If the broker does not have a license issued by the relevant regulatory authority in your country, will you cooperate with him and invest your accumulated money? Most likely not, they are not uncontrollable, and you should stay away from them. Even if the brokerage activity is regulated, you should avoid it if the regulatory authority is located outside your country. In today’s review, we will take a detailed look at the fraudulent brokerage company FastTrader and you will understand whether it is worth investing in them or bypassing them.
FastTrader claims about itself that the company’s employees strive to provide as many people as possible with access to software for trading artificial intelligence at the institutional banking level without large upfront payments or monthly subscriptions, which you need to worry about covering. The firm aims to provide all its members with access to financial instruments and personal growth tools to help them “get better” in all aspects of life.
The broker says that he realizes that one source of income in the modern world is not enough to create the life we dream of, because they want to help as many people as possible to get multiple sources of income using their modern platform.
FastTrader claims to be based in the UK, but does not display the address, phone number and email. This broker also mentions that it is fully regulated, but it is not specified which organization controls its activities.
Every forex broker registered in the United Kingdom must have a license from a local financial authority – the Financial Supervision Authority (FCA). The broker can be easily checked on the official FCA website. After we looked through the registers of this body, it turned out that FastTrader was blacklisted and exposed as an unauthorized broker.
In fact, thefasttrader.com has a very low confidence score, which indicates a fraudulent website. Be extremely careful when navigating this page!
When our system evaluated thefasttrader.com automatically, it analyzed a number of characteristics, including information about the owner, location, popularity and other factors related to reviews, counterfeit products, threats and phishing. Using the collected data, an assessment of trust is formulated.
Identified negative characteristics:
- The rating of this site on Alexa is very low;
- The website owner uses the service to hide his identification in WHOIS;
- The registrar has a high proportion of spammers and fraudulent websites;
- This website may offer services related to high-risk cryptocurrencies;
- This website provides anonymous payment methods;
- This website has been flagged as suspicious transactions
This website has been sanctioned and blacklisted after completion, so it’s always wise to do your own research.
FastTrader platform and trading conditions
Unfortunately, the broker decided not to disclose to unregistered viewers of the site the trading conditions, as well as the platform they use.
Online Trading Scams: How They Operate
The investor is given a false sense of security and becomes addicted to the idea of “easy money” after seeing a string of successful trades, which is a common tactic in internet trading scams. After the investor has gained trust, they will be encouraged to invest additional money in the hopes of higher profits. In addition, the investor may be offered further rewards if they bring additional members of their immediate and extended social networks to the platform.
After a brokerage has taken what it perceives to be all of an investor’s money and that of his or her associates, the account will be frozen and the money will be inaccessible.
Moreover, many scam businesses may post phony regulatory licences and addresses on their websites in an effort to reassure naive investors that they are legitimate. To be safe, it’s best to double-check your facts using a few other sources. When sending money online, it is important to stay alert at all times.
From looking at their website, it becomes clear that the company is not under the jurisdiction of any particular regulatory authority. It’s a giant warning sign! This alone should dissuade you from any investment in them. In addition to this, they collaborate with websites that provide “automated trading software”, which is another red flag given that websites of this type are extremely well known for their involvement in fraudulent schemes.
As a result, FastTrader is just another unregulated forex broker. This indicates that consumers are not protected, and it is likely that they will get away with stealing your hard-earned money without holding the regulatory organization accountable.
How does it work?
FOREX scammers will call potential clients trying to get them to make an initial minimum deposit, and they will use every tactic imaginable to achieve this goal. They will advertise offers that are almost too good to be true, such as “we will double your initial investment” or “you will easily earn $100 every day.” I beg you, don’t listen to anything they have to say! This is a complete scam! After the initial payment is completed, customers are handed over to a more experienced fraudster known as a “retention agent” who will make additional attempts to extort additional funds from them.
How can you get your money back?
If you have already placed your money with them and they refuse to return it, which is very likely, you may still have one or two ways to get your money back, so don’t worry about it.
First of all, you need to make sure that you have saved all the emails as proof that you demanded a refund from them, but they either do not give them to you, or delay the process for an excessive amount of time in order not to return your money.
You should start by initiating a refund as your very first step! Call your financial institution or the firm that issued your credit card and explain how you were tricked into making a deposit for a trading company that is not regulated and will not refund your money. This is the fastest and easiest way to get their money back, but it is also the method that will cause them the most inconvenience.
There is no way to do a chargeback on a wire, so if you send them one, there is no recourse. In order to complete this step, you will need to take the battle to a higher level. Warn them that you will report their behavior to the appropriate authorities and file a complaint against them if it continues. That will cause them to reconsider the likelihood of issuing a refund.
You also have the option of writing a letter or sending an email to the agencies that are in charge of regulation. You can conduct a search on Google to locate the governing body that is responsible for overseeing Forex brokers in the country in which you are now residing. After then, you are able to write a letter or compose an email in which you detail how you were tricked by them.
Make sure that you hand over this letter or email to them and inform them that you will be sending it to the agency that regulates the industry if they do not refund your money.