CityTrade advertises itself as a leading company in online trading, offering investors worldwide access to financial markets. Their business model includes trading in currencies, indices, commodities, equities, and cryptocurrencies. With enticing promises, CityTrade tries to attract inexperienced traders. A quote on citytrade.group states, "CityTrade is a leading company in online trading, providing global access to financial markets. We invest in the success of our customers and strive to offer them the opportunity to achieve financial gains through trading in the markets."
City Trade: No withdrawals and unfulfilled promises
Unfortunately, the true nature of CityTrade only becomes apparent when it comes to withdrawing deposits and profits. Numerous unhappy investors have reported that CityTrade ignores their withdrawal requests or makes them dependent on further deposits. Frustration and disappointment are high because customers have been lured into the trap and cheated out of their hard-earned money.
To gain the trust of investors, CityTrade follows a targeted approach. Initially, a minimum deposit of $500 is required. The money, along with all subsequent deposits, is not used for trading but embezzled by CityTrade. The CityTrade website pretends to engage in successful trading to encourage investors to make further deposits. This approach is highly fraudulent and aims to trap customers and steal their money.
CityTrade: BaFin's warning
The financial supervisory authority BaFin has targeted CityTrade and issued an official warning. In their warning dated May 30, 2023, it states, "citytrade.group: BaFin investigates Citytrade PLC - The financial supervisory authority BaFin warns against offers from Citytrade PLC. According to their findings, the company offers financial and securities services without permission on its website citytrade.group." BaFin's warning confirms CityTrade's fraudulent activities and urges potential investors to exercise caution.
Questions and answers about CityTrade
Question: How can I protect myself from fraudulent online brokers like CityTrade?
Answer: It is important to conduct thorough research before selecting an online broker. Verify the company's regulation and licensing, read reviews from other investors, and avoid depositing large sums of money at once.
Question: Are there legal actions I can take against CityTrade?
Answer: If you have fallen victim to CityTrade, you should consult a specialized law firm experienced in financial fraud. Resch Rechtsanwälte has conducted extensive research on CityTrade and can support you in legal proceedings.
Conclusion: Stay away from CityTrade
CityTrade turns out to be a fraudulent online broker that deceives inexperienced investors and embezzles their deposits and profits. BaFin's warning confirms CityTrade's illegal practices. It is important to protect yourself from such fraudulent companies by conducting thorough research, paying attention to warnings from financial supervisory authorities, and exercising caution with suspicious offers. Remember that safeguarding your hard-earned money should be your top priority.
If you have become a victim of CityTrade and want to know if and how you can get your money back, call +49 30 885 9770 or fill out the questionnaire. You will receive a free assessment of your case.
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