New Rich Markets Fraud: Broker Review and Real Reviews
Introduction to the New Rich Markets World
New Rich Markets presents itself as a leading CFD financial broker. According to the organization, millions of users from 140 different countries around the world trust it. But is it really as wonderful as they claim? Perhaps newrichmarkets.com is just another scam, like 95% of similar companies? Let’s investigate!
Company Analysis
To understand why it’s better to stay away from New Rich Markets and not invest your finances here, you just need to enter the company’s name into a search engine. Right on the first page of Google, you encounter similar results. This indicates serious trust issues between the intermediary and its audience. Therefore, the company isn’t trying to hide negative reviews or artificially promote positive results in search engines.
So, the New Rich Markets broker targets people without experience in the financial sector but dreaming of easy earnings. Scammers deceive those who believe in easy money after reading a few attractive figures on the website and end up risking losing all their funds.
New Rich Markets: Trap for Investors
The company’s website claims that the user can trade a wide range of assets using advanced software with a leverage ratio of 1:200. Only someone without proper experience would fall for such tricks. A knowledgeable trader immediately recognizes fraudulent schemes of this nature.
Important: Like many similar fake brokers, the New Rich Markets company operates under offshore jurisdiction (for example, the Grenadine Islands). This further emphasizes that it’s better to avoid interacting with them. Retrieving invested funds will become practically impossible, even with a naive attempt.
New Rich Markets: Strategies and Scams
If an inexperienced trader falls for the broker’s tricks, they’ll be drained of every last dollar, plunging them into debt. There have been instances where clients lost sums exceeding $50,000.
The scammers rely on aliases such as:
- Bogdan Shevchenko,
- Vladimir Yashin,
- Alexey Serdyuk,
- Andrey P.
Perhaps these names aren’t real. But if you get involved with these individuals, remember that it’s a lie, and you won’t be able to profit from New Rich Markets.
Complaints and reviews about the platform are widespread. One woman lost around $40,000. She claims that the company representatives do everything possible to keep you replenishing your account.
The fraudulent scheme involves Alexander Balmont, secretary Ekaterina, deputy broker Alexandra, financial department employee Dmitry, and others. Although contact details exist, they are likely outdated.
The website states that the broker started operating in 2007. However, these claims aren’t substantiated by anything. Most likely, they’re false, but there’s no way to verify the facts.
As noted earlier, the company’s headquarters is situated in an offshore zone. The address provided is: Suite 305, Griffith Corporate Centre, P.O. Box 1510, Beachmont, Kingstown, St. Vincent and the Grenadines.
In the end, the organization is located more than 9,000 km away from CIS countries. If you lose your funds, recovering them will be practically impossible.
Incidents with Deceived Traders
Almost all of the company’s clients claim that losses occur gradually rather than instantly. The organization’s employees motivate investments by promising substantial earnings. They say that if you’re currently in the red, the next time you’ll definitely make a lot of money. You just need to keep depositing into your account.
Many fraudulent brokers operate similarly. For instance, one user invested in two “kitchens” at once. They lost over $20,000 and couldn’t recover the money.
Note: The company constantly pushes customers to use cryptocurrency wallets for deposits, making the deception process more efficient.
The initial amount that broker employees request is usually small. Sometimes, a trader even starts with profits, but withdrawing the earnings becomes impossible.
Promises of Easy Money
The firm promises substantial, quick, and easy income. Russian-speaking users tend to trust these scenarios more often. Residents of the CIS are more inclined to believe in such schemes compared to Europeans and Americans. People think that this time they’ll definitely strike it rich. Unfortunately, that’s not the case.
Important: The activities of New Rich Markets and other similar organizations on the territory of the Russian Federation and other CIS countries are illegal. The company lacks official permission to operate and a license from the Central Bank of Russia.
Suspicious “Legal Data”
Another point of contention is the company’s legal information. All the primary documentation is in English, despite there being a Russian version of the website. For what purpose is this done? Most likely, to make it less likely for foreign clients to understand the content. The majority of Russian-speaking users aren’t interested in the legal aspects of the site or close the tab upon seeing English text.
Regarding the sections “Privacy Policy,” “Terms and Conditions,” and “Anti-Money Laundering Policy” – the content is a simple copy-paste. These materials hold no value for the service’s clients.
New Rich Markets as a “Pyramid Scheme”
In 2018, New Rich Markets conducted a referral program. The essence was that with each investment from an invited user, you would receive a percentage. Additionally, the “kitchen” promised enormous sums. For example, for a referrer’s account top-up ranging from $250 to $499, you were promised $75. A generous reward, but this money only appeared on the monitor screen. Withdrawing them was impossible. Currently, this “generosity gamble” no longer applies.
The same applies to the introduction of the company’s bonus system in that year. In the end, it all turned out to be a deception. Initially, users were asked to take a test, and then the firm’s employees “calculated” the bonus. In reality, users received pennies or nothing. The bonus system doesn’t currently function in that form.
Important: New Rich Markets aims to adhere to the “Know Your Customer” policy. To interact with the “kitchen,” you must provide copies of identity documents and residence information. In reality, this is done for the firm’s additional income – trading third-party data.
Signs of Fraud
The fraudulent scheme often initiates when a user subscribes to daily market analysis and updates. At first glance, it seems like an informational newsletter. However, this is where it all begins.
Initially, you need to provide your email, and then try to contact a manager for more information. You might be ignored, but the system may request your phone number for a callback. This way, you give another portion of personal data to the scammers. When the company obtains your number, the fraudulent scheme starts. The potential victim receives a call and is immediately convinced that it’s best to work with the broker and that you’ve come to the right place.
Promotion of Easy Money
The broker promises clients quick and easy earnings. Russian-speaking users are more likely to believe in this. CIS residents tend to trust such schemes. People think that this time they’ll find a gold mine for sure. But in reality, it’s not that simple and deceptive.
Our Recommendation
Therefore, don’t take risks and don’t engage with New Rich Markets! Always verify information about companies you plan to interact with and safeguard your money. Otherwise, you’re likely to fall into the hands of scammers who will strip you of all your funds!
We also recommend reading our review on the fraudulent broker Amega and reviews about it.
New Rich Markets is a brokerage firm that offers a range of services and products to traders and investors. Some of the main services and products offered by the company include:
1. Trading Platform: New Rich Markets provides traders with access to a user-friendly trading platform that allows them to trade a variety of financial instruments, including stocks, forex, commodities, and cryptocurrencies. The platform offers advanced charting tools, real-time market data, and a range of order types to help traders execute their trades efficiently.
2. Account Types: New Rich Markets offers different types of trading accounts to cater to the needs of different traders. These accounts may include features such as leverage, spread, and commission rates, depending on the account type chosen.
3. Education and Research: The company provides traders with access to a range of educational resources, including webinars, tutorials, and market analysis reports. These resources are designed to help traders improve their trading skills and make informed decisions in the financial markets.
4. Customer Support: New Rich Markets offers customer support services to assist traders with any issues or questions they may have. The company’s support team is available via phone, email, and live chat to provide assistance to traders whenever they need it.
5. Investment Opportunities: In addition to trading services, New Rich Markets may also offer investment opportunities in various financial instruments, such as managed accounts or investment funds. These opportunities may provide traders with a way to diversify their investment portfolios and potentially generate additional income.
Overall, New Rich Markets aims to provide traders with a comprehensive range of services and products to help them navigate the financial markets effectively and achieve their trading goals.