Dear investors, you might want to take a few minutes to read this unbiased Cgwise.com review before investing in Cgwise. If you thought Cgwise, which operates under the domain “cgwise.com” is a legitimate broker, think again. My investigations uncovered several red flags, suggesting that this purported trading platform is nothing but a fraudulent scheme designed to exploit unsuspecting traders, siphoning their hard-earned money. This honest review of cgwise.com highlights these red flags, explaining why this entity is untrustworthy and worth avoiding by all means.
But first things first, have you fallen victim to Cgwise? If so, and you have evidence, go to this page report the scammer and seek help. You may also email scamread@scamreader.info.
Cgwise.com Review and Why CGWISE IS A SCAM
Here are four compelling pieces of evidence showing that cgwise.com is a scam:
1. A Manipulated Trading Platform
Cgwise is a heavily fraudulent trading platform where users are subjected to deceitful computer software cunningly crafted to create the illusion of trading on a legitimate trading platform. The scam broker ensures that the chart movement mirrors what one would typically observe on a legitimate brokerage platform.
Surprisingly, the software is programmed to respond to every keystroke, allowing users to seemingly generate substantial profits in a short period. Meanwhile, the broker, who clandestinely controls the account, persistently urges users to deposit additional funds under the guise of yielding even greater profits. After all, who doesn’t desire more money? Throughout this process, users are shown fabricated profits as evidence of the platform’s profitability.
At a certain juncture, users succumb to the ruse and inject additional funds into their accounts. Shortly thereafter, the scam operators manipulate the chart in the opposite direction, alter the margin requirement without disclosure, and subsequently liquidate the entire account. It’s crucial to note that users unwittingly consented to these actions in the contract.
2. Cgwise.com Website Uses Fake Customer Images
Under the section titled ‘Clients Are The Center of Our Business,’ Cgwise presents what are purportedly three customer testimonials, each accompanied by a photo of a contented client.
However, a brief Google image search revealed that these same images are used on various websites, including medium.com and quora.com, as you can see in the images above. It indicates that they are stock photos.
Like I said in my review of the SafetradePortal scam broker, heavy reliance on stock photos for significant aspects e.g. customer testimonials is a red flag when it comes to financial brokerage firms.
3. Cgwise.com Is Not Approved By the UK’s Financial Conduct Authority
Furthermore, the website cgwise.com displays a UK telephone number(+448081649195) as the company’s primary customer care contact. Logically, this suggests that Cgwise is based in the United Kingdom, which falls under the purview of the Financial Conduct Authority(FCA). However, upon checking the FCA’s register, I did not find any information regarding the company. This implies that the company was not listed on the UK’s financial services regulator’s register, at least at the time of writing this Cgwise review.
It means that Cgwise.com is unregistered, unlicensed, and unregulated, operating outside the oversight of the United Kingdom’s mandated financial services regulator. It leaves investors vulnerable to exploitation, without a means of recourse.
4. Cgwise Avoids Scrutiny By Steering Clear Of Certain Market Jurisdictions
What’s more, there’s a notice at the bottom section of the cgwise.com website. Generally, it notifies visitors that Cgwise forbids clients from France, Belgium, Germany, Cuba, Syria, Iran, and North Korea. It’s all for a very intended purpose designed for malice.
You see, Germany, Belgium, and France are some of the most influential European Union (EU) countries, thanks to their economic strengths. Subsequently, these countries have more stringent regulations imposed by more powerful regulatory authorities such as the European Securities and Markets Authority (ESMA). The aim is to protect consumers from exploitation and to combat money laundering. Consequently, it makes it difficult for fraudulent brokers such as Cgwise to survive and thrive in these market jurisdictions hence their avoidance of them.
As for Cuba, North Korea, Iran, and Syria, these countries are subject to international sanctions imposed by powerful countries such as the US. Global regulatory authorities, such as the Office of Foreign Assets Control (OFAC) and the Financial Action Task Force (FATF) have placed their financial sectors under sharp scrutiny. Consequently, a typical scam broker such as Cgwise will avoid dealing with clients from these countries to avoid coming under the authorities’ radar.
Cgwise.com Review and My Final Verdict
Cgwise is a dubious broker that uses deceitful computer software to create the illusion of trading on a legitimate trading platform. The broker manipulates this software with your knowledge to deceive you that you are making profits. Taking advantage of this deception and manipulation tactic, the broker coerces you to add additional funds into your account to supposedly make bigger profits. When you cooperate, you’ll start to see bigger profits until at the point where you attempt to withdraw the money or some of it. At this point, the broker will alter the margin requirement, subsequently liquidating the entire account.
Despite receiving a seemingly high trust score of 67/100 from Scamadviser, Cgwise.com is far from trustworthy. In reality, it operates as a scam, with reports indicating that many fraudulent brokers pay individuals to write favorable reviews. It’s crucial not to be swayed by these misleading endorsements. Avoid Cgwise.com at all costs to safeguard your hard-earned finances. The broker is unregistered, unlicensed, and unregulated, operating illegally. What’s more, they use fake customer testimonials alongside pictures to create an illusion of satisfied clients.
Cgwise.com Review and Frequently Asked Questions
1. If Cgwise.com is a scam, then why are there several positive reviews of the broker online?
Answer: Those are likely to be what I call “incentivized reviews” where the scammer pays you to write favorably about them. The internet is full of such content and you should take caution not to fall for such.
2. How do I ensure that my sensitive personal details are not retained by Cgwise when I delete my account permanently?
Answer: Unfortunately, it’s impossible to guarantee this.
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