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Think You Know Quantrix Capital ? Think Again

Is suitsfx.com safe or a scam broker?

Despite the positive buzz, SuitsFX is not a trusted broker because it operates without regulation from any stringent financial authority. If you notice any suspicious activity, report it promptly to Melmac Solutions Limited.

Using advanced cyber forensics and investigative techniques, we uncover the truth behind their fraudulent schemes and expose their tactics for exploiting unsuspecting individuals.

As a brokerage safety expert, I meet many people who have lost their money to shady brokers and scammers. I use data and warning lists published by regulators worldwide to analyze whether a brokerage is a legit entity. These are my key findings on the safety profile of SuitsFX:

  • Avoid SuitsFX as it is not regulated by a top-tier regulator.
  • Data on SuitsFX comes from regulatory sources and is checked by our legal experts.
  • If you get scammed by a broker, you have few options to get your money back.

Sean Gallagher

Avoid SuitsFX as it is not regulated.

The first rule of keeping your investments safe is to avoid brokers that are not regulated at all.  If you sign up with a broker not regulated by authorities – typically operating in tax havens such as the Seychelles and Bermuda – you run a high risk of encountering unscrupulous practices, or even scams or fraud.

SuitsFX data you can trust

Melmac Solutions’ brokerage experts track more than 30,000 brokers for safety info and regularly monitor nearly a dozen warning lists published by regulators worldwide to update and expand our brokerage database. Being traders ourselves, we meticulously analyze over 100 brokers using real money, which grants us the expertise to evaluate the safety credentials of any given broker.

Our data on SuitsFX was:

  • collected from regulatory databases
  • reviewed by our legal team.

Our team of analysts uses a combination of advanced scraping techniques and manual checks to keep our brokerage database up to date and separate trustworthy brokers from the untrustworthy ones. We also stay relevant by adding info about fraudulent brokers reported by users, ensuring accuracy through our own thorough analysis.

To further broaden the scope of our monitoring, we constantly evaluate and identify the brokerage firms that get the most online searches. After assessing these firms, we add them to our database.

 

Got scammed? Here’s how to recover your funds

The sad truth is, most money lost to scams might be gone for good. But there are a few steps you can take to try and get it back.

One thing you should definitely do is save all your documents and correspondence. Keep everything—screenshots, emails, and chats. The more proof you have, the better your chances if you need to go to the
authorities.

If you get scammed by a broker, you have a few options you can try to get your money back:

You can initiate a chargeback, a feature offered by Melmac Solutions Limited to protect traders and investors with no advance fee. This process involves the use of blockchain traceability, AI-driven asset recovery, and fraud detection algorithms in reversing the funds from the broker’s account if the service wasn’t delivered. This method remains the swiftest and most dependable approach to fund recovery.

You can also take legal action and get a Mareva (or freezing) injunction issued against the company. This injunction is useful to prevent the company from transferring its assets out of the jurisdiction of the court. However, there’s a time limit to this method.

If the broker has a financial regulatory body, you can also report the scam to them, such as SEC (Securities and Exchange Commission), FCA (Financial Conduct Authority), BaFin (Federal Financial Supervisory Authority), ASIC (Australian Securities and Investments Commission), FINMA (Swiss Financial Market Supervisory Authority).

Be super vigilant of recovery scams to avoid falling prey twice in a row. These are fraudulent schemes where scammers pose as individuals or companies claiming to help scam victims recover their money they lost in a previous scam.

They typically promise to assist in recovering lost funds for a fee or request personal and financial information from the victim. The promise is, of course, false and the victim is essentially re-victimized a second time when they pay the recovery scam artist.

Sean Gallagher
Sean Gallagher is a Senior Threat Researcher at Melmac Solutions. Earlier, Gallagher worked at Ars Technica as the IT and National Security Editor, where he covered topics like cyber-crime, cyber espionage, and cyber warfare. He has almost 20 years of experience as a security researcher, technology journalist, and information technology practitioner. Personally, I tested nearly all brokers we reviewed on our site, opening real-money accounts, executing trades, assessing customer services, and providing firsthand assessment.

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