Because it is a well-established forex broker with its headquarters in one of the jurisdictions with the most stringent regulatory standards in the world, Trust-financial-plannig.com gives us the assurance that entrusting it with our money would be both risk-free and lucrative. Yet, research into the matter reveals that these assertions are not true.
The website Trust-financial-planning.com is a scam that uses the name and credentials of a real financial planning firm without permission. This website’s sole purpose is to defraud you of your money and remain anonymous while doing so.
REGULATION AND FUND SECURITY IN CONNECTION WITH TRUST-FINANCIAL-PLANNING.COM
The address in London can be found on the Trust-Financial-Planning.com website.
Nevertheless, it is stated in the Terms and Conditions that the applicable law is that of Japan.
However, the official documentation does not make reference to the name of a legitimate business, which is strong evidence that the transaction in question is fraudulent. The only place you can find the name of the company that is purported to own and operate Trust-Financial-Planning.com is listed in the footer of their website. That company is Trust Financial Planning Ltd.
When we checked the registry of the United Kingdom’s Financial Conduct Authority (FCA), we came across a warning that stated Trust-financial-planning.com was illegally using the data of another company:
When selecting a broker through which to invest in the financial markets, you should make certain not only that all of the information that is required by law is available, but also that this information is accurate. This is an important step in the decision-making process. Always make sure that the company in question is listed in the databases of the designated regulator and that the domain in question is one of those that have been officially sanctioned for use by the specific broker.
It is best to go with a business that is overseen by a governing body, whether it be the Commodity Futures Trading Commission (CFTC) in the United States, the Australian Securities and Exchanges Commission (ASIC), the United Kingdom’s Financial Conduct Authority (FCA), or an EU regulator such as the Cyprus Securities and Exchange Commission. This recommendation is contingent on where you are located (CySEC).
The customers of Trust-financial-planning.com are afforded certain safeguards, including protection against negative balances and the separation of their funds from those of the The website Trust-financial-planning.com is a scam that uses the name and credentials of a real financial planning firm without permission.
In the European Union and the United Kingdom, brokers are required to take part in guarantee schemes. These schemes protect traders’ investments up to a predetermined limit in the event that the broker goes bankrupt. These guarantees can be worth up to a maximum of 80,000 British pounds or 20,000 Euros within the European Union. However, the likelihood of such a bankruptcy occurring is low because regulators also have significant net capital requirements that companies must maintain. These requirements are EUR 730,000 in the United Kingdom and Cyprus, AUD 1,000,000 in Australia, and at least 20,000,000 USD in the United States.
The platform does not have the more advanced functionality found in the trading platforms that are the most widely used in the industry, such as MetaTrader 4 (MT4) and MetaTrader 5. Despite the fact that it has the fundamental features for placing orders, customizing charts, and applying technical indicators, the platform does not have these features (MT5). These platforms have become the industry standard because they provide a comprehensive set of features. These features include a wide variety of options for customization, the ability to use multiple accounts, the design and implementation of custom scripts for automated trading, and the backtesting of trade strategies.
The presence of a trading platform does not lend credence to the website in question and does not provide any assurance that the purported broker in question actually facilitates financial transactions. There are many con artists that use trading software to convince their victims that their money is being invested when in reality it is just being stolen.
TERMS AND CONDITIONS OF TRADING FOR TRUST-FINANCIAL-PLANNING.COM
A description of the four different types of trading accounts can be found on the homepage of the website: bronze, silver, gold, and black VIP. However, when you register for an account, you will be presented with a completely different set of account options to select from, including Mini, Standard, Gold, and VIP accounts. Discrepancies and omissions of this nature are additional evidence suggesting that we are dealing with a fraud.
The fact that Trust-financial-planning.com requires a minimum deposit of one thousand euros demonstrates that the website preys on people who have little to no prior experience working with genuine brokers. At the moment, the majority of the industry’s most important players encourage you to begin trading with sums that are lower than one hundred US dollars.
According to the account descriptions, the leverage ranges anywhere from 1:200 to 1:500. It is not possible for a licensed broker in the UK to provide such high levels of leverage because of the inherent risk involved. The Financial Conduct Authority (FCA), much like EU regulators, places a cap on leverage of 1:30 for trading in major currency pairs and even lower levels for assets with a higher degree of volatility.
A high level of leverage opens the door to the possibility of making a more significant profit, but it also significantly raises the risk of suffering a sudden and substantial loss. Therefore, every major regulatory body places limits on the amount of leverage that retail traders can use.
A spread of less than 1 pip is promised, which, while in theory it is very profitable, in practice it makes no difference because con artists who operate in this manner only offer fictitious trading.
Furthermore, according to the allegations, Trust-Financial-Planning.com participated in prohibited activities by providing its customers with bonuses and portions.
Trust-financial-planning.com accepts credit cards, wire transfers, cryptocurrency, and Kiwi e-wallets. We can’t deposit or withdraw after signing up. The only way to prove wire transfer is to call support for the recipient’s bank account.
Fraudsters utilize trap provisions in Terms & Conditions. In poor English, the account can withdraw money after meeting high minimum traded volume requirements if it received a bonus. “To execute a minimum trading volume of 40 times for every 1-unit bonus” is ambiguous. The withdrawal request will be charged “25% of the real funds” if these requirements are not met.
The withdrawal fees are also high: 20 EUR for credit/debit card and 20 EUR plus 1% for wire transfer. Wire transfer withdrawals start at 300 EUR.
HOW THE SCAM WORKS
Online scammers promising easy money without work are common. In recent years, malicious actors have capitalized on people’s desire to solve their financial problems with a magic wand and their ignorance of blockchain and complex financial instruments.
If you give your contact information on one of the many dazzling websites promising easy riches, skilled and convincing scammers will convince you to start with a little, “risk-free” investment. If you agree, you will be transferred to more convincing scammers who will convince you to invest more. Such people will not return your money.
Any attempt to withdraw deposits or alleged profits will be hampered by numerous and significant fees, harsh and often prohibitive terms and conditions, such as high trading volume requirements, unexpected “taxes,” or withdrawal fees as high as 10% or 20% of your funds.
WHAT TO DO WHEN SCAMMED
Recovering fraudster-taken money is challenging. Fraudsters always want you to give them a copy of your ID and proof of address so they can claim it was a voluntary transaction. Credit and debit card transactions can be refunded, however wire transfers and cryptocurrencies cannot. Online attempts to reclaim your money for an upfront payment are another common fraud.
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