Warning Investors DerivTradingLive – Clone
Regarding fraudulent or manipulative practices (insider dealing, market manipulation, misrepresentation of material information, etc.)
Introduction:
In today’s ever-expanding digital world, it’s crucial to stay vigilant and discerning when exploring online trading platforms. DerivTradingLive, a name that may seem familiar but harbors deception, is the subject of our scrutiny. Operating under the guise of a reputable entity, Deriv Investments (Europe) Limited, this clone scam poses a significant threat to unsuspecting individuals. In this review, we’ll delve into its deceptive practices and expose the red flags you need to watch out for.
Regulation and Compliance: MFSA Issues Warning
DerivTradingLive’s duplicitous nature is unmistakable. The Malta Financial Services Authority (MFSA), the watchdog of financial services in Malta, sounded the alarm on October 31, 2023. They made it explicitly clear that DerivTradingLive is neither a registered Maltese company nor authorized to offer financial services from or within Malta.
The MFSA’s stern warning went further to underline the complete disconnect between DerivTradingLive and Deriv Investments (Europe) Limited, a legitimately licensed company operating under the Deriv.com brand. This official declaration is an essential reminder that regulatory bodies exist to protect consumers from scams and fraudulent entities. The MFSA urged anyone who has had dealings with DerivTradingLive to report their experience, reinforcing their commitment to safeguarding the public.
Customer Support and Customer Reviews:
In the world of legitimate trading platforms, customer support and genuine customer reviews play a pivotal role. Unfortunately, when it comes to DerivTradingLive, this aspect is severely lacking. Instead of an authentic support team, customers find themselves entangled with scammers posing as customer representatives or account managers.
The stories of those who have fallen victim to DerivTradingLive are deeply troubling. Common complaints include being coerced into depositing money or providing sensitive personal information. These individuals have found themselves unable to withdraw their funds or access their accounts, and some have even reported harassment in the form of aggressive phone calls and threatening emails.
Reputation:
In stark contrast, Deriv Investments (Europe) Limited, operating as Deriv.com, stands as a shining example of a reputable and trusted online trading platform. With over two decades of operation since 1999, this entity has earned its place among the industry’s leaders. Deriv.com boasts multiple regulatory licenses, including the MFSA, UK Financial Conduct Authority (FCA), Cyprus Securities and Exchange Commission (CySEC), and Labuan Financial Services Authority (LFSA).
This platform offers a wide array of trading instruments, platforms, tools, features, and educational resources. The commitment to customer service, security, transparency, and innovation has solidified its status as a trustworthy trading platform.
Location:
When assessing the credibility of an online trading platform, the transparency of its physical location and contact details is essential. DerivTradingLive raises a red flag in this aspect by failing to provide any verifiable physical address. All it offers are likely fake or unresponsive email addresses and phone numbers, making it nearly impossible for customers to ascertain the entity’s identity or whereabouts.
On the other hand, Deriv Investments (Europe) Limited provides concrete evidence of its legitimacy with a registered office address in Malta. Their multiple offices in different countries serve as a testament to their commitment to accessibility and communication.
Customer Service:
DerivTradingLive’s lack of a genuine customer service team leaves victims vulnerable to manipulation and deception. This glaring shortcoming further exemplifies the fraudulent nature of this entity. Scammers posing as customer representatives resort to various tactics to coerce individuals into depositing funds or sharing personal information.
In stark contrast, Deriv.com’s dedicated and professional customer service team operates round the clock. They are accessible through email, phone, live chat, social media, and web forms. Their commitment to providing friendly, helpful, and responsive assistance is evident in their comprehensive array of resources for customer education and support, including FAQs, guides, tutorials, videos, blogs, webinars, and glossaries.
Conclusion:
DerivTradingLive is a treacherous clone scam that exploits the identity and website content of the legitimate Deriv Investments (Europe) Limited. It is an entity operating without any form of authorization or regulation, and it shares no connection with Deriv.com. In light of the MFSA’s stern warning and the overwhelming evidence of deceptive practices, the conclusion is clear: DerivTradingLive is a perilous scam that must be avoided at all costs. Your financial safety and peace of mind are paramount, and we hope this review equips you with the knowledge to make informed decisions in the realm of online trading. Stay vigilant, and choose reputable, regulated platforms like Deriv.com for your financial endeavors.
