How to recover your investment from Finbitex – Scam Broker Review
Be on the Lookout; Finbitex is an offshore broker; Your investment is at risk. Read this review you want to recover your investment from Finbitex.
Is Finbitex a legit broker and how to recover your investment?
Finbitex 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 Finbitex
Finbitex 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 Finbitex 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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Finbitex broker Reviews
A look into Finbitex Reviews on various internet forums will reveal that Finbitex clients have had issues withdrawing their investments and/ or profits. Though the reviews regarding Finbitex have been drawn from various sources, it reveals a similar challenge. Finbitex 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.
Finbitex broker will then manipulate the trading platform to create scenarios jeopardizing the clients’ investments. The clients are then prompted by Finbitex 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 Finbitex Broker?
There is no easy way to recover your investment once you have sent it to Finbitex. Finbitex is structured in such a way that it makes it hard to pinpoint the scam to specific individuals and prove any wrongdoing. Finbitex 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 Finbitex to take any action.
However, hope is not lost. There are other means through which investors can recover their funds from Finbitex, without going the civil action route. A number of Finbitex 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 Finbitex broker.
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More reasons not to trust Finbitex
Not a regulated broker
The legal entity behind Finbitex is called RedSunrise LTD. They are based in Sofia, Bulgaria, but are not registered with the Local Financial Supervisory Commission (FSC).
Even if you think this is not a big deal, as cryptocurrencies should not be regulated, EU lawmakers have a different opinion. ESMA (European Financial Markets Authority) is of the opinion that, although cryptocurrencies are not securities, the derivative assets derived from them are and the companies offering such services should be regulated.
Finbitex is an unregulated crypto-CFD broker (essentially a forex broker, which offers nothing but cryptocurrencies). We appreciate the fact that they have stated very specifically that they are not an exchange, which some other companies do not. That said, their offer is by no means impressive – the negotiation costs are quite high and the fine print can actually be very impactful for some.
Even if the conditions were better, it is still an unregulated business. These business partners always carry a level of counterparty risk. This is why most countries have dedicated agencies to monitor the financial services sector. One of the most reputable watchdogs is the Financial Conduct Authority (FCA) in the United Kingdom.
All brokers registered with them are obliged to follow many rules. The two that allow traders to feel secure about their investment are the separation of client accounts and participation in the Financial Services Compensation Scheme (FSCS). The first simply means that your money will not be mixed with that of the business, which will prevent direct fraud. The FSCS is a mechanism which protects traders in the event of the bankruptcy of their broker (up to £ 50,000 per person).