This company is on the market for a long time. Don’t let that trick you. They operate in financial markets since 2006, but with different brands. Their primary offer is binary options. We are sure that you have heard about it. It was popular around 10 years ago and when everyone heard about people just losing money, they vanished for a while.

They are back on track now. Binary options are like gambling and most of the time it doesn’t go in your favor.

Therefore, you should be extremely careful about trading with binary options. Especially with a company like GC Option that doesn’t have any regulations.

On top of that, we seriously recommend you not to invest in the fake brokers InvestPoint, Storm Age Capital, and Binetrix. Do not trade with these unlicensed brokers if you want to save your money!

GC Option is An Illegal Binary Options Broker?

As we said earlier, it is like gambling. In some countries, gambling is even banned. There is a valid reason for that. It can be very dangerous because the company doesn’t offer any security. Trading should be always done with the company that has a license for that.

The jurisdiction over the company belongs to St. Vincent and Grenadines country. Therefore, rules and regulations are not that strict compared to countries like UK, Germany or US.

Why Is It Safer To Choose Regulated Brokers?

Regulated brokers have very clear trading conditions and declared safety for a trading account. With unregulated companies, those conditions are often misleading people to believe something that is not true. Even accounts, data on the market, profits and much more information could be just fictitious.

That’s why licenses from Top Tier Regulators like BaFin, ASIC or FCA are crucial. You can very easily research databases and find trustable companies. GC Option is not one of those.

So Is GC Optiona Decent Broker or a Scam?

Clearly a business that you want to avoid unless you want to throw some money away. They offer very competitive profits and trusted technology, but don’t try binary trading unless you know what you are doing.

Warning From Financial Regulators

Since their establishment, you could only find warnings about this company. Earlier, it was a bit harder to define what companies are good and what are not. But very quickly that information is widely available.

We did a thorough GC Option review and found many warnings from institutions like:

• CNMV
• CMVM
• AMF
• FSMA

GC Option Software – How Safe Is The Platform?

GC Option broker offers two different platforms – MT4 and Web-trader. Thus MT4 is a reliable trading platform it can be a diversion into something different. It’s not rare that companies are using trusted platforms to make you believe in their legitimacy.

Meta Trader 4

MetaTrader 4 is a standard for trading and it offers very useful tools. It can perform very well with Options trading, simply because it offers a variety of indicators and other platform functions.

This is making trading simplified and especially for experienced traders more effective.

Web trader

Web traders are mostly developed by companies. They are collecting data from the financial market sometimes in real-time sometimes not. That’s where it gets interesting. Companies are sometimes even controlling these systems to delude you and make you believe in the unbelievable.

Moreover, non-experienced clients don’t even realize when something like that happens. It is believed that it was up to the market.

Trader’s Reviews of GC Option

Analyzing GC Option reviews got us to a fascinating number of negative reviews. But here, we will talk only about trusted revisors like TrustPilot. At the moment of writing, there were 29 reviews from different parts of the world.

More than 30 % of them were rated 1-star and the rest was a 5-star rating. Don’t be embarrassed if you were caught in this scam.

GC Option Range Investment Opportunities – Trading Instruments

Trading options is a bit different than conventional trading on the financial market.

There are fewer assets available and companies are mostly looking for volatile ones. Those are who can in reality bring you bigger profits, but bigger losses as well.

We will mention some:

• Currency pairs – USD/AUD, USD/EUR, AUD/JPY
• Commodities – Gold, Silver
• Cryptocurrencies – BTC, BCH, ETH

What is more, we strongly advise you not to invest in TigersFM, EU Finance and ImportCapital fraudulent brokers.

GC Option Fraud Risk Zones – Service Countries

Unfortunately, we couldn’t find any information about the countries the hat company is primarily targeting. It is usually expected to reach out to rich countries, like the

• UK,
• Germany,
• Netherlands,
• Canada, etc.

GC Option Accounts Overview

Doing our GC Option trading review we were surprised by the minimum requirements-

• Silver – 10$
• Gold – 100$
• VIP – 300 $

Differences are nothing significant except for the program you have access to.  When you take a potential profit of up to 86% in a calculation, the investment makes big difference.

Information About Demo Account

With GC Option broker you have an available Demo version and access to MT4 and WebTrader.

Of course, registration is required first and after that, you can check all features of their platform. Please have in mind, that investing virtual funds is like a game, but investing real funds is not.

GC Option Terms and Conditions

According to the company, a VIP account provides you with additional security. You can do risk-free trading and have a 10% refund on unsuccessful trades. Any other additional fees or charges are not clarified, therefore we won’t believe it’s worth it.

Before trying to understand any terms and conditions, first look for a license. Which is clearly missing here.

Scammed by GC Option Broker? – Allow Us to Hear Your Story.

We already presented you with stories of other people. Let us hear your story. Once you provide us with yours we can guide you through the chargeback process.

Book free consultation with our experts today!

What Is the Chargeback Procedure?

It is a very powerful and dangerous process for scamming companies. The procedure requires filing a request for the reverse transaction if a Credit/Debit card is used for the transaction.

It is easier to do it with guidance, without any headaches. Get back to us today!

What Is GC Option?

GC Option is an offshore non-licensed binary options trading company. The company is apparently located in St.Vincent and Grenadines since 2006.

Is GC Option a Scam Broker?

A lack of licenses and regulations would clearly show that the company is a subject of fraudulent activities.

Is GC Option Available in the United States or the UK?

There is no 100% confirmation if the company is working with clients from the US or the UK.

Does GC Option Offer a Demo Account?

Yes. After completing the registration form, you can get access to their WebTrader or MT4 platform and try trading with virtual funds.

Despite Loom Investment’s claims of innovation and global client collaboration for maximum profitability, the business has proven to be a scam. Operating under the facade of a user-friendly investment platform, the financial swindlers engage in fraudulent activities. 

Their promises of unrealistic ROI (return on investment) results are deceptive, which is why you must read our Loom Investment Review. We hope to prevent our readers from falling victim to this unscrupulous scheme.

