Welcome to our Fibonacci Group (Fibonacci-trade.com) Review, where we are trying to reach victims of this scam that is no longer online at this domain.
Did Fibonacci-trade.com scam you? Make sure to let us know by commenting below or getting in touch with us.
Recently, in July 2032, we received the following complaint:
In December, I was again scammed for €6,000 [~6,650 USD]. It was then revealed that the Fibonacci Group was indeed a fraudulent entity. Regrettably, I fell into their trap and lost the remainder of my savings. This case could be even more challenging than the first one, where I lost €44,500 [~50K USD], primarily because the group’s entire website had been taken down. I am uncertain about the prospects of retrieving my lost funds.
So what is Fibonacci-trade.com, and what should you do if they scammed you? Read on to find out!
Fibonacci-trade.com Review
Fibonacci-trade.com is a NameCheap, Inc. domain. An anonymous entity (courtesy of a Privacy service provided by Withheld for Privacy ehf) registered it on January 31, 2022. While its expiry date is January 2024, the website is already offline and thus has no hosting provider.
Its SimilarWeb profile suggests the website has only recently gone down, and the global rank is still going up, and as of June 2023 stands at 7,634,671. In the UK, they are ranked 671,968.
Their Semrush Authority Score is 2%, with 67 backlinks from 8 referring domains, such as wikifx.com. Fi.ee gave them 2 “do follow” links. What is fi.ee?
Fi.ee is the website of Finantsinspektsioon, the Financial Supervision Authority in Estonia. This authority supervises and regulates financial markets in Estonia, including banks, insurance companies, and other financial institutions.
On July 5, 2022, the Netherlands Authority for the Financial Markets (AFM) published a warning advising consumers to refrain from responding to investment proposals from a company named Fibonacci-Trade. The warning was issued on the website of the Estonian Financial Supervision Authority (Finantsinspektsioon).
A Boiler Room Scam
Fibonacci-Trade is suspected to be a boiler room scam, wherein fraudulent entities use persuasive salespeople to cold call potential investors, pressuring them into buying worthless or non-existent financial instruments with the promise of high returns.
A boiler room scam is a type of fraud that involves high-pressure sales tactics to convince victims to purchase stocks, bonds, or other investments that may be worthless or non-existent. These scams often involve “boiler rooms,” which are crowded, high-energy environments where salespeople make cold calls to potential investors.
Here’s how a boiler room scam typically works:
- Fraudulent companies, often operating from overseas and using temporary, virtual offices, employ skilled salespeople to call potential investors. These salespeople might sound professional and knowledgeable.
- The salespeople use high-pressure sales tactics to try to convince potential investors to purchase the investments. These tactics might include making the opportunity sound extremely urgent or too good to pass up.
- The investments that they’re selling are often worthless or even non-existent. They may be shares in a little-known or non-existent company, for instance.
- Once the sale is made, the scammer disappears with the money. In many cases, the investors lose all the money they invested.
Boiler room scams can be hard to spot because the scammers are skilled at sounding legitimate and may use sophisticated techniques to appear credible. They often target older people or those with little investment experience. If an investment opportunity sounds too good to be true, it often is, and it’s always important to do thorough research before investing.
Regulation & Contact Details
Fibonacci-Trade, which has been contacting individuals unsolicited to offer them these investment proposals, does not hold a license from the AFM or a European Passport.
The company’s contact details, including a telephone number, two email addresses, and the domain name, www.fibonacci-trade.com, are also provided in the warning:
- Name: Fibonacci-Trade
- Telephone number: 085 0644945
- E-mail address: steyn.de.witt@fibonacci-group.net & olivier.vischer@fibonacci-group.net
- Domain name: www.fibonacci-trade.com
Summary of Fibonacci-trade.com Reviews
Several users have posted negative reviews of Fibonacci-trade.com on various review sites like broker-fraude.com, theforexreview.com, and personal-reviews.com. They have accused the trading platform of fraud and deceptive practices.
