TowardsSource review – 5 things you should know about towardssource.com

TowardsSource review – 5 things you should know about towardssource.com

Rating: 1

Beware! TowardsSource is an offshore broker! Your investment may be at risk.

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TowardsSource claims to offer brokerage services suitable for both beginners and experienced traders. But it’s pretty obvious that this is not a real broker, but a typical scam scheme, or at least preparation for one.

At the time of writing this review, TowardsSource’s website appears unfinished and lacks not only basic information, but also basic functionality, including the ability to register an account. But the information available is more than sufficient to judge that this website was not created with pure intentions and should be avoided.

TOWARDSSOURCE REGULATION AND SAFETY OF FUNDS

When you open the website of a legitimate broker, you can expect to find detailed information about the company that runs it, where it is based, its legal status, the licenses it has and the regulatory institutions that oversee its activities.

TowardsSource provides no information whatsoever. There is no company name on the website or in the legal documentation, no contact address, and no mention anywhere of which laws govern the agreement with the client.

Even the disclaimer about the risk of trading with leverage is not consistent with the industry standards and does not include information on the percentage of retail traders who have lost money using this provider.

When choosing a broker through which to invest in the financial markets, you should not only make sure that all the information required by law is available, but also that this information is true. Always check that the company is indeed on the records of the specified regulator and that the domain used is among those officially approved for the particular broker.

Depending on your location, it is advisable to choose a company that is regulated by an institution such as Commodity Futures Trading Commission (CFTC), Australian Securities and Exchanges Commission (ASIC), UK’s Financial Conduct Authority (FCA) or some EU regulator like Cyprus Securities and Exchange Commission (CySEC).

Clients of these brokers receive protections such as negative balance protection and segregation of the client’s funds from the broker’s funds.  In the EU and the UK, brokers must also participate in guarantee schemes that cover a certain amount of the trader’s investment if the broker becomes insolvent. These guarantees amount to up to 20 000 EUR in the EU and 85 000 GBP in the UK. However, the likelihood of such a bankruptcy is low because regulators also have significant net capital requirements that companies must maintain – EUR 730 000 in UK and