Resolve Money wants us to think that it is a reliable broker for CFDs and forex, situated in one of the world’s financial hubs. However, entrusting your money to this dubious website would be a mistake. Resolve Money is not a regulated financial services provider, even upon cursory scrutiny. We’ll outline the reasons in this review for why it’s recommended to avoid Resolve Money and suggest reliable brokers instead.
The regulatory status of a financial services business is the most crucial piece of information. Licensed brokers give comprehensive details on the company that owns them, their location, the jurisdictions in which they are authorized, and the regulatory organizations that keep an eye on their operations. The fact that such material is available does not, however, imply that it is accurate or deceptive. Thus, before risking your money, make sure you thoroughly investigate the situation.
It is stated on the website that Resolve Money LTD, a UK-based business, is the broker in question. However, the Financial Conduct Authority registry for the UK does not list this kind of broker. This indicates that Resolve Money’s verifiable information is untrue.
It is possible to access the website in Russian, Polish, and English. Investors should be advised by the Bank of Russia that Resolve Money is not an authorized provider of financial services.
Make sure you invest your money through a qualified intermediary and not one of the many con artists that prey on people via the internet before making any financial instrument purchases.
HOW THEY WORK
You can use some of the reputable brokers that genuinely run their businesses out of well-known financial hubs like the UK if you wish to trade on financial markets without falling victim to fraud. The Financial Conduct Authority has strict guidelines regarding the financial soundness and operational transparency that these brokers must adhere to (FCA). In the event that the broker becomes insolvent, they are required to offer clients protection against negative balances and to contribute to a guarantee fund that will reimburse up to GBP 85,000 of the client’s investment. Additionally, these brokers must maintain separate bank accounts with the monies of their clients and their own operating funds.
We may access a fairly rudimentary web trading platform with limited customization choices and minimal functionality after creating an account. The identical platform has been used by numerous phony brokers that we have come across. Trading software that has been manipulated is being used by scammers to trick their victims into thinking that their money is actually being invested and possibly even making a profit.
A large range of trading software, including desktop, mobile, and web-based platforms, is provided to customers by reputable brokers. In the industry, MetaTrader 4 (MT4) and MetaTrader 5 (MT5) are the most used platforms. These platforms have become the industry standard due to the extensive features they provide, such as multiple account usage, a plethora of customization choices, the ability to build and deploy bespoke scripts for automated trading, and the ability to backtest trade methods.
The industry standard minimum deposit of $250 USD is specified by Resolve Money. However, this implies that you may register a trading account with a reputable and legally licensed forex broker for the same sum of money. Novice investors can benefit from Micro and Cent accounts from some of the top brands in the market, which have very minimal entrance requirements.
This alleged broker, according to the legal documents of Resolve Money, enables the deposit and withdrawal of money via wire transfers, credit/debit cards, and electronic wallets. However, there is only a deposit menu where you can select between cryptocurrencies and credit/debit cards. The menu simply lets you submit requests; it doesn’t let you complete transactions. Consequently, we believe that cryptocurrency is the only choice that is actually available.
Since cryptocurrency transactions are not refundable, scammers favor them. Although some reputable brokers do take digital currencies like Bitcoin, they do so in addition to other clear-cut payment options like credit/debit cards, bank transfers, or well-known e-wallets like PayPal, Neteller, or Skrill.
Resolve Money purports to provide cryptocurrency, index, stock, and forex trading. The latter further states that because trading in cryptocurrency futures is prohibited by the FCA, this website does not represent a broker that is regulated in the UK.
HOW TO GET YOUR MONEY BACK
Reclaim Your Finances: Unveiling Tactics to Retrieve Funds from Scammers.
Gather Evidence: Collect all relevant documents, emails, receipts, and any communication with the scammer.
Contact Your Bank or Credit Card Company: If you paid using a credit card or bank transfer, report the scam to your financial institution. They may be able to reverse the transaction or provide guidance on next steps.
File a Complaint: Report the scam to relevant authorities such as the Federal Trade Commission (FTC), Consumer Financial Protection Bureau (CFPB), or your local law enforcement agency.
Notify the Platform: If the scam occurred on a specific platform (e.g., social media, online marketplace), report it to the platform’s support or abuse team.
Remember, prevention is key. Be cautious when sharing personal or financial information online and always verify the legitimacy of offers or requests before proceeding.