DCMarket - FCA warning against scam broker
The apparent online broker DCMarket sells itself as a serious platform for online trading in CFDs, Forex and other asset classes. However, there is increasing information that DCMarket has a striking number of inconsistencies. Reports from traders about DCMarket are piling up, talking about telephone terror, rip-offs and investment fraud. Many have lost their money invested with DCMarket. Doubts are spreading. Meanwhile many investors of DCMarket have the fear that it concerns an investment fraud. All investors of DCMarket are asking themselves whether they have become victims of an investment fraud? And what can DCMarket investors do if the suspicion of investment fraud is confirmed? How can DCMarket investors get their money back? Does it make sense to file a criminal complaint against DCMarket with the police? Where can I get help in case of investment fraud?
DCMarket: Doubtful affirmations on the website
What must the astonished investors receive on www.dcmarket.io? "Digital Currency Market is a leading provider of online trading services. Digital Currency Market offers traders a world-class trading experience in over 160 countries worldwide. With a Digital Currency Market account, traders can trade over 175 products from currencies, commodities and metals to options through their desktop, tablet or smartphone." This is just a small passage of text from the questionable assurances investors can find on DCMarket's website. Not a single one of these given promises by DCMarket has been kept. Unfortunately, the shady business conduct rather makes for disappointed investors and miserable experiences!
Everyone who has gone through the DCMarket login is guaranteed to have had a bad experience. This can be said with certainty, because there are countless forums and reviews on the Internet, where victims of DCMarket complain about the rip-off. These reports are confirmed by a warning issued by the UK Financial Conduct Authority. One can only hope that these warnings about DCMarket reach as many traders as possible before it is too late.
DCMarket: Hide-and-seek domain entry!
Remarkable for the business practices of the DCMarket 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 one takes a look at the domain data of the website of DCMarket, there are no references to the operators to be found. However, one learns that the domain was only registered on 04.12.2020 with NameCheap, Inc. The real domain owners hide behind the anonymization service Withheld for Privacy ehf.
DCMarket: Who is behind it?
Answering this question will be rather difficult for many investors, as the DCMarket 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 DCMarket website there is only sparse information about this. The company DIGITAL CURRENCY MARKET with the business address Cnr Old and Church Street, Roseau, DOMINICA, P.O.. Box 2290, but the makers of DCMarket cannot be found under this address. Besides there is the obligatory support email address and the telephone number +44753715331.
DCMarket: The customer acquisition of the investment fraudsters
The same approach can be found here again and again: In order to attract new customers, the offers of DCMarket are advertised in all conceivable media and channels. Again and again, the offers are false claims. In order to strengthen the effectiveness they upload advertising filmlets on Youtube or Vimeo, in which interested investors are convinced with invented 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 goal, an affiliate program is usually started to motivate others to intensively promote DCMarket.
DCMarket: 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 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 increase the stakes further? But what happens next?
DCMarket: Repayment of the money is linked to conditions
Once in, an exit 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 supposed 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!
DCMarket: Scheme of investment fraud?
There is no legitimization of the online broker DCMarket. DCMarket lacks the regulation of a recognized European supervisory authority, 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 approval from the Swiss Financial Market Supervisory Authority (finma), which is responsible for Switzerland, or the Financial Market Authority (FMA) of Austria. For this, there is a warning from the FCA dated 22.02.2021. It is hard to miss that DCMarket is a scheme of capital investment fraud. All victims of DCMarket should be advised to contact an investment fraud attorney immediately.
DCMarket: Where do the fraudsters operate?
Unfortunately, the illegal activities of DCMarket are not limited to the English-speaking world. Because DCMarketebenso addresses German-speaking investors, it is only a matter of time until the defrauded investors of this speaker group also come forward. A look at the list of regulators is advisable before any financial commitment to reduce the risk of becoming a victim of investment fraud.
DCMarket: Investors want their money back!
The constellation is by far more promising than it seems. The aggrieved investors can defend themselves and demand their invested money back. At the moment it is rather not to be expected that the investment fraudsters of DCMarket are seized soon, nevertheless there is cause to hope. Especially because the transactions of the funds were made through accounts that were actually provided by reputable financial institutions. They demonstrably failed to check the investors' deposits, some of which were large and therefore subject to controls, and their onward transfer for legality. Such failures made the investment fraud possible in the first place.
DCMarket: They want their money back! How does it work?
Knowing this, investors would never have engaged in business with DCMarket. Now the only alternative left for the defrauded is to seek compensation for the loss. Many investors cannot even imagine that there is any real chance of ever seeing 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. Relevant questions have to be answered first. Where have the funds embezzled by DCMarket been taken? Is there a possibility that the aggrieved investors will get back their money invested with DCMarket? What steps are required now? You can get the answers to these questions from a lawyer specializing in capital investment fraud.
DCMarket: Who can help?
What to do in case of investment fraud? What help in the case of investment fraud can the victims of DCMarket hope for? DCMarket victims will 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 DCMarket both in terms of the criminal aspects of the 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 DCMarket.
DCMarket: Follow the money trail!
The internationally active investor protection law firm Resch Rechtsanwälte has been pursuing this type of malpractice on the gray capital market for more than three decades. The way of the DCMarket is accordingly nothing really new. In the course of time, Resch Rechtsanwälte has developed an effective equipment for tracking down the money that has been withdrawn and tracing the money flows. In times of the Internet it becomes more and more difficult to make money really disappear. The more expeditiously investors follow the money trail, the greater the chances that they will recover their invested capital. It is important now that those injured by DCMarket take immediate action.
RESCH Attorneys at Law - Experience in investor protection since 1986
If you have become a victim of DCMarket 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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