FxQuote247 - FCA warns against fraudulent online broker

14.02.2022
The supposed online broker FxQuote247 poses as a credible platform for online trading. However, there is a lot of information that there are significant shortcomings at FxQuote247. More and more investors are reporting telephone terror, rip-offs and investment fraud in connection with FxQuote247. Investors have lost all their money invested with FxQuote247. Doubt is the order of the day. Meanwhile, many FxQuote247 investors feel that it is an investment scam. The FxQuote247 website is no longer accessible. All FxQuote247 investors are wondering if they have become victims of investment scammers? And what can FxQuote247 investors do if the suspicion of investment fraud is substantiated? Will FxQuote247 investors get their money back? Does it make sense to file a criminal complaint against FxQuote247 with the police? What help is available for investment fraud?
 

FxQuote247: Doubtful assurances on Fxquote247.com!
What have the perplexed investors been served up on the FxQuote247 website? Not a single one of FxQuote247's full-bodied assurances has been fulfilled. Unfortunately, the suspicious business behaviour rather makes for unhappy investors and bad experiences!

FxQuote247: Hide-and-seek game with the domain entry!
Remarkable for the business practices of the FxQuote247 makers is that the website does not contain an imprint. Thus, the complete information on the legally responsible operators of the website is missing. If one takes a look at the domain data of the FxQuote247 website, there are no references to the operators. However, one learns that the domain was only registered with PDR Ltd. on 08.11.2020. The real domain owners are hiding behind the anonymisation service Privacy Protect, LLC.

FxQuote247: Who is behind it?
Many investors will find it rather difficult to answer this question, as the FxQuote247 makers do everything they can to conceal the true circumstances. However, this is nothing unusual. The perpetrators usually operate several of these websites with the same fraudulent business model. These are created in advance, quickly put on the net and just as quickly shut down. The top-level domain is often changed to deceive the financial supervisory and law enforcement authorities. But who is the operator? On the website of FxQuote247 there is only scanty information about this. The company FxQuote247 with the business address Second Floor, ul. "Osogovo" 38-40, 1303 Sofia Center, BULGARIA is stated, but the makers of FxQuote247 cannot be found under this address. In addition, there is the obligatory support e-mail address and the telephone number +442081570235. A worldwide search for FxQuote247 in the relevant registers leads to no result. This makes it clear that this is a pure fantasy product.

FxQuote247: The customer acquisition of the investment fraudsters
The same procedure can be found here again and again: In order to attract investors, the offers of FxQuote247 are presented in all available media and channels. In most cases, these recommendations are false promises. To reinforce the deception, they upload videos on YouTube in which interested investors are convinced with fictitious references. Here, supposed celebrities report on their experiences with online trading and cryptocurrencies, often with a misleading reference to the TV show "Die Höhle der Löwen". In parallel, an affiliate programme is often started to spur others on to beat the advertising drum for FxQuote247.

FxQuote247: Criminal business practices
As soon as the customer has registered on the trading platform, he receives calls from alleged financial brokers who like to refer to their years of experience and their satisfied customer base. In many cases, however, the makers of this business model are fraudsters, against whom the Federal Criminal Police Office and the Federal Financial Supervisory Authority (BaFin) also warn. Investors usually start with a small amount of money. Beforehand, investors are often motivated to install remote maintenance software, such as AnyDesk or TeamViewer, on their computers so that they can supposedly receive help with the first steps. In many cases, the computer is manipulated afterwards and unwanted transactions are carried out. In the process, the investment fraudsters often also gain access to their victims' online banking. What is particularly criminal, however, is when supposed profits are displayed on the trading platform in order to entice the customer to place further high stakes. Sometimes even small sums are paid back to lull investors into a sense of security. Who then does not want to increase the stakes further? But what happens next?

