Have you lost money through a scam on XTradeMAX? The fraudulent platform is marketed as a way to make fast, guaranteed returns from investments, but has conned victims out of thousands.
In this article, we take you through how this scam operates, the red flags to watch out for, and how getting in touch with Wealth Recovery Solicitors could be the first step to recovering what’s yours.
Is XTradeMAX a scam?
Yes. XTradeMAX is an unregulated trading platform that has scammed numerous victims. It lures people in with enticing benefits, such as 7.6% interest on returns, zero commission trades, and even securing financial security. In reality, though, the platform has one goal: to scam its victims out of thousands of pounds.
How XTradeMAX scams its victims
XTradeMAX fraud works like many trading and forex trading scams. It usually begins with a fake broker building a relationship with you on social media platforms (such as Facebook and LinkedIn).
They may also contact you by phone, which can make it seem like you’re dealing with someone genuine. The scammers often come across as friendly and knowledgeable and may claim they can “set you up for retirement”.
Once they have your trust, these con artists may persuade you to install remote access software, such as AnyDesk, giving them full control of your device.
They may use this to apply for personal loans in your name, reassuring you that returns from your investments will easily cover the interest and repayments within a few months.
Scammers also encourage victims to invest even more money, often framing it as their investments have dropped into an “unsafe zone” or are “at risk” as a result of the economic or political climate. This is a common method adopted by scammers, designed to create a sense of panic and urgency.
These tactics are all designed to steal your money.
How can I recover funds lost to XTradeMAX?
Banks have a duty of care to safeguard their customers. When they don’t offer sufficient protection, they can be held liable for some or all the losses incurred from fraud.
If you believe your bank didn’t do enough to protect you from a scam on XTradeMAX, you may be able to recover the money you’ve lost.
Worried you’ve fallen victim to a scam? Wealth Recovery Solicitors can help
If you’re the victim of an XTradeMAX scam or any other type of trading scam, Wealth Recovery Solicitors can help you build a credible case for recovery.
As an SRA-regulated firm, our experienced solicitors can maximise your chances of reclaiming the funds stolen from you. It’s why we’ve recovered more than £50m for fraud victims in the last three years.
It’s also worth bearing in mind that you will only have one chance to challenge the bank. In many cases, our legal expertise can be the difference between recovering your money and losing thousands.
We won’t charge you any upfront fees either. Our no-win, no-fee policy means you only pay if you’re successful with your claim.
Get in touch with one of our friendly solicitors today and take the first step towards reclaiming your funds.