Justice Is On Its Way
According to Federal Trade Commission, consumers lost more than $5.8 billion to fraud, up from $3.4 billion in 2020. The agency received more than 2.8 million fraud reports in 2021, and 25% of those scams led to financial loss, with an average person losing $500.
Fraud has ballooned during the Covid-19 pandemic, as con artists have preyed on consumer fear and confusion. Imposter scams were the most prevalent form of fraud in 2021, accounting for more than a third of reports, the FTC said. The typical victim lost $1,000.
We at OnlineJustice work to protect you from fraud, and if you have already fallen prey to online criminals, our experts make sure that you get your stolen money.
In the cutting-edge planet of cryptocurrencies, more and more people are joining and partaking in the crypto industry to earn money. Traders usually opt for investing their money in crypto because it is a volatile market and you can get high returns in less time by making the decisions at the right times. But when there is such a huge market, scammers never let go of the chance to spoil it through malicious activities. In our case, such scammers are in the form of non-legitimate brokers.
Most crypto traders especially novice ones get into the traps of scam broker websites and lose most of the money they invested to trade. Such scam brokers make promises of high returns and profits through investments which take much attention from the needy and novice traders. And when traders ask for withdrawals, they never get them.
In this TheExchangeBank review, you will go through a number of points to realize why this broker is not legitimate and why we do not recommend users choose it as their ultimate broker for their crypto trading practices.
For a broker to run in a country, it must be regulated through regulatory authority and must have an ID address associated with it. In the case of TheExchangeBank, the website has not mentioned any regulatory authority which runs the broker.
Since the broker’s location stated on the website is in the UK, then it should come under the regulation of FCA. FCA is a regulatory authority under which all financial services companies in the UK work. But when we did our research and searched “The Exchange Bank” in the FCA register along with its postcode and city, there was no data. And it clearly proves the point that the broker is not under a regulatory authority to look after its practices.
As you go through the website, they have mentioned that they have been working as a broker for the last seven years. But to know the reality, we did research through Way Back Machine and what we found out was pretty shocking. The website was bought in May 2022 and the proof below shows that the company is not saying the truth about providing the services for such a long time.
In such an advanced world of innovative technologies, even non-tech people can tell if a website is made with effort or not. Most of the big brokerage firms do make sure that the website they make is nicely designed, fast and responsive. But when you get onto the website of TheExchangeBank, the very front page can tell how badly it is designed. In the below image, you can see that the home page is covered by the logo and it would take a lot of time for a user or a viewer to see where the broker’s most important website page is.
Apart from that, the website is pretty basic and does not carry any blog page which most legitimate brokers do have. Although to make an impression, they have added an Education center page, but that is also very basic and does not have a lot of content that one should expect.
Talking about the trading conditions on the website of The Exchange Bank, then they are also not up to the mark. For even a basic account or you can say a novice account, they are asking to submit at least 10,000$ which seems pretty out of the box. Even known brokers do not charge this much amount for a basic account. The broker has also promised high returns and has mentioned 1:400 and 1:200 leverage which also does not make any sense.
If you were not aware of this fraudulent broker and got into the hand of them; there are certain steps that you can take to get your money back out of them.
The first step to take is to file a chargeback. For this, you need to write a withdrawal request in order to prove that you have asked the broker to give back your money. When you perform such a move, the broker will get hurt as the number of cashback increases, the more will be cracks in payment service provider relations with the broker. This step is only possible if you have used your credit or debit card.
If you have sent them a wire, you may not be able to file a charge but there are still some ways through which you can get your money. You can threaten the broker that you will let the authorities know what they are doing and if they do not respond, send a detailed email to the regulating authorities in your country and tell them everything that happened.
Leave a bad review of the broker on other sites to save other people. Give a brief review of what happened to you.
We hope this review was helpful in identifying why you cannot trust TheExchangeBank as a legitimate broker. Unfortunately, if you have already been scammed by them, contact our experts at OnlineJustice, and we will make sure you get your stolen money back.