How to recover your investment from FXNobels – Scam Broker Review
Be on the Lookout; FXNobels is an offshore broker; Your investment is at risk. Read this review you want to recover your investment from FXNobels.
Is FXNobels a legit broker and how to recover your investment?
FXNobels is an unregulated offshore broker that offers services such as forex, CFD and or binary options trading. The broker is registered in a fiscal haven that lacks the intervention of any investment regulatory process. This means that taking legal action against this forex broker is next to impossible. Read this review to recover your investment from FXNobels.
FXNobels broker relies on a number of tricks to reach their prospects and make them believe that the money they are investing with them is in safe hands and will generate humongous returns. Such tricks include the use of the state of the art websites and apps, with all sorts of attractive trading conditions followed by well-spoken staff and very efficient customer support after signup. This is all smoke and mirrors.
In fact, the FXNobels staff operates as part of a network of anonymous call centers in undisclosed locations. They will outright lie to you about their location and even their names. The staff uses stage names when communicating with the clients to add a layer of anonymity. Using excellent sales skills paired with manipulative psychology techniques, the staff involved in this sophisticated scam will prompt the victims to invest always more money, often beyond what they had planned in an attempt to avoid losing it all. This type of scam is now widespread and used to defraud unsuspecting victims billions of dollars annually.
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FXNobels broker Reviews
A look into FXNobels Reviews on various internet forums will reveal that FXNobels clients have had issues withdrawing their investments and/ or profits. Though the reviews regarding FXNobels have been drawn from various sources, it reveals a similar challenge. FXNobels entices clients into this scam through interesting profits posted to their clients’ trading accounts.
The company even goes to the extent of transferring some of the money back to the clients. Once the clients’ trust is gained, they are prompted to invest more money for much better returns. Once the client has transferred the money, the problems begin.
FXNobels broker will then manipulate the trading platform to create scenarios jeopardizing the clients’ investments. The clients are then prompted by FXNobels Financial Analysts to transfer more money into their accounts to reduce the losses they are facing, often to avoid losing their investments altogether. Immediately after they do this, withdrawing the funds becomes an issue.
How To Recover Your Investment From FXNobels Broker?
There is no easy way to recover your investment once you have sent it to FXNobels. FXNobels is structured in such a way that it makes it hard to pinpoint the scam to specific individuals and prove any wrongdoing. FXNobels constitutes a brokers brand that is managed by a chain of shell companies registered in fiscal havens. Building a legal case against the broker would require one to utilize the services of a private investigator to track the money trails and trace it to individuals who could testify of the fraudulent practices of the broker. This does not even factor in the huge legal costs that would be required to institute a civil action in such offshore locations. Such prohibitive costs make it hard for customers of FXNobels to take any action.
However, hope is not lost. There are other means through which investors can recover their funds from FXNobels, without going the civil action route. A number of FXNobels victims have managed to recover their investment by maneuvering the banking legal system. While this method might be unknown to many people, it is possible for an individual to get his or her bank to reverse credit card charges and bank wire transactions in his or her favor. While this is possible, the route has a lot of rules and regulations around such a procedure and it would be wise to hire an expert if you want to recover your money from FXNobels broker.
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More reasons not to trust FXNobels
FXNobel is operated by Glencoe Partners LTD – a company registered in the Marshall Islands and the Cohen EOOD Group, based in Bulgaria.
As for their regulatory status, FXNobel declares to be a member of TheFinancialCommission, which turned out to be just a website – financialcommission.org with a contact address for Saint Vincent and the Grenadines.
We should note that this can in no way replace a legitimate license, issued by respected financial institutions such as the Cyprus Securities and Exchange Commission (CySEC), the Financial Conduct Authority (FCA) in the United Kingdom or the Australian Securities and Investments Commission (ASIC).
However, as one of the companies behind the broker – Cohen Group EOOD would be registered in Bulgaria, we carefully checked the records of the Bulgarian Financial Supervisory Commission (FSC) and could not find either Cohen Group EOOD or FXNobel there. Keep in mind that under Bulgarian law, all forex and CFD brokers operating in the country must be registered with the Bulgarian FSC or a legitimate financial authority of another EU country.
Also keep in mind that proper regulation in the forex industry is the most important factor for the security of any investment. Basically, if you trade with an unregulated broker, you run a huge risk of losing your money to scammers.
Let’s also say a few words about the Marshal Islands, as the place is a favorite destination for companies wishing to stay under the radar of regulatory authorities. The Marshal Islands are a small atoll in the middle of the Pacific Ocean, about which the US State Department warns that its private offshore sector is vulnerable to money laundering and other clandestine activities.
In addition, it is very easy to register an international business on the Marshal Islands, as the whole process is done online. Corporate officers, directors and shareholders can be of any nationality and live anywhere, and companies are not required to disclose the names of officers, directors, shareholders or beneficial owners. In addition to this, legal persons can act as directors, officers and shareholders.
That said, we have no choice but to consider FXNobel as an unregulated offshore broker with very limited credibility.
Duly authorized brokers, on the other hand, are obliged to follow strict financial and ethical rules, including to maintain a minimum capital adequacy ratio, to keep all clients in protected and separate accounts and, in some cases , even to secure the capital of traders.
For example, with the Financial Services Compensation Scheme supported by the FCA, if the broker becomes insolvent, traders can receive up to GBP 50,000 of their capital. A similar compensation system with CySEC guarantees traders up to EUR 20,000 of investment.
FXNobel is an unregulated offshore broker, with very limited credibility. As we have already discussed, investing with unregulated companies presents a huge risk of losing your money to scammers.