How To Recover Funds Lost To Finzo Market Scam

Finzo Markets is an unlicensed and offshore broker – they claim to be an honest broker who wants to give clients a satisfactory and innovative trade experience, but their offer is nothing out of the ordinary. We are concerned that no regulatory body licenses Finzo Market. Not being licensed is a huge red flag in the investment market. A forex broker that conducts business without the approval of any government authority should be avoided at all costs. 

Finzo Markets is situated in Saint Vincent and the Grenadines, a country in the Caribbean. SVG (Saint Vincent and the Grenadines) is an offshore zone where forex businesses are not regulated. And this means that there is no protection and zero guarantees on the security of clients’ funds. 

Finzo Market is operated and owned by Finzo Market International Ltd., Which is registered in the SVG and supposedly has offices in Mauritius and Russia.

You might be wondering what is wrong with a broker registered in the SVG; SVG is a market zone that is offshore with a non-existent regulatory framework and lax taxes for forex business. This attracts many scammers seeking to cut regulatory and financial corners. Looking at this from a trader’s point of view, this implies that trading with SVG-registered brokers is risky because there is no authority, and there are no guarantees for the security to turn in case something goes wrong. 

From a trader’s perspective, this means that dealing with SVG-registered brokers is extremely risky because there are no guarantees for the security of funds and no authority to turn to if something goes wrong. And it usually does.

To protect yourself from scammers and the infamous volatility of the market, check where the broker is registered and if there is a regulatory body in place, most countries have a dedicated regulatory body in place and agencies in charge of the financial sector;

  • The Cyprus Securities and Exchange Commission (CySEC)
  • Commissione Nazionale per le Societa e la Borsa (CONSOB) for Italy
  • The Financial Conduct Authority (FCA) – for the United kingdom
  • The Australian Securities and Investments Commission (ASIC)
  • The National Futures Association (NFA) – For the United States

Brokers licensed in these jurisdictions are required to meet a long list of requirements to protect the financial interest of the consumers, i.e., traders.

In Summary: Avoid going into business with Finzo Market because it is not a regulated broker. Many negative comments about traders losing their funds to the Finzo Market scam.

How to recover lost funds

If you have fallen for the Finzo Market scam and are looking for ways to recover your money, this section of the article is meant for you. 

If you have lost money to Finzo Market, don’t panic. You are not the first, and you likely won’t be the last. Mistakes can happen even to the most cautious of investors, and this should be used as a learning opportunity.

You have to hire a Fund Recovery Expert to help you recover your funds. A Fund Recovery expert can assist you in filing for a successful Chargeback with your financial service provider, wire recall or a crypto recovery depending on your mode of payment to the fraudulent broker. 

A chargeback is a reversal of a credit card transaction. You have to structure a report to convince your financial provider that you were scammed by the broker you went into business with (Finzo Market). A Fund Recovery expert is a group of Lawyers, data recovery experts and financial advisers, so a Fund Recovery personnel is trusted to put down a well-structured report to file for a chargeback.

You can hire a Fund recovery expert from Duolabs. Duolabs is a trusted platform where you can hire different recovery experts such as Funds, Data, Cryptocurrency Wallet, Bitcoin, etc. With over 500+ satisfied customers, Duolabs can be trusted to recover your lost funds from the Finzo Market scam.

HOW DOES THE SCAM WORK

Many scammers post fraudulent advertisements on the Internet and social media posts. They aim to steal as much as possible from investors and traders.

Suppose you click on the advertisement or post and submit your contact information, phone number or e-mail address. In that case, the scammers will contact you immediately and promise anything that will make you deposit money as quickly as possible. Most fraudsters are experienced in manipulating clients, and they will find a way of asking you for your bank cards details or personal information. The major thing to look out for in a conversation with a scammer is the sense of urgency created doing the conversation. If someone pushes you to begin trading ASAP, then it’s most probably a scam.

However, the first deposit is the beginning of the scam. The scammer will gradually ask for more money no matter what. If you profit from your trades, they will persuade you to put more money and increase your profits. If you made lost in the market, they would advise you to put in more money to recover your loss. The problem starts when you want to withdraw your funds. The scammer would do anything to discourage you from withdrawing and might even ask you to deposit even more money if you want to withdraw.

No matter how hard you try, the scammer will keep your withdrawal request on hold forever, sighting different excuses as reasons. Sometimes the scammer will tell you to invest more money to activate your withdrawal function; this is another scheme to scam you.

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