TEC Crypto could appear to offer some fantastic opportunities for investment. It is possible that you have heard people recommend it on forums, emails or chat groups on social networks. But is it actually a safe and reliable broker? Let’s find out.
TEC Crypto isn’t a real broker since it’s not monitored by a financial regulator with strict guidelines. We would not sign up for an account with the company. If you want to be safe, make sure you sign up with brokers who are supervised by a top-tier and rigorous regulator. The 100+ brokers that are reviewed by the BrokerChooser website meet the requirements.
Beware of TEC Crypto, as it is not controlled by a top regulator.
The first rule to keep your investments secure is to stay clear of brokers who aren’t regulated at all.
But even the simple fact that an agent is licensed isn’t sufficient to ensure the security of your funds. The regulatory body that oversees the broker is what makes the distinction. Our experts in brokerage classify regulators into three categories:
- Top-tier
- Mid-tier
- Low-tier
Top-of-the-line regulators are the most arduous officials in the world of sports. They impose the strictest regulations to ensure that brokers behave honestly and aren’t involved in any illegal activities. When a brokerage is monitored by any of the top-of-the-line regulators, it’s a clear indicator that they’re operating in a way that is compatible with the most stringent standards. You can be assured of fair pricing, clear trading execution and a regulated trade environment.
Our team of experts has made a list of the most trustworthy top financial regulators, as shown in the table below.
Contrast that with middle-tier regulators, who are like security guards at a fair. They try their best to ensure that everything is in order. However, they do not come with the exact resources and strict guidelines that the security guards at the top of an enormous festival. That means they may not be able to solve every issue and offer less protection to investors.
In the end, low-tier regulators are like a local watch in comparison with well-qualified security. They provide the smallest supervision of brokerage firms; that is, brokers under their oversight are subject to fewer rules and have less rigorous enforcement of compliance. They typically give minimal investor protection as well as compensation plans, which leaves customers with no protections.
There is a good chance that brokers who are regulated by authorities of lower tiers could employ unjust pricing practices and incoherent trade execution techniques and strategies, which could result in conflicts of interest with their customers.
If you join an agency that is not regulated by lower-tier authorities – which is typically found in tax havens, such as Bermuda and the Seychelles and Bermuda- there is the risk of coming across untrustworthy practices, fraud or scams.
TEC Crypto data you can be confident in
BrokerChooser’s broker experts monitor the more than 3000 brokers to find information on safety and frequently monitor over a dozen warning lists issued by regulators around the world to update and increase our database of brokerages. As traders ourselves, we take the time to analyze over 100 brokerages together with real money, giving us the knowledge to judge the security credibility of a particular broker.
Our information on TEC Crypto was:
- Data gathered from databases of regulatory agencies
- Our company’s legal team has been reviewing the report.
Our analysts use the latest scraping methods and manual checks to ensure that our brokerage database is up to the minute and differentiates reliable brokers from untrustworthy ones. We are also able to stay current by incorporating information about fraudulent brokers that are reported by our users, ensuring that the information is accurate through our in-depth analysis.
To expand our surveillance, We constantly review and find the brokerage firms that have the highest volume of Internet search results after reviewing these companies and adding them to our database.
Have you been scammed? Here’s how you can recover your money
The unfortunate truth is that the majority of money that is lost to scams disappears for good. There are, however, several steps you could attempt to get the money back.
One thing you should make sure to save all correspondence and documents. Keep everything–screenshots, emails, and chats. The more evidence you can gather, the more you can prove should you have to report to authorities.
If you’ve been scammed or swindled by an intermediary, You have a couple of choices to recover your money:
- You can request a chargeback opportunity, which is a service offered by payment providers and banks to safeguard customers. The process involves your provider or bank reversing the funds out of the broker’s account in the event that the service isn’t provided.
- You can pursue the legal route and receive a Mareva (or the freezing) injunction against the business. This is a good way to stop the company from moving its assets out of the legal jurisdiction of the courts.
- If the broker is registered with an entity that regulates financial transactions, you can report the fraud directly to the regulator.
Be aware of recoveries scams to ensure you don’t fall victimized twice in the same row. These are scams that use fraud to get you money. Fraudsters pose as companies or individuals claiming to assist scam victims in recovering the money they’ve lost in an earlier fraud.
They often promise assistance in reclaiming lost funds in exchange for a cost or ask for the financial and personal information of the person who is victimized. The claim is obviously false, and the victim is re-victimized when they make a payment to the recovery scammer.
Read this informative advice on how to identify and avoid scams.