Legal Info: Is Loom Investment Regulated?

Upon reviewing Loom Investment’s alleged certificate of incorporation provided on the website, we detected a blatant and inadmissible discrepancy. Namely, the certificate is fake, i.e. belongs to an entirely different entity.

The registration number corresponds to Rock Insurance Services Limited, a non-life insurance firm orderly registered with the United Kingdom’s Financial Conduct Authority (FCA). Speaking of the FCA, the stern market watchdog issued a warning against Loom Investment on January 2 due to a violation of regulations.

Engaging with the firm carries significant risks and deprives the user of access to the Financial Ombudsman Service for complaints and protection from the Financial Services Compensation Scheme (FSCS), according to the FCA. In the event of the firm’s insolvency or losses under suspicious circumstances, you cannot on financial coverage from the FSCS. Therefore, it is crucial to exercise caution and explore more secure investment options.

Who Are Loom Investment’s Users?

According to godaddy.com/whois, the loominvestment.com website domain was created on April 20, 2021. Since then, the cyber con artist has been targeting primarily traders and investors who reside in the following countries:

• United Kingdom;
• United States;
• Canada;
• India;
• Turkiye.

All these countries have esteemed financial watchdogs that enforce heavy regulations and laws to prevent unauthorized imposters such as SvoFX from running their schemes and deceiving local investors. One common rule stipulates that each financial market participant must obtain a necessary permit.

The FCA, for instance, is unforgiving when it comes to exposing unlicensed fraudsters such as Loom Investment, and the aforementioned warning testifies to that. Should you experience any withdrawal-related issues, file a complaint with your local regulator and present your case or seek out professional assistance with the chargeback.

Trader Reviews – Sharing Experiences

We did not find any Loom Investment reviews on popular forums such as Trustpilot. As for the testimonials on the website, we believe they are fake given that there are no reference links to sources. For a company that claims such success, it sure fails to deliver any viable proof of actually helping users make profits.

Nevertheless, we recommend you always check what users say about a certain platform before you risk your money because negative reviews and complaints are indicative of scams. Thoroughly research the firm you are interested in to see whether it appears on regulator warning lists, as was the case here.

How the Investment Scheme Works

Investment scammers often employ various deceptive tactics to exploit unsuspecting individuals. One common approach is the Ponzi scheme model, where returns to earlier investors are paid using funds from newer investors, creating a false appearance of profitability. 

If you search through the bogus website, you will notice there is a Loom Investment affiliate program, which we suspect is a pyramid system fraud.

Cyber thieves entice victims with promises of unrealistically high returns, focusing on leveraging human greed to attract investments. Additionally, they promote non-existent or fake products, relying on misinformation and cunning marketing to create an illusion of legitimacy. Investors must be wary of such red flags to avoid falling prey to these illicit practices.

Loom Investment investment plans

As we mentioned earlier, digital dodgers promise extremely high returns in short periods. The plans look too good to be true because they are implausible. 

Nobody can guarantee you such a hefty ROI so fast. As soon as you read a promise like that, know you’re dealing with a dishonest firm. Although the Loom Investment minimum deposit seems fair, we advise you not to risk it as it is most likely a trap, just like WSDK Crypto was.

Deposit and Withdrawal Process

Investing in this platform means you will not be able to withdraw your funds given the trickster’s foul intentions. Since the payment details were not disclosed on the website, we offer a general overview of common payment methods and how to reverse transactions if suspicions arise.

If you deposited funds via MasterCard or VISA credit/debit cards, you can request a chargeback at the issuing bank within 540 days and reverse the transaction. Wires can be reversed via a recall but this action can only work for transactions yet to be completed.

In the end, we have cryptocurrencies. The reason why scammers prefer crypto payments is that they are extremely hard to trace and reverse, plus it allows them to remain anonymous and continue running their schemes.

Reversing crypto transactions is more complex and requires great effort and advanced software. You are going to need professional assistance though. Luckily, we have a team of experts that can help you recover your funds.

Key Facts To Consider About Loom Investment

Let’s conclude this review with a summary of the main points we outlined – Loom Investment is an investment scheme targeting users from the United States, the United Kingdom, Canada, India, and Turkiye. The website falsely claims the business was founded in the UK.

There is no relevant info about the shady firm online except for a warning against the sham website from the FCA. For that reason, we strongly advise you not to risk your money on the platform.

In case you have fallen victim to the Loom Investment scam and cannot withdraw your funds, please get in touch with us. We offer professional help to retrieve your funds! Use the form below to book your free consultation with Scam Brokers Reviews and tell us more about your case. Our team will gladly guide you through the fund recovery process and assist you every step of the way.

Book your free consultation here and start the chargeback process.

FAQ Section

What is Loom Investment?

Loom Investment is a poor-looking investment fraud website with a fake certificate and false information.

Is Loom Investment a Legit Investment Firm?

No, the website was recently blacklisted by the UK’s FCA regulator for violating the law.

What is a Chargeback?

A chargeback can be requested at a bank to reverse MasterCard and VISA transactions within 540 days.

Already notorious with financial authorities, the Velitex scam has brazenly defied financial norms. This nefarious entity, already under the vigilant scrutiny of financial authorities, operates a web of fraudulent crypto exchanges. 

With a track record of deceit, the blacklisted company orchestrates a symphony of scams, one of which is exposed in the following Velitex review.

Known to Regulators

Crypto Arby Trade Limited, the company that runs countless fake digital currency exchanges has come up with a newest project – the Velitex trading portal for crypto coins. 

The firm was dissolved in 2022 and some of them were shut down. Other projects of theirs we’ve already reviewed are Netbtccoin and CoinDres. Some of their other known sites, blacklisted by CRB, are cryptolir.com, checbit.com, nextbex.com, bitstormex.com. 

Sites like these require you to share your personal information in order to misuse their access to it. Funds deposited on such sites are not protected in any way and they will most likely disappear as soon as you invest. Another similarly functioning fraud is NFL Markets, whom we’re also published a review on. 

