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Zoey, JD
Zoey, JD, Criminal Defense Lawyer
Category: US Law
Satisfied Customers: 48186
Experience:  Over 20 years of high volume criminal defense work,including all aspects of a case from arraignment to plea or trial.
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Xchangely. Is this a fraud company? School4broker

Customer Question

xchangely
JA: The Fraud Examiner will know what to do. Please tell me everything you can so the Fraud Examiner can help you best.
Customer: is this a fraud company ?
JA: Is there anything else the Fraud Examiner should be aware of?
Customer: school4broker
Submitted: 17 days ago.
Category: US Law
Expert:  Zoey, JD replied 17 days ago.

Hi,

I’m Zoey, and I am an experienced attorney. I know your question is important to you and I will be giving it the time and attention it deserves.

In case you would like a faster response, the site will automatically offer a phone call option. No need to have a phone call if you don’t want one. I’m already working on your question.

Expert:  Zoey, JD replied 17 days ago.

No, this is not legitimate. It is just one more fly-by-night unregulated investment site, almost all of which are fraudulent. When you trade with an unregulated firm, it's easy enough to put money in but impossible to get your money out. They may let you test the waters initially and withdraw money, but then they turn the pressure on and urge you to invest more money. That's the last you'll see of your funds. Unregulated firms are operating illegally to begin with, so they make up their own rules and change them whenever it suits them to keep you from recovering your money.

All of these bogus firms tend to have other things in common. They are relatively new, for example, which means you can't rely on a lack of scam reports before you invest. They are set up to disappear quickly, typically their domain names are ***** ***** for a year, and they are not where they say they are.

These kinds of falsifications make it difficult, almost impossible to find out who and where your scammers really are so that you can take legal action against them to recover your funds. Your ability to get your money back will typically depend on whether law enforcement can bring them to justice, and that, unfortunately, is a longshot.

xhangely.io, true to form, is just 157 days old, according to its domain registration. It was set up to stick around for a year -- the least amount of time you can have a domain name for. There's a real possibility this "company" will disappear altogether before September 15, and all of your money with it.

It claims to be licensed in Estonia, but it is not registered there, and it is hiding its actual location on its website. Meanwhile, on its domain registration, the site traces to the US and it is using a private service from Panama to ide its real location. Where it really is, is anybody's guess. What's certain is that this company is not authorized by the FCA to trade in your country. You can look that up here and see it for yourself. https://register.fca.org.uk/s/This company has no authority to really trade anywhere.

AVOID!

Customer: replied 17 days ago.
Thank you for your response but are you sure its not worth me investing with these people ? and have you had any other bad experiences ?
Expert:  Zoey, JD replied 17 days ago.

This firm is practically brand new, but it ticks off all of the boxes for an almost certain fraud. Primarily, it's not authorized to trade in your country. That means if they don't let you pull your earnings out -- which is how these unregulated firms work -- you'll have no recourse in your own country to recover your funds.

The FCA warns your countrymen not to trade with unauthorized firms. The likelihood of scam is almost certain. What good is making money if you can't withdraw it or find the firm to be able to recover your funds through legal means?

Expert:  Zoey, JD replied 17 days ago.

Any additional questions? If you need more clarification or have a follow-up, just reply and we can continue our dialogue.

Customer: replied 17 days ago.
i set up a verification with marketrip - school4 traders before asking your advise cost of £228 with my card dtails to start trading but now know not to
is it safe for the card details to be on that verification that i set up ?
i am asking for my money back so i had to do this for them to refund
Expert:  Zoey, JD replied 17 days ago.

I can't find marketrip - school4 traders. Do you have a website for it?

What I can say in general is that you shouldn't have to pay a fee to get your money back. That's usually a sign of scam. They could verify you independently without you having to pay that sort of a fee for it. £228 isn't a nominal amount. Sounds a bit fishy to me, but I'd like to look into that further.

Customer: replied 17 days ago.
then they asked for £10000 to start trading and that’s why I said no and asked for my money back
But the question is -is my debit card details safe on my verification log in details
As I have asked for my money back
Expert:  Zoey, JD replied 17 days ago.

It is probably not safe. If you give me the website for the verification site, I can look at it and give you an informed opinion. I'm unable to find it.

Customer: replied 17 days ago.
I can’t afford to keep paying
I don’t how I can send you the verification details all I know is they are working from Switzerland
Expert:  Zoey, JD replied 17 days ago.

I don't need the verification details. I need the company website if you have it. If not I will see if they are a registered Swiss company.

Expert:  Zoey, JD replied 17 days ago.

I find no evidence of any registered company in Switzerland containing the name of Marketrip and frankly, I cannot even find Marketrip School4 Traders on a google search. I'd strongly suggest canceling your debit card and opening a new one. While I can't prove they are fraudulent just by the name, I think it's likely worth a £228 loss to prevent further identity theft.

Customer: replied 17 days ago.
Xchangely are the company that takes the money
Shcool4traders are the ones that take the deposit
They say they are together
Which is true bec
Customer: replied 17 days ago.
Ok will do that
Expert:  Zoey, JD replied 17 days ago.

Xchangely says they are in Estonia. The registry does not confirm that. You tell me it's affiliate is in Switzerland. It isn't there nor is it in Estonia. If it's the same company, why couldn't they just verify you to begin with. I don't like anything about either company.

Cancel the card.

Customer: replied 17 days ago.
One last question what about school4brokers ?
Are they part of it or registered
Expert:  Zoey, JD replied 17 days ago.

I can't find them anywhere at all. So they appear to be unregistered. They are certainly not authorized in the UK, which is what you really should be most concerned about.

Customer: replied 17 days ago.
Ok thanks
I didn’t got too far because they insisted on trading straight away with £10000 so I then got suspicious and contacted you
They say they are going to contact me on Tuesday to process refund
Let’s see
Expert:  Zoey, JD replied 17 days ago.

Just keep an eye on your bank account between now and Tuesday.