PaperBids website advertises the company as a competitive CFD and Forex trading provider. The professional CFD trading system that this firm supposedly equips is considered to be the gateway to the financial freedom that every investor aims for. PaperBids also claims that all your deposits are safeguarded, trades are commission-free and multiple accounts in different currencies feature all the trading tools you need in order to achieve financial success.
That’s what the website advertises, but what does PaperBids really have to offer? Hardly anything of value. As you start digging deeper, you will find a bunch of inconsistencies and misinformation that is neither true or matching what was previously claimed by the swindler.
Most of all, the entity is not properly regulated, yet has supposed offices in several countries. Our PaperBids review explores the depth of lies and what you can do to protect your funds or force a refund from PaperBids. So read on and you will find all the answers to the questions related to this blacklisted, cyber criminal.
Anyone could claim just about anything on the internet. Under the veil of anonymity, PaperBids claims to be the leading CFD trading platform with worldwide recognition. The several offices you can find on the website are all unrelated to this concrete company.
If PaperBids was indeed located in the UK, they’d first need permission from the diligent FCA, the financial authority overseeing the entire brokerage domain. The FCA register says they have none. The same happened when we looked through the SFC register – the financial institution of Hong Kong.
It’s important to always keep in mind some basic licensing standards that FCA enforces, all for the purpose of keeping the brokerage business fair and transparent, but also safe for traders. Every company, upon applying, has to invest at least 730 000 EUR as a confirmation of their financial stability and determination to deal in securities.
After that comes implementation of various security measures and risk-reducing strategies, like segregated bank accounts, leverage restriction to 1:30, negative balance insurance and compensation funds. FCA has gone a step further and banned bonuses, and requires the brokers to regularly report their monetary transactions results.
Since PaperBids didn’t appear in any of the registers we went through, including the Tier 1 ones like BaFin, ASIC, CySEC, CONSOB and CNMV, we went a step further. The results of our investigation do not show licenses, but they show that PaperBids is starting to be included in more than one public warnings and blacklists.
So far, three regional financial authorities in Canada have blacklisted PaperBids for not having a license or authorization to offer their products and services there:
All of the warnings state that PaperBids doesn’t own a proper license to sell their products and services and engage in trading securities and derivatives. That means that none of the investors are safe. Every member of our audience should avoid this scam and all other ones, like Mercatox, and choose a regulated service provider instead.
PaperBids has a neutral trust score online. There are no neutral bad, or bad scores. All the Comments about the broker are either Positive, or Very Bad. This is due to the fact that PaperBids expect their clients, from whom they steal money, to be satisfied, but pay for Review Seller Networks to write these comments instead.
It doesn’t take long to figure out what is going on. The positive reviews are all the same, assembled from common blocks of text. We have seen many fraudulent brokers, like Bytrend, use this same strategy.
Here are the actual testimonials about PaperBids, written by their victims:
“Paperbids is an absolute scam and should be avoided at all costs. I had a terrible experience with them, as none of my withdrawal requests were granted and they kept asking for more money. […]“
“Fraud company. very bad attitude, and you don’t have any control over your funds. I started with a very small amount but in a short time, they showed me their true colors and took 80% of the amount without any explanation. I got lucky I didn’t invest a lot in this company. […] “
“I am not getting any respond when I want to make a withdrawal, no communication, no Live chat, no email, no calls. I lodge a withdrawal a month ago, no – action.“
In the case you have been contacted by, or have invested money with PaperBids, you should consider withdrawing your funds as soon as possible. If you have trouble with PaperBids Withdrawal, contact our expert team of advisors for a free consultation and help.
Under the false promise of bringing you the financial freedom you’re aiming for, PaperBids throws around claims about their ability to equip you with the most competitive tools and pricing. Naturally, without any regulation to prove their words as truthful.
Apart from the allegedly impeccable trading environment, PaperBids also wants you to believe only they can allow you access to the most popular markets and tradable instrument groups. In that sense, the swindler lists the following sorts of financial products as accessible from their platform:
The entire PaperBids sham is quite sophisticated. The fraud uses the Boiler Room Agents, who dial the numbers randomly from the phonebook. The fraudsters call them Account Managers.
These people pretend to be professionals in the field of finance, who have insider information on how the market shifts, and present opportunities for guaranteed profits. They sweeten the deal with allegations of instantaneous withdrawal options. The advertisements of incredible market prices and the availability of many uncommon and exotic Trading Instruments serve the same purpose.
