatory body, FCA, issued a warning against Martyn Services. According to it, this 

brokerage is a clone firm of UK-based Martyn Services Limited and these two are unrelated. Furthermore, the FCA warned customers that they cannot get reimbursed if dealing with this scheme firm. 

If you don’t think we are onto something, you have an official confirmation.

What Do Traders Think Of Martyn Services?

As expected, traders’ reviews are mainly negative. And they’re mainly referring to the fact that this firm is not actually registered in the UK nor licensed by the FCA. According to customers, everything will be fine if you’re willing to top up your account and deposit more funds. If you decide that you want to withdraw the funds, that’s not going to happen. Broker employees will give you numerous excuses before blocking access to your trading account.

Martyn Services Webtrader – Trading Software & Tools

While the main page indicates that you can open an account and start trading on MetaTrader, it turns out it’s just a good advert. In reality, you will get access to a basic WebTrader. This internet-based trading tool has several indicators, 3 chart types, and basic features, such as trading history and pending orders. Nothing close to the real MetaTrader.

So, What Is The More Efficient Software?

Having access to MT4 or MT5 would be a better option. This software has been known as the industry standard, preferred by 80% of retail traders. Thanks to the vast number of trading features, including EAs, social trading, and more, it’s the best trading tool you can get. In addition, it’s the most secure platform for your funds.

Martyn Services Accounts Overview

The broker offers access to 5 different accounts, including:

• Beginner – 250 EUR, FX trading, 3 insured trades
• Silver – 2,500 EUR, 2 types of assets, 4 insured trades
• Investor – 5,000 EUR, 3 types of assets, 5 insured trades
• Premium – 10,000 EUR, 4 types of assets, 10 insured trades
• Gold – 50,000 EUR, 4 types of assets, 15 insured trades

Besides the increasing number of insured trades, Premium and Gold account users are entitled to 50% or 70% bonus, respectively. 

Also, avoid the trading frauds GF Markets, FiboTraders, and BigBitMarket at all costs! Moreover, before investing, always look into the past of internet trading firms!

Can I Try to Trade With a Demo Account?

Based on our review, there’s no Martyn Services Demo account. Instead, customers are invited to invest a minimum of 250 EUR and start with the Live account. Since the advertised platform is fake and the broker is illegal, we don’t advise you to do it. You’re exposing your funds to risk.

Martyn Services Broker – Countries Of Service

Based on complaints, we concluded that Martyn Services trading scam mainly operates in:

• UK
• Poland
• Austria
• France

However, this broker is unlicensed in any country. No matter where you reside, you should know that you have no coverage for your funds.

Bonus Terms and Conditions

While bonuses and other incentives are banned by major EU and UK regulators, this firm provides up to 70% on the initial deposit. However, there’s no Bonus Policy or any sort of T&C. This means that broker employees can decide on the necessary rollover before you’re eligible for a withdrawal. It also means they can change bonus terms at any time since nothing is written.

Martyn Services Range of Trading Markets

This trading firm offers a limited number of trading assets, depending on the account type. All assets are available only to those signed up for a Gold account. Here’s the asset overview.

• Forex – EUR/USD, AUD/CAD, GBP/CHF
• Indices – Dow Jones, NASDAQ, FTSE100
• Shares – Amazon, Facebook, Netflix
• Commodities – gold, palladium, corn

Surprisingly, cryptocurrencies are not on offer.

What Trading Terms Does Martyn Services Offer?

Regarding trading terms, Martyn Services cannot be compared to legitimate brokers. Thus, this firm offers unregulated trading conditions and doesn’t specify trading costs. All in all, there’s no reason to trust them. Let’s see what you can expect.

About Leverage and Spread

The spread starts at 0.6 pips, and customers can choose fixed or floating spreads. With fixed spreads come other commissions that have not been specified.

The leverage goes up to 1:500, which goes directly against an FCA regulation allowing up to 1:30 for retail traders or slightly higher for experienced investors.

Minimum Investment Amount

The broker is asking for a minimum deposit of 250 EUR. While this can be considered a standard, it’s a lot of money to invest in an unregulated firm. Since legitimate companies have lower requirements and are safer, we always recommend you stick with those. Also, you will know that your money is safe.

