Before considering any investment with the dubious Superlative FX Market, prompted by their baseless assertions of unwavering dedication to customer satisfaction, it is imperative to delve into this thorough review. Within these lines, we have meticulously gathered substantial evidence not only to challenge and disprove their claims but also to unravel the entirety of their deceitful motives. Continue reading to gain insights into a previously undisclosed dimension of this questionable business.
In an era where financial decisions carry significant weight, it becomes crucial to scrutinize the legitimacy of investment opportunities. The Superlative FX Market review serves as a critical resource, shedding light on the inconsistencies and deceptive practices employed by this particular firm.
The Financial Conduct Authority (FCA) has also published a warning about this company.
Our investigative efforts have unearthed a trove of evidence, exposing not only the lack of substantiation behind their customer satisfaction proclamations but also the underlying fraudulent intentions that taint their operations. By perusing the following details, you will be equipped with a comprehensive understanding of the multifaceted issues that underscore this company’s questionable standing in the financial landscape.
Inconsistencies in Company Information:
Despite presenting itself as a UK-based entity, the absence of Superlative FX Market’s registration with the UK Companies House raises significant concerns. The expected regulatory oversight from the Financial Conduct Authority (FCA) is conspicuously absent, and the FCA has publicly issued a warning against the dubious conduct of this entity.
Exploring further details about the company on its website only reveals generic information, claiming to be a forex dealer operating as a private entity with purportedly over 20 years of experience. However, the lack of concrete details and the dubious nature of this claim spurred our investigation to scrutinize the firm’s legitimacy.
Our thorough inquiry extended beyond the borders of the UK, combing through the registers of prominent regulatory bodies such as BaFin, CySEC, NFA, and CONSOB. The outcome of this extensive search yielded no trace of Superlative FX Market, amplifying suspicions about its authenticity.
The absence of regulatory approval and the lack of visibility on reputable registers suggest that this broker may share similarities with common offshore frauds, such as QxBroker. This revelation serves as a red flag, cautioning potential investors against entertaining any proposals put forth by Superlative FX Market.
It is imperative to recognize that the discrepancies in registration and regulatory oversight not only erode the credibility of the firm but also indicate a potential alignment with unscrupulous practices prevalent in the realm of offshore fraud. As a result, prudence dictates avoiding any engagement with Superlative FX Market, considering the evident lack of transparency and regulatory compliance.
Geographical Targeting of Affected Individuals:
The methods employed by these perpetrators to ensnare unsuspecting victims remain shrouded in uncertainty. A closer examination reveals that all links to their social network profiles have been deactivated, suggesting a clandestine presence on social platforms aimed at identifying potential targets. However, this digital presence seems to have evaporated after their blacklisting.
Another conceivable avenue facilitating their fraudulent activities involves the engagement of boiler room agents. These agents are notorious for subjecting their targets to persistent and intrusive phone calls, teetering on the edge of harassment, and employing tactics involving threats and rudeness.
Reports from traders originating from various countries further underscore the global reach of their deceptive practices. Instances of victimization have been reported in the United Kingdom, Pakistan, and Germany. This international dimension highlights the urgency for increased awareness and vigilance among potential investors, as these unscrupulous actors continue to exploit unsuspecting individuals across diverse geographical regions.
Legal Recourse:
If you suspect your investment isn’t secure, know that you have the right to claim funds back. Reporting fraud and filing a complaint offer a good chance of success in recovering your money.
Stringent Trading Conditions at Superlative FX Market:
Engaging in trading under these terms is bound to incur higher costs compared to those associated with a reputable and properly regulated broker. This assertion stems from the fact that the trading expenses far exceed industry averages. A case in point is the starting spreads for the most economical account, which stand at 3.3 pips on Forex majors.
However, the exorbitant costs are not the sole concern. The level of exposure introduced is nothing short of extreme. While starting leverage of 1:300 is already deemed unacceptable, the eventual ratio soaring to 1:5000 poses a perilous financial risk. Such astronomical leverage has the potential to deplete one’s funds rapidly, leaving them financially destitute and indebted within a remarkably short timeframe. The combination of elevated trading costs and an excessively high leverage ratio underscores the precarious nature of trading under these conditions and reinforces the imperative of opting for brokers with more reasonable and industry-standard terms.
Deposit Bonus and Withdrawal Concerns:
Upon depositing, clients receive a $100 bonus, but withdrawal terms are undisclosed. A notorious trading volume requirement may hinder payouts. Additionally, the obscure payment processing methods and limited withdrawal options, only allowing crypto transfers, raise concerns about potential theft.
Dubious Performance Tools:
The Superlative FX Market platform pledges instantaneous and secure trading, setting a high standard for performance. However, such assurances appear ambitious when scrutinized against the backdrop of a web-based terminal that suffers from subpar coding. The platform’s infrastructure primarily relies on imported TradingView charting, accompanied by unresponsive functionalities in the form of buy and sell buttons.
Furthermore, Superlative FX Market falls short in facilitating advanced technical and fundamental analysis, as well as rendering support for Expert Advisors. These advanced features are typically associated with industry leaders like MT4, MT5, and cTrader, which are exemplified by the offerings of established entities such as True Forex Funds. The discrepancy in capabilities underscores the importance of choosing platforms that are not only robust but also capable of accommodating the diverse needs of traders, ranging from sophisticated analyses to automated trading strategies.
Pricing and Deposit Requirements at Superlative FX Market:
The offered packages and their corresponding deposit at Superlative FX Market demands lack attractiveness compared to established brokerage giants. The pricing tiers are as follows:
– STARTER ACCOUNT – $500
– BASIC ACCOUNT – $3,000
– BRONZE ACCOUNT – $6,000
– SILVER ACCOUNT – $20,000
– GOLD ACCOUNT – $50,000
– PLATINUM ACCOUNT – $100,000
Payments Procedures:
The legal documentation provided by Superlative FX Market is notably ambiguous, failing to offer a clear elucidation of the payment processing procedures. Similarly, the user interface proves unhelpful, lacking transparency in terms of accessing funding options. This apparent lack of information suggests that any transactions, including transfers, necessitate the involvement of the self-proclaimed account managers.
Compounding the issue of unclear financial processes are the challenges associated with withdrawals. Not only are the fees and taxes unspecified, introducing an element of uncertainty for users, but the sole method allowed for withdrawals is through cryptocurrency transfers. This limitation not only restricts user choice but also raises concerns about the potential vulnerability to swift theft by nefarious actors in the cryptocurrency space. This aspect of Superlative FX Market’s operations not only underscores the importance of transparent financial processes but also raises red flags regarding the security and integrity of the platform for users seeking reliable and conventional financial transactions.
VIP Support:
Superlative FX Market restricts ordinary customer support to email, leaving the accessibility of responses uncertain. Alleged VIP clients supposedly have access to a phone number for technical support and emergencies, a practice inconsistent with licensed brokerages.
What to Do If You Fell Victim to the Superlative FX Market 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 this company, its 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.
Conclusion:
This review meticulously explores the deceptive trading environment offered by Superlative FX Market, emphasizing the importance of choosing regulated brokers for a secure trading experience.
For more genuine reviews on this kind of company, visit the website at www.marketrefree.com