Remember, PaperBids don’t care about client retention, only about a quick buck they can take from you in as little time as possible. To achieve this, they will promise you the world, and when you finally see through the deceit, they will cut off communication and pretend nothing ever happened.
Regulated brokers have different account types that present opportunities for traders who use different strategies. They would be based on various Market Execution options, different Trading Applications, and variations in Spreads, Fees, and other charges.
That’s not how PaperBids do their work, however. The scammers want to take as much money as they can in as little time frame as possible. Their accounts are made to proficiently achieve this goal. We call them Tiered Accounts, and you can see them with many Scam Brokers today.
Because people won’t easily part with the amounts of money PaperBids are charging for their alleged service, these tiered accounts allegedly offer greater benefits to those who have accumulated greater investments.
Let’s look at the prices put on PaperBids different Account Types now:
There is no Demo Account to speak of. Because of this, you can’t really test the excellent trading environment PaperBids allege to offer to their clients. It’s a blind investment – cough up the cash first, and only then can you speculate.
Right after opening an account with PaperBids, we were able to access the trading area. The leverage value we could detect from inside the platform was set to 1:100, which breaches every single known Tier 1 rule about the risk reduction.
Why PaperBids allows such high leverage is because it forces victims into high-risk trades that usually end with the investor losing their entire deposit. Of course, the financial manipulator won’t put it that way. They will convince you to focus only on the chance to win huge, not the grave risk of loss that is much more likely to occur.
Depositing methods available for account-funding at PaperBids are only crypto currencies. If you’d like to deposit bitcoin, you will be provided with one wallet address that your deposits go straight to. Other digital currencies are also available but you have to use some shady third party payment providers for that. We can’t tell what’s worse. All we can do is warn you about the ever-persisting problem of the anonymity that swindlers keep by forcing crypto payments.
The PaperBids withdrawals work the same way. Except that the swindler will never let you withdraw a single penny of your initial investment. Do not forget that by stealing investments is how they earn their pocket money. So the thief will use all kinds of excuses not to allow you to complete the payout. From trading volume requirements to abnormal amounts of obligatory fees, PaperBids has every ace up their sleeve to prevent you from profiting.
PaperBids Fraud is the most active in developed nations. The scam has been active since mid – 2022, and has managed to gain a lot of attention from various financial regulators.
Here are where the victims of this scam are the most numerous:
We have mentioned how Boiler Room Agents do their utmost to bring as many people to the PaperBid platform as possible. Their involvement doesn’t end there, unfortunately.
These people will ask you to install AnyDesk, a remote access program, onto your computer. This program, like TeamViewer, has become a common household name thanks to the recent COVID outbreak.
Not many people give a second thought to this software, but the fact is they allow the scammers to take control over your computer remotely. Swindlers can later use this privilege to steal your data, or lock it down and encrypt it. This gives them leverage to extort money from you in order to retrieve access to the files in your computer.
We’d like to extend a helping hand to you, or anybody who has been contacted by PaperBids. We offer assistance in charging back your lost investment.
PaperBids is a scam brokerage website already blacklisted by several financial regulators – OSC, CSA and BCSC. Considering how shamelessly this fake broker keeps scamming people since day one, it will be of no surprise to see them get even more warnings published against their conduct sooner or later.
In the meantime, you can use this PaperBids review as your guide on learning about this scam, their line of work and how to adequately protect your investments. If you find yourself in a situation where you need professional assistance to force a withdrawal, you are free to turn to us for help.
The team of legal experts that we employ has great experience in dealing with textbook scammers such as this one. So contact us and describe your issue to one of our agents and you will see just how efficient and quick we are in resolving such problems. Keep in mind that your first consultation is always free, so get in touch with us and book one today!
PaperBids uses the common scamming strategy. The Boiler Room Agents this company employs, dial random numbers from the phonebook, and pester people until they crack and make a deposit. The swindlers are in it for a quick profit, but they will keep asking for more once you try to withdraw money.
The minimum deposit amount for PaperBids is set at $250. Because of how the scam works, the Boiler Room Agents will constantly ask you to invest more money with the company, claiming that they can provide a better trading environment in return. Some of the accounts can cost up to $500 000!
Unfortunately, it has come to our attention that simply withdrawing your money from PaperBids is not possible. In the case you have deposited funds with this company, you should consider seeking the guidance of Legal Professionals. Our first consultation is free, and you may contact our Recovery Experts through the Live Chat on the website.
The post PaperBids Review – More Things At Stake Than Just Money appeared first on Global Fraud Protection.
