BTMarkets - CySEC warns about fraudulent broker

The alleged online broker BTMarkets sells itself as a safe platform for online trading. However, there are more and more indications that there are strikingly many inconsistencies at BTMarkets. More and more investors are reporting telephone terror, rip-offs and investment fraud in connection with BTMarkets. All have lost their money invested with BTMarkets. Doubts are spreading. Meanwhile, many investors of BTMarkets are worried that it is an investment fraud. All investors of BTMarkets are wondering if they have become victims of investment scammers? And what can BTMarkets investors do if the suspicion of investment fraud is confirmed? How can BTMarkets investors get their money back? Does it make sense to file a criminal complaint against BTMarkets with the police? Where can I get help with investment fraud?


BTMarkets: Shady promises on the website
What must the perplexed prospective customers receive on "BT Markets relies on modern technology practices...In particular, our clients can trade using Meta Trader 4, a popular trading platform for quick access and control over their trading accounts." This is just a small sample of the untrustworthy promises that the curious can find on BTMarkets' website. Not one of these given assurances by BTMarkets has been kept. Unpleasantly, the disturbing business practices rather make for disappointed investors and miserable experiences!



BTMarkets: Hide and seek with domain entry!
Remarkable for the business practices of the BTMarkets makers is that the website does not contain an imprint. Thus, the complete information about the legally responsible operators of the website is missing. If you take a look at the domain data of the BTMarkets website, you will not find any information about the operators. However, one learns that the domain was registered only on 04.02.2021 with NameCheap, Inc. However, the real domain owners hide behind the Icelandic anonymization service Withheld for Privacy ehf.


BTMarkets: Who is behind it?
Answering this question will be rather difficult for many investors, as the BTMarkets makers do everything they can to conceal the true circumstances. However, this is nothing unusual. The perpetrators mostly operate several of these websites with the same fraudulent business model. These are created in advance, quickly put online and just as quickly shut down. The top-level domain is often changed to deceive financial regulators and law enforcement agencies. But who is the operator? On the BTMarkets website, there is only sparse information about this. The company BT Markets with the business address 1-23A, 1st Floor, Paragon, Jalan Mustapha, 87000 Labuan F. T. in Malaysia is given, but the makers of BTMarkets cannot be found under this address. In addition, there is the obligatory support e-mail address, but no telephone number. 


BTMarkets: The customer acquisition of the investment fraudsters
Here the same procedure can be found again and again: In order to acquire new customers, the offers of BTMarkets are propagated in all possible media and channels. Often enough, these are false promises. To reinforce the deception, they upload videos on Youtube or Vimeo, in which interested investors are convinced with fictitious references. Here, supposed celebrities report on their experiences with online trading and cryptocurrencies, often with the erroneous reference to the TV show "Die Höhle der Löwen". With the same intention, an affiliate program is often started to give others incentive to beat the advertising drum for BTMarkets.


BTMarkets: criminal business practices.
As soon as the customer has registered on the trading platform, he receives calls from alleged financial brokers who like to refer to their years of experience and their satisfied customer base. In many cases, however, the makers of this business model are fraudsters, against whom the Federal Criminal Police Office and the Federal Financial Supervisory Authority (BaFin) also warn. Usually the investors start with a small sum as employment. Beforehand, investors are also often motivated to install remote maintenance software, such as AnyDesk or TeamViewer on their computers, so that assistance can supposedly be provided with the first steps. In many cases, the computer is subsequently manipulated and unwanted transactions are carried out. In the process, the investment fraudsters also frequently gain access to their victims' online banking. What is particularly criminal, however, is when supposed profits are displayed on the trading platform in order to entice the customer to place further high stakes. In some cases, even small sums are returned in order to lull investors into a sense of security. Who then does not want to further increase the stakes? But what happens next?


BTMarkets: repayment of money is subject to conditions
Once in, getting out is mostly impossible. Rather, the administrators of the investment scammers tie a repayment of the money to further deposits. This is where employees come in, claiming alleged tax debts and commission payments. If these are settled, it would come to the disbursement of the allegedly obtained profits. The perpetrators send the investors self-made tax and commission statements, often decorated with fake coats of arms. These would have to be paid urgently. A clearing with the allegedly obtained profits, is never possible. If an investor refuses further deposits, alleged profits are converted by senseless transactions into losses and the customer maximally damaged. This is not the end of the horror, but investors are permanently confronted with calls from other dubious providers. This indicates that the contact details of the investors are further traded among the investment fraudsters. In the end, a "savior" regularly comes forward, claiming to have uncovered the whole scam. He impresses with his insider knowledge. No wonder, since he is part of the fraud gang. The next rip-off! And of course, the "savior" wants a small fee - in advance!