Misleading Online Videos

The velitex.com domain is what the online registries call a “premium domain”. If you take a look at the WhoIs register, you’ll see that it is currently listed for sale. This tells us that whoever is currently using it is not willing to pay the full price.

While the reported date of inception is back in 2018, the domain did not host the Velitex exchange until 2023. At that time, the scammers directed their efforts towards these countries:

• France
• Spain
• Germany
• Lithuania

The company has an active profile on X, but the real deception works through various YouTube and TikTok viral videos. The videos in question encourage potential traders into buying a certain crypto on Binance and sell it via the Velitex fraud site.

This is just a ploy to get clients to surrender their legitimately bought cryptocurrencies to the charlatans. If you’ve been a victim of a crypto scam, contact our legal experts.

Padding Rating Scores

While looking for the Velitex reviews, we’ve noticed a common swindling tactic of posting fake comments on ratings sites. This is something Bullbit does as well, and it involves paying review seller networks to boost the company reputation.

The most affected platform currently is SiteJabber, where the firm has managed to accrue a trust score of 4.5 stars in some 14 reviews. It seems that these con artists could not afford to pay for TrustPilot reviews as well, since it doesn’t feature as large a number of fakes as some other platforms out there.

Trading Costs and Payment Fees

World renowned regulatory entities didn’t impose strict leverage limitations on crypto for nothing. Instead of 1:2 or 1:5, this platform allows a far higher maximum ratio of 1:100. 

Starting fees are also quite costly, if we were to take into consideration industry average. Beginners pay Maker/Taker fees of 0.3 with 0% cashback. Discounts may apply, but you will have to achieve huge turnovers of over $2 million monthly!

Taxes apply to depositing and withdrawing funds, too. For BTC, deposit fee is 0.000025 with additional 1% per transaction.

Referral Tier Bonuses

The number of new victims you gather for the swindler is what you can allegedly expect to be rewarded for. There’s several tiers and each new one unlocks with more referrals and offers a bigger percentage of commission from 10% to 60%. 

Activated referrals are those who trade more than $50. Withdrawal conditions for this bonus are not disclosed anywhere.

No Use of Advertised Features

While this concrete website may be attractive to the viewers and appealing to the eye, they fail to deliver the promised services. 

Some of them certainly are the possibilities to stake funds, trade and exchange currencies. When no legal server and tools are provided for that, false advertising is all that’s left in the end.

Software Demands Deposits

Without having sufficient funds on your trading account, you will not be able to test the trading platform at all. 

In essence, this terminal is only accessible from a web browser, as it cannot be downloaded to desktop or mobile devices. Its simplicity and questionable market data leads us to think it’s been heavily manipulated by the website owners. 

Verification Levels

Instead of having separate account types to cater to different client demands, this company has a number of “Verification Levels” as they call them.

The idea is that depending on the type of service you wish to use, or assets you desire to trade, you’d need to be more extensively “verified”, as access to the majority of features is restricted unless the clients pass this aggressive KYC.

Restricted Access to Instruments

Depending on the aforementioned “verification” clients can expect access to different instrument types. Base account users only have access to crypto spot trading, and participating in crypto swaps.

The selection includes a mediocre number of popular coins like BTC, ETH, ADA, XRP, TRX and DOGE, as well some emerging altcoins like AUDIO, KEY and RVN.

Staking Plans

The process of Velitex staking is relatively simple. It serves the purpose of robbing the unsuspecting victims before they realize what’s happening. After defining your amount, you can select one of the plans: 

• 7 days duration – 2% per day
• 14 days duration – 2.3% per day
• 30 days duration – 2.5% per day
• 90 days duration – 2.8% per day

Withdrawal Process

The cyber criminal behind this scheme claims to provide swift payouts with requests being processed between 5 and 30 minutes. Two available methods for conducting these transactions are:

• Crypto – BTC, ETH, XRP…
• Bank Wire transfers

The fees are not disclosed, however, the company does state to charge them. Apparently, after defining your withdrawal amount, fees are calculated and automatically deducted from your total account balance.

Defunct Chat as Only Support

The tendency to keep their anonymity at any cost is especially visible when it comes to disclosing communication channels. This firm provides no form of contact except an online chat. This feature is advertised as quick and useful, but apparently no one is there to answer your appeals. 

Recover Funds Before it’s Too Late!

Not always is it obvious how rotten and devious a crypto scheme is. However, in this case, we have a clear display of fraudulent tendencies from a known cyber criminal. 

Being a scam victim shouldn’t feel shameful. You should not wait and despair, but get proper help with your chargeback. Our professional money recovery service is at your disposal for free. 

FAQ Section

What is Velitex?

The site promotes crypto staking, trading and exchange but is nothing but a facade for a large-scale scam.

Is Velitex a Regulated Crypto Exchange?

No, their owning company has already been blacklisted for their illicit operations and online thievery.

What is CipherTrace?

This precious software helps us trace back transactions and determine where crypto funds have ended up. It’s of huge help when attempting to recover stolen crypto funds.

Online CFD and forex broker InstaForex is a Cyprus Investment firm with a license from CySEC, the financial regulator of Cyprus. Their parent company is Instant Trading EU Ltd. Despite still having their license, the broker has faced fines from their financial regulators in the past.

Opening an InstaForex Account

Seeing that most brokers have minimum deposits of around $250, like CTX Prime, the InstaForex deposit of just $1 is surprisingly low. This might seem like a good deal, but low entry requirements are often a sign that brokers are specifically aiming for traders who don’t know what they’re doing. Traders interested in an InstaForex account can choose between fixed spread accounts or accounts based on commission.

Substantial Fine Levied Against InstaForex

InstaForex has had some trouble with CySEC before, paying €130,000 in fines overall. The fines came in June 2018. The broker had to pay €90,000 for not acting fairly, honestly, and professionally. This blanket term is widely used by CySEC when issuing fines. Another €40,000 was for lack of proper client vetting and allowing inexperienced traders to access complex assets at risky leverage.

