- An email and phone call from one of our agents.
- A review and case building discussion.
There are two types of trading platforms: regulated and non-regulated. The vast majority of trading platforms that exist are non-regulated trading platforms which essentially means that the trading platform is a full blown scam, even though the victim believe they or their account manager were placing trades. Unfortunately the “company” is 100% incapable of any trades. Before pursuing wealth recovery, it is of the utmost importance that you do not indicate to the company in question that you are onto them or are upset with them. If you were a victim of either, Wealth Recovery Expert can get your money back.
There are two types of regulated trading platforms: Market Makers and ECNs . It is crucial to distinguish between them in order to understand if you were scammed or not.
A Market Maker, such as EuropeFX or itrader among many others, does not have their interests aligned with their customers, or more appropriately, their victims. A market maker is essentially a bookie taking the opposite side of your trades. You are actually trading against them. When you open a position, they are the counterparty to your trade. Market makers want losers. They want you to lose so they can pocket your account! Think of them as a casino and they are the house.
Your orders never actually reach the real market and you are only taking bets on an overlay that the market maker has provided for you. This is where price manipulation and stop hunting can and often occur.
On the other hand, an Electronic Communications Network (ECN) is another type of regulated trading platform. Most importantly, ENC’s are legal and real trading. Trading with an ECN broker means that your interests are aligned with the interests of your broker. An ECN broker passes your order through to liquidity providers or the interbank market, meaning your trades are actually being matched with other traders in the real market. They make money on the spread, meaning that they want active, profitable traders who will keep coming back for more.
ECN brokers compile a list of all the best bid and ask prices from liquidity providers (usually major banks and financial institutions) and match trades with the best possible prices and lowest possible spreads without considering the source. An ECN broker can be seen as a middle man between buyers and sellers with no interest in manipulating prices.
“Let me earn your trust” is the first line you will hear from a scam broker. They will ask for a small deposit typically around $250. After a week or two your account will have grown to nearly $2000 and you think you are going to be rich within a year. Then they ask for more and more deposits. And that money is usually never seen again.
The victim of this scam has access to a trading account that looks, acts and feels real. However the victim is merely using a manipulated demo trading account. No trades have ever been made. As soon as their money is “deposited”, the money has been stolen and the money will never be released, unless the scammer believes they can get their victim to “deposit” more money.
The scam process usually involves special trading “bonuses” and bogus withdrawal taxes.
For your own protection do not start making demands or threats. Be in contact with us immediately so we can assist and offer the best possible solution to recover your funds.
If either of these scenarios sound familiar, please fill in the form below and let us see if we can help get your money back.