Agm Securities makes an effort to persuade us that it is a registered broker that prioritizes its clients and is extremely professional. However, even a cursory examination shows that this website is not at all a reputable source of financial services. Let’s examine the reasons why you should never trust Agm Securities with your money and the more reliable options available to you when it comes to making financial market investments.
You should anticipate seeing clear and comprehensive information about the business that owns and runs the broker, its location, and the regulatory bodies to which it is subject when you visit the website of a reputable broker. A full set of legal papers is also needed from licensed financial services companies.
The broker is run by Agm Securities Llc, a New York-based business that has been approved by the U.S. Securities and Exchange Commission, according to the website’s main page. Considering that the website is largely available in Russian, this is questionable. There appears to be a whole set of legal documents as well, but the links to these documents lead to nothing.
A corporation needs to be a member of the National Futures Association (NFA) and registered as a futures commission merchant and foreign exchange dealer with the Commodity Futures Trading Commission (CFTC) in order to operate as a forex broker in the United States. However, the NFA registration does not contain a broker with that name.
HOW DO THEY WORK
You have a lot more reliable possibilities if you have chosen to invest in financial products.
Selecting a company that is regulated by the Financial Conduct Authority (FCA) in the UK, the Australian Securities and Investments Commission (ASIC), the US Federal Trade Commission (FTC/NFA), or an EU regulator such as Cyprus Securities and Exchange Commission (CySEC) is advised based on your location.
These brokers offer their clients safeguards including negative balance protection and money segregation between the client and the broker. Brokers are also required to take part in guarantee programs in the EU and the UK, which pay out a portion of the trader’s investment in the event that the broker goes insolvent. Up to 20,000 EUR in the EU and 80,000 GBP in the UK are covered by these assurances. The chance of such a bankruptcy is limited, though, because regulators also impose large net capital requirements on businesses, which are EUR 730,000 in the UK and Cyprus, AUD 10,000 000 in Australia, and at least USD 20 million in the US.
Agm Securities says that it has a web-based trading platform in place. However, the aforementioned platform is not functional trading software; rather, it is a spoof. The platform doesn’t even have the most basic order placement features. It also doesn’t provide fundamental information like margin and the difference between buy and sell prices.
However, Agm Securities’ website would still lack credibility even if it had a more compelling platform. Rigged trading software is used by fake brokers to trick their victims into believing their money is actually being invested. However, this deal is a complete scam.
You will have access to well-known software with cutting-edge features and versions for a wide range of gadgets and operating systems if you work with a registered broker. In the industry, MetaTrader 4 (MT4) and MetaTrader 5 (MT5) are the most popular trading 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.
Agm Securities doesn’t offer any details regarding trade parameters. A range of trading account types are available from reputable forex brokers to meet the demands of customers with varying capital requirements and investment goals. These brokers also give precise and comprehensive information on trading characteristics, such as commissions, spread, leverage, and order execution technique.
The fact that Agm Securities solely takes cryptocurrency as payment was not shocking at all. Most financial scammers use this as their preferred method of payment. This is because, while cryptocurrencies offer a certain level of anonymity, they also prevent the victim of fraud from requesting a return.
Reputable brokers usually provide their customers with a large selection of clear payment options, such as bank transfers, credit/debit cards, and well-known e-wallets like PayPal, Skrill, or Neteller. If you’re looking for reliable brokers who take payments in digital money in addition to traditional ways.
Agm Securities states that it provides cryptocurrency, stock, and forex trading. However, as was previously mentioned, this purported broker lacks the legal authorization and operational trading software required to enable the trading of financial products.
HOW TO GET YOUR MONEY BACK
Recovering money from scammers can be a challenging process, but there are steps you can take to improve your chances. First, contact your bank or credit card company immediately to report the fraud and request a chargeback or reversal of the transaction. They can often recover funds if the report is made quickly. Next, file a complaint with your country’s consumer protection agency, such as the Federal Trade Commission (FTC) in the United States, which can investigate and take action against fraudulent businesses.
Additionally, report the scam to local law enforcement to create a record of the incident and potentially aid in broader investigations. If you were scammed through an online platform, contact their support team to report the incident and seek assistance. It’s also wise to document all interactions and transactions related to the scam, as this information can be crucial for investigations and legal proceedings.
Lastly, consider seeking legal advice to explore other avenues for recovering your money, especially if the amount involved is significant. While these steps don’t guarantee success, they can significantly increase your chances of recovering your funds.