One such entity under scrutiny is TradeSafer, a purported online trading platform that has raised significant concerns among investors and scam investigators alike. In the vast world of online trading, investors must remain vigilant to protect their hard-earned money from unscrupulous entities.
Based on the comprehensive analysis provided, it appears that trade.tradesafer.com raises several red flags and may not be a trustworthy platform for trading. The Scamadviser algorithm assigns a medium to low trust score of 67, considering various factors such as hidden contact details, use of Cloudflare, and a low Tranco ranking indicating relatively few visitors.
The Financial Conduct Authority (FCA) has also published a warning about this company.
The owner’s decision to hide their identity is noted, and while it can be a precaution against spammers, it is also a tactic used by scammers. The use of an iframe or similar technology to include content from another website is considered suspicious, especially for a professional and large-scale platform. Additionally, the registrar facilitating the domain registration is associated with websites receiving low review scores, raising concerns about the registration process.
While the website claims to be operated by TradeSafer LTD, investigations reveal that no such company exists in the UK, as verified through Companies House records. This suggests that TradeSafer might be a trading platform without proper incorporation.
Several red flags point towards the likelihood of TradeSafer being a scam operation. The absence of a valid broker’s license, anonymous operation, misleading marketing, lack of verifiable client satisfaction evidence, and the potential practice of trading against clients all contribute to the skepticism. The absence of FCA authorization further raises concerns about the safety of funds.
The website’s failure to adhere to industry standards and the erratic nature of its online presence, with frequent outages, suggest unreliability. The warning against the potential disappearance of the website with people’s funds highlights the importance of caution.
Impossible to Track Down TradeSafer:
Attempting to establish a legitimate connection between TradeSafer’s provided information and legal databases proves futile. Despite claiming an address in Switzerland, the firm remains unknown to FINMA. The alleged UK office is no better, with the registration number belonging to Trade Safe Products Limited, an entity unrelated to online trading. The lack of regulation by Tier 1 bodies like BaFin, CySEC, and NFA raises red flags, indicating the absence of fund segregation, compensation schemes, and negative balance insurance.
Piggybacking on an Old Domain:
TradeSafer claims a history dating back to 2011, but a closer look at the WhoIs database reveals that the tradesafer.com domain only began hosting the fraudulent website in May 2023. The scam primarily targets individuals in Australia, the United Kingdom, Hungary, the Netherlands, and New Zealand, employing boiler room agents who employ deceptive tactics reminiscent of other known scams like Petron Capital.
Trading Terms Compromise Safety:
TradeSafer’s trading conditions not only violate existing legislation but also border on the realm of gambling. Despite claiming operations in the UK, the platform offers leverage as high as 1:500, a level well beyond what would be permitted if properly licensed and supervised. The lack of transparency regarding spreads, commissions, and additional fees, except for a $50 monthly maintenance fee, raises concerns about the platform’s legitimacy.
User feedback is crucial in evaluating the credibility of an investment platform. TradeSafer’s online presence is limited, with only three reviews on trustpilot.com – two negative and one positive. The scant feedback is consistent with the platform’s low trust score and suspicious background on webparanoid.com. Unfortunately, victims express their grievances, labeling TradeSafer as a “big scam” that led to financial losses. The importance of reading user reviews is emphasized as a means of understanding the methods employed by fraudulent platforms and avoiding falling victim to their schemes.
TradeSafer is currently involved in activities that pose a high risk of fraud, particularly in areas related to cryptocurrency, investments, and casinos. Given the increasing prevalence of scams in the cryptocurrency space, it’s crucial to be aware of certain red flags to avoid falling victim to fraudulent schemes.
One prominent warning sign is when a party insists on payment exclusively in cryptocurrency. Legitimate businesses do not demand upfront cryptocurrency payments for purchases or to safeguard your funds. Such requests are almost always indicative of a scam.
Hidden Bonus Conditions:
While the company may add bonuses to clients’ trading accounts at its discretion, the terms attached are onerous. Withdrawals are prohibited until the trading volume requirement is met, calculated as the bonus amount multiplied by the leverage used.
Barebone Trading Utilities:
Post-login, users encounter a trading application that falls short of advertised features. The alleged “optimized trading platform” is a rudimentary web trader with limited functionality, prone to bugs that compromise its usability.