FxQuote247: Repayment of money is subject to conditions
Once in, it is usually impossible to get out. Rather, the administrators of the investment scams tie a repayment of the money to further deposits. This is where employees come in, claiming alleged tax debts and commission payments. If these are settled, the alleged profits are paid out. The perpetrators send investors self-made tax and commission statements, often decorated with fake coats of arms. These would have to be paid urgently. It is never possible to offset them against the alleged profits. If an investor refuses to make further deposits, supposed profits are turned into losses through senseless transactions and the client is damaged to the maximum. The horror does not end there, but investors are permanently confronted with calls from other dubious providers. This indicates that the investors' contact details are traded on among the investment fraudsters. In the end, a "saviour" regularly calls claiming to have uncovered the whole scam. He impresses with his insider knowledge. No wonder, since he is part of the fraud gang. The next rip-off! And of course the "saviour" also wants a small fee - up front!

FxQuote247: Scheme of investment fraud?
There is no legitimisation of the trading platform FxQuote247. FxQuote247 lacks regulation by a recognised European financial supervisory authority, such as the English Financial Conduct Authority (FCA) or the Cyprus Securities and Exchange Commission (CySec), which is frequently used by brokers. Likewise, there is no approval from the Swiss Financial Market Supervisory Authority (finma) or the Financial Market Authority (FMA) of Austria, which is responsible for Switzerland. Instead, there is a warning from the FCA dated 21.10.2021. It is not hard to see that FxQuote247 is a scheme of capital investment fraud. All those harmed by FxQuote247 are advised to consult an investment fraud lawyer immediately.

FxQuote247: Where do the fraudsters operate?
Unfortunately, the illegal activities of FxQuote247 were not limited to English-speaking countries. Because FxQuote247 also addresses German-speaking investors, it is only a matter of time before the defrauded investors of this speaker group also come forward.  Going through the list of regulators is advisable before any financial commitment in order to reduce the risk of becoming a victim of investment fraud.

FxQuote247: Investors want their money back!
The constellation is by far not as hopeless as it seems. The aggrieved investors can take countermeasures and reclaim the invested capital. At present, it is unlikely that the FxQuote247 investment fraudsters will be caught in the near future, but there is nevertheless reason to hope. Hope because the money flowed through accounts provided by banks that were concerned about good reputation. Those responsible demonstrably failed to check the investors' deposits, some of which were large and therefore subject to controls, and their onward transfer for legality. Such omissions made the investment fraud possible in the first place.

FxQuote247: You want your money back! How does that work?
Equipped with this knowledge, no investor would have got involved in business with FxQuote247. Now the only alternative left for the defrauded is to try to recover the misappropriated money. Many investors cannot even imagine that there is a real chance of ever seeing their money again. Definitely yes! There are numerous legal bases to fall back on. The generic term is "money laundering". When investment fraudsters collect money, the offence of money laundering has been committed. Financial institutions are obliged to take action against money laundering. This is where one starts with good chances of success. Essential questions should be clarified in advance. What was the destination of the funds misappropriated by FxQuote247? Is there a possibility that the aggrieved investors will get back the money they invested with FxQuote247? What precautions are now obligatory? A lawyer specialised in capital investment fraud will best answer such questions.

FxQuote247: Who can help?
What to do in case of investment fraud? What help can victims of FxQuote247 hope for in the case of investment fraud? The victims of FxQuote247 will ideally find the help they need from an experienced investment fraud lawyer. He will be able to take care of your FxQuote247 case both in terms of the criminal aspects of the investment fraud, as well as the recovery of funds and possible claims for damages. A lawyer for trading also comes into question, because he is also familiar with the methods of fraudulent brokers such as FxQuote247.

FxQuote247: Follow the money!
The internationally active investor protection law firm Resch Rechtsanwälte, has been investigating such abuses on the grey capital market for more than 30 years. The FxQuote247 way is therefore nothing really new. Over the decades, Resch Rechtsanwälte has developed an effective range of instruments for tracking down stolen funds and tracing the flow of money. In times of the internet, it is becoming increasingly complicated to make funds really disappear. The faster investors follow the money trail, the better their chances of getting back the capital they invested. Above all, it is important that those who have been harmed by FxQuote247 react immediately.

RESCH Rechtsanwälte - Experience in investor protection since 1986
If you have been a victim of FxQuote247 and want to know if and how you can get your money back, call +49 30 885 9770 or fill out the questionnaire. You will receive a free assessment of your case.