Scam Broker Review FundsBack Ltd

Is FundsBack Ltd a Legitimate or a Scam?

The ultimate betrayal is to take advantage of people who have already been victimized and seek help. There are frauds in every category, and unfortunately, there are also fund recovery scams. The FCA has flagged FundsBack Ltd for offering financial services in the United Kingdom without a license. Does this mean that FundsBack Ltd is a fraud and in a similar category with crypto scams and fake brokers?

It’s important to look at the reasons the FCA has flagged FundsBack Ltd, dig deeper and find out more about this company and to compare it with similar situations. Also, we can analyze various types of fund recovery scams and see which pattern fits.

Many fund recovery and crypto scams are outright frauds. They are founded for the sole purpose of robbing the public and taking advantage of consumers. These are ruthless organizations that want to prey on vulnerable people who seek help getting their funds back. These are as bad as crypto scams and false brokers.

Other fund recovery companies may make inflated promises thinking they can fulfill them, but in the end, they don’t measure up. This is not necessarily a fraud. However, any business should understand what it can realistically promise and what it can’t deliver.

Other fund recovery companies may have legitimate goals and may want to provide a real service, but they aren’t licensed by the proper authorities. The FCA, for instance, flags any financial company that either operates in the UK or signs up UK customers and doesn’t have an FCA license. According to UK law, any UK-based financial company or those with UK customers must have a current FCA license.

We Have Found Problems with FundsBack Ltd

FundsBack Ltd doesn’t have an FCA license, but it has UK customers. As a result, the FCA flagged FundsBack. Does this mean that FundsBack is necessarily a fraud on the scale of crypto scams?

Not having a UK license doesn’t necessarily mean that FundsBack Ltd has bad intentions or is cheating customers. However, it is a definite red flag and a reason to be concerned. Without oversight and regulation, companies may feel they can do whatever they want to do. Not having a license is something that crypto scams and broker scams have in common.

If the only thing wrong with FundsBack Ltd is its lack of license, that wouldn’t necessarily mean that the people who run it are bad actors. Then again, it isn’t a vote of confidence. Its being flagged by the FCA is a reason to question whether this fund recovery service is trustworthy. It is not worth the risk.

What You Should Do If You Have an Account with FundsBack Ltd

If you currently hold an account with FundsBack Ltd, close it and demand an immediate withdrawal of all of your funds. If you do not receive a withdrawal from this broker contact CryptoCoinTrace experts. We consult with clients, advise them on claims and have the tools and methods to track down your funds. The sooner talk to us, the greater the chances of a successful claim!