Scam exists in any financial markets and the forex market is no exception. How could investors know fraudulent brokers? Well, you can check the blacklist on BrokersView.
Recently, we learned an unscrupulous broker named Up Sale FX is conducting a forex withdrawal scam, leading to huge losses for investors.
A Withdrawal with €13,500 is Pending
A Spanish victim named Carolina has been scammed by the trading website upsalefx.com. She was blocked by the broker on Whatsapp and she can no longer access her Upsale Fx account as it was also blocked. She tried to withdraw but failed. The status of her withdrawal requests with €13,500 was always pending.
The investor posted all kinds of documentation, including a contract with a copy of the broker's ID.
In addition, she also shared a photo of €500 deposit with a card, and attached part of the complaint in the police where dates of transfers appear. She tried to contact the credit card company and reported the fraud to the CNMV, but was told that they can help her nothing.
Offer Misleading Information
1. false foundation Year
Up Sale FX claims its foundation in 2014. However, However, when we checked its domain, the result showed the firm was newly created in 2020. How could this happen? It is a red flag here.
2. without a license
Up Sale FX claims that it is a licensed and regulated financial services company, but doesn't mention which financial regulator oversees it. Besides, with its headquarters in the UK, the entity is not registered and supervised by the UK's Financial Conduct Authority (FCA). That is to say: Up Sale FX is currently not regulated or not overseen by any financial regulator.
An unregulated broker is clearly not authorized to operate in any regulated country. In order to avoid the fraud, BrokersView would suggest you find easily a broker's regulation information before you are going to deal with it.
Contact us at email@example.com if you have any troubles with brokers.