How to recover your investment from Trade Global Market (TGM) – Scam Broker Review
Be on the Lookout; Trade Global Market (TGM) is an offshore broker; Your investment is at risk. Read this review you want to recover your investment from Trade Global Market (TGM).
Is Trade Global Market (TGM) a legit broker and how to recover your investment?
Trade Global Market (TGM) is an unregulated offshore broker that offers services such as forex, CFD and 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 Trade Global Market (TGM).
Trade Global Market (TGM) broker relies on a number of tricks to reach to 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.
As far as this kind of scheme goes, the Trade Global Market (TGM) staff could very well be operating as part of a network of anonymous call centers in undisclosed locations. They could outright lie to you about their location and even their names. In typical investments scams, 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 these sophisticated scams 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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Trade Global Market (TGM) broker Reviews
A look into Trade Global Market (TGM) Reviews on various internet forums will reveal that Trade Global Market (TGM) clients have had issues withdrawing their investments and/ or profits. Though the reviews regarding Trade Global Market (TGM) have been drawn from various sources, it reveals a similar challenge. Trade Global Market (TGM) 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.
Trade Global Market (TGM) broker will then manipulate the trading platform to create scenarios jeopardizing the clients’ investments. The clients are then prompted by Trade Global Market (TGM) 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 Trade Global Market (TGM) Broker?
There is no easy way to recover your investment once you have sent it to Trade Global Market (TGM). Trade Global Market (TGM) is structured in such a way that it makes it hard to pinpoint the scam to specific individuals and prove any wrongdoing. Trade Global Market (TGM) 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 Trade Global Market (TGM) to take any action.
However, hope is not lost. There are other means through which investors can recover their funds from Trade Global Market (TGM), without going the civil action route. A number of Trade Global Market (TGM) 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 Trade Global Market (TGM) broker.
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More reasons why you shouldn’t trust Trade Global Markets
Lack of regulation
Trade Global Market (TGM) is an unregulated forex and CFD broker, owned by an offshore company, but operated from Bulgaria. And because we have some very serious suspicions about the legitimacy of the broker, be sure to read this review, if you are planning to open an account with them.
Trade Global Market Disadvantages
No financial regulation
Judging by the languages supported by the broker’s website, it obviously targets European investors. This, of course, requires a legit license issued by an EU financial regulator, and Trade Global Market does not hold such.
The broker provides contact numbers with British phone code, but says to be owned and operated by Trade Global Market LLC, a company based in Georgia. We checked both the registers of the National Bank of Georgia and the UK’s Financial Conduct Authority, but found no records of any such company.
Regulation is the single most important factor for the safety of any investment and the fact that TGM does not have a license significantly lowers its credibility. With no regulatory oversight we can’t be certain about the company behind the operation will act in good faith and whether it will fulfill its obligation towards clients.
No demo accounts
For those of you who are new to trading, demo accounts are basically “paper money trading”. Most forex brokers provide them, as way to introduce clients to their service, without the need for an investment, as well as to show that they are transparent with their pricing. TGM is not one of them, which is another red flag regarding this brokerage.
Unfavorable clauses in the Client Agreement
We always take a look at the legal documents presented by forex brokerages under review, as sometimes there are pretty nasty clauses written in small print. In the case of Trade Global Market, we found out that anyone who signs its Client Agreement, agrees that the broker can interrupt their services without allowing any payouts at any time. Or at least this is what we understood.
In TGM’s client agreement we also read that the broker is a counterparty to all executed trades on their platform, or a Market Maker, which creates huge potential of conflict of interest.
Conclusion
Trade Global Market (TGM) is a shady forex provider that operates without a legit license and is not transparent about its services. This inclines us to suspect that potential clients of this broker may be open to substantial risk. This simply means, they are likely to be a scam.
Unfortunately, Forex trading, as any other lucrative business sphere, is full of fraudsters seeking to swindle naive traders on every turn. This is why regulation is so crucial in the wild west of forex. That is why we encourage our readers to only deal with properly licensed brokers. For example, those authorized by the Financial Conduct Authority in the UK or by ASIC in Australia.
