It can be very disappointing and distressing to be scammed by a regulated broker in any instance, as you may have trusted that the broker was trustworthy and operating within the law because of its regulatory status.
It can be mentally challenging to come to terms that you've been controlled or not allowed to get your funds from your account by someone who is supposed to be regulated and trustworthy. An example is Emporium Capital
A little bit of background of Emporium Capital
The Emporium Capital Group of Companies offers multi-asset Forex and Contract for Difference (CFD) trading. According to their official website, they established a safe trading network consisting of high-end technology and respected alliances from their offices across the globe with numerous regulated countries, allowing Emporium Capital to be a secure and trusted broker.
The said financial company is regulated under CySEC and has been in business since 2020.
From the statement above, how come such a regulated broker did kind of illicit acts to their investor？
However, upon checking the name of the said company under FCA's official website, no registration under the name of EMPORIUM CAPITAL.
As we all know, FCA is one of the major financial regulatory bodies that have the power to set rules and standards for financial firms, supervise their compliance with those rules, and take action against firms or individuals that violate them. The FCA also has the authority to conduct investigations, impose fines, and revoke licenses for firms that fail to meet their regulatory requirements. It was established in 2013, and it was created as a successor to Financial Services Authority (FSA). The FCA is independent and funded by levies on firms that it regulates.
The case story
“An investor invested amounting to $4500. The time that the investor wanted to get his remaining amount from his account amounting to $1400, he requested a withdrawal. Unfortunately, it took him 7 days for the representative to reply to his request. The sad part is, the representative named Halil a Turkish told him to make a transaction so he could send $1000 over his account. From this moment, he made a lot of calls since the day he requested a withdrawal but until now nothing happens.”
You can check out more of the reports that have been gotten by WikiFX about EMPORIUM CAPITAL.
Link: https://www.wikifx.com/en/dealer/2031924375.html
The issue above must be exposed to aware the public to not get easily attracted by trading offers, conduct thorough research about a broker what the common issues encountered by other traders, and know if a certain broker is reliable enough to meet your trading needs.
Always remember, a trustworthy broker must hold a license from the FCA.
Final words
It's important to report any suspicious or fraudulent activity to the appropriate regulatory authorities as soon as possible and to seek legal or financial advice if you have been a victim of a scam. Many regulatory authorities have processes in place for dealing with complaints about regulated brokers and may take action against them if they have violated any rules or laws.
It may also be helpful to talk to other people who have gone through similar experiences or to reach out to organizations like WikiFX support that provide support for victims of investment fraud. It's also important to understand that being scammed doesn't reflect on your intelligence or character and you should not be ashamed of falling victim to a scam.
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