WasoTrade - FCA warns against the crypto broker

The apparent online broker WasoTrade poses as a reputable platform for online trading. However, evidence is mounting that everything at WasoTrade is by no means running on straight lines. More and more investors report in connection with WasoTrade from telephone terror, rip-off, and investment fraud. All have lost their capital invested with WasoTrade. Doubts make themselves broad. Meanwhile, many investors of WasoTrade have the fear that it is investment fraud.  All investors of WasoTrade ask themselves whether they have become a victim of investment fraud? And what can WasoTrade investors do if the suspicion of investment fraud is substantiated? Will WasoTrade investors get their money back? Does it make sense to file a criminal complaint against WasoTrade with the police? What help is available for investment fraud?



WasoTrade: Questionable promises on the website
What are perplexed traders being led to believe on wasotrade.org? "Wasotrade respects each individual's right to privacy...We value our relationship with you and pride ourselves on showing loyalty and respect to every client by providing you with security...The terms of this notice apply to both former clients and our current clients." That's just one small example of the suspect assurances prospective customers find on WasoTrade's website. Not a single one of these lofty promises by WasoTrade has been kept. Disappointingly, the shady business conduct rather ensures disappointed investors and bad experiences!


WasoTrade: Hide-and-seek game with the domain entry!
Remarkable for the business practices of the WasoTrade 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 web page of WasoTrade, no references to the operators are to be found there. However, one learns that the domain was registered only on 17.05.2021 with OwnRegistrar, Inc. 


WasoTrade: Who is behind it?
Answering this question will be rather difficult for many investors, as the WasoTrade 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? There is scant information about this on WasoTrade's website. No company is given only the business address 41 Withers Close, Alford, London, United Kingdom, but the makers of WasoTrade cannot be found under this address. There is unfortunately no obligatory support email address only the US phone number +14158256378. The worldwide search for WasoTrade in the relevant registers leads to no result. This makes it clear that this is a pure fantasy product.


WasoTrade: The customer acquisition of the investment cheats
Here again and again the same proceeding is found: To win investors the recommendations of WasoTrade in all only conceivable media and channels are propagated. Often enough, these offers are false promises. To reinforce the deception, they upload promotional videos on Youtube or Vimeo, in which interested investors are convinced with false 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, a mostly aggressive affiliate program is started to spur others to intensively promote WasoTrade.


WasoTrade: 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. Investment fraudsters also frequently gain access to their victims' online banking in the process. What is particularly criminal, however, is when supposed profits are displayed on the trading platform to entice the customer to place further high stakes. In some cases, even small sums are returned to lull investors into a sense of security. Who then does not want to further increase the stakes? But what happens next?


WasoTrade: Repayment of the money is linked to conditions
Once in, an exit is mostly impossible. Rather, the administrators of the investment scammers 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, 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 is 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!


WasoTrade: Scheme of investment fraud?
There is no authorization of the WasoTrade trading platform. WasoTrade 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 18.10.2021. It is also obvious that WasoTrade is a scheme of capital investment fraud. All traders harmed by WasoTrade are advised to contact an investment fraud attorney immediately.


WasoTrade: Where do the fraudsters operate?
The illegal activities of WasoTrade were unfortunately not limited to the English-speaking world. Because WasoTrade addresses German-speaking investors as well, 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.


WasoTrade: Investors want their money back!
The mixed situation is by no means as hopeless as it appears. The aggrieved investors can defend themselves and demand their invested money back. At the moment it is rather unlikely that the investment fraudsters of WasoTrade will be caught in time, nevertheless, there is reason to hope. This is especially true because the money was transferred through accounts provided by reputable banks. They failed to check the investors' deposits, some of which were large and therefore subject to control, and their onward transfer for legality. Such omissions enabled the investment fraudsters to do their criminal work only.


WasoTrade: They want their money back! How does it work?
Equipped with this knowledge, prospective customers would never have engaged in business with WasoTrade. Now the only alternative left for the victims is to try to recover the invested money. Many investors cannot even imagine that there is any real chance of ever seeing their money again. Probably 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 must take action against money laundering. This is where one starts with good chances of success. Important points should be clarified beforehand. To which destination did the funds embezzled by WasoTrade flow? Is there a chance that the aggrieved investors will get back the money they invested with WasoTrade? What steps are necessary from now on? A lawyer specializing in capital investment fraud will be happy to answer such questions thoroughly.


WasoTrade: Who can help?
What to do in case of investment fraud? What help in the case of investment fraud can victims of WasoTrade hope for? Victims of WasoTrade will ideally find the help they need from an experienced investment fraud attorney. He or she will be able to take care of your WasoTrade case 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 WasoTrade.


WasoTrade: Follow the money!
The internationally active investor protection law firm Resch Rechtsanwälte has been pursuing such abuses in the unregulated capital market for more than three decades. The way of the WasoTrade is so regarded as nothing new. Over the decades, Resch Rechtsanwälte has developed extensive equipment for tracking down the money that has been taken away and tracing the flow of funds. In times of the Internet, it is becoming more and more complicated to make funds disappear. The sooner investors follow the money trail, the more likely they are to have their money secured. Above all, investors must harm by the WasoTrade act promptly.


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