Have you recently invested money with an online broker and wondered if you made the right decision? We do not blame you – there has been an increase in scams being carried out by Forex trading businesses such as 101Investing. This is why we have experts who have experience in tracing your money and recovering funds belonging to victims who have fallen for such scams. We do this using industry knowledge and the latest technology to determine where your money has gone and how to get it back.
To give you a little insight into the signs you should be looking out for when determining if an online broker is setting you up for a scam, here is a little closer look at the broker 101Investing.
Who are 101Investing?
Established in 2016, 101Investing is the child of its parent company FXBI Financial Invest Ltd, which resides in Cyprus – it is regulated by the Cyprus Securities and Exchange Commission (CySEC). 101Investing also claim to be regulated by the following bodies: National Securities Market Commission (CNMV), Swedish Financial Supervisory Authority (FI), Financial Supervisory Authority of Norway (Finaanstilsynet), Danish Financial Supervisory Authority (FSA) and Financial Market Authority Austria (FMA).
101Investing operate using two trading platforms. The first is the MT4 trading platform, which can be used as an app. It is a powerful technological trading engine that enables users to customise the trades they make. The second is Webtrader, which is a platform that supports 11 languages and claims to ensure users safety when it comes to transmitting data. While everything looks fine and dandy from the outside, the further you look into the company the more drawbacks can be noted, such as lousy customer service.
Is 101Investing a scam?
The more we investigated 101investing, the more signs we found that led to our verdict: 101Investing is indeed a scam broker. A telltale sign is the urgency and pushiness they employ in their approach to getting traders to invest on their platform. There are records of traders who complained about being forced to make investments when they were actually wanting to withdraw their funds. New traders have also commented on the way account managers would force them to deposit more money without alerting them of the risks of Forex trading and the different strategies one can take.
Once you start investing, 101Investing do everything possible to make you lose your cash by investing in ‘opportunities with better profit potential’. This essentially boils down to them talking the talk, saying you will be guaranteed big returns; however, they do not walk the walk, as no legitimate company can make such a promise. With this in mind, we advise you to stay away from 101Investing if you are looking for a legitimate online trading platform.
Fallen victim to a scam carried out by 101investing or a similar Forex broker? We can help. At Wealth Recovery Solicitors, we tailor our services to your unique experience. This gives us the best chance to pool together our expertise and experience to recover your money. Everything we discuss with our clients is confidential and transparent. Interested in learning more? Contact our team on 0203 695 9239.