Mobatrade Review: Is It a Scam Operation?

Welcome to our Mobatrade review, in which we investigate the website at Mobatrade.co.

Did Mobatrade.co scam you? Let us know by commenting below this review, and we will offer you personalized advice.

Mobatrade.co was registered on July 26, 2022, updated on July 22, 2023, and is set to expire on July 26, 2024. The registrar is Tucows Domains Inc. Cloudflare protects the domain, while Shinjiru Technology Sdn Bhd is the hosting provider.

It has a global rank of 11,303,706 and 411,740 in Australia. In November 2023, it received 304 visits, according to SimilarWeb.

Most of its traffic appears to originate in Australia, with a tiny percentage of traffic from The Netherlands.

Mobatrade.co Review

Mobatrade presents itself as an online trading platform offering various financial instruments, including cryptocurrencies, forex, and CFD trading. The platform emphasizes its user-friendly interface, educational resources, and advanced trading tools. They cater to both novice and experienced traders, offering a range of account types and investment options.

Trading and Investment Options

• Cryptocurrency Trading: A significant focus is on cryptocurrency trading, promising access to a wide range of digital currencies.
• Forex Trading: They offer forex trading with numerous currency pairs, emphasizing the opportunity to leverage trades.
• CFD Trading: The platform supports CFD trading across different asset classes, allowing traders to speculate on price movements without owning the underlying asset.

Educational Resources and Tools

Mobatrade provides educational resources such as eBooks, videos, webinars, and one-on-one sessions. The platform also boasts advanced trading tools and analytics to assist in decision-making.

Security and Fund Protection

The platform claims to employ high-level security measures, including 256-bit encryption and account segregation, to protect user funds and information. They stress the importance of a strict verification process for safeguarding client assets.

Contact Details

• Addresses: They have listed addresses in London (1 Cabot Square, London E14 4QJ, United Kingdom) and support centers in the Netherlands.
• Phone Numbers: Support – +442035403175, Trading – +442030060914
• Email and Social Media: Specific email addresses and social media account details are not provided.

Regulatory Status and Compliance

• KYC and AML Policies: The site mentions compliance with Know Your Customer (KYC) and Anti-Money Laundering (AML) policies.
• Privacy Policy: They have a detailed privacy policy outlining data usage and protection.
• Regulation Claims: The site mentions efforts to comply with necessary financial regulations but does not specify any particular regulatory body overseeing their operations.

Potential Red Flags and Concerns

1. Vague Regulatory Status: While Mobatrade mentions regulatory compliance efforts, there’s a lack of specific information about their regulatory status or any overseeing financial authority. This lack of transparency can be concerning in the trading industry.
2. High Emphasis on Leverages: While offering high leverage can be attractive, it also increases the risk significantly, especially for inexperienced traders. This aspect can sometimes be used by platforms to entice users without adequately highlighting the risks involved.
3. Lack of Concrete Company Background: The information provided does not offer a detailed background on the company’s history or the team behind it. Such information is crucial in establishing credibility and trustworthiness.
4. No Clear Mention of Fees: While the platform talks about low fees and charges, there isn’t detailed clarity on the exact fee structure or any hidden charges that might be applicable.
5. Promises of High Returns: Any platform that suggests high returns, especially in the volatile crypto and forex markets, should be approached with caution. The trading world inherently carries risks, and guarantees of high returns are often misleading.
6. Security Claims vs. Real Practice: While the platform claims to use robust security protocols, without external verification or user reviews, these claims remain unverified.
7. Customer Reviews and Reputation: A critical aspect of evaluating such platforms is through user reviews and reputation in the trading community. There’s no mention of reviews or feedback from existing users, which could provide real insights into their services.

In conclusion, while Mobatrade offers a range of trading services and educational resources, the lack of specific regulatory information, vague company details, and the emphasis on high-risk trading options like high leverage raises certain concerns. Potential users should approach with caution and conduct thorough independent research, including seeking user reviews and verifying regulatory status, before investing or trading on the platform.

Mobatrade Reviews

The only review that mentions Mobatrade.co is from cybertrace.com.au. It provides a comprehensive overview of the fraudulent activities associated with the site and similar websites. Here are the key points:

1. Criminal Syndicate Involvement: MobaTrade.co, along with PolarBTC.com and LibreHoldings.com, is linked to an Eastern European-based criminal syndicate. They also operate alias websites like mobatrade.com, polarbtc.co, and libreholdings.co.
2. False Claims: These websites falsely claim to be UK-based, using VoIP numbers from the UK. They assert they’ve been in business for several years, which is contradicted by their domain registration dates (MobaTrade.co was registered on July 26, 2022).
3. Lack of Transparency: There is no information about the company or the people operating it, a common characteristic of scam websites.
4. Target Victims: The syndicate targets victims primarily in Australia, Canada, the UK, and the Netherlands and has extracted millions of dollars.
5. Personal Testimonies of Victims: Multiple individuals have shared their experiences of being scammed by MobaTrade, with losses ranging from thousands to hundreds of thousands of dollars.

