Why you shouldn’t trust clovermarkets.com

by admin

An offshore broker advertising itself as an all-in-one trading solution for every retail and professional trader. How realistic does that sound? Not in the least, if you ask us. Clover Markets is based in Vanuatu, and speaks of no regulation whatsoever. Another offshore broker like EduTrend. 

From their attitude it seems like they have no license to provide their services, and they don’t care to even fake one. The entire story only witnesses how pretentious scammers get, thinking they’d impress anyone. Our Clover Markets review clears any doubts you might have had about this suspicious financial services provider.

By all means and from the evidence we’ve collected, it doesn’t look like Clover Markets has a brokerage certificate. One quick scan of the VFSC register provided no results for Clover Markets. That means the Vanuatu regulatory body – VFSC, never provided a valid license to this broker. 

However, it appears that Clover Markets offers their services to the customers in most parts of the world. But searching the registers of various Tier 1 bodies like FCA, ASIC, IIROC, NFA and CySEC yielded no results. 

So far it looks like none of the top tier authorities have given permission to Clover Markets to offer their products and services. 

Clover Markets does not provide segregation of funds through separate bank accounts, like brokers with Tier 1 license do. Also, offshore operating doesn’t obligate them to limit the leverage to 1:30 or 1:50 and they have no negative balance insurance to offer. 

Therefore Clover Markets sets leverage as high as 1:100, so clients easily lose their investments. Roi Republic is also a similar scam with leverage as high. Lack of transparency is the final drop that has convinced us nothing about this broker is legal. Clover Markets regulation is non-existent! 

If they do not respect any of the Tier 1 regulatory frameworks, we don’t expect them to follow the ESMA and MiFID either. The independent EEA regulator enforces transaction reporting and better customer safety. All the things Clover Markets avoids. 

Clover Markets certainly tries to look credible. For that reason they fake a VFSC license number. They even provide a link to the VFSC website where you can find a document called a List of Licensees. They only made our job easier that way. We did go and search the aforementioned list containing regulated investment companies. But Clover Markets doesn’t appear there as one of the licensed entities. 

This fake financial services provider targets victims from all corners of the world. Based on our research results they operate across almost all continents. They especially target English speaking areas, but that is not the only zone. So far, it seems like Clover Markets offers their services to the traders from the following countries:

Clover Markets makes a clever claim about enabling customers to trade on MT4 and MT5. These premium trading platforms are preferred by most of the traders today and for a reason. Such software offers advanced trading tools to help you achieve lucrative results. 

However, a major problem with this broker is that you can’t immediately open an account with them. You first have to apply for it. Because of that, we couldn’t register and access the client panel that would allow us to preview the platform. No download links or options appear on the site itself. 

The bottomline is that Clover Markets has their skilled agents lurking the social networks around the clock, searching for victims. After they set their eyes on an investor, they start ruthlessly spamming them with calls, emails and other ways. When the victim agrees to their proposal and starts investing, it is when the trap closes. For example, Migo Trade is a similar broker practicing the same scam tactics. 

Withdrawals are stalled and prolonged as much as possible. But victims usually realize what’s going on after 3 or 4 months. It is already too late, though. Payouts are followed by astronomical fees, unreal conditions and high trading volume requirements. 

Clover Markets brags about their supposedly large liquidity pool. It is accessed through a single account you create when registering. 

For the reference, liquidity pools are digital piles of cryptocurrency which are locked in a smart contract. That implies that Clover Markets only provides crypto currencies as available financial products. Most commonly traded digital coins are BTC, LTC, ETH, ADA, DASH, and others.

The website itself doesn’t disclose the information about the fees and commissions. And because we could not get to the trading terminal, we couldn’t read the values from it either. 

It’s the same with all bogus brokers of this type. Even the fees you get to see are most probably fake, just to lure you into the investment trap. In the end you will have your entire deposit stolen anyway. 

Without attempting to attract potential customers with a range of packages, Clover Markets only has one account type. We don’t even know what the required deposit for it is, though. The only information disclosed is illusory features it brings you. Corporations and Individuals have to fill in separate application forms. After being reviewed by the managing team, you will have your account approved or not. 

As there was no obvious disclosure, we suspect that Clover Markets, as another offshore fraud, doesn’t have a Demo account. Only the mentioned Live trading account is available.

The existence of a trial account with virtual funds would allow trading for a limited time. Purpose of such an option is examining the platform and conditions. Nonetheless, even if Clover Markets provided a Demo, it would most probably be well modified to only allow you winning. 

By offering bonuses Clover Markets would easily interest traders into investing. However, these bonuses usually come with high requirements. Designed to disable withdrawals, these bonus amounts require a certain amount of successful trades performed. 

This broker isn’t explicit about bonuses and promotions. But we suspect they’re probably offering them discreetly and upon account creation.   

Clover Markets withdrawals are enveloped in mystery. The owning firm hasn’t published any legal docs on the site. These should explain exactly how the process works and the possible fees occuring. However, such information is unavailable on the website. A lack of transparency this severe only points to one thing – Clover Markets has things to hide. 

It wouldn’t be surprising if customers weren’t able to complete any withdrawals. After all, by rejecting the payout requests and preventing clients from taking back their deposit is how Clover Markets profits. Fraudsters can think of a million excuses to stop cashouts.

Do not feel shame for being a scam victim – it could happen to anyone. The important fact is that there’s a solution to any problem. If you contact our team for advice, we can help you for free. There are ways you can get back what is rightfully yours. Reacting on time is the key. 

If you know someone else has fallen victim to this unscrupulous website, you can contact us about that, as well. The information you give us is of crucial value to battling scam and preventing more cyber theft. 

Getting in touch with us is easy – just use the Online Chat feature and one of our agents will respond. 

All the evidence we’ve gathered about this company imply that they’re not regulated. Since they want you to invest with them, they’re even faking a license. However, it’s all fake and your investment is in danger. If you have already deposited here, don’t panic. We will advise you how to recover your funds.

No. From the information on the website, the only available account type seems to be the live trading account for corporate or individual users.

This is not a known fact. While they do advertise trading on MT4 and MT5, we couldn’t confirm if this was the truth as there were no download links on the site.

If MT4 and MT5 indeed worked with this broker, then the answer to that would be yes. But it’s unconfirmable if these software are indeed available or not.

All the evidence we’ve gathered about this company imply that they’re not regulated. Since they want you to invest with them, they’re even faking a license. However, it’s all fake and your investment is in danger. If you have already deposited here, don’t panic. We will advise you how to recover your funds.

No. From the information on the website, the only available account type seems to be the live trading account for corporate or individual users.

This is not a known fact. While they do advertise trading on MT4 and MT5, we couldn’t confirm if this was the truth as there were no download links on the site.

If MT4 and MT5 indeed worked with this broker, then the answer to that would be yes. But it’s unconfirmable if these software are indeed available or not.

The post Why you shouldn’t trust clovermarkets.com appeared first on Global Fraud Protection.

source

Related Posts

Leave a Comment