Stay Cautious: Clone Platform ADSS TRADE's Charging Gimmicks Devastate Client

Clone fraud is a prevalent investment scam where scammers create fake websites that closely mimic legitimate trading platforms. These fraudulent sites often use copied text, images, logos, and even domain names that are nearly identical to those of reputable brokers or with nuance, deceiving unsuspecting traders into believing they are dealing with a trustworthy platform.

A recent complaint submitted to BrokersView has unveiled a clone platform of the authorized broker ADSS. The platform named ADSS TRADE operates under the clone website https://adss-trade.com. Although ADSS TRADE claims to offer professional trading tools and promises unlimited income, a client from Vietnam has reported the platform’s fraudulent practices.

Client says he can’t withdraw his money from ADSS TRADE

The issue arose after the client opened an account with ADSS TRADE through the website https://adss-trade.com/. He began trading and subsequently decided to withdraw money to his bank account. However, the platform requested that the client make a deposit equal to 10% of his account balance for his withdrawal to be processed.

ADSS TRADE assured that this amount would be refunded to the client’s account later. The promise was not kept. Instead, the client was subsequently hit with more and more unreasonable fees.

ADSS TRADE's deceptive excuses for charging

From the chat log with ADSS TRADE provided by the client, it is evident that the client was burdened with a variety of fraudulent fees. Despite paying these fees, the client was still unable to withdraw money, which was devastating for him.

Account Upgrade to VIP Fee: The client was informed that by raising his deposit to $32,000, he could qualify for a promotion to VIP Gold and fully restore his credit points. This would entitle him to dedicated customer service and the option to apply for manual withdrawals to bypass the monitoring of artificial intelligence systems.

Source Account Verification Fee: ADSS TRADE asked the client to transfer $1,000 to complete source account information confirmation, which is purported to prevent inflation due to the client’s transfers using different banks.

Personal Income Tax: The client was also demanded to pay a personal income tax of 7% of his account balance to legalize his funds.

Insurance Fee: The client was told that there were multiple issues with his account, necessitating an insurance fee of 4% of his account balance to fix them and facilitate his withdrawal process.

Account Verification Fee for AML: ADSS TRADE falsely alleged that the client was involved in illegal money laundering due to the detection of multiple accounts depositing money. As a result, the client was required to pay 3% of his account balance to verify his account.

ADSS TRADE performs advance fee fraud

In this case, the clone broker ADSS TRADE repeatedly asked for ridiculous fees without delivering the promised withdrawal, which can be identified as advance fee fraud, which involves scammers asking for upfront payments with promises that never materialize.

BrokersView Reminder: While some legitimate brokers may charge fees for certain services, these fees are transparent and clearly outlined in the terms and conditions. Repeated demands for fees before releasing client withdrawals are a significant red flag and a clear indicator of a potential scam, especially when the fees are excessive or unclear, such as various fees that were unjustifiably levied and a high percentage of withdrawal fees in this case.

Is ADSS TRADE regulated? 

No, ADSS TRADE is totally a clone platform without any authorization to operate as a forex broker. Except for a simple risk warning, no key information is presented on its website, let alone regulatory details.

No client terms and conditions, no KYC policy, and no trading details, every button just directs you to register an account and start trading. 

Beware of Clone Websites

International financial regulators such as the Financial Conduct Authority (FCA) have issued multiple warnings against clone firms of authorized financial services providers, and the list continues to add more clones.

Clone fraudsters copy the details and mimic the appearance and functionality of regulated firms to deceive people into believing their firm is genuine. They may also mix false details with genuine information from authorized firms to mislead traders.

Clone entities are investment scam variants, so it’s crucial to conduct thorough research and verify the legitimacy of any trading platform. If you suspect a website is a clone, report it to the relevant authorities and avoid further transactions. You can also verify via Ask Us a Question.