Trading With InstaForex

InstaForex has a satisfactory selection of CFDs and forex assets. Although this may be true, all of their financial instruments are offered with spreads that are much too high. The EUR/USD pair is at 3 pips, well outside the competitive range. The broker also has accounts with zero spreads and commissions instead. The overall cost of trading is about the same for both options, leaving traders without any viable options when it comes to trading with InstaForex.

Don’t Rely on Deposit Bonuses

This broker has deposit bonuses, which isn’t a good sign. In the event that a trader does receive a deposit bonus, they probably won’t ever be able to withdraw that money. The broker has terms that make it almost impossible to access bonus funds. A trader has to trade the funds many times over, by which point novice investors would have lost it all.

You Don’t Have to Struggle Alone

There’s little reason to believe that brokers will change in the long run. If a broker already has fines for misconduct from their financial regulator, most investors know enough to stay away. However, many invest before they could have known. When this happens, they could require outside help to recover their funds. Under those circumstances, you can contact us today to start recovering your funds immediately.

ZumaFX Detailed Review

Read our detailed ZumaFX review to find out why this broker is listed as a scam! We did a search on every aspect of this broker. We read many ZumaFX broker opinions, did our own task and according to everything, this broker is untrusted and unsafe! Find out why.

ZumaFX Regulation and Security

ZumaFX broker is a brand owned by Red Pine Capital (PTY) LTD. This company is already very well-known as an owner of scamming companies. Along with ZumaFX, they own a brand Trade245, another South African based scheme. The company does appear on the website of FSCA, but without any details such as an address, contact person, etc. We tried to access the ZumaFX website and confirm who they are, but it seems that the website does not work. The company was allegedly also connected to M&N Equity research, a Cyprus based company that helps in providing Financial Report Analysis. Another red flag! Since the company owner of ZumaFX is Red Pine, which is already doing a scam, we can conclude that this broker cannot be trusted.

In which countries does a ZumaFX broker work?

ZumaFX broker operates in all the countries except the US. We tried to get more detailed information, but it was not possible, since the website does not work. Since they are registered in South Africa and claim to have FSCA regulation, they can operate legally only in this country. Every other country is out of their license range. We were able to find many reviews on this company from clients from South America. Seems that this was ZumaFX brokers’ main target area.

What can you trade with a ZumaFX broker?

ZumaFX broker offers their clients to trade with currencies (FX), commodities, and shares. The leverage that the company provides is rather high, and it goes up to 1:500. They haven’t been very transparent about the minimum deposit you can make, but what we do know is that they accept deposits via credit/debit card, E/wallet, and wire transfer. How does their scam work? Someone gives you a call after you submitted your registration on any of their ads, telling you that you have an amazing chance to make even 100$ per day. This broker offers its clients automated trading software, which is an instant red flag. This software is mostly offered by scam companies. After you make your initial deposit, they promise you a call from an expert that will help you set everything up. What actually happens is that this expert is evaluating how much money you have in your bank, and are you worth his time or not. If the answer is no, you will most likely never hear from him again. If, however, he decides to give you a chance, you will end up in major loss.

Scammed by ZumaFX? What to do?

If you were one of the unlucky people that came across ZumaFX and got scammed, here is what to do. You need to file a dispute and ask for the chargeback immediately! If you are not sure how to do that, or you think it will be too time-consuming do not hesitate to contact our support today! We are here to help you out! Do not let scammer broker keep your funds!

What is ZumaFX?

ZumaFX is a brand of Red Pine (PTY) LTD, FSCA registered brokerage. The company is registered in South Africa but without any address confirmation. This broker seems to be operating all around the globe without a license, scamming people.

Is ZumaFX regulated?

ZumaFX allegedly has FSCA regulation. However, we were unable to confirm it, since the company that owns ZumaFX didn’t provide any details that we could track. Therefore, we can conclude that the broker operates as unregulated.

SC Markets is a SVG-based brokerage of unknown company details. Although allegedly legally incorporated in SVG, SC Markets LLC virtually doesn’t exist. What’s worse, what they call their partner company is listed as “xxx Limited” on the website. What does that even mean?!

Moreover, the firm will have you believe their impeccable platform provides “unlimited leverage, low spreads and fast execution”. You know, everything swindlers of this type usually brag about. 

This SC Markets review refers to the legal issues of this broker, as well as all the risks you’re exposed to if you decide to take a leap of faith and invest here.

Forged License

Saint Vincent and the Grenadines is a well-known location in the Forex world. This tax haven has a local regulator – SVGFSA that doesn’t oversee the brokerage activities. In their register of entities, no company under the name of SC Markets LLC or registration number 307 appears. 

Looking further into this matter, we also visited databases of FCA, CySEC, BaFin and CONSOB, only to get the same search results. 

The trading conditions offered at scmarkets.com suggest no legal framework in force anyway. Leverage isn’t limited to 1:30, no transparency comes when it’s about the costs, fees, company information and protection of funds is the lowest on their priorities list. 

Don’t even get us started on the half-finished website parts like the footer that advertises a ghost partner named as “xxx Limited”, with a mysterious FSA license number “SDxxx”. We advise you to stay clear of this potential scammer. Another offshore entity to avoid is GSI Markets.

Where The Victims Come From

Attractive trading conditions are just some of the methods that well-trained sales agents use to spark interest in their potential targets. Using lies and emotional manipulation is another way to win the mind game and force their victim to invest. 

Expecting quick gains from low investments and by relying on your account manager is a sure way to be robbed. At least that is what the victims from these areas report:

• Uzbekistan
• Ukraine
• United Kingdom

No matter the amount lost, there’s always a way to get it back, you just have to take the right steps. One certain way of regaining control of your funds is by contacting us for legal advice and support.

