MobaTrade Review: A Well-Known Threat Among Online Traders
|Name||MobaTrade / Moba Trade|
|Registered in||UK (unproven)|
|Number of complaints found||38|
|FinTopi Recommendation||Stay away from this scam broker!|
Is MobaTrade Regulated or a Trading Scam?
MobaTrade is an online trading broker quite popular amongst our audience. If you are planning to trade, conducting deep research before engaging with any online trading platform, including this one, is essential. Unfortunately, MobaTrade is not regulated or authorized to operate by any major regulatory authority. It will be challenging to withdraw from this company if they decide to ignore your request or suspend your account for trivial reasons.
This MobaTrade review will explore the company’s legitimacy, how to withdraw from the platform, and how online trading scams work.
Traders’ Experience With MobaTrade
The first thing to do to guard yourself against fraudulent online platforms is to do thorough due diligence on the companies and entities to whom you plan to hand over your money. You should also read reviews from other traders who have experience with MobaTrade firsthand, as it is crucial in determining the broker’s reliability.
So, to answer your question – is MobaTrade legit? After conducting some research on various social media platforms (Facebook, Twitter, Instagram) and online trading forums, we understood that users were dissatisfied with their experience with MobaTrade. Based on the user feedback, it appears that this is not a trustworthy broker. Therefore, you have to be wary and apply extreme caution before investing through their brokerage platform.
According to our research results, the company mainly targets customers from the following countries:
- United Kingdom
Is It Possible to Withdraw Profit From My MobaTrade Account?
If your funds are stuck in your MobaTrade account, you should try to reach out to them first and request a withdrawal by every possible means. This is so that you have proof to show authorities later on if they refuse to process your request.
In case your payout request is still not approved, here’s what you should do:
- You should collect all the evidence, including your account balance and the written communication.
- You should contact local authorities.
- You can also find a specialized chargeback firm to guide you through the procedure of recovering money from online trading scammers.
Even if the brokerage company is regulated, it is best to avoid it if the regulation doesn’t apply in your jurisdiction. This is due to the fact that you can experience withdrawal issues and won’t have the possibility to request regulators to reimburse you from a dedicated compensation fund.
It’s important to watch out for red flags and avoid falling victim to MobaTrade scam.
How Do Online Trading Scams Work?
One of the most typical ways to conduct an online trading scam is by displaying profitable trades that will give you a false sense of confidence and get you hooked on the idea of “quick money.” Once this confidence is established, the investor will be marketed to the concept of investing more money to earn greater returns.
Once you register, broker employees will be persistent with calls, emails, WhatsApp, and even Telegram groups. They will force on you the idea of earning thousands of dollars overnight. And when you fall for it, you will be handed over to a “senior account manager,” also known as a retention agent. They will create lots of financial plans, allegedly to help you reach your goals.
Furthermore, they can ask you to access your computer or a mobile device through AnyDesk, TeamViewer, or any other remote software. From there, they control your device, including your online banking, crypto wallet, and all other money accounts. We don’t need to tell you what happens next.
You may also be provided other incentives to encourage you to get your friends and family onboard the platform. Once the brokerage believes that they have extracted all available funds from you as an investor and your network, they will then proceed to suspend the account, and you will no longer be able to access the funds in it. Simply said, MobaTrade login will no longer be an option.
Many fraudulent firms will even claim to have an address and a license in your country. It’s just a sad attempt to build credibility. Always check the regulatory database first!
How to Choose the Right Broker?
Investing time in research before trying to invest in a suspicious broker can save you from potential losses and unnecessary stress. Always remember to verify your information through multiple sources and exercise caution when dealing with any online trading platform. And finally, if you need any assistance in picking the right broker, don’t hesitate to contact FinTopi experts.
Leave your details below, and we’ll help you research brokers regulated within your jurisdiction, preferably by Tier 1 authorities such as ASIC, FCA, or BaFin. Stay safe!
Is MobaTrade a Legitimate Trading Firm?
No, MobaTrade is not a legitimate broker as it doesn’t hold any licenses for its operations.
Where Can I Find a List of the Top Forex and Crypto Brokers?
There are a lot of such lists online, but it’s important to remember that each trader is different, with unique needs and preferences. While some brokers might be suitable for one, it’s not necessarily true for the other. This is why FinTopi offers a customizable service, helping you select the broker tailored to your trading needs.
How Can You Help Me Choose the Best Forex and Crypto Broker?
We’re evaluating your trading needs, preferences, and skill level to find the best recommendations. Of course, the final choice is entirely up to you. It’s important to note that our consultation is free of charge and doesn’t obligate you in any way.