- An anonymous user warns that Fibonacci Trading is a big scam and advises others to be careful as “you will never see your money back.”
- On September 5, 2022, a user named Ty shared that they’re being asked to have 30% of their earnings in their Crypto.com wallet due to an ongoing investigation before their money can be released. They initially invested 6k and have 37k in the platform. They express their desire to have their 6k investment back.
- On February 7, 2023, Martin warns that the broker will keep your money. They recount how his father was scammed and strongly advises not to invest in Fibonacci Trade.
- Gary Palfreyman, on May 20, 2022, narrates how he was tricked into trading on the Fibonacci Trade platform by a supposed trading expert. His suspicion grew when the trade didn’t yield the expected profits. He attempted to withdraw his money on 13/05/2022 and was told it was in his account on 17/05/2022. However, no money appeared in his account even after allowing for possible overseas transfer delays.
- PB shared, on June 16, 2022, a similar story about asking for leftover money in their account. They were then informed of an unclosed transaction with a supposed profit of $30,000, which was preventing the withdrawal. To access this profit, they were asked to pay a tax of $8000, which they couldn’t afford. They caution that the platform continues to ask for more money.
- On June 20, 2022, Christopher Lee explains that he was lured in by a site advertising automatic investing algorithm platforms. He started with an initial investment of £200, only to find that Fibonacci Trade had credited him with £5000 to start other trades. They later confiscated his initial outlay and profits and then asked him to pay £5000 for trading losses.
- Irene shares her experience on July 12, 2022, of initially paying 250 euros, then being asked for an additional 2000 euros, supposedly due to a surge in gas prices. When she began to make some profit, her account manager was replaced, and half of her amount was frozen. Her withdrawal attempts were unsuccessful, and her calls and emails were unanswered.
- On July 26, 2022, Garry Weston shares a similar story of deceit and loss. He describes the website as impressive and claims his investments did well, only if they were real. His withdrawal requests were ignored; like others, he felt foolish and faced significant financial loss.
- Christopfer Tildon, on August 9, 2022, confirms that Fibonacci Trade is a scam. He invested and has been unable to retrieve his initial investment or profits for months. He shares that his friend in Holland also lost all their investments and now allegedly owes €5000.
All reviewers advise others not to invest in Fibonacci Trade due to their experiences, which they describe as deceitful and financially damaging.
Conclusion
In conclusion, Fibonacci-trade.com is a glaring example of the proliferation of online investment scams that prey on unsuspecting investors. Evidence presented in this review, from its ambiguous registration to damning user reviews, and even a warning from the Financial Supervision Authority in Estonia, all point to Fibonacci-trade.com as a fraudulent entity.
The deceptive practices used by Fibonacci Trade mirror those seen in boiler room scams, employing high-pressure sales tactics, luring investors with supposedly lucrative opportunities, and disappearing once they’ve secured funds. The platform’s activities have left a trail of financially and emotionally devastated individuals who believed they were making sound investments, only to lose significant amounts of money.
The fallout from these actions is not just monetary. The emotional toll of such scams is significant, as the testimonies of victims attest, shrouded in feelings of foolishness, betrayal, and helplessness. The remorse is amplified when the lost funds represent life savings or the victims must explain the losses to their loved ones.
Victims of the Fibonacci-trade scam, or indeed any other scam, are encouraged to share their stories and experiences. Not only will this bring a semblance of emotional relief, but it will also alert and educate others about these fraudulent schemes and perhaps prevent more individuals from falling into the same trap.
At reportyourscam.com, we understand the gravity of the situation and the necessity for solutions and closure for victims. Therefore, we invite anyone who has been scammed by Fibonacci-trade to get in touch with us or comment on this article to share their story.
If you are a victim of online scams, please let us know by commenting below, and if you have lost a significant amount of money, do not lose hope. We can help you recover your funds!
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