Fake VS Real Costs

Leverage advertised at SC markets is nothing short of insane. If your account equity is less than $1,000 the leverage you’re trading under is said to be “1:unlimited”! Otherwise, the highest leverage given is up to 1:2000, which is still completely absurd. 

As for the spreads, EUR/USD starts at 1.1 pips, which is somewhat in range with the major brokerage powerhouses. That’s why we found it suspicious. Also, SC Markets claims to charge no commission upon trades, which also sounds unrealistic. 

Misleading Trading Features

SC Markets has all the misinformation on their site working in their favor. Trading platform is supposed to be MT4, but the download button is broken. Groups of trading assets available are listed, but nothing confirms their presence. Lastly, signing up is a painful process that doesn’t seem to lead you anywhere. There’s absolutely not a single advantage to opening a SC Markets account.  

Where is MT4?!

We’ve seen plenty of scam attempts that offer the premium trading platform – MetaTrader 4. SC Markets apparently belong in the same basket. Although a separate web presentation speaks about the pros of trading on this terminal, you can’t access it – the download button is unresponsive! 

Some pathetic swindlers go as far as designing their own trading apps, like FCF Markets. These perform equally badly as an absent MT4.

Instruments Supported

There’s a number of financial products that SC Markets urges you to invest in. Although we will list them here, we have to make a disclaimer and say we could not verify if they’re truly available. The list goes as follows:

• Forex (EUR/USD, GBP/USD, USD/JPY)
• Commodities (Gold, Silver, Crude Oil)
• Crypto (Bitcoin, Bitcoin Cash, Etherium, Litecoin, Ripple)
• CFDs on Indices (Wall Street, FTSE100, Hong Kong HS50)

One Nameless Account

If you expected this broker to offer you a range of live account types, you’re in for an unpleasant surprise. The single available SC Markets account is a live trading account with no name. That automatically rules out the possibility for risk-free trading. The minimum amount to invest is $1, leverage is labeled as “1:infinity” and the trading commission is 0.

SC Markets Withdrawals

The broker will do anything to have you believe all transfers are instant, safe and hustle-free. But without a license and proper legal documentation to confirm that, we simply couldn’t trust the amateur SC Markets lies. Being unclear on these crucial aspects of business, this broker proves to be another common internet swindler. 

No Contacts

There’s not a single way you could use to get in touch with SC Markets support. All contact info has been cleared from the website. New or existing users have absolutely no channel to reach out to customer service and ask for help resolving issues.

SC Markets Summary

Our SC Markets review has exposed one scam broker down to their last little lie. The disturbing details we’ve presented in the review should serve you as a little guide not to fall into investment traps. 

If you’ve already been scammed, worry not. Book a free consultation with our recovery team and our legal experts will help you out of the problem. Don’t wait too long, though. The more time passes, the lower the chance for your friends to be located and restored.

FAQ Section

Who Is SCMarkets?

SC Markets is supposedly a SVG-based brokerage company.

Is SCMarkets Safe?

Without apparent evidence of a license, we do not consider this broker to be safe. So contact us promptly if you need help restoring your funds from this common Forex thief.

How Much Are The Spreads And Rates At SCMarkets?

The starting spreads for EUR/USD are claimed to be 1.1 pips. Trading commission supposedly amounts to $0 for each trade, which we do not believe is true.

The Whalestep company is allegedly incorporated in the United Kingdom. The official name presented in the registers is Whalestep Corp Ltd. Since its registration in July 2023, the company has been providing fund management services and administration in financial markets.

But Whalestep regulation seems to be non-existent. If that’s the case, everything falls down the drain. To find out what the case is, read our Whalestep review carefully.

Legal info: Is Whalestep Legit or a Scam?

Luckily or unfortunately, whatever you like, the Whalestep scam is quickly exposed. Since the company claims to be registered in the UK, it must have a license. Primarily issued by the Financial Conduct Authority (FCA) for trading with UK residents.

They do not have an FCA approval or any other Tier 1 regulation. For instance ASIC, BaFin or CFTC. With this in mind, traders can’t expect any funds protection measures. In the first place, the compensation scheme, which is quite important for traders.

Who are Whalestep clients?

According to the UK Companies House, the Whalestep investment firm has been active since July 2023. Since then, they have been mainly targeting European countries. For example:

• Poland
• Hungary
• Slovakia
• Czechia
• Ukraine

So far, nobody is talking about this firm. Therefore, be the first one to leave a comment. Let us know what your experience is, and we can analyze your case and offer you refund advice. Also, we invite you to check our eXcentral review for more trading tips.

Leverage, Commissions, Spreads, Fees and Taxes

One of the first signs of this scam is the company’s leverage. As it seems, traders get leverage of 1:100 while in the UK, the limit is 1:30. Even the European Securities and Markets Authority (ESMA) requires companies to provide a maximum of 1:30.

With excluded negative balance protection, you can definitely expect a lot of issues. Primarily the risk of getting into debt. Not to mention that without precise fees, spreads, and commissions, you can face unexpected costs. All in all, there is nothing to regret if you don’t try it.

Bonuses

In general, the company doesn’t reveal any bonus offers. But that doesn’t mean they don’t have it. In either case, you have to always check the bonus policy first. Otherwise, you might face uncomfortable situations where you can’t withdraw funds.

Whalestep Trading Features

Practically, all the trading features with this brokerage are hidden. Therefore, before you sign up with them, you don’t know anything. But once you sign up, it’s already too late. The calls are starting. Anyway, you won’t miss out on anything if you skip their offer and look for licensed firms instead.

Trading Platforms Available

Most traders prefer trusted third-party solutions like Meta Trader. Even the cTrader is a favorable option. But when you see only web-based software in the offer, you better run.

Even though the data is driven from reliable sources, live profits and losses, fees, and margins might be manipulated. Consequently, everything becomes questionable. In fact, that’s exactly why we always recommend licensed firms.

