Withdrawal Fail! Investors Revealed Unlicensed Broker Outsmart is a Scam

Fraudulent brokers always use various reasons to hinder customers from withdrawing their money. Among these reasons, excuses like asking investors to pay extra fees before withdrawal, or refusing withdrawal due to maintenance are the most common ones.

BrokersView recently learned that a digital currency broker named Outsmart is using the above excuses to conduct a withdrawal scam, leading to huge losses for investors. 

Withdrawal Fail Due to System Maintenance

A trader told that he made a failed withdrawal in Outsmart. The company sent him an email - due to system maintenance, he failed to get his money back.

Pay the Same Money As Account Balance to Withdraw

The victim asked the firm to explain why he was refused to withdraw his money and in what way he can withdraw. The customer of Outsmart told him that he had only one free withdrawal opportunity because he was a new user. If he wanted to get all his balance out, then he must pay for the same money as his account balance or he can made his trading flow 8 times the trading account balance. He accepted the first option and deposited 4852.97USDT, the same amount of his account balance.

A Violation of Anti-money Laundering Policies

When he paid the money, he still can’t get his balance out. The customer told him his trading account was in a frozen state because he had a deposit of 3500USDT from the third party. This was a violation of anti-money laundering policies. If he still wanted to withdraw, then he had to pay a deposit of 3500USDT for your account.

No license

No regulatory documents can be found on Outsmart. Headquartered in the UK, Outsmart has no FCA license. That is to say, Outsmart has neither registration nor regulation in the UK. That also means investors' funds in the broker is unsafe and cannot be protected by any laws.

In order to avoid the fraud, BrokersView would suggest you find easily a broker's regulation information before you are going to deal with it.

Contact us at service@brokersview.com if you have any troubles with your broker.