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Zoey_JD, Criminal attorney
Category: Fraud Examiner
Satisfied Customers: 24054
Experience:  Active member of the NYS bar since 1989
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They ,i heve been scammed by titan trading

Customer Question

hi they ,i heve been scammed by titan trading
Submitted: 8 months ago.
Category: Fraud Examiner
Expert:  Zoey_JD replied 8 months ago.
Hello, Unfortunately, we have had multiple complaints about Titan trade on this website, from customers who lost their investments due to unauthorized trades. In dealing with Titantrade, you invested with an unregulated binary broker which is located in a foreign country, outside of the reach of your own law and which is not subject to oversight by any country's financial regulatory authority. That means that there is nothing at all stopping TitanTrade from making up its own rules and, as with all unregulated binary brokers, virtually anything goes. Although there are posts on the web that indicate that Titan Trade is regulated by the UK's Financial Conduct Authority, the FCA's register is online and searchable, and no such company is regulated by the UK government. Financial regulatory authorities don't regulate binary brokerages the way they do other types of financial firms, because binary trading is closer to gambling than to actual investing. The legitimate binary brokers register with regulatory authorities anyway, which gives investors an agency to turn to if the broker breaches its contract or does anything unscrupulous. Submitting themselves to regulation is a sign of likely legitimacy. Titantrade is completely unregulated. We hear horror stories every day from investors who are attracted by the stated policies of unregulated binary option brokers and who invest heavily without realizing that the overwhelming majority of unregulated binary brokers are scams. Then they complain that the binary broker made unauthorized trades, for example, and wiped out their entire account, or that they don't allow for them to collect their winnings. Titantrade is unregulated and there is no financial regulatory authority you can turn to to assist you in getting your funds out. You can contact ASIC for assistance, and they might provide you with some direction, but in the end they won't be able to help you much. If you can find out where Titan Trade really is, you would have to sue them to get your money back. Their website says they are in Belize, which is interesting, since the last time I looked them up they claimed to be located in London and the time before that it said they were in the Seychelles. Their site's IP address, however, traces to the US, where unregulated binary brokers are illegal, and the company is using a private proxy service from the Seychelles to prevent people who look up the site's WHOIS from finding the name and actual location of the registrant. The company is operating from somewhere offshore but your guess is as good as mine as to where they really are. And any company that goes to such lengths to confuse people about their actual identity and location is, in my experience, always up to no good. Your the victim of a crime, and you can report them to your police and to to warn others. I'm sorry to be the bearer of bad news, but you will probably not be able to find them to get your money back.
Expert:  Zoey_JD replied 8 months ago.
Just checking in to see if you need more help or any clarification of my answer. If so, please reply here on this question thread.