Available Trading Assets

Another key fact is that the company doesn’t reveal its offer transparently. None of the tradeable assets are revealed. Therefore, you have the option to risk investing or be patient. In any case, you can expect major instrument classes like:

• Currency pairs – USD/GBP, EUR/AUD
• Commodities – gold, silver
• Shares – Tesla, nVidia
• Indices – S&P 500, NASDAQ
• Cryptos – BTC, LTC

Account Types

Surprisingly, this investment firm is not revealing any investment plans. Neither do they mention the minimum deposit requirement. Whatever it is, if you still want, for some reason, to try their services, pay with the card. Otherwise, you won’t have a chargeback option.

Mobile Trading App

Companies without proprietary or third-party software often don’t have iOS and Android apps. That’s exactly the situation with Whalestep brokerage. Which is a huge disadvantage for any firm. To find out why that is, make sure to check our ROinvesting review.

Demo Account

Hiding trading conditions, features, and costs is a very common strategy with scam firms. That’s why they don’t even have a demo account. Otherwise, all those flaws would be visible to everyone. Yet, with Tier 1 licensed firms, you have all kinds of risk-free options available. But primarily, a demo account.

Education

Regardless of the offer the company presents, none of its features can be trusted. Especially if they offer any education. In general, only educational programs from licensed institutions can be considered reliable. If you keep learning from swindlers, you will just learn how to throw money away.

Whalestep Withdrawal

Another key fact about this company is that the withdrawal policy doesn’t exist. Neither do they reveal the payment options. So, why trust any firm that is not transparent with you? There’s not a single reason.

Especially when the company lacks regulations and transparency. Firstly with withdrawal processing time and fees. Thus, that’s exactly where you can expect most manipulations. Be aware of non-existent fees or taxes with unregulated brokerages. Very often, these are made up under pressure to extort the last money from a client.

Customer Support

Even though the contact options like phone numbers appear legitimate with this company, don’t bite it. Considering too many misleading facts and hidden details, these might be VOIP services. 

Anyway, there are four numbers available from different European countries. Besides, you can contact them via e-mail. Yet, some advanced features like live chat and Skype are not available.

Key Information To Consider About Whalestep

In the first place, the company is operating from the United Kingdom without regulations. None of their services are transparently presented to new customers. Which might make anyone wonder if those are legitimate. In addition to that, trading conditions remain mysterious, and the leverage of 1:100 is not something to brag about.

All in all, too many things that could go wrong. Since nobody talks about this brokerage, be the first one to share more details. Leave a comment below or contact us directly. Ultimately, our chargeback experts can advise you if you have withdrawal issues. Don’t hesitate because the first meeting is free of charge.

FAQ Section

What is Whalestep?

Whalestep is an unregulated company operating since July 2023 from the United Kingdom.

Is Whalestep a Legit Investment Opportunity?

Whalestep is not a legitimate opportunity. Primarily, their services are not regulated by any trusted authority. But also they are not transparent, unlike other UK-regulated brokers.

Can I Recover Money From an Investment Scam?

Definitely. Yet, the process depends on the payment method. To avoid any mistakes and apply for a refund properly, we suggest you contact our refund specialists.

CryptoGo365 is a newly registered broker, active since February 2022. The firm registered its headquarters offshore, in Saint Vincent and the Grenadines. Since this country is the only place without actual financial supervision, we’re not surprised to see the rise in the number of registered Forex and CFD offices there. Read this CryptoGo365 review and you’ll understand why you should avoid this firm.

Is CryptoGo365 a Secure And Regulated Platform?

CryptoGo365 is a brand of CryptoGo365 Ltd, registered in Saint Vincent and the Grenadines. As aforementioned, this offshore country has no financial regulator. Instead, according to the FSA directive, brokers should opt for a license in the country of service.

Upon checking several Tier1 registers, including FCA, ASIC, and BaFin, we confirmed that CryptoGo365 operates illegally. Thus, it’s pretty risky for you to be involved with this firm.

CryptoGo365 is a scam broker. The firm has no valid financial license and is based in Saint Vincent and the Grenadines. Links to their social media are inactive, while you can register only with a referral code.

How Unsafe Is An Unlicensed Broker?

Unlicensed brokers are not safe. You have no money-back guarantee and nowhere to complain in case of fraud. Furthermore, these firms determine their own trading conditions, meaning that your funds can be exposed to too high leverage. Be aware of this, and don’t invest your funds with illegal companies. Your broker can vanish anytime, and your funds will disappear with it.

Also, we want to invite you to read our recently updated reviews of fraudulent brokers GF Markets, 4xhub and Global Profit. Be careful with these brokers.

Traders’ Experiences With CryptoGo365

CryptoGo365 has several reviews on Trustpilot and all of them are amazing. The broker has higher rating than regulated firms and more positive comments. Yet, there’s one problem. The profile is not verified, and these reviews are probably false. It won’t be the first time an unregulated trading firm has posted fake reviews or promised clients bonuses for posting something good. Having no negative reviews indicates that something is wrong. 

So Is CryptoGo365 a Decent Broker or a Scam?

CryptoGo365 is a scam broker. The firm has no valid financial license and is based in Saint Vincent and the Grenadines. Links to their social media are inactive, while you can register only with a referral code.

CryptoGo365 Proprietary Platform – Access With Referral Code

CryptoGo365 offers a proprietary WebTrader and a mobile app. However, you cannot access the platform without a referral code. Basically, you need the broker’s employees on the line and their approval to access the software. Therefore, we cannot confirm what kind of software CryptoGo365 offers, but it is suspicious.

Mobile Trading – App for Android and iOS

Besides WebTrader, the broker advertises mobile apps for Android and iOS. While there is a link to download the platform, we got the same issue. If you want to log in, you need a referral code.

All About CryptoGo365 Accounts – Advantages and Features

The broker offers five account types, including:

• Rookie – $250
• Basic – $2,500
• Elite – $10,000
• Elite Plus – $25,000
• VIP – Upon request

The account overview showed no difference, so we’re unsure whether or not you will get anything if you pay more funds.

