Been Scammed By This Broker? We Can Help!
There is an uncountable number of brokers in the online trading market. Sometimes though, making money with online trading can seem almost too right to be true. This concern is justified since there are many scam brokers and disreputable out there on the market.
Some might be a complete sham all together, and other scams may be more subtle and operate under the radar of legal regulators.
These scam brokers have caused substantial financial losses for online investors, and most of them get away with it. So, if you have lost funds while dealing with a fraudulent broker, reach out and don’t let them get away with it.
10CFDS is a Forex broker registered for regulation in Belize. They provide a wide range of trading products from which to choose and a required minimum deposit of $250. The broker claims that their products are compatible with the MT4 trading terminal; however, many reviewers claim that 10CFDS is not compatible with this platform. Their offer includes over 40 forex pairs and crypto CFDs with a leverage of up to 1:200.
The web-platform 10CFDS is the trading name of speed solutions Ltd which is registered offshore in Belize and is regulated by the IFSC (International Financial Services Commission); however, all payments are processed by speed payments OU, which is based in Estonia.
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The possibility of 10CFDS being a scam is somewhat likely. While the sharing of company information is a pretty solid criterion for leveraging a broker’s legitimacy, sometimes just because they are licensed and provide a lot of information on their site doesn’t mean they aren’t a fraudulent broker.
The one license held by 10CDFS is a tier-three license, so 10CFDS has plenty of breathing room to make fraudulent transactions under regulatory officials’ noses. Belize’s commission does not have the power, resources, or funding to oversee international brokers like 10CFDS. This means that 10CFDS can get away with fraudulent behavior while operating under the guise of a license, which is about as good as a piece of paper.
Besides the lack of adequate regulations, there is also an unusually long withdrawal period, a general red flag when dealing with any broker. 10CFDS says it can take them up to five business days to process a withdrawal request and, for some reason, claims it will take another twenty-one days for the money to reach your account.
Most brokers process a withdrawal request within twenty-four hours, and it should not take more than two to five working days until the money is visible in your elected bank account. Having to leap over hurdles to get a withdrawal is not a behavior typical of honest and reliable brokers.
This scam works by luring you in with a false smile and big promises causing unsuspecting investors to make the beginning deposit of $250. They then begin to convince you that you should make further deposits to boost your earnings. By the time you realise you aren’t earning anything, you will want to withdraw your money and get out of this agreement as soon as possible.
However, these con artists will have no such thing in mind and will begin persuading you not to withdraw now and instead wait it out. The motive for this is that traders have a limited time window for filing a chargeback to get their money back. 10CDFS’ recovery department’ will want to mislead you into missing this crucial window into getting your money back, allowing them to get away with stealing your hard-earned funds.
Scams like 10CFDS can be hard to spot as they go to substantial disguise measures as a legitimate broker. It is always essential to check what regulatory licenses a broker has and what regulation they will be subject to. Always read the small print; companies with legitimate seeming sites and promises can turn out to be fraudulent when you aren’t fully aware of what you are getting into. Knowledge is your best friend in avoiding scam brokers such as 10CFDS.
Always bear in mind that 10CFDS is an offshore broker with a license number, which in the end doesn’t ensure the security of your capital. As a general advice piece, you should only trade with brokers regulated by well-known tier 1 and tier 2 brokers such as the FCA, CySEC, and ASIC.
There are also additional hurtles towards withdrawing your money besides the unusually long withdrawal process. They also claim an additional ‘withdrawal fee’ of 3.5%, a profit clearance fee between $1.5 and $5, and a monthly maintenance fee of $20. This is not usual practice for honest brokers, and it is clear that there is no situation in which you will receive any earnings while using this service.
It would help if you also researched information beyond the client’s site. Look into reviews, scam spotting articles, government, and regulatory bodies’ advice to see if anyone has made any claims of a scam or fraudulent behavior. However, be aware that scam brokers will often make fake reviews to mislead investors into falling into their scam. Look at all the information and evaluate before making a financial decision.
One reviewer who claims that they used to work for 10CDFS says that 10CDFS is a complete scam and does fake reviews via google. If you take a quick look online, you can quickly find various reports and reviews claiming that 10CDFS is a scam. Not only that, but MAS in Singapore has issued a warning against this broker advising investors to steer clear of their ‘services.’
Here are some possible red flags for spotting a scam broker such as 10CFDS:
If you have been scammed out of your hard earnings by 10CDFS, then Trader Defence Advisory and their team of legal professionals can help you. You can request a free consultation today or file a report on a broker to get in contact with their legal professionals.
Trader Defence Advisory is a team dedicated to helping the people. After a quick free consultation, you can receive additional paid services to help you get back your money rightfully.