Introduction
Succedo Markets is a forex and CFD broker that emerged in the financial broker space in 2023. It advertises itself as a modern platform offering forex, indices, futures, and stocks. However, after independent research and due diligence with multiple traders, there are several problems concerning Succedo Markets. Succedo Markets is registered in Saint Lucia, which has a reputation for very light financial oversight or regulation. This should raise questions for investors about transparency and safety.
No Regulation or Licensing
The biggest flag is that it has no license from any reputable financial institution. Succedo Markets holds no authorization from reputable financial oversight bodies like the FCA (United Kingdom, ASIC) Australia or CySEC (CySEC) Cyprus. Licenses are important because they provide measures of protection to clients, including compensation schemes and an official body to act on their behalf in the event of being a victim of fraud. Traders without such protections are putting their entire deposits at risk.
Investor’s Withdrawal Problems
Countless complaints highlight a continuing problem in which traders couldn’t withdraw their deposit or their profit. Withdrawal requests went unresolved for months or weeks, often stating “in review” for what seemed like forever. Emails and support requests were answered with lackluster care and attention. This scenario follows classic fraudster behavior where traders have withdrawn funds and refuse to speak to investors in the hopes of frustrating as many as possible to give up.
Bad Reputation with Traders
The social proof with review and scam identification sites is only half reliable; the average trust score for Succedo Markets sits between bad and dismal (as low as 2/10). Their complaints contain documented stories and investigations regarding blocked accounts, undisclosed fees, and customer service that couldn’t be bothered to even answer investors. In a few cases, we see investors being hours/days/week post withdrawal only to be uncommunicative, compounding their ongoing concern regarding this broker.
Backlash From Traders
There are review sites and scam detection sites that give Succedo Markets terrible scores. In addition to designated accounts being blocked, non-communicative customer service, and hidden charges, there are instances in which investors claim to have been completely ignored while waiting to have their withdrawals processed. This raises further suspicion about the legitimacy of this broker.
Conflict of Interest in Business Model
Like an awful lot of offshore brokers, Succedo Markets is acting as both the provider of the platform and as the counterparty to trades. This means it has a conflict of interest. A broker will make money when traders lose money, and without any regulatory oversight, this gives the broker every opportunity to put traders in conditions that benefit them as the broker.
Closing Remarks
There are numerous lines of evidence to demonstrate that Succedo Markets has many of the indicators we would associate with a high-risk and potentially fraudulent broker. In addition to its lack of regulation, serious and ongoing withdrawal issues, and a considerable number of negative reviews, we strongly recommend that traders use extreme caution when dealing with this broker. Traders looking for safe and transparent trading opportunities should deal with regulated brokers only.
FAQs About Succedo Markets
1. Is Succedo Markets an authorized broker?
No, it is not licensed by any recognized financial authority.
2. Where is Succedo Markets registered?
It is registered in Saint Lucia, which has little regulatory oversight.
3. What are the major complaints of the investors?
The most common complaints are delayed and/or denied withdrawals and unresponsive customer support.
4. What risks would traders face with this broker?
Investors may face the risk of losing their deposits, no legal protections, and the possibility that the broker can manipulate traders’ trades.
5. Can I trade with Succedo Markets?
No. Industry experts state that you should never trade with an unregulated broker like Succedo Markets due to the risks involved.
Reclaim Your Lost Funds with Cyber Scam Recovery Services
If you have been victimized by a Succedo Markets scam or any other fraudulent scheme, consider seeking assistance from reputable organizations like Cyber Scam Recovery, which specializes in fund recovery. Our free consultations can guide you through the process of recovering your funds, ultimately prioritizing your financial well-being. Stay watchful and informed to safeguard your financial interests in an ever-changing financial world.
If you have fallen victim to forex scams, cryptocurrency scams, or any other fraudulent activities, reach out to us for assistance and support.
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