The Forex market is full of financial scammers. Many fraudulent Forex brokers who claim to be trustworthy exist, much more than legitimate ones. There are often scammers with websites that were created only a few months ago, falsely claiming to be financial firms with many years of trading experience. However, some cheeky brokers take advantage of the offshore laws to scam for a long time and then suddenly disappear one day without a trace, as The Traders Domain has done.
UnavailableWebsite of The Traders Domain
The Traders Domain's website is no longer accessible, and its social media accounts have not been updated for a long time. However, we can still see many victims scammed out of their money by this unlicensed broker accusing.
The website and behavior of The Traders Domain was riddled with suspicion even before it escaped.
The Traders Domain is run by the company Traders Domain FX Ltd, allegedly a registered company with the St. Vincent and the Grenadines Financial Services Authority (SVGFSA).However, a search for keywords on the agency's portal no longer yields any registrations related to this broker, meaning that the company's registration may have expired.
BrokersView has repeatedly reminded investors that even if a company is registered with the SVGFSA, it does not mean that it is authorized to conduct forex trading activities. This is because the SVGFSA does not regulate forex activities or issue financial licenses to brokers. No registered entity should use this registration information to mislead investors by falsely claiming to be a regulated broker. In most cases, companies that use this registration information to pretend to be legitimate brokers are often frauds.
Additionally, The Traders Domain has been the subject of a CFTC Red Warning in 2022. According to the regulator's announcement, the non-registered company operated outside of the United States but solicited and accepted funds from U.S. residents and offered products and services within the regulator's jurisdiction.
Currently, the website of the companyis no longer accessible and it is difficult for scam victims to get in touch with it.BrokersView investigated and found that the website was created in 2017 and last updated on August 14 this year. Others have analyzed The Traders Domain as a Ponzi scheme.
Traders are complaining
The fact that The Traders Domain has existed in the market for many years means that there are not a few victims either. Thebrokerhas received a rating of only 2.4 out of 5, with more than half of the users giving it a low score. Almost all the users who rated this broker poorly encountered problems with withdrawals.
Notably, we have found claims that The Traders Domain has changed its name to Trubluefx, also an unregulated one.
BrokersView reminds you
Several Ponzi scams in the marketplace cloak themselves in the guise of forex brokers to lure victims into investing. What they all have in common is that they are bound to have withdrawal problems sooner or later.
Ponzi schemes need to attract new victims to invest so that they have the money to pay existing victims, keeping the scam going longer and making more money.In the process, if the number of new victims attracted declines, scammerswouldnot be able to fill the funding gap, making it difficult for existing victims to withdraw their money.As more people recognize the scam, new victims become harder to find, and problems with withdrawals from existing victims occur more frequently, the scammer begins to look for an escape.
Moreover, even if the fraudsters closed the site, it does not mean they quit the market and are no longer practicing fraud. Scammers who have tasted the ill-gotten will create new websites with new names and information to continue their scams.
While it is difficult for most investors to recognize whether a broker is a Ponzi scheme, one of the best ways to avoid being scammed is to not work with unregulated brokers. In order to attract more people to the scam, fraudulentbrokersoften offer better trading conditions and yields than legitimate ones. They dare to make such promises because the scammers have no intention of doing things according to the regulatory rules or making money for their clients.
If you are unsure whether a brokeris authorized to offerforex trading services, you can check the results of our review by searching for the broker's name in BrokersView or by asking us Questions.
