In the CFreserve Review, we’ve covered a scammer known as the CFreserve broker. The thing that set us off was a large number of client complaints.
After some more digging, we found several warnings against the phony broker. At the end of the review, you’ll find out what to do if scammed.
What’s so controversial about the CFreserve regulation? Well, there is none. Imperial App Ltd is behind the broker. Allegedly, this company operates in Bulgaria.
Since Bulgaria is an EU member state, the local regulator, the FSC, must abide by the rules of the European Securities and Markets Authority (ESMA).
This entails that brokers must segregate clients’ funds in top-tier banks, and provide them with negative balance protection, leverage restriction (1:30), and a compensation scheme (up to 20,000 EUR) in case of insolvency, all while possessing a minimum operating capital of 730,000 EUR.
Those conditions ensure that funds are secure while clients trade safely. Unsurprisingly, the FSC has no company by the name of Imperial App Ltd in its database, implying that CFreserve is an unlicensed and fraudulent broker.
CFreserve is a fake Bulgarian-based broker that offers Forex, CFD and crypto trading. Multiple warnings were issued against the broker. CFreserve has been scamming traders from Germany, Australia, Belgium and Canada since 2019.
The Broker’s reputation is dirty. The broker didn’t provide a physical address on its website. That’s an immediate red flag.
Legitimate brokers’ HQ or branches are located in countries where they are licensed to provide services. CFreserve, on the other hand, has no address and no license to operate.
When a broker has five regulators pointing the finger at it, it can only mean one thing. It’s an investment scam rather than a reliable brokerage.
CFreserve has been all over the place since 2019. The shady broker has defrauded unsuspecting traders from the following countries:
Out of the list, only two countries’ regulators have issued warnings against CFreserve. It’s up to us to pressure the rest to do so as well. If you know anything about this scam, please share it with us.
We hopped over to Trustpilot and found 17 negative reviews of CFreserve. The website claims that the broker “received regulatory attention.”
There were complaints against CFreserve made by traders from the aforementioned countries. Here’s what one of them had to say about this monkey business:
My account stopped working for no reason after I placed a withdraw request. Reached out multiple times with no reply! I guess they do not intend to fulfil the promised they made…
The CFreserve trading platform is WebTrader. It’s essentially a web-based terminal with limited features and ineffective trading tools.
We even got to see it on the website despite no demo account option. It’s disappointing that CFresreve doesn’t support any third-party platform such as MT4, MT5, or cTrader.
It’s possible, yes. Since WebTrader is browser-based, it doesn’t require prior downloading. It can be accessed via any device with an internet connection.
However, we strongly advise you not to use this platform due to the broker’s illegal status and lack of regulation.
Scammers such as CFreserve have both active and passive ways of finding victims. For example, they use Google ads or social media posts on platforms like Instagram or Facebook.
Or, they may persistently interact with you via WhatsApp or Telegram chats. Some even directly call you on the phone or send emails.
LinkedIn is full of fake job ads and promotions. Patient scammers are the most dangerous. They create fake dating app accounts on Tinder or Bumble and text you for months at a time to gain your trust.
We provided a short list of the available trading assets with examples of instruments:
Spreads start from 0.4 pips, which is excellent. However, we had no insight into trading commissions.
CFreserve didn’t disclose them but we believe they exist. Legit brokers profit from commissions, fees and overnight operations. Fraudsters may offer zero commissions because they intend to embezzle clients’ deposits.
CFreserve offers just a live trading account. The minimum deposit for it is 250 $. That’s pretty risky because you’d have to invest right away. It’s not recommended given the lack of regulation.
No. There’s no demo account available. That means you have to invest before you train to trade.
Training with real money is a terrible idea. For that reason, legitimate brokers offer a demo account for traders to try things out risk-free.
Funding your account could be done using multiple methods. The same applies to the CFreserve withdrawal process:
There’s no doubt that withdrawal issues will arise. Why? Because of CFreserve’s shady bonus policy. Namely, you’d have to reach a staggering trading volume of the bonus times 300! That’s insane and could easily block you from withdrawing.
You’re not the only victim of the CFreserve scam. Global Fraud Protection recently learned about other cases.
That’s why we’re here to help you get your money back and report the scammer to the authorities. Our team of experts specializes in the chargeback procedure and crypto tracing methods using CipherTrace.
If this broker steals your money, contact us for help. The best way to do it is via Online Chat. It’s the easiest and fastest way to book a free consultation with us.
No. CFresever is an unlicensed and blacklisted broker. If you have already invested, contact us immediately to get your money back.
No. CFreserve does not offer traders a free demo account for training.
No. CFreserve does not offer a mobile app since its platform is browser-based.
Absolutely not. The broker is unregulated. Several warnings from regulators confirm this claim.
No. CFresever is an unlicensed and blacklisted broker. If you have already invested, contact us immediately to get your money back.
No. CFreserve does not offer traders a free demo account for training.
No. CFreserve does not offer a mobile app since its platform is browser-based.
Absolutely not. The broker is unregulated. Several warnings from regulators confirm this claim.
The post CFreserve Review – The Fake Brokerage Firm From Bulgaria appeared first on Global Fraud Protection.
