Been Scammed By This Broker? We Can Help!
Unlicensed and unregulated brokers run riot within the online broker market robbing potential investors out of thousands. So how can you spot an unregulated and fraudulent broker, and is SuisseCG a scam or a service?
SuisseCG is an online brokerage firm which claims to be located on the Island of St. Vincent and the Grenadines. Though a quick search of the address shows that the office complex owners have made a statement about fraudulent brokers using their address, this is evidently a fake address.
SuisseCG is owned by Technoric LTD, a UK based marketing and SEO business, with a minimalistic and vague website with no substantial contact information and a warning issued against both them and the FCA.
They are both unregulated and unlicensed companies with no authorization to be trading and are almost certainly an illegal business. Both telephone numbers listed on the SuisseCG contact page is linked to a business called TradeUR, a known scam broker also owned by Technoric LTD. With another separate warning against them from the FCA.
It is evident that SuisseCG’s parent company, Technoric, is running multiple fraudulent operations from their home base in the UK and are providing fake addresses for their fraudulent operations.
They offer a range of trading methods, including stocks, indices, commodities, currencies, and crypto assets to lure victims in. Still, if you visit their withdrawal policy page, their scam becomes evident.
For a withdrawal to be made, they claim to require a plethora of personal information that could be used for identity theft scams or sold on to other criminals. They have a 1% withdrawal fee that might seem small. However, a brokerage firm shouldn’t have any such fee. The details of the verification process are lengthy and time-consuming in order to stall giving a withdrawal; these criminals never planned to give out a withdrawal in the first place.
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So, is SuisseCG a scam? Yes, without a doubt.
Let’s quickly run through some of the classic hallmarks of a scam to help us identify and detect fraudulent brokers.
First off, the unclear location of the broker is a massive red flag. They claim to be located on the Island of St. Vincent however a quick google search, and you will discover this is a fake address. Their parent companies’ webpage is purposefully devoid of relevant contact information to prevent detection, but if you google their company name, you can find UK government records indicating that they are based in the UK which is a long way from St. Vincent. This company does not want to be found; I doubt the offices listed on their UK government records are entirely legitimate either.
Secondly, you should never deal with an unlicensed broker as they have no government oversight to regulate any fraudulent behaviour. SuisseCG lists a registration number at the bottom of their website so visitors with keener eyes might deduct that they are a licenced business. However, they do not state which financial body they are regulated by, and there are warnings against them from the FCA leading to the conclusion that they are in fact, an unregulated broker. And even if they are regulated this doesn’t mean they are incapable of sneaking fraudulent transactions under government authorities’ radar.
Thirdly, warnings from the FCA for both SuisseCG and their parent company Technoric which has already has a separate warning for their other scam operation TradeUR. This combined with numerous customer complaints, warnings from scam spotters and even the owners of the building they purport to be registered at indicates foul play.
And finally, the fine print. Always check their policy’s especially withdrawal fees, claiming that they need extensive personal information, including a copy or photo of both the front and back of your credit card to verify your identity is a massive red flag. This is often coupled with strange withdrawal fees and long processing period. Scammers do this to stall your withdrawal and collect personal data that can be utilized for identity theft and credit card fraud.
Here are some possible red flags for spotting a scam broker such as SuisseCG
Trader Defence Advisory is a fund recovery service which aims to help scam victims recover lost funds and provide legal insight and advice during a potentially troublesome period. Our team of dedicated legal professionals would be happy to talk to you using our free consultation service so we can get on track to getting you the help you need in these tough times. Or you can directly lodge a scam broker report right here on our website.