10Brokers: typical scammer with greed for money
More and more people are getting interested in trading. Before entering the market, professional traders and newbies surf the internet in the search of a reliable broker. However, they are usually puzzled by a tsunami of offers from different brokerage firms. Sometimes traders come across some brokers that are little known among market participants as they do not attract the target audience through contextual advertising as well as other well-known commercial tricks. Such brokers have their own methods that quite often work even better. They come up with other advertising tricks– simple but appealing. As a rule, in their arsenal they have employees with the gift of persuasion and sweet-talking. Their websites contain a minimum of information about trading conditions and etc. but they are full of luring and mind-boggling promises. They guarantee instant success and a big profit. Naturally, there is no information about the license. 10Brokers is exactly that type of a broker.
10 Brokers is a relatively young company founded in 2017. It is mainly focused on trading with the world`s major financial floors. Its website is translated into several languages, including Arabic. According to some sources, the company’s head office is located in Estonia. However, the company does not provide any information about its location in the contacts section. The broker also omitted information about its licensee. It seems that 10 Brokers is an unauthorized broker that cannot prove the reliability and quality of its services. Besides, the fact that the company is not controlled by any financial regulator should worry potential clients. Thus, it is safe to say that this broker is another scammer that gives empty promises.
Clients can only contact the broker by phone (the phone number is specified on the website).There are no other contacts. So, traders should take it into account if they want to cooperate with 10Brokers.
Curiously enough, in the "why us" section the broker guarantees security, reliability, and stability of the company. However, there is no supporting documentation, only worlds. The risk warranty section raises even more questions.
"You acknowledge and agree that in case you cause us Damage* by any action on your part, you will be obliged to pay us a penalty(in addition to the damage without further proof) in the amount of $5,000. Moreover, you should note that you may be subject to legal action and possibly liable for any damages incurred by us and by any other third party due to such actions".
*Damage – any kind of damage, including, direct and indirect damages, loss of profits, and damages due to falsely applying for a refund (i.e. in cases where we were not in fault that should have entitled you to a refund).
Judging by these conditions, any action of a trader with an aim to make a profit by trading with the broker may be interpreted as damage to 10Brokers.
The broker offers advanced trading tools, a lot of popular assets, useful Internet resources, and attractive trading conditions, including low spreads, flexible leverage, and no commissions.
After logging in to the personal account, clients are indeed offered beneficial conditions for trading: the initial deposit from $50, unlimited orders starting from zero pips. Nevertheless, the website lacks any detailed information about trading conditions. Before trading, it is advisable to contact the support service and clarify the details.
In the "accounts" section, the broker provides comprehensive information on each account type. The standard account can be opened with any initial deposit. Clients get access to the standard account if they have personal account and risk managers.
10Brokers` scam scheme
Someone from of 10 Brokers staff members calls a trader who has been fooled out of money and offers her/him help allegedly to return the stolen money. They also ask a symbolic payment for their work – a 10% commission. Usually, traders or potential victims agree to the offer without any suspicion.
Next, traders will receive a package of documents required for signing. When everything is done, clients wait for the return of their lost funds to the specified credit card’s requisites. Imagine how buffed traders are when the funds from their credit card have been withdrawn by 10Brokers.
The so-called lawyer of the company stays in touch with the client and explains that such a measure is necessary. The withdrawn money and the deposit will be returned after the refund procedure is completed. Naturally, traders receive nothing. Funds taken from the credit card disappeared along with the deposit. After that, traders cannot contact any staff member.
Notably, this fraudulent scheme is fairly popular among scammers. Swindlers such as 10Brokers make money on traders whom they or other similar fraudlers have already deceived once.
Natalia Nevskaya, 25.10.2018
How do the so-called lawyers find deceived traders?
As a rule, scammers know well the company the deceived traders worked with, how much money was stolen from them, and they also have their contact details. The most staggering thing is that 10Brokers can pull off a con not only with its own duped clients but also with clients of other similar companies. Quite often such dubious enterprises exchange with each other their clients’ personal data and contacts. Traders should be aware that they have the right to contact law enforcement agencies if something similar happens to them.
Scammers offer their help to refund the deposit on websites where there are a lot of negative traders’ reviews. They leave their contact details and offer legal assistance. However, in reality, they prepare another well-planned trap for once fooled and desperate traders.
10Brokers is a scam broker greedy for easy financial gain. Trading with this broker may lead not only to the deposit loss but also to other financial problems. Do not let luring but dubious promises cloud your mind. All this broker wants is your money.
The majority of people who had "pleasure" to cooperate with this broker call it a crooked enterprise. They warn traders to stay away from the broker and not repeat their mistakes. After making a deposit, traders will never get it back. Victims of this broker also notice that it is a stroke of a pure luck if a trader has just lost the deposit and no money has been withdrawn from the credit card. Therefore, under no circumstances should you sign any documents received from a lawyer.
This document gives fraudsters legal permission to withdraw money from the credit card bypassing 3D SECURE and without any notification.
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