Martyn Services Deposit, Withdrawal Methods, and Fees

The firm has no Withdrawal Policy that would clarify the terms. The T&C we’re given has no details, so all the commissions and fees remain unknown. Furthermore, deposit and withdrawal methods differ, which is directly against the AML rules. This company operates illegally until the end.

Methods of Payment

Deposits can be made using the following methods:

• Debit/credit card
• E-wallet
• QIWI
• Cryptocurrencies

At the same time, withdrawals through the QIWI wallet are not possible. 

Scammed by Martyn Services Broker? – Let Us Hear Your Story

If you find yourself scammed by Martyn Services, you should report it immediately. Brokers like this one tend to disappear after being exposed by regulators. You should start the chargeback procedure and get your money back. Contact us via online chat to book a free consultation with our experts.

But What Is A Chargeback?

A chargeback is a way for your bank to recover funds from the merchant. We’re here to help you file a dispute and be with you until it’s resolved. Let’s start now.

What Is Martyn Services?

Martyn Services is an online Forex and CFD trading provider without a license.

Is Martyn Services a Scam Broker?

Martyn Services is a clone firm blacklisted by the UK regulatory body.

Is Martyn Services Available in the United States or the UK?

The broker is available in the UK but doesn’t operate in the US.

Does Martyn Services Offer a Demo Account?

Martyn Services doesn’t offer a Demo account, only five Live account types.

With each passing day, these offshore scammers are getting more sophisticated. Don’t mistake this broker for a legitimate provider, it’s far from it. All your questions regarding this financial swindler will be answered in the Pioneer Markets Review. So, pack your stuff, we’re embarking on a voyage all the way to the Caribbean Sea.

Furthermore, we strongly advise you not to invest in the bogus brokers XBTFX, SmartProfit FX, and Bitcoin Convert. If you want to save money, don’t trade with these unlicensed brokers!

About The Regulation Of The Pioneer Markets Broker

Firstly, we shall discuss the masked financial market crusader’s legal status. As you know, Pioneer Markets is an enigma, i. e. the unscrupulous broker is anonymous. Only the address was disclosed, not the owner. Right off the bat, Pioneer Markets seems rather suspicious. It operates in St. Vincent and the Grenadines.

This remote island in the heart of the Caribbean is infamous for its controversial tax system and permissible laws. It goes without saying that many scammers have found their homes in SVG. The local financial market regulator – FSA, does not issue Forex licenses. 

Moreover, Pioneer Markets is not even registered with the authority. But the registration number points to Kamuflaz LTD, a notorious fraudulent entity also based in SVG that was blacklisted by the Bank of Russia.

Some Reasons Why It Is Better To Trade With a Licensed Broker

To revise, Pioneer Markets is an unregulated offshore scammer. The provider is not found in the databases of Tier 1 regulators such as the FCA, BaFin or ASIC. Thus, traders are deprived of security benefits such as negative balance protection, segregated account and indemnification (i. g. GBP 85,000 in the UK).

Also, offshore brokers are not required to possess substantial minimum operating capital at all times. For example, ASIC stipulates that providers have AUD 1,000,000 while the FCA demands GBP 730,000.

So Is Pioneer Markets a Decent Broker or a Scam?

Pioneer Markets is a controversial offshore provider based in Saint Vincent and the Grenadines. The review covers the unlicensed status as well as the key trading aspects that Pioneer Markets provides.

What Trading Platform Does Pioneer Markets Provide?

The trading platform that Pioneer Markets offers is WebTrader. Typically used by scammers, this browser-based platform is pretty elementary and lackluster, thus we don’t recommend it. Aside from basic charts and calendars, there aren’t any advanced tools such as automated trading customization. 

Furthermore, due to its unregulated status, the phony broker can easily manipulate the platform and steal your funds.

Mobile Platform

Yes, Pioneer Markets also enables traders to access the platform via mobile phones. However, when the desktop version is subpar, imagine the disadvantages of its mobile counterpart. Even mobile versions of renowned platforms like Meta Trader 5 come with issues that traders have outlined in reviews. Also, it’s susceptible to manipulation.

