Authorities keep strict checks on entities entrusted with public money to protect traders. Still, money stealers like 'CFreserve' continue to show up with new forgery techniques, making their way into looting clients. This article discusses how the broker defrauds clients and shares some precautions that can save you from a potential financial wreck.
CFreserve – A Quick Overview
CFreserve is a forex and CFD broker based in Bulgaria. The company offers various financial instruments across major asset classes, including currencies, stocks, indices, commodities, and cryptocurrencies. While clients have a proprietary web-based trading platform to explore the tradeable opportunities, the broker doesn't support third-party platforms like MT4, MT5, or cTrader. Notably, the available trading platform is also accessible via mobile devices. The company doesn't offer research or educational resources. Moreover, customer support is available via telephone and email only. And no information about its regulation is mentioned on the page.
Is CFreserve Regulated？
No, CFreserve (https://www.cfreserve.com/) is not regulated. No information is available on the company's website concerning its registration. The company doesn't list its official address either.
Clientele Feedback
CFreserve has poor customer ratings and reviews. The majority of clients seem excessively disappointed with the company. People have complained that the broker doesn't release funds in any case. Below are some screenshots of clients' feedback about the company.
Clients have also accused the company of sneaking into their personal computers to steal financial data.
How CFreserve defrauds clients？
CFreserve follows the method many other scam entities use to ditch investors. According to clients, the company reaches you over the phone or email after you sign up with it and asks for deposits. The customer support staff pretends to be your dedicated account manager and motivates you to fund your account by telling false stories. When you are done with deposits and start placing trades, the broker manipulates prices and makes you win most of your positions, tempting you to make more deposits. However, the real problem arises when you initiate a withdrawal request. The broker comes up with lame excuses and doesn't release your funds at all.
Has CFreserve ever been blacklisted？
Yes, the broker has been blacklisted by various regulators worldwide, including but not limited to the UK FCA, FSMA and Spain CNMV. The regulatory authorities have shown their concerns over the company for providing financial services to respective regions without their approval and cautioned investors to avoid dealing with it.
What to do if I already have registered with CFreserve？
If you are yet to deposit funds, please do not do so. Else, try initiating a withdrawal request as soon as possible. Although the broker isn't likely to release your funds, you can try at least.
What should I do to avoid signing up with scammers？
Learn about the company as much as possible and prefer to sign up with a regulated entity. Remember verifying a broker's regulatory status is critical. You should also check the broker's ratings and reputation among investors with third-party independent reviewers' websites like WikiFX.
Bottom Line
Although you can't do much about the inherent market risk, a wise broker selection is possible. You only need to be extra vigilant. Moreover, starting low and not depositing more funds than you can afford can also save you from losing.
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