How to recover your investment from TradeTime – Scam Broker Review
Be on the Lookout; TradeTime is an offshore broker; Your investment is at risk. Read this review you want to recover your investment from TradeTime.
Website: https://www.tradetime.com
Phone: +6448303348 / +61284881087 / +34917936712 / +46840308827 / +41315087562 / +442031501127 / +33170726507
Email: support@tradetime.com / finance@tradetime.com / compliance@tradetime.com
Company: Almandex Group LTD
Company Address: Saint Vincent, and the Grenadines
Regulation: Offshore Broker
Is TradeTime a legit broker and how to recover your investment?
TradeTime 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 TradeTime.
TradeTime 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.
As far as this kind of scheme goes, the TradeTime 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 investment 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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TradeTime broker Reviews
A look into TradeTime Reviews on various internet forums will reveal that TradeTime clients have had issues withdrawing their investments and/ or profits. Though the reviews regarding TradeTime have been drawn from various sources, it reveals a similar challenge. TradeTime 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.
TradeTime broker will then manipulate the trading platform to create scenarios jeopardizing the clients’ investments. The clients are then prompted by TradeTime 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 TradeTime Broker?
There is no easy way to recover your investment once you have sent it to TradeTime. TradeTime is structured in such a way that it makes it hard to pinpoint the scam to specific individuals and prove any wrongdoing. TradeTime 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 TradeTime to take any action.
However, hope is not lost. There are other means through which investors can recover their funds from TradeTime, without going the civil action route. A number of TradeTime 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 TradeTime broker.
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More reasons why you shouldn’t trust TradeTime
The company behind TradeTime is SILVER GROUP Ltd., which is incorporated in Vanuatu. While they are licensed by the local Financial Services Commission (the VFSC), this does not bring a lot of credibility to the company.
As you may or may not know, the financial sector is highly regulated in most countries. The stringency of the rules applied varies drastically from place to place. Off-shore zones are generally not as trustworthy as developed economies, with Vanuatu the “jewel in the crown” of loose regulation. The VFSC is famous for its low capital requirements – you can open a forex broker, by having only $ 2,000 in capital. As a comparison the United Kingdom’s Financial Services Commission (FCA), demands a minimum of € 730,000.
Furthermore the FCA requires frequent reporting on activities and enforces a lot of rules. When looking at it from a security of funds perspective, two are the most important ones. Fist of all, traders ’funds are kept in segregated accounts, meaning the broker can not freely access (and spend) them. Additionally all FCA-regulated brokers are forced to participate in the Financial Services Compensation Scheme (FSCS). This is a system, which guarantees clients ’trading capital against broker bankruptcy. If you trade with an FCA-regulated company which happens to become insolvent, you will be able to claim 90% of your account value, up to £ 50,000 from the Scheme.
Besides the loose regulation and account type creation mechanism, TradeTime also provides trading signals. While this is not something that exciting by itself, they appear to be coming directly from the company, which may create a conflict of interest. Other services, such as eToro, the world’s largest social trading network allow you to follow successful traders. The key difference is that they are third parties, who benefit only if they make a profit.
Conclusion
TradeTime is an off-shore forex broker. The company offers an interesting “account type creation” system, which we didn’t find all that innovative. Trading conditions vary wildly, based on the different initial deposit amounts you enter. TradeTime offers a decent web-based platform, which isn’t special.
