Offshore Registration – Threat to Brokers
Choosing an offshore location for registering a business is a bad sign for financial firms. Scammers prefer countries like Saint Vincent and the Grenadines due to loose legislation. They understand that in case of problems, it will be almost impossible to track them down. One of such companies is FCDS Limited, as evidenced by the first reviews online. In this review, we will discuss key facts about this intermediary.
What is known about FCDS Limited
The broker claims that everyone interested can participate in investing and trading, count on transaction security, and quality support. According to the data, the company has achieved significant results during its existence. Over 20,000 accounts are registered on the platform (although another source mentions 500,000 users), with trading volume exceeding $20 billion monthly.
However, we are beginning to doubt the accuracy of these figures, as reviews are just starting to appear. This is typical for new projects that have recently started promoting.
By checking the registration date of the domain via WHOIS, it can be established that the fcds-limited.com website was launched at the end of September 2022. Therefore, it can be assumed that the company could not have achieved the high performance levels it claims. Most likely, it is seeking to gain the trust of potential clients and secure their funds.
Scammers advertise their round-the-clock support and promise to always be available. However, only an email address is listed in the contact information. While this email address is valid, it is not advisable to rely on it for prompt resolution of financial and technical issues. Through this communication channel, fraudsters gather clients’ personal data and nothing more.
The information about the office in London, which was presented, turned out to be fake. Google Maps clearly indicates that other companies are located at the specified address.
Little is known about the founders of FCDS Limited. The platform simply states that they are experienced financial specialists and experts in e-commerce. It should be noted that anonymity is often preferred by companies that do not want to take responsibility and compensate users for damages.
Situation with Legal Data
FCDS Limited has posted scanned copies of its registration certificates in Saint Vincent and the Grenadines, as well as a license from the local regulator on its website. However, these documents are fake.
Firstly, the sought-after company could not be found in the registry of legal entities of that state.
Secondly, the offshore regulator has disclaimed responsibility for controlling financial institutions (brokers, investment companies). This warning is contained on svgfsa.com.
If the company did have an office in London, it would certainly need approval from the UK regulator FCA. However, there is no mention of FCDS Limited in the regulator’s database. The scammers lied about providing broker services legally.
The fraudsters have ambitious plans and clearly target Russian-speaking audiences. User reviews from the Runet confirm this. However, in both Russia and Kazakhstan, Belarus, FCDS Limited has not obtained licenses. Criminals attract newcomers into their networks and leave them without legal protection. Until regulators react and blacklist the company, we will see dozens (if not hundreds) of negative reviews.
What is Offered on the Platform?
FCDS Limited promises convenient access to trading but does not provide contract specifications for analyzing the commercial offer. Users are not informed about the initial deposit amount (it is simply stated that it is acceptable). Reviews mention that they were encouraged to make financial investments under individual terms.
The following conditions have been identified:
- Available currency pairs, metals, cryptocurrencies,
- Narrow spreads from zero are promised,
- Bank transfers, debit/credit cards can be used for depositing and withdrawing funds,
- A 10% commission is charged for profit withdrawals (minimum $25 for cards and $50 for bank transfers),
- Processing withdrawal requests takes up to 5 business days.
Former Clients’ Reviews
FCDS Limited is just starting to receive reviews. Negative reviews indicate that the company does not strive for honest interaction with users. Its goal is not to provide convenient trading conditions but to commit financial fraud. Examine reviews from former clients and draw your own conclusions.
Want to share your trading experience on a fraudulent platform? Do a good deed, publish a review, and share the truth with others.
Principle of Scam Mechanism
After registering on the FCDS Limited platform, traders are offered the services of a mentor. According to the official version, this is an experienced professional who will help solve emerging issues and provide trading advice. Of course, such an offer pleases a novice. Who would refuse help from a qualified specialist?
The first transactions may be profitable, but it is just a game. Scammers simulate trading and force to invest large sums. When a significant amount accumulates in the account, schemers will arrange a technical error or claim a hacker attack. Your balance will be left empty, and you will not be able to lodge complaints. In internal documents, fraudsters clearly state that they do not guarantee the platform’s functionality.
Final Thoughts
FCDS Limited is an underground entity looking for the naive. It aims to gain trust and quickly deplete your capital. Scammers have few published reviews. Do not fall victim to their schemes!