Borderline Useless Software:
TradeSafer’s trading platform claims to be optimized but falls short in functionality. Market prices may be actively tampered with to ensure clients lose money on each speculation, revealing the true intentions of the scammers.
Trading Instrument Selection:
While the platform offers a diverse range of trading assets, the fictitious nature of trading on the platform renders the selection meaningless. From Forex and cryptocurrencies to stocks, indices, and commodities, the breadth of assets is merely a façade.
Ripoff Accounts:
TradeSafer offers live accounts at exorbitant costs, ranging from Silver at $10,000 to Diamond at $250,000. Alleged benefits accompanying higher-tier accounts, such as deposit protection and 24/7 account monitoring, raise suspicions about the platform’s legitimacy.
Cashing in Profits:
The uncertainty surrounding the existence of real trading on TradeSafer makes it questionable if any profits accumulated are genuine. Withdrawals are hindered by the imposition of bonuses on trading accounts, with expectations set impossibly high for funds to unlock.
The authenticity of actual trading activities remains dubious in this context, casting doubt on the legitimacy of the accrued profits. A significant challenge arises when clients seek to retrieve their initially deposited funds. To dissuade withdrawals, fraudulent entities often employ a strategy of offering bonuses on every trading account. However, these bonuses are coupled with unrealistic expectations that make it virtually impossible for traders to unlock their funds.
The process of initiating withdrawal requests is carried out through the user panel. However, upon investigation into the available methods for withdrawal, a conspicuous lack of information emerges. The website consistently prompts traders to reach out to the support team for assistance, but such efforts prove futile.
This situation raises concerns about the transparency and integrity of the trading platform, as the absence of clear withdrawal processes and the imposition of unattainable bonus-related conditions suggest potential fraudulent practices. Traders find themselves in a precarious position, grappling with the uncertainty of whether the profits they’ve accumulated are genuine, and facing obstacles when attempting to reclaim their deposited funds.
No Customer Service:
Attempting to reach TradeSafer’s customer support proves futile. The live chat, only accessible through the client dashboard, is non-functional, emails bounce back and calls to the support phone line go unanswered, leaving users stranded with no recourse.
Conclusion and Call to Action:
TradeSafer emerges as a clear scam, lacking the necessary licenses and regulatory oversight. The platform’s nearly useless trading environment, coupled with misleading information, raises concerns about its intentions. Investors are strongly advised to avoid dealings with unlicensed firms like TradeSafer and seek professional assistance if already entangled in their web.
What to Do If You Fell Victim to the TradeSafer Scam:
A. Stop All Engagement with the Platform
Cease any further engagement with the company, including accessing the website, replying to emails, or contacting customer service representatives.
B. Document All Your Activities and Losses
Gather evidence by taking screenshots of your account, transaction receipts, emails, and message logs. Create a record of damages, including money, crypto, or personal data lost.
C. Report the company to All Relevant Authorities
File reports about Tonpex, their social media channels, and associated payment processors to local and international authorities, including the police, FTC, CFPB, social media platforms, domain registrars, and cryptocurrency exchanges.
D. Reset All Account Passwords
Immediately reset passwords for your email, financial accounts, crypto wallets, and other sensitive logins. Enable Two-factor authentication for additional security.
E. Run a Malware Scan
Check your devices for malware using a trusted antivirus program to remove any viruses or spyware from the scam site.
F. Install an Ad Blocker
Install an ad-blocker to block malicious ads or phishing attempts, providing an additional layer of protection.
G. Warn Others about the Scam Dangers
Spread awareness about the tactics of the company and similar crypto scams in your social circles and online communities. Share your story to prevent others from becoming victims.
H. Consult Legal Options for Potential Recourse
Discuss your case with an attorney to explore potential options for pursuing the scammers and recovering stolen funds. While challenging, victims have sometimes gained restitution through civil lawsuits and class action cases.
In conclusion, TradeSafer appears to exhibit characteristics commonly associated with scam brokers. The absence of regulatory authorization, misleading reviews, and questionable business practices strongly advise potential investors to exercise extreme caution and consider alternative, more reputable trading platforms.
FAQ Section:
What is TradeSafer?
TradeSafer is a fraudulent group using a fictitious forex brokerage as a front.
Is TradeSafer a Legit Broker?
No, the company is completely illegal, lacking the necessary license and regulation to operate legitimately.
For more genuine reviews on this kind of company, visit the website at www.marketrefree.com