What Can Be Traded? – List of Assets

According to Pioneer Markets, clients are offered the following assets:

• Forex currency pairs – EUR/USD, GBP/JPY, AUD/CHF…
• Indices – DOW 30, NASDAQ 100, NIKKEI 225…
• Shares – Netflix, Apple, Tesla…
• Commodities – gold, natural gas, wheat…
• Cryptocurrencies – Tether, Ethereum, Bitcoin…

These can be traded as CFDs. Not bad, but again, that fact that bothers us here is the missing license. All these instruments are great but the safety of trading and funds is more important.

Pioneer Markets Bonus Policy

Pioneer Markets wouldn’t be your typical scammer without offering bonuses. Yup, these tempting ‘rewards,’ to put it lightly, are nothing more than bear traps that stop traders from reaching profits. 

Every time a fraudster issues bonuses, it always attaches vexing clauses to it. For example, look at what Pioneer Markets set as a condition regarding bonuses and withdrawals.

See how the scammer can use this against you? Tough luck withdrawing funds on this non-level playing field. By the way, most reputable regulators have banned brokers from issuing bonuses.

What Are the Different Pioneer Markets Account Types?

With Pioneer Markets, traders can choose from six account types:

• Basic – EUR 500;
• Silver – EUR 10,000;
• Gold – EUR 100,000;
• Platinum – EUR 250,000;
• Diamond – EUR 500,000;
• Millionaire Club – EUR 1,000,000.

The minimum deposit amounts for each type are out of order. Especially considering that the broker is unregulated. Hence, your investment can be embezzled as easily as 123. For less than EUR 500, you can find many legitimate brokers that won’t give you headaches.

Information About Demo Account

Judging by what we saw on the website, Pioneer Market doesn’t offer a demo account. How supposed to take the fraudster seriously? Before you blindly rush into this scheme, consider finding a broker with a demo account. That way, you’ll see a small piece of what you can get. 

Opening an Account – Using a Promo Code

We were unable to find out who are the potential targets of Pioneer Markets. However, we do know that the unscrupulous broker is selective. We deducted this from the promo code bar in the registration menu. Our assumption is that when the fraudster deems a trader a suitable victim, it labels him/her with this promo code. Therefore, be careful.

In addition to the above, we strongly advise you not to invest in Profits Vision, BCH Advance and Zetano fraudulent brokers.

About Leverage, Spreads and Fees

The shady broker failed to provide any info on its trading conditions. Thus, we know nothing about leverage, spreads and commissions. If this isn’t a red flag, we don’t know what is. Nevertheless, since this broker is unregulated, trading conditions might just as well be extremely unfavorable.

High Minimum Deposit and Withdrawal Terms

As mentioned, the minimum deposit is EUR 500. Sorry, but it’s just not worth the risk. Depositing on the platform can easily make your hard-earned money vanish into thin air. Fees weren’t disclosed. We highly doubt that Pioneer Markets will enable clients to withdraw any funds whatsoever.

Payment Methods Available

When it comes to payment methods, Pioneer Markets accepts only credit cards and wire transfers. Pretty unsophisticated if you ask us. Real brokers would provide more methods such as e-wallets (Skrill, Neteller). On the other hand, at least these two traditional methods can be reversed in case you got scammed.

Scammed by Pioneer Markets Broker? – Allow Us to Hear Your Story

If you’ve fallen victim to this awful offshore scheme, we feel for you. It’s a cunning plot, we admit. However, now’s the time to consider the possibility of getting a refund. Yup, it can be done, you just need to request either a chargeback or a recall.

How Does Chargeback Work?

• If you’ve deposited funds via credit card, you can request a chargeback within 540 days.
• It’s performed by the issuing bank but won’t succeed if you’ve provided the scammer with copies of your ID card or other personal documents.
• To reverse wire transfers, you have to request a recall at the bank.
• If the transaction is complete, the recall is bound to fail.

Contact us via online chat and our experts will give you a thorough explanation.

What Is Pioneer Markets?

Pioneer Markets is a fraudulent offshore broker based in St. Vincent and the Grenadines.

Is Pioneer Markets a Scam Broker?

