Beware Investors fvptrade.com – This entity is likely to be offering financial services to consumers. It does not hold any financial services license or credit license and is not authorized by a licensee. Providers of financial services must be licensed by local securities and commissions.
Online trading can be a lucrative and exciting way to invest your money and diversify your portfolio. However, it also comes with some risks, especially if you are dealing with unregulated or fraudulent brokers. One of the websites that has been flagged by the Australian Securities and Investments Commission (ASIC) as a potential scam is fvptrade.com. In this blog post, we will review the website and explain why you should avoid it at all costs.
Products and Services:
Fvptrade.com claims to offer a variety of products and services for online trading, such as forex, stocks, commodities, indices, cryptocurrencies, and CFDs. It also claims to provide access to advanced trading platforms, educational resources, market analysis, and professional support. However, these claims are not backed by any evidence or verification. The website does not even disclose the name of the company behind it, its address, or its contact details. This is a red flag that indicates a lack of transparency and accountability.
Financial institution & regulatory license:
Fvptrade.com also claims to be a regulated financial institution that holds a license from ASIC. However, this is a false and misleading statement. ASIC has issued a public warning against fvptrade.com and advised investors not to deal with it. ASIC has also confirmed that fvptrade.com is not licensed or authorized to provide financial services in Australia or any other jurisdiction. Furthermore, the website uses a fake ASIC logo and registration number to deceive investors and create a false sense of legitimacy.
Trader’s Reviews and Customer Service:
Another way to evaluate the credibility of an online trading platform is to look at the trader’s reviews and customer service. Unfortunately, fvptrade.com fails miserably in this aspect as well. The website does not have any genuine or positive reviews from real traders. Instead, it has many negative reviews and complaints from people who have been scammed by it. Some of the common issues reported by the victims include difficulty in withdrawing funds, manipulation of trading results, aggressive marketing tactics, and unresponsive or rude customer service.
How do online trading scams operate:
Online trading scams like fvptrade.com operate by luring unsuspecting investors with false promises of high returns and low risks. They use sophisticated techniques to manipulate the market prices and the trading outcomes in their favor. They also use various tactics to prevent investors from withdrawing their money or closing their accounts. For example, they may impose unrealistic fees or conditions, delay or deny the withdrawal requests, or block or ignore the communication channels. They may also try to persuade investors to deposit more money or switch to another platform.
How to Safeguard Against Fraudulent Brokers:
To safeguard against fraudulent brokers like fvptrade.com, you should always do your due diligence before investing your money online. Here are some tips to help you:
– Check the background and reputation of the broker. You can use online tools such as Scamwatch or BrokerCheck to verify their registration status and history.
– Read the terms and conditions carefully before signing up or making any transactions. You should understand the fees, risks, and obligations involved in online trading.
– Avoid brokers that offer unrealistic or guaranteed returns or bonuses. These are usually signs of a scam.
– Use secure payment methods that have fraud protection features. You should avoid using wire transfers, cryptocurrencies, or prepaid cards that are hard to trace or recover.
– Keep records of all your communications and transactions with the broker. You should also monitor your account activity regularly and report any suspicious or unauthorized activities.
– Seek professional advice if you have any doubts or concerns about online trading. You can contact ASIC or other relevant authorities for assistance or guidance.
Fvptrade.com is a scam website that pretends to be a regulated online trading platform but is a fraudulent scheme that aims to steal your money. You should avoid it at all costs and report it to ASIC if you encounter it. You should also follow the tips above to safeguard against fraudulent brokers and protect your online trading experience.