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A Wake-Up Call for Traders: Unregulated Imperial Trade Keeps Asking for Deposits

2024-05-15 Brokersview

revealing Imperial Trade as a scam

Unregulated brokers are always confronted with client complaints due to withdrawal issues or potential fraudulent practices. Imperial Trade is one of the brokers hit with client condemnation recently for a set of tricks for repeatedly asking for deposits.

 

client complaint against Imperial Trade

 

The client complaint submitted with BrokersView in early May alleged that Imperial Trade required multiple deposits for unjustified requirements such as taxes, gas money, and conversion fees. Beyond that, the fraud case involved two individuals - Jenny Harplers and Edward Smith, who were allegedly an employee and the General Manager, respectively, of Imperial Trade.

 

The client’s terrible trading journey on imperialtrade.live, Imperial Trade’s trading website, began when he was contacted by Jenny Harplers on Telegram. Jenny’s message involved forex and bitcoin trading and included a user login site.

 

Initially, on February 15, the client deposited $1,000 under Jenny's instruction. The next day, Jenny informed the client that his investment was profiting a lot and encouraged him to deposit another $1,000 for trading. On February 16, the client therefore deposited an additional $1,000. 


Imperial Trade's deposit notification to client

It appeared to be working as expected, a few days later, the client's account dashboard showed that his investment had generated a profit of $21,000.


client's account dashboard on Imperial Trade

 

However, when he decided to withdraw this profit, Imperial Trade asked him to pay $2,100 in taxes. According to the email sent by the broker to the client on February 19, this was a so-called cryptocurrency regulatory tax of 10% of his total profit. 


Imperial Trade's notification for demanding crypto taxes

 

This was the beginning of Imperial Trade's constant excuses to swindle money from the client, as $1950 in gas money required by the scammer immediately followed. Jenny said the amount could help release his funds.

 

The story didn’t end here. The client also started receiving text messages on Telegram from Mr. Edward Smith, who claimed to be Imperial Trade’s General Manager, saying that he should send a conversion fee of $500 to withdraw his profit. After the client paid through the company’s website, the scammers blocked him on Telegram. 

 

Imperial Trade's email demanding conversion fees

 

The client invested a total amount of approximately $5,500, and there is little hope for him to contact the company and the individuals. BrokersView has conveyed his complaint to Imperial Trade. 

 

Unveiling Imperial Trade

 

Imperial Trade's website page

 

Imperial Trade, a US-based crypto trading and forex marketing firm, claims to be regulated by the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).

 

Imperial Trade's regulatory claims

 

BrokersView’s investigation into Imperial Trade reveals no matching records in the registers of the CFTC and SEC. 


Imperial Trade is not regulated by the SEC and CFTC

 

In addition, conducting such operations in the U.S. must be registered as a member of the National Futures Association (NFA), but the platform is not registered and therefore not subject to the NFA’s oversight.

 

Imperial Trade is not subject to NFA's oversight

 

According to the website, Imperial Trade is self-proclaimed as one of the best, most beneficial, and brilliantly successful companies in the industry of forex trading and investing. However, the domain name imperialtrade.live was only registered towards the end of 2023. 


Imperial Trade's domain information

 

As a result, neither the statement of its regulatory status nor its self-boasting company description is tenable. In fact, Imperial Trade is an unregulated and highly risky broker.

 

BrokersView Reminds You

 

Imperial Trade has failed to disclose information about the operators of its website, and it is likely that the dubious individuals behind the platform, Edward Smith and Jenny Harplers, have been soliciting clients and committing fraud through unscrupulous means. The victim in the aforementioned case has disclosed their phone numbers and investors are advised to be wary of SMS or Telegram messages from the numbers.


the phone numbers of scammers behind Imperial Trade

 

On the other hand, we found some email screenshots provided by this client regarding Bitcoin purchase orders showing the sender as Cash App, a payment app that does not, to our knowledge, provide an email address as one of its customer service channels. And, we've checked with the company and learned that it doesn't send Bitcoin notifications to users. This further exemplifies Imperial Trade’s fraudulent tactics.

 

Imperial Trade falsifies email from Cash App

 

BrokerView always recommends checking the legitimacy of a broker before committing money to minimize the risk of fraud.

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