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|📌 Address||35 Westgate, Huddersfield, West Yorkshire, United Kingdom, HD1 1PA|
|⚖️ Regulation||Unregulated, Blacklisted|
Fortrade is widely regarded as one of the best broker with an excellent standing and favorable trading conditions that cater to both novice and proficient traders.
SetupsFxTrading is an online trading broker owned by SetupsFxTrading. The company is located at 35 Westgate, Huddersfield, West Yorkshire, United Kingdom, HD1 1PA.
To contact SetupsFxTrading, their support team can be reached via phone at N/A or by email at email@example.com.
Their website can be found at : setupsfxtrading.com
It is essential to exercise caution and conduct deep research before engaging with any online trading platform, including SetupsFxTrading.
To help you make an educated decision, consider checking out our in-depth reviews of two other companies we have recently examined: Adrswap and CappmoreFX.
The first step to protecting yourself from fraudulent parties online is to do thorough due diligence on the companies and entities that you are planning to send the funds to. In all probability, there have been other traders who have already used the same service, and have expressed their opinions and feedback online on various forums.
Reading reviews from other traders who have experienced SetupsFxTrading firsthand is crucial in determining the broker's reliability. These reviews offer insights into the platform's functionality, customer service, and overall trading experience, allowing potential investors to make informed decisions.
After conducting some research on various social media platforms (Facebook, Twitter, Instagram), as well as online trading forums, a general theme emerged where users were dissatisfied with their experience with SetupsFxTrading. Based on this user feedback, it appears that SetupsFxTrading is not a trustworthy broker, and hence, extreme caution should be applied before investing through their brokerage platform.
There are a lot of brokers out there operating under fake company names or that have other fraudulent operations. A little bit of preliminary research can go a long way in protecting you and your finances.
If your funds are stuck in your SetupsFxTrading account, you should try to reach out to them first and request a withdrawal by every possible means so that you have proof to show authorities later on if they refuse to process your withdrawal.
Unfortunately, SetupsFxTrading is not regulated or authorized to operate by any major regulatory authority, which means it will be a difficult process to withdraw from this company if they decide to ignore your request or suspend your account for trivial reasons.
If a broker is not licensed by the regulatory authority in your jurisdiction, that likely means they are unregulated and should be avoided. Even if the brokerage is regulated, it is best to avoid it if the regulator happens to be outside your jurisdiction.
Investing time in research before trying to invest on a suspicious broker can save you from potential losses and unnecessary stress.
Read more about this topic in our dedicated article: Financial Regulation Authorities.
When researching an online broker, the first and most important step should always be to find out if they have a regulatory license from a financial institution. This will tell you whether they are regulated by a central authority or if you are dealing with an offshore and/or unregulated investment company.
When a broker is unregulated or regulated by an entity outside of your jurisdiction, you have limited to no legal recourse in the event that your funds are compromised. In an event of theft, complaints can only be made if that broker is licensed by the regulator in your jurisdiction.
Some examples of regulatory authorities that issue brokerage licenses are:
If a broker is not licensed by the regulatory authority in your jurisdiction, that likely means that they are unregulated and should be avoided. Even if the brokerage is regulated, it is best to avoid it if the regulator happens to be outside your jurisdiction.
One of the most prevalent online trading scams is to initially display profitable trades that give the investor a false sense of confidence, and get them hooked to the idea of ‘easy money’. Once this confidence is established, the investor will be marketed the idea of investing more money to earn greater returns. Additionally, other incentives may also be provided to encourage the investor to get their friends and family onboard the platform too.
Once the brokerage believes that they have extracted all available funds from an investor and his/her network, they will then proceed to suspend the account, and the investor will no longer be able to access the funds put in.
Many fraudulent firms will even claim to be domiciled in a regulated jurisdiction, and display fake regulatory licenses and addresses on their websites to try and improve their credibility with unsuspecting investors.
Be careful and verify your information through multiple sources. Constant vigilance should be applied at all times when trying to invest in trading platforms.
If you have lost money with SetupsFxTrading, stay calm. It has likely happened to many others, and it its important to learn from these experiences. Do not forget that even the most cautious investors can fall victim to online fraud.
The good news is that there is help available. The team at MyChargeBack – a specialist group dedicated to helping consumers recover funds lost online – can help you for your chargeback process:
Relying on a reputable service like MyChargeBack is crucial when dealing with online scams, as the typical chargeback process can often be complicated and time-consuming without the proper guidance.
Follow our straightforward guide to efficiently reclaim your lost funds from SetupsFxTrading with minimal hassle.
Complete the Form: Begin by completing the form above, providing necessary details about your case. This allows the team to understand your situation with SetupsFxTrading and prepare for the consultation.
Get A Free Consultation: Schedule a free consultation with MyChargeBack team of experts. During this consultation, they will assess your case and offer guidance on the best course of action to recover your lost funds from SetupsFxTrading.
In-Depth Case Analysis: As you proceed with MyChargeBack, their expert team conducts an in-depth analysis of your case, identifying the optimal chargeback strategy for fund recovery based on your unique circumstances.
Recovery Process: Their team of specialists scrutinizes your case, collects evidence, and negotiates with the involved parties to expedite the recovery of your funds. MyChargeBack team will consistently communicate with you and your bank or card issuer during the chargeback process.
Fee Payment: Upon successful recovery of your funds lost to SetupsFxTrading, MyChargeBack charges a fee as a percentage of the reclaimed amount. If fund recovery is unsuccessful, no fees apply, except in exceptionally complex cases.
Through these five straightforward steps, MyChargeBack simplifies the fund recovery process, enabling you to reclaim your money from SetupsFxTrading with minimal inconvenience.
Is SetupsFxTrading a Legitimate Company to Trade With?
Unfortunately, SetupsFxTrading is not a trustworthy company to deal with, as they are not registered or regulated by any major regulatory authority, such as the Financial Conduct Authority (FCA).
What Are the Risks of Using SetupsFxTrading?
The risks involved in using unregulated companies like SetupsFxTrading include the inability to file a complaint with a credible regulatory authority in case of a dispute.
What Should I Do If I Have Been Scammed by SetupsFxTrading?
First and foremost, report the incident to your local authority department. If no resolution can be reached, there is still hope to recover your funds from SetupsFxTrading by attempting to open a chargeback case with your bank or credit card provider.
How Can I Get Help for Filing a Chargeback Case?
Since the process of filing a chargeback case can be relatively complex and time-consuming, we recommend seeking assistance from our partner, MyChargeBack, by completing the form provided on top of the page.
In the event of an exceptionally complex case they may require an upfront fee, as building your case will necessitate initial resources. Otherwise, if successful, MyChargeBack will be compensated by retaining a percentage of the recovered funds from SetupsFxTrading, typically around 20%.
How Can I Avoid Being Scammed Online?
To prevent falling victim to scams in the future, always ensure that you deal with legitimate companies that are fully regulated by major regulators, such as the FCA, like ForTrade.
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