Demo Account

You cannot log in to the platform or create an account without a referral code. Therefore, we can’t access any Demo accounts or test the trading conditions. We’re expected to believe the website blindly.

CryptoGo365 Broker – Countries Of Service

CryptoGo365 trading scam is mainly active in:

• Italy
• Germany
• UK
• Australia
• Philippines

Whenever you see an ad showing CryptoGo365, avoid it. You’re about to fall for a scheme.

CryptoGo365 Range of Trading Instruments & Markets

Customers of CryptoGo365 can trade in:

• Currency pairs – EUR/USD, GBP/USD
• Commodities – gold, oil, silver
• Indices – NASDAQ, Dow Jones
• Shares – Amazon, Tesla, Google
• Cryptocurrencies – BTC, ETH, XRP

In the meantime, avoid scammers like IB Finanzas, VitaCapitals and GMGroup. If possible, tell us about your scam experience.

CryptoGo365 Trading Conditions

Unregulated firms, like CryptoGo365, decide on their own trading conditions. However, in this case, we’re missing information.

About Leverage And Spreads

The leverage goes up to 1:400 against all regulatory rules. According to the UK and EU regulators, the limit is 1:30, while in the US and Australia, you can have up to 1:50. Leverage can put you way ahead when it comes to profit but can also make you lose everything you invested if you can’t manage it well. That was the main reason for regulators to intervene and set strict limits.

On the other hand, the spread was never disclosed and we could not access the platform or verify anything.

CryptoGo365 Deposit, Withdrawal Methods, And Fees

CryptoGo365 was not really explicit when it came to payment methods. The broker has logos for Visa and MasterCard on the main page, but nothing is specified. 

The minimum deposit is $250, while the minimum withdrawal amount is $50. However, there are some concerning clauses.

For instance: “The company may put limitations on withdrawal requests or limit the withdrawals of a specific account.” Besides this blurry explanation of how your withdrawals will be denied, we have a clause stating that each account type needs to reach a specific quota in shares per asset before withdrawals are determined. However, no quota was specified. In the end, the company maintains the right to charge inactivity and maintenance fees that are not set.

Minimum Investment Amount

The minimum deposit amount is $250, which is an industry-standard. However, if an unregulated firm requires even a penny, we would say it’s too much. Without regulation, you have no guarantees that the money will be returned. Based on the clauses mentioned above, you won’t be able to get your money back.

Customer Support – Communication Channels

CryptoGo365 employees use various communication channels. Customers are contacted mainly through phone calls and emails. Besides, they can use WhatsApp, Telegram and other apps to send different promotions and alleged trading signals. Ultimately, you can be approached via social media sites such as Instagram and Facebook and prompted to invest.

CryptoGo365 Bonuses and Promotions – As A Method Of Fraud

Since we already explained that this firm didn’t bother too hard to specify trading conditions, unsurprisingly, it stands for bonuses too. Clients are expected to reach a particular rollover before withdrawing funds, but the rollover is not précised. If you accept any credits, you won’t be able to place a withdrawal request for an indefinite amount of time. Guess what? It’s a scam.

Scammed by CryptoGo365 Broker? – Let Us Hear Your Story

If you were scammed by CryptoGo365 or a similar bogus broker, let us know. Our chargeback specialists may be able to assist and help you recover what’s rightfully yours.

But What Is A Chargeback?

This is a way for your bank to reverse the fraudulent transaction. Contact us via online chat to book a free consultation and let’s recover your funds before the broker vanishes!

What Is CryptoGo365?

CryptoGo365 is an unregulated online trading provider without a license.

Is CryptoGo365 a Scam Broker?

CryptoGo365 operates in all countries without regulation.

Is CryptoGo365 Available in the United States or the UK?

The broker is available in both the UK and the US.

Does CryptoGo365 Offer a Demo Account?

No, CryptoGo365 doesn’t offer a Demo account to its customers.

Online CFD and forex broker ETFinance is the sister broker to MagnumFX. Both brokers are part of the parent company Magnum FX Ltd. This Cyprus based company maintains current registration with CySEC, the Cyprus regulator. Ordinarily, this would give a broker passporting rights to every country in the European Economic Area, but ETFinanace is one of several brokers banned in the UK.

Trading With ETFinance

Our ETFinance review found the broker has over 50 forex pairs available, including a good selection of minor and exotic pairs. Their CFD choices are also extensive, covering stocks, commodities, indices, and almost 20 cryptocurrencies. Their spreads are competitive with most similar brokers. The broker offers the ESMA mandated maximum leverage of 1:30, therefore, protecting novice traders from taking on precarious positions.

Big Trouble for ETFinance from Regulators

While the broker’s offerings might seem attractive, their history with regulators should give traders pause when considering them. Their parent company was one of the first companies to fall victim to the FCA’s crackdown on online CFD brokers. On June 1st, 2020, the FCA issued a ban against four companies that had used fake celebrity endorsements to advertise their services to UK residents. The ban stands to this day, with both ETFinance and MagnumFX being unable to offer any services to UK residents.

The broker’s regulator, CySEC, evaluated the FCA findings and saw fit to issue a temporary suspension against all brokers involved. The broker couldn’t advertise or seek out new clients for one month. At that point, CySEC believed that the broker had implemented their suggested corrective measures. The suspension is now over, and ETFinance legally offers services again.

Trading Conditions

ETFinance provides its trading services through the popular MetaTrader 4 platform. Demo accounts are available for investors to learn more about the broker before making the minimum deposit of $250 to open a trading account. They accept typical payment sources to fund accounts, credit cards, wire transfers, and popular online payment processors. They offer their services in several languages in addition to English, including Spanish and German

Start Recovery of Your Funds Today

In conclusion, it doesn’t seem like such a great idea to invest with a company that is banned from one of the most prominent trading jurisdictions. Action from regulators often come too late, and many victims can lose their money before they know better. When you can’t retrieve your deposit from a broker, you can contact us to explore additional fund recovery options.

FAQ

Is ETFinance a scam?

