Trado Banco: 3 Things To Know About This Broker Scam

josh.chinn@wealthrecovery.co.uk Avatar

In December 2022, the FCA warned the general public about a new brokerage scam. This was called Trado Banco and is one of the many broker scams currently present in the industry. 

Trado Banco is one of the more successful broker scams, as there is a promise of attractive investment opportunities to many investors. Like most scammers, they will contact you through email, forums, chat groups or social media and will reach out to you using these platforms, however, this isn’t something which a regulated broker would do. If a “broker” contacts you, you should immediately be cautious. 

How Does Trado Banco Scam Their Victims?

Trado Banco has managed to be very successful with its online investment scams by using one of the oldest methods – communication. They would reach out to their victims through social media, email, chat groups or forums. They can also reach out to their victims via a phone call, although this is less common. In any instance where a “broker” makes direct contact with you, you should show caution as this is typically unusual and indicates an ulterior, harmful, motive may be at play.

Once the scammer is in contact with the victim, they will promise to double their returns on the initial investment. When promises like this seem too good to be true, they usually are. Once the victim has made the initial investment, they are then passed on to the next person who is known as a “retention agent”. They aim to keep you happy while gradually getting the victim to invest more money. Fake data will be shared with the victim and they will constantly be fed false figures, showing how much their initial investment has grown. They will also provide additional figures which they may refer to as “predictions” when making further investments with Trado Banco. 

What Do We Know About Trado Banco?

The information on Trado Banco is very limited, however, one thing we do know is that they are an unregulated trading company. It is essentially a scam platform built to take advantage of investors. Additionally, this trading platform operates in Belgium. They do not operate under any regulatory bodies and, they also work with other websites that provide “automated trading software”. These websites are commonly known to be involved with forex and other types of trading scams. This makes them another false forex trading platform. 

How To Withdraw Your Investment From Trado Banco?

Once you have invested your money with Trado Banco, retrieving your money can be extremely difficult as the scam is in full effect. No matter how much you have invested and for how long, it is very likely that Trado Banco will refuse to give you your money. Nevertheless, you can still get your money back in. 

When the victim asks to withdraw their money, Trado Banco will give excuses to withdraw their money. They will attempt to get the victim to invest even more than their original investment. If the victim declines their offer, things become even more difficult, leading to Trado Banco delaying their responses or attempting to push you to invest even more. This will likely be another “too good to be true”. This can go on for several months. During this delay, you won’t be able to submit a chargeback if it has gone for longer than 10 months. 

How Can Wealth Recovery Solicitors Help

Here at Wealth Recovery, we aim to recover your losses with trading and broker scams. We have worked with numerous victims who have been a victim of scams, including Trado Banco, and we’re here to help you recover your funds. If you have lost money to Trado Banco, get in touch with us today.

Contact us

    The Blog

    Latest News