Beware! ZurichBanc is an offshore broker! Your investment may be at risk.
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
ZurichBanc presents itself as forex and CFD broker, offering a comprehensive selection of trading instruments, including, currency pairs, commodities, precious metals, stocks, indices and major crypto coins. All of that with a choice of three account types, leverage as high as 400:1 and a web based trading platform.
And although the offer might seem attractive, you should be aware that the website in question is blacklisted by the the Financial Conduct Authority (FCA) in the UK for using the corporate details of a legit and regulated company in an apparent attempt to scam investors.
ZurichBanc regulation & safety of funds
ZurichBanc says to be owned and operated by Ankor Group Investment Ltd. – a company based in Bulgaria. But as we already noted they appear to be trying to mimic the website of a legit broker, licensed and authorized in the UK, for which the British Financial Conduct Authority has blacklisted them as a clone website. See for yourself:
Needles to say, but ZurichBanc is not regulated neither by the Financial Supervision Commission (FSC) in Bulgaria, nor by any other official financial regulator.
With that in mind once again we will repeat our general advise to avoid unregulated websites altogether and to trade instead only with properly licensed brokers, regulated and authorized by well known financial institutions like the FCA in the UK, the Australian Securities and Investments Commission (ASIC), or the Cyprus Securities and Exchange Commission (CySEC).
ZurichBanc deposit/withdrawal methods and fees
Although ZurichBanc displays the logos of various e-wallets on its home page, including Skrill, when we proceeded with our registration it turned out they accept only card payments and bank wire. The absence of Skrill is notable because of the new anti scam policy of the money transfer company, according which Skrill partners only with licensed brokers, and as we already established, ZurichBanc is not a licensed broker.
Also, be aware of the trading bonuses ZurichBanc might offer you. Trading bonuses always come with strings attached (some minimum trade volume requirement), and are one of the favorite tools scammers use as a pretext to cancel your withdraw requests.
Finally, we should note that ZurichBanc collects some unusual charges and fees, including a profit clearance fee and a monthly maintenance fee.
Otherwise the 250 USD required as a minimum deposit is more or less what other brokers would also ask for.
How does the scam work?
A scam scenario might start with one of the so called robo scam websites like Bitcoin Revival and Bitcoin Profit where you will be promised spectacular returns if you only agree to join some revolutionary trading platform or an app, that is supposed to make money for you while you sit back and watch – no risks whatsoever. And if you do register by leaving your e-mail and phone, in a second you will be transferred to the website of one of the unregulated, offshore brokers, where you will be offered a trading account with an initial deposit of about 250 USD.
And do not be surprised by how seemingly successful your initial trades will be. The truth will be much different – scammers will simply be manipulating your trades so that latter you will be more easily convinced to deposit more. And that is exactly what your senior account manager will be trying to tell you – if you really want to make some big money you surely have to invest more – at least 10 000 USD.
And many people do invest that kind of money without realizing they have been scammed until the very moment they decide to withdraw some of their cash. Than out of the blue they will be told they have no right to withdraw anything, because of some minimum trade volume requirement, possibly linked to the welcoming bonus they have so carelessly accepted. The pretext certainly might be different, but the end result will always be the same – scammers will disappear without paying a single dollar back.
What to do if scammed?
If you have payed with a credit or a debit card your chances to recover your money might not be so bad after all. The good news here is that both VISA and MasterCard currently accept charge back requests, within 540 days.
Be aware as well that some scammers might try to steal money directly from your bank account. So if by any chance you have told them your credit card number or online banking password, immediately change the password and block your credit card.
Finally, do not trust the so called recovery agencies. They will simply make you send them some cash in advance, basically scamming you a second time.