SamtradeFX - Singapore financial regulator warns against operator

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



SamtradeFX: Shady promises
What is being served up to perplexed prospective customers on the SamtradeFX website? "Samtrade FX is a brand new online trading broker offering forex trading and other related services...We were founded with one clear goal in mind - to provide traders with safe, easy and cost-effective access to the forex markets...Our founders and partners are all traders themselves and have extensive experience in forex and CFD trading...At the same time, our shareholders are all renowned figures in the financial industry...Our advisory board, with its extensive knowledge and experience, is able to provide our clients with unsurpassed professional training and advice." This is just a small part of the exaggerated assurances investors will find on SamtradeFX's website. Not one of these given assurances by SamtradeFX has been delivered. Regrettably, the half-secret business conduct rather makes for disappointed investors and bad experiences!


SamtradeFX: Hide-and-seek game with the domain entry!
Remarkable for the business practices of the SamtradeFX 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 SamtradeFX, there are no references to the operators to be found. However, one learns that the domain was already registered on 09.07.2016 with NameCheap, Inc. The real domain owners hide behind the Icelandic anonymization service Withheld for Privacy ehf.


SamtradeFX: Who is behind it?
Answering this question will be rather difficult for many investors, as the SamtradeFX 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 website of SamtradeFX there is only scanty information about this. The companies Samtrade FX Ltd. and S.A.M. Trade (Asia) Pte. Ltd. are listed with the business address 2002 Victoria Ave, Regina, Saskatchewan, S4P 0R7, Canada, but the makers of SamtradeFX cannot be found under this address. In addition, there is the obligatory support email address but no phone number.


SamtradeFX: The customer acquisition of the investment cheats
Here the same procedure can be found again and again: The offers of SamtradeFX are advertised in all possible media and channels. Often these recommendations are incorrect claims. To increase the effectiveness, they upload promotional 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 launched to give others incentive to beat the advertising drum for SamtradeFX.


SamtradeFX: 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?


SamtradeFX: repayment of money is subject 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 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!


SamtradeFX: Scheme of investment fraud?
There is no regulation of the trading platform SamtradeFX. SamtradeFX lacks authorization from a recognized European 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 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 Monetary Authority of Singapore (MAS) dated 02.07.2021. This is the supervisory authority for the financial market and financial services in Singapore. It is hard to miss that SamtradeFX is a scheme of capital investment fraud. All investors harmed by SamtradeFX should be advised to consult an investment fraud lawyer immediately.


SamtradeFX: Where do the investment fraudsters operate actively?
Investors are dealing with SamtradeFX investment fraud in Germany, Switzerland and Austria. Unfortunately, the activities of SamtradeFX were not limited to the German-speaking region. Since SamtradeFX also addresses investors in China, Thailand, Vietnam, Myanmar and France, it is only a matter of time until the defrauded in these countries also come forward. Going through the list of regulators is recommended before making any financial commitment to reduce the risk of becoming a victim of investment fraud.


SamtradeFX: Claims for damages against participating banks
In Germany, it is prohibited to provide financial services and investment transactions without a license from the Federal Financial Supervisory Authority (BaFin). It is prohibited to conduct, support or facilitate such transactions, even across borders into Germany. Companies and persons who nevertheless participate in such transactions are liable to pay damages to those affected. These investment fraud cases would have been hardly conceivable without such banks.


SamtradeFX: Investors want their money back!
The constellation is by far better than it seems. The aggrieved investors can defend themselves and reclaim the invested capital. At the moment it is rather unlikely that the investment fraudsters of SamtradeFX will be caught soon, but nevertheless there is reason to hope. Hope because the funds flowed through accounts provided by reputable financial institutions. These institutions have demonstrably failed to check the sometimes large deposits of investors and their onward transmission for legality, which therefore requires monitoring. Such failures made the investment fraud possible in the first place.


SamtradeFX: They want their money back! How does it work?
Equipped with this knowledge, no investor would have gotten involved in an investment with SamtradeFX. Now the only option left for the defrauded is to try to recover the misappropriated money. 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 points must be clarified in advance. To what location were the funds moved by SamtradeFX? Are there realistic prospects that the victims of the investment fraudsters will get back their money invested with SamtradeFX? What actions are necessary from now on? A lawyer specializing in investment fraud can provide comprehensive answers to these questions.


SamtradeFX: Who can help?
What to do in case of investment fraud? What help in case of investment fraud can the victims of SamtradeFX hope for? SamtradeFX victims can ideally find the help they need from an experienced investment fraud lawyer. He is able to take care of your case with SamtradeFX 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 SamtradeFX.


SamtradeFX: Follow the money trail!
Such abuses on the grey capital market pursue the Anlegerschutzkanzlei Resch attorneys for over 30 years. The way of acting of the SamtradeFX is so regarded nothing really new. Resch attorneys developed over the years a powerful instrumentarium for the tracing of the defrauded amounts of money and pursuit of the money traces. Making funds disappear has become almost impossible in the age of the Internet The faster investors follow the money trail, the greater the chances that they can have their money secured. Above all, it is important that investors harmed by SamtradeFX take action without delay.


RESCH Attorneys at Law - Experience in investor protection since 1986
If you have become a victim of amtradeFX 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.