Pioneer Markets is an obvious scam broker because it’s anonymous and unregulated. Plus, its operator has been blacklisted.

Is Pioneer Markets Available in the United States or the UK?

Pioneer Markets is available in both the United States and the United Kingdom.

Does Pioneer Markets Offer a Demo Account?

Pioneer Markets does not offer a free demo account anywhere on its website.

Shady online trading scam. Those are the only words we can use to describe SyscoFinance broker and everything related to it. However, don’t trust our judgment; read the facts yourself in our SyscoFinance review, and you will understand why avoiding this trading firm is an absolute must.

SyscoFinance Regulations and Security

There is a whole line of false information on the SyscoFinance website. However, we have no official owner. The only claim is that the company is registered in the UK’s Company House and has been operating for the last 25 years. Since the website has existed for a year, we highly doubt these allegations.

Moreover, it says the FSA has regulated the company in Saint Vincent and the Grenadines instead of the UK’s FCA, which raises an instant red flag. So, is SyscoFinance regulated, and by whom?

Fake Licence And Regulation Documents

In the disclaimer, SyscoFinance clearly listed FSA regulation as theirs. However, this can’t be true as FSA SVG is not an official regulator. Instead, they register companies and give them instructions to opt for the regulation in the country of service. So, this is not even a good lie.

However, by further investigating the website, we found claims that the broker had been duly regulated by the Australian regulatory body, ASIC. Yet, if you try to find out more, the link won’t redirect you anywhere. Is it because the broker’s website doesn’t work or because the regulation is false? It doesn’t matter.

What matters is that you’re dealing with an unregulated fraudulent firm, and you should be aware of it and file a complaint immediately.

In addition, we strongly advise you not to invest in InvestAgrico, HonorFX and CFreserve fraudulent brokers. So don’t fall for these dishonest scam brokers!

Fund Withdrawal Issues With SyscoFinance

After everything you’ve learned so far, would you be shocked to know about withdrawal issues? Neither are we. SyscoFinance doesn’t let clients withdraw their funds and doesn’t even bother to process withdrawal requests. As clients can only deposit via an E-wallet, it brings certain issues.

Once you confirm that you have received the product/service, proving that you have been scammed is a bit more complicated. That gives broker enough confidence to ignore all payout demands and suspend clients’ accounts.

If you experience something similar, let us know. Also remember the names of the EuroFX, FXORO and MyBitChain trading scams and avoid them at all costs! Moreover, always check the background of online trading companies before investing!

Traders About SyscoFinance Scam

If, so far, you aren’t convinced that SyscoFinance is a notorious scam, try reading the company’s reviews. According to clients, account managers are extorting money, purchasing cryptocurrencies, and disappearing. It seems that this company has a very specific MO – they are asking for a deposit from an E-wallet, once you invest, they are “investing” your funds in crypto, and you have no way to trace it anymore.

Note that crypto transactions are difficult to follow, and think twice before engaging in something like this with a fraudulent firm.

How Does Online Trading Scam Work?

Nowadays, anyone can open a website and claim to be a broker. That’s why confirming the regulation, reviews, and experiences of others is of utmost importance. For example, SyscoFinance has only one page on its website and lots of false information. On the other hand, they are not disclosing leverage, initial deposit, and the platform they claim to provide is false. That’s how you know that something is suspicious from the very start.

More so, if you notice suspicious activity, don’t hesitate to report it immediately!

Scammed by SyscoFinance? – Tell Us Your Story

If you were scammed by SyscoFinance or a similar bogus broker, let us know. Our chargeback specialists will look into your case and find the best money-back solution for your situation.

But What Is A Chargeback?

Anyone that has been scammed is entitled to request money back from the merchant. The success of the dispute depends on the presented evidence. So contact our support via online chat, book free consultations, and learn how to prepare for the battle. Don’t let scammers run with your hard-earned money!

What Is SyscoFinance?

SyscoFinance is a fraudulent crypto trading provider without a license

Is SyscoFinance A Scam Broker?

SyscoFinance faked 2 different regulations as it’s an unregulated firm.

Is SyscoFinance Regulated?

No, SyscoFinance has no regulations and operates illegally.