Mobatrade.com

The review from Cybertrace suggested MobaTrade.com might be connected to MovaTrade.co, and our checks reveal this to be true.

Therefore, it would be pertinent to look at Mobatrade.com reviews as well.

We find mention of MobaTrade.com in a Financial Conduct Authority (FCA) warning from June 15, 2023. Here’s a summary of the key points:

1. Warning Against MobaTrade: The FCA has issued a warning about MobaTrade, highlighting that the firm might be offering financial services or products in the UK without proper authorization.
2. Unauthorized Firm Status: MobaTrade is not authorized by the FCA and is targeting people in the UK. The FCA emphasizes that almost all firms and individuals providing financial services or products in the UK must have FCA authorization.
3. Firm Details: The address, telephone numbers, email, and website of MobaTrade are listed. However, the FCA warns that such firms often provide false contact details or use details belonging to other legitimate businesses or individuals. The address is 1 Cabot Square, London, UNITED KINGDOM, E14 4QJ. Two telephone numbers are provided: +442030060914 & +442030052931 (mobile). The email address is support@mobatrade.com.
4. Consumer Risks: Dealing with MobaTrade means you won’t have access to the Financial Ombudsman Service for complaints or be protected by the Financial Services Compensation Scheme (FSCS). This lack of protection could result in the inability to recover funds if the firm becomes insolvent.
5. Advice for Protection: The FCA advises dealing only with authorized firms for greater protection. They recommend checking the FCA’s Financial Services Register to verify a firm’s authorization and the services it is permitted to offer.

Trustpilot MobaTrade Reviews

The Trustpilot reviews of MobaTrade reveal significant concerns and accusations of scamming. Here’s a summary of the key points from these reviews:

1. Overall TrustScore: MobaTrade has a TrustScore of 3.5 out of 5, based on 210 total reviews. The breakdown is 41% five-star, 21% four-star, 15% three-star, 1% two-star, and 22% one-star.
2. Allegations of Scamming: Many reviewers claim MobaTrade is a scam, warning others not to invest as they were unable to get their money back. There are repeated mentions of fake reviews, suggesting the higher ratings might not be genuine.
3. Issues with Withdrawals: A common complaint is the difficulty or impossibility of withdrawing funds. Some reviewers mention being asked to pay additional taxes or fees not disclosed upfront.
4. Frequent and Persistent Contact: Reviewers report being frequently contacted by MobaTrade, often from various international phone numbers, with the company applying high-pressure tactics to encourage further investment.
5. Customer Service Concerns: Several reviewers expressed frustration with the customer service, noting unresponsiveness or being passed around to different representatives without resolution.
6. Suspicion of False Representation: Some reviewers mention suspicions about the authenticity of the company, including doubts about the physical location and legitimacy of the business.
7. Financial Losses: Individuals report significant financial losses, with amounts ranging from a few hundred to tens of thousands of dollars or more.
8. Advice and Warnings: Reviewers strongly advise against investing with MobaTrade and suggest reading the one-star reviews for a more accurate picture of the company’s operations.

This summary reflects the overwhelmingly negative experiences reported by individuals on Trustpilot regarding MobaTrade, with many reviewers cautioning others to avoid the platform and alleging fraudulent activities.

Conclusion

In our comprehensive review of Mobatrade.co, we’ve delved into various aspects of the platform, from its registration details and traffic statistics to its trading and investment offerings. While Mobatrade presents itself as a robust online trading platform, our investigation has unearthed several red flags and concerns that potential users should be aware of.

The platform’s vague regulatory status and lack of clear information about the overseeing authority raise serious questions about its legitimacy. High-risk trading options like leverages, coupled with the absence of concrete company background and fee structure transparency, further add to these concerns. Additionally, the platform’s promises of high returns in the volatile markets of crypto and forex trading should be approached with skepticism.

Our review also incorporates insights from external sources like Cybertrace.com.au and the Financial Conduct Authority (FCA), which highlight the potential risks associated with Mobatrade. The connection of Mobatrade.co to a criminal syndicate, as suggested by Cybertrace, and the warnings issued by the FCA about Mobatrade.com offering unauthorized financial services, are particularly alarming.

Furthermore, the user reviews on Trustpilot paint a distressing picture of Mobatrade’s operations. A significant number of users report being unable to withdraw their funds, encountering persistent and high-pressure contact tactics, and experiencing poor customer service. The allegations of scamming and financial losses reported by users cannot be overlooked.

Bottom Line

Based on our thorough analysis, we advise extreme caution when considering Mobatrade for trading or investment purposes. The combination of regulatory ambiguity, high-risk trading emphasis, and overwhelmingly negative user experiences suggests that the platform may not be a reliable or safe choice for traders and investors. We strongly recommend conducting detailed independent research, including seeking user reviews and verifying regulatory status, before making any investment decisions on this platform. Remember, investing always carries risks, and due diligence is key to safeguarding your financial interests.

Share your experiences with MobaTrade by replying below to head to our MobaTrade forum thread to engage with other victims.