The alleged online broker Protrade claims to be an impeccable platform for online trading. However, there is a lot of information that there are considerable shortcomings at Protrade. Reports from traders about Protrade are accumulating, talking about telephone terror, rip-offs, and investment fraud. Investors have lost all their money invested with Protrade. Doubts have been raised. In the meantime, many Protrade investors fear that it is a case of investment fraud. All Protrade investors are asking themselves whether they have become victims of investment fraud? And what can Protrade investors do if the suspicion of investment fraud is confirmed? Will Protrade investors get their money back? Does it make sense to file a criminal complaint against Protrade with the police? What help is available in the case of investment fraud?
Protrade: Doubtful assurances
What must the perplexed visitors read on protrade.fm? "In a growing atmosphere of financial uncertainty and negative interest rates that undermine the ability of individuals to secure a sustainable future, we at the investment firm Protrade have made it our goal to develop and secure investment channels that allow individuals to take responsibility for their savings... Instead of paying very high fees and using difficult trading methods at your bank or paying an investment advisor, we offer our clients the same tools and a much better acquaintance that until recently was reserved only for bankers and financial managers...We show you how easy it is to gather information, analyze it and make it work for you while investing your hard-earned income independently and successfully with minimal risk and low fees" This is just a small sample of the untrustworthy promises that curious people find on Protrade's website. Not a single one of these promises made by Protrade has been fulfilled. Unfortunately, the suspicious business behavior rather makes for unhappy investors and miserable experiences!
Protrade: Hide-and-seek game with the domain entry!
Remarkable for the business practices of the Protrade 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 Protrade website, you will not find any information about the operators. However, one learns that the domain was registered with NameCheap, Inc. on 14.01.2021.
Protrade: Who is behind it?
Many investors will find it rather difficult to answer this question, as the Protrade makers do everything they can to conceal the true circumstances. However, this is nothing unusual. The perpetrators usually operate several of these websites with the same fraudulent business model. These are created in advance, quickly put on the net, and just as quickly shut down. The top-level domain is often changed to deceive the financial supervisory and law enforcement authorities. But who is the operator? On the Protrade website, there is only scanty information about this. Although the company Alpha-Tech Group OÜ from Estonia and the business address Corporate Center, Austrasse 46, 8045 Zurich, Switzerland are given, the makers of Protrade cannot be found under this address. In addition, there is the obligatory support e-mail address and the British telephone number +442037692568. A worldwide search for Protrade in the relevant registers leads to no result. This makes it clear that this is a pure fantasy product.
Protrade: The customer acquisition of investment fraudsters
The same procedure can be found here again and again: To acquire new customers, the recommendations of Protrade are promoted in all available media and channels. Not infrequently, these recommendations are false claims. To increase the effect, they upload image films on YouTube in which interested investors are convinced with fictitious references. Here, supposed celebrities report on their experiences with online trading and cryptocurrencies, often with a misleading reference to the TV show "Die Höhle der Löwen". In parallel, a mostly aggressive affiliate program is launched to incite others to intensively advertise for Protrade.
Protrade: 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. Investors usually start with a small amount of money. Beforehand, the investors are often motivated to install remote maintenance software such as AnyDesk or TeamViewer on their computers so that they can supposedly receive help with the first steps. In many cases, the computer is manipulated afterward and unwanted transactions are carried out. In the process, the investment fraudsters often also gain access to their victims' online banking. What is particularly criminal, however, is when supposed profits are displayed on the trading platform to entice the customer to place further high stakes. Sometimes even small sums are paid back to lull investors into a sense of security. Who then does not want to increase the stakes further? But what happens next?
Protrade: repayment of the money is tied to conditions
Once in, it is usually impossible to get out. Instead, the administrators of the investment scams tie the repayment of the money to further deposits. This is where employees come in, claiming alleged tax debts and commission payments. If these are settled, the alleged profits are paid out. The perpetrators send investors self-made tax and commission statements, often decorated with fake coats of arms. These would have to be paid urgently. It is never possible to offset them against the alleged profits. If an investor refuses to make further deposits, supposed profits are turned into losses through senseless transactions and the client is damaged to the maximum. The horror does not end there, but investors are permanently confronted with calls from other dubious providers. This indicates that the investors' contact details are traded among the investment fraudsters. In the end, a "savior" regularly calls 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" also wants a small fee - in advance!
Protrade: Scheme of investment fraud?
There is no authorization of the trading platform Protrade. Protrade 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) or the Financial Market Authority (FMA) of Austria, which is responsible for Switzerland. For this, there is a warning from finma dated 28.09.2021. It is hard to miss that Protrade is a scheme of capital investment fraud. All investors harmed by Protrade are advised to consult an investment fraud lawyer immediately.
Protrade: Where are the investment fraudsters active?
Unfortunately, Protrade's illegal activities are not limited to the English-speaking world. Because Protrade also addresses German-speaking investors, it is only a matter of time before the defrauded investors of this speaker group also come forward. Going through the list of regulators is recommended before any financial commitment to reduce the risk of becoming a victim of investment fraud.
Protrade: Investors want their money back!
The constellation is by no means as hopeless as it seems. Victims can take countermeasures and demand their invested capital back. As of today, it is not likely that the Protrade investment fraudsters will be caught soon, but there is nevertheless reason to hope. The reason for this is the fact that the money transactions took place via accounts provided by reputable financial institutions. Their managers undoubtedly failed to check the sometimes high and therefore controllable deposits of the investors and their forwarding for illegality. These omissions made investment fraud possible in the first place.
Protrade: They want their money back! How does it work?
Knowing this, the prospective investors would never have agreed to invest with Protrade. Now the only option left for the defrauded is to seek compensation for the loss. Many investors cannot even imagine that there is a real chance of ever seeing their money again. Probably all of them are now asking themselves whether 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 offense of money laundering has been committed. Financial institutions are obliged to take action against money laundering. This is where one starts with good chances of success. In this regard, essential questions must be answered. To which destination were the funds moved by Protrade? Is there a possibility that the aggrieved investors will get back the money they invested with Protrade? What precautions are obligatory from now on? A lawyer specializing in capital investment fraud will be happy to answer such questions thoroughly.
Protrade: Who can help?
What to do in case of investment fraud? What help can victims of Protrade hope for in the case of investment fraud? Victims of Protrade will ideally find the help they need from an experienced investment fraud lawyer. He will be able to take care of your case with Protrade 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 also comes into question, because he is also familiar with the methods of fraudulent brokers such as Protrade.
Protrade: Follow the money!
The internationally active investor protection law firm Resch Rechtsanwälte has been investigating such abuses on the grey capital market for more than 30 years. As a result, Protrade's conduct is nothing new. Over the years, Resch Rechtsanwälte has developed a sophisticated set of instruments for tracking down misappropriated capital and tracing the flow of money. In times of the internet, it is becoming more and more complicated to make funds disappear. The faster investors follow the money trail, the greater the likelihood that they will get their invested capital back. Above all, investors who have been harmed by Protrade must take action without delay.
RESCH Rechtsanwälte - Experience in investor protection since 1986
If you have been a victim of Protrade 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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