Funds recovery services have been around for quite some time to help brokers and traders recover their funds. These services can be quite helpful in a lot of situations but unfortunately, there are a lot of bad actors in the online trading sphere that try to recover funds from innocent brokers through blackmail and fraudulent practices. Sites like FinTelegram are in a list of loads of other sites that run fraudulent fund recovery operations by ruining the reputation of different brokers.
I believe it is highly important to shed a light on the practices of such sites to make sure that brokers and their users remain cautious. In this piece, I will be talking about a few things that clearly show how fraudulent this site is and why it is important not to budge in to their demands.
A History of Harassing Brokers for Money
Online trading has been around for quite some time and it has benefited load of people. Unfortunately, however, many opportunistic websites have tried to exploit this industry by targeting and harassing brokers. Sites like FinTelegram especially targets up and coming brokers trying to find their footing in this field as they think they can easily give in to their extortion demands. This fraudulent recovery operation has a history of posting a large number of negative reviews about brokers to tarnish their reputation, with the intent of asking them for money in order to take the reviews down.
Many brokers caved in to these requests and ended up losing a lot of money in the process. By exposing this blackmail operation, I intent to make sure that other broker remains safe and the online trading community becomes aware of the bad actors in this industry.
A Complete Lack of Credibility
For a lot of people, it can be very hard to tell whether a site is credible or not. However, I have been exploring brokers and review sites long enough to be able to determine how authentic they are. In the case of FinTelegram, I can comfortably tell you that it does not have credibility. The reasons why I am so sure of this site’s inauthenticity are simple. First off, when you enter the website, you will notice that it has a Gmail account, which is quite odd. Most websites that are credible tend to have email addresses belonging to their site’s name.
What makes things even more suspicious is that whenever someone e-mails the customer support time of FinTelegram, they do not get a response. This shows that the site does not have any interest in promoting fairness and is only they to get broker’s money through immoral means.
Manipulating Star Ratings of Smaller Brokers
It would be fair to say that the manipulation tactics of FinTelegram knows no bounds. When I explored their website further, I noticed that it rated certain brokers quite highly, while others had shockingly low ratings. Upon more investigation, I learned that the brokers with better ratings were affiliated by the site while the ones with low ratings were being discredited to remove competition. What’s more, all of the brokers with negative reviews were small and not as famous, making them easy targets for extortion.
Needless to say, brokers and their users must keep an eye out for such cases and familiarize themselves with the practices that sites like FinTelegram use to discredit companies. It would also help to expose them whenever possible, making sure the trading sphere is free from bad actors.
I will wrap this review by saying that brokers and anybody affiliated with them should remain vigilant of negative publicity spread by FinTelegram and other fraudulent websites. It would be best to report them without wasting any time, making sure that the right authorities take the correct measures to punish them and make the trading sphere safer.