BTMarkets: Scheme of investment fraud?
There is no authorization of the online broker BTMarkets. BTMarkets lacks authorization from a recognized European financial regulator, such as the English Financial Conduct Authority (FCA) or the Cyprus Securities and Exchange Commission (CySec), which is often used by brokers. Likewise, there is no authorization from the Swiss Federal Financial Supervisory Authority (finma) or the Financial Market Authority (FMA) of Austria, which is responsible for Switzerland. For this, since 28.05.2021, there is a warning from CYSEC: "The Cyprus Securities and Exchange Commission ('CySEC') wishes to inform investors that the following websites do not belong to an entity which has been granted an authorization for the provision of investment services and/or the performance of investment activities, as provided for in Article 5 of Law 87 (I)/2017". It is also obvious that BTMarkets is a scheme of capital investment fraud. All victims of BTMarkets are advised to consult an investment fraud attorney immediately.


BTMarkets: where do the fraudsters operate?
Investors are dealing with BTMarkets investment fraud in Germany, Switzerland and Austria. BTMarkets' activities are by no means limited to German-speaking countries. Since BTMarkets also addresses investors and traders in Indonesia, Vietnam, Thailand and China, it is only a matter of time until those who have been defrauded there also come forward. A look at the list of regulators is advisable before making any financial commitment to reduce the risk of becoming a victim of investment fraud.


BTMarkets: Claims for damages against involved banks
A permit from the German Federal Financial Supervisory Authority (BaFin) is a mandatory requirement for financial services and investment transactions in Germany. It is prohibited to conduct, support or facilitate such business, even across borders into Germany. Persons and companies who nevertheless participate in such transactions are obliged to pay damages to the injured parties. The investment fraud cases would have been hardly conceivable without these banks.


BTMarkets: Investors want their money back!
Fortunately, the constellation is not as hopeless as it seems. The aggrieved investors can defend themselves and reclaim invested money. At the moment it is not to be expected that the investment fraudsters of BTMarkets will be caught promptly, nevertheless there is cause to hope. Especially because the money transactions were made through accounts provided by financial institutions striving to maintain a good reputation. Those responsible undoubtedly failed to check the deposits of investors, some of which were large and therefore subject to controls, and their forwarding for illegality. Failures of this kind enabled the investment fraudsters to carry out their criminal activities in the first place.


BTMarkets: They want their money back! How does it work?
Knowing this, investors would not have got involved in business with BTMarkets. Now the only way left for them is to seek compensation for the damage. Many investors cannot even imagine that there is any real chance of ever seeing their money back. Presumably all of them are now wondering if they can get their money back? Clearly yes! There are numerous legal bases to fall back on. The generic term is "money laundering." When investment fraudsters collect money, the crime of money laundering is committed. Financial institutions have a duty to take action against money laundering. This is where one starts with good chances of success. First, essential questions should be answered. Where did the funds moved by BTMarkets go? Can investors somehow get back their capital invested with BTMarkets? What measures are advisable now? A lawyer specialized in investment fraud will be happy to answer such questions thoroughly for you


BTMarkets: Who can help?
What to do in case of investment fraud? What kind of help in case of investment fraud can the victims of BTMarkets hope for? BTMarkets victims can ideally find the help they need from an experienced investment fraud attorney. He or she will be able to take care of your case with BTMarkets both in terms of the criminal aspects of investment fraud, as well as the recovery of funds and possible claims for damages. A lawyer for trading is also a possibility, because he is also familiar with the methods of fraudulent brokers, such as BTMarkets.


BTMarkets: Follow the money trail!
Abuses of this kind on the non-regulated capital market have been pursued by the investor protection law firm Resch Rechtsanwälte for over three decades. The action of the BTMarkets is so regarded nothing new. Over the years, Resch Rechtsanwälte has developed an efficient range of tools for tracking down the disappeared capital and tracing the flow of money. In times of the Internet it has become really difficult to make funds disappear. The more swiftly those affected follow the trail of the money, the better the chances are that they will see their invested capital again. Now it is important that those who have been harmed by BTMarkets react immediately.


RESCH Attorneys at Law - Experience in investor protection since 1986
If you have been a victim of BTMarkets and want to know if and how you can get your money back, call 030 885 9770 or fill out the questionnaire. You will receive a free assessment of your case.