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Funds Recovery is a service that claims it can return money stolen by forex trading scams and crypto scams to clients. It has offices in Israel, Australia, Europe and the United States. Funds Recovery has a professional looking website with informative blogs, warnings about fraudulent brokers and other resources.
However, it also has been reprimanded by the FCA and is mentioned in a warning about fund recovery scams by the FSMA. Is it safe to use Funds Recovery services? Read this review and find out.
Fund Recall experts examined Funds Recovery and have created a review of its services. Our team of professionals has extensive experience in the area of fund recovery and examining scams as well as legitimate companies and services. We consult with clients who have lost their funds to frauds or as the result of broker disputes and use our expertise and skill to provide fund recovery services.
The Funds Recovery site is attractive, professional-looking, and user-friendly, but aside from giving an Israeli address and providing several international numbers, there is next to no information about its founders, how long it has been in operation, or how much it has recovered for clients.
As with many fund recovery sites, visitors are greeted by a bot that promises to answer questions as well as offers a free consultation by phone. Hopefully, these services are more helpful than the FAQs that offer only vague answers to obvious questions.
One question, “Are You a Scam?” does not provide enough information in the answer to prove Funds Recovery is not a scam, so one wonders why the question was raised in the FAQs in the first place.
However, most of Funds Recovery web content is written at a high level, with plenty of blogs and information about how to spot forex trading scams, crypto scams, and other types of frauds. There are even reviews of “blacklist” brokers, who have been known to cheat clients.
Ironically, Funds Recovery is on another blacklist itself, or two of them. At the top of the site is a disclaimer that reads, “Due to regulation issued by the FCA, the website cannot refer or assist in any way residences (sic) of Great Britain–Apologies to any UK visitors.”
This may seem at first glance like something normal. After all, brokers that use mainly CFDs as trading vehicles often do not take US clients because of SEC regulations against CFDs, for example. Fund Recovery has worded its disclaimer to sound like it is a situation like this but specific to the UK, particularly with the placement and use of the word “regulation.”
However, the reason Funds Recovery is no longer accepting clients from the U.K is because it was specifically called out by the FCA or the Financial Conduct Authority, not because of any general trading or fiscal policy in the UK.
The FCA or the Financial Conduct Authority of the United Kingdom has singled Funds Recovery out as a clone of another site called Claims Management Firm. Although many reputable sites have satellite sites, clone sites are usually a bad sign. The original sites and services may be under scrutiny by authorities, so scammers create additional sites as a way of hiding their activities.
In addition, the FCA warned that only financial services companies that are licensed by them should operate within the UK. This is the reason for Funds Recovery’s disclaimer.
However, the FCA isn’t the only regulator who has complained about Funds Recovery. Belgium’s Financial Services and Markets Authority or the FSMA also listed Funds Recovery along with six other sites and clone sites that are designed to create fake fund recovery services. These services ask for a fee upfront and then claim that they have not been able to track down the funds.
Since Funds Recovery has been identified by not just one but two major regulators as a possible fund recovery scam, it is probably best to look elsewhere for fund recovery services.
If the notices from the FCA and the FSMA weren’t enough, customer reviews should be tip consumers off to look elsewhere. On Trustpilot, the reviews are either one star or five stars. A plethora of perfect reviews is a sign that they are fake. The one-star reviews convincingly claim that they gave Funds Recovery $500 and didn’t hear back with any news of progress.
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Although it may be a good idea to select another company besides Funds Recovery, given the complaints against it, it is important to note that the kinds of services they offer seem like those of other fund recovery services. This is essential to notice because it can be helpful to understand how easily a clone service can masquerade as the real thing.
Like other fund recovery services, Funds Recovery claims to offer consultation, case assessment, and fund recovery through credit card chargebacks and cryptocurrency retrieval. It says that its experts help clients file a claim and pursue it so they can retrieve funds.
Some of Funds Recovery claims, however, seem to be inconsistent with the reality of fund recovery. They identify the fourth step as “get your money back.” No service can guarantee that your funds will be returned. Second, it describes its service as quick and says, “most cases will get a resolution within the first few weeks.”
The language here may be deceptive. They may be talking about cases in which the scammers and the money can’t be tracked down and are closed rather than resolved. Successful fund recovery processes usually require at least a couple of months, not weeks.
We have examined Funds Recovery carefully and recommend consumers look elsewhere for fund recovery services. Above everything else, having two warnings, from the FCA and the FSMA should be enough to deter anyone.
In addition, a lack of information about who is behind the company, contradictory statements on the site, a lack of information, and mainly fake five-star reviews along with some realistic sounding complaints should encourage visitors to look for a reputable fund recovery company.
One solid fund recovery service is Fund Recall which retrieves money for clients and creates intelligence reports that empower clients to approach authorities with their claims. Our team also gives clients resources such as in-depth reviews that help them make the right financial decisions. We assist fund recovery from bitcoin scams, forex trading scams, CFD scams, and broker fraud.
If you have a dispute with a merchant and are seeking a chargeback, don’t give up hope of getting your money back. Fund Recall experts are well-versed in the negotiation process and have the contacts and the arguments that will succeed in retrieving your funds.
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