SummitTrade24 Review – Report a Scam
You want to get started trading but have been warned about the many forex scams out there. Fraudulent brokers are no longer as obvious to spot as they once were. That is why we have written this review to alert you that SummitTrade24 is on our radar as potentially problematic.
It isn’t just newbie traders that become targets of fraudulent forex brokers. Thanks to technological advances, almost anyone can falsify identities, credentials and licenses and swindle both beginning and advanced traders. We have looked carefully at SummitTrade24 and have found numerous inconsistencies and problems that send the message, “Stay away!”
There is a world of difference between expert reviews created by our team with years’ experience investigating investment frauds and reviews by so-called customers you may find on some sites. Many of these reviews are not created by customers, but by employees who want to boost or bust a competing broker’s reputation.
Instead, we are adept at evaluating brokers and have a long track record of alerting the public to potential scams. Many of the brokers we have warned the public about turned out to have been frauds and some are facing criminal prosecution. If you have lost money to SummitTrade24 or another trading scheme, contact our experts immediately.
Chargebax is staffed with professionals who will work on your behalf to improve your chances of getting your money back. We have extensive experience with the chargeback process, wire recall, crypto recovery, and intelligence reports and are experts at dealing with all types of scams and winning disputes with merchants and brokers.
The Problem of Scam Brokers
Online trading, along with internet activity in general, has increased dramatically in the past few years. The pandemic, financial insecurity, and more internet activity formed a perfect storm that fueled the online trading trend that has been unstoppable and doesn’t look ready to end anytime soon.
The online trading market is expected to reach $12.6 billion in 2022. With the increased enthusiasm for online trading, more scam brokers pop up. Fraudulent schemes always seem to attach themselves to trends, like forex trading.
We believe that SummitTrade24 is taking advantage of customers and providing fake services as a way of taking money from the public. We did not come across SummitTrade24 randomly, but used specialized tools to research brokers that have been flagged on suspicion for wrongdoing.
All or some of the following red flags have been raised regarding SummitTrade24
Do These Problems Describe SummitTrade24?
The first thing you should check for before signing up with any broker is if they have a license. It is bad enough when a broker tries to deceive customers with a third-rate license, but not even bothering to get any license at all is a sign of bad faith or at the very least indifference toward their customers.
What would happen if you get into a taxi cab and discovered the driver had no license to operate a vehicle? The only sensible reaction would be to get out of the car. Therefore, if SummitTrade24 has no license, if they are falsely claiming to have a license, or if they have had their license revoked, request a withdrawal immediately and contact us.
You might have checked that SummitTrade24 has a license and feel secure that they are indeed regulated. However, that could be a false sense of security if it is an off-shore license. As important as having a license is holding a top-rated license. The FCA in the United Kingdom, the SEC in the U.S., and ASIC in Australia are examples of first-rate licenses.
However, so-called regulatory bodies that are not on lists of official regulators issue licenses that are only a fig leaf to cover over dodgy practices. Many fraudulent forex brokers obtain these licenses for a fee, but the regulator does not provide any oversight or protection for customers. If SummitTrade24 has an offshore license, do not open an account with them.
Not all customer review sites are as trustworthy as expert reviews, but if there is a huge number of negative reviews alleging the same thing, that is not a good sign. If you research SummitTrade24 only to be bombarded with reviews from unsatisfied customers and negative news on the web as well as conversations on social media about the broker engaging in shady practices, be warned.
If SummitTrade24 offers trading services in areas where they are not licensed or does not follow the rules in the region they are operating, they have most likely been flagged for non-compliance. Never trust a broker who bends the rules, because they are not likely to respect their customers any more than they respect the law.
If a top regulator, such as the SEC or the FCA has warned the public against SummitTrade24, do not take a chance. There are thousands of brokers and the fact that this one name has gotten the negative attention of a government regulator means that there must have been a substantial number of complaints or illegal activities to have warranted this kind of attention. Cross SummitTrade24 off your list if they have been the subject of a warning.
If you notice SummitTrade24 doing any of the following, contact us to file a complaint.
- Unregulated broker
- Promises of huge returns
- Aggressive manner
- No contact information
- Very little transparency
- Large fees or commissions
- Does not allow withdrawals
- Stops communication
What If You Have An Account with SummitTrade24?
If you have traded money with SummitTrade24 withdraw your money immediately. If SummitTrade24 won’t allow you to withdraw your money, seek assistance from Chargebax experts right away.
Chargebax Professionals Will Help You Survive a Forex Fraud
You can increase your likelihood of winning a claim if you have sufficient evidence and the help of our excellent financial service. Chargebax professionals will guide you on preparing your case and will assist you with fund recovery. We have combined decades of experience dealing with hundreds of financial institutions.