ETfinance is CySEC regulated broker. Based on its customer reviews, we advise you to be very careful when going into business with this broker. All the customers are saying that withdrawals with this broker are nearly impossible.

Is ETFinance regulated by the FCA?

No. After Brexit, ETFinance lost its possibility to fully conduct financial services in the UK. The company is not allowed to provide CFD trading to UK clients. The company has no regulation from FCA whatsoever and is not allowed to work with UK clients.

Does ETFinance charge commission?

ETFinance is a very not transparent broker. Nowhere on their website can be found information about deposits, withdrawals, and their commission for the services. It can happen that after you make a profit, you realize that the broker will charge you a 50% commission for its services.

The following website is so faulty and full of lies, you simply can’t ignore all the inconsistencies. As expected from a fraudulent investment brand, falsified company data is shown along the fake certificates. 

All of this was thoroughly investigated by our team, so make sure you read this AstroFX review before deciding to put your entire financial future at risk.

Not Credible in Any Way

The AstroForex scam tries to appear legitimate and professional by forging their registrations and financial services certificates. That’s why you’ll see claims about them being a member of the Financial Commission while they’re not. 

In addition, the fraudsters link a company called EXPERT TRADES LTD from the UK Companies House, but this firm is not in the FCA register of regulated entities. This firm also probably has nothing to do with the predatory website we’re reviewing.

Lastly, the schemers also posted a falsified license from FSC (Mauritius). Looking through this database, we found no company under this name. 

All in all, we recommend you find a better regulated platform to invest with, which can also provide segregation of funds, negative balance insurance and compensation plans. Staying safe means avoiding criminals like Capital Ventures and this one.

Quick Profit – Key to Being Robbed

What makes investing with the AstroFX scam so attractive is the fact that they promote the good old get-rich-quick investment ordeals since their initiation in 2020. These are, of course, baits that drag unsuspecting victims into debts and bankruptcy faster than quicksand.

While we couldn’t find much information about the individuals behind this scheme, we did manage to pinpoint one inactive X profile. 

It is common to see financial swindlers impersonating investment advisors and leading people to their ruin by promising easy money. Read our Almcoin review for more information on similar projects.

These areas seem to be particularly hit by the fraudulent campaign:

• United Kingdom
• United States
• South Africa

User Reviews – Precious Insight

If you still believe that this company can make you rich overnight, you should hop over to Trustpilot and read some of the AstroFX reviews posted there. 

Besides the fact that the users have been verbally abused and mistreated by the company support, their accounts were closed without prior notice and their funds were snatched by scammers.

In case you too are struggling to pull your investment out of this devious scheme we recommend you seek professional help from our chargeback specialists.

Deceptive Costs

All this firm has to offer you is lack of transparency and insufficient honesty about the costs applied. There are hints about various charges, from transaction commission to a so-called bonus tax, but none if specified. 

Charges are hidden and they most probably tend to pop up once you try to send a withdrawal request in order to delay payouts or block withdrawals completely. As our Astro FX review shows, all these people do is lie and deceive, so you can only expect obstacles in the form of fees of all kinds.

Illusion of Being Rich in Features

In their desperate attempt to fool as many investors as possible, the Astro FX scam presents a variety of investment options, from cheapest to priciest. 

In accordance with their lack of transparency, other features are not discussed much. However, we weren’t impressed in the slightest once we registered for a new account and previewed the client zone.

Instant Trade Bot Execution

Instead of an elaborate trading software, equipped with advanced features and tools, the firm provides some sort of a simplified terminal. 

This solution can only be used to trade crypto pairs and Forex, so besides the main commands such as “insert amount”,“buy” and “sell”, no other options exist. 

To further support the illusion of a professional approach, there’s more than a few TradingView charts, screeners and fundamental market data tables imported, as well.

Supported Markets

Your access to the most popular world’s markets will not be provided here. As we’ve previously mentioned in this AstroFX Trade review, the website is nothing but a simulated investment portal. Therefore, it’s no wonder their offer of assets is so narrow:

• Forex – EUR/USD, USD/AUD, EUR/CHF
• Cryptocurrencies – BTC/EUR, ETH/USD, LTC/USDT

Investment Options and Plans

After completing the sign up, clients get access to a simplified client panel, where you are urged to immediately make a deposit. Here are the options put forward as investment plans:

• Starter Plan – $ 200
• Premium Plan – $ 1,500
• Silver Plan – $ 2,500
• Gold Plan – $ 5,000
• Platinum Plan – $ 10,000
• Ultimate Plan – $ 20,000

What these packages include, as well as the expected ROI, remains unclarified. Even if there were any special features included, like the AstroFX course for rookies, no traces of them exist.

Missing Funds and Denied Payouts

With the help of an AstroFX login, clients are able to access the deposit and withdrawal panel. Here, they can only choose between several cryptocurrencies to invest through. Other, more transparent transaction channels like credit cards, aren’t supported.

Since there’s no separate payout policy or any similar document, we couldn’t find anything more on the fees, processing time and taxes included. Numerous user complaints warn us about misappropriated funds, so better refrain from investing here at all.

Support is Disinterested

Trying to contact the help desk on this site is completely futile. Although there’s an active online chat feature, no one is there to reply. 

The website still claims they employ a most diligent team of support agents that answer inquiries immediately. Sadly, that couldn’t be further from the truth. 

Defrauded? Seek Chargeback!

If you are trying to deal with rejected AstroFX withdrawal or other issues pertaining to working with this company, we suggest you look for help immediately. 

Our chargeback professionals and a team of legal experts can help you acquire all the information you need to complete a fund recovery procedure. For more information, feel free to contact our chat agents and book a free consultation.

FAQ Section

What is AstroFX?

AstroFX is a fraudulent business oriented towards stealing funds from clients through investment plans.

Is AstroFX Legit?

No, this company presents various information to boost their credibility but all of the data is forged.

Is AstroFX Safe?

False investment schemes are definitely not safe. Contact us for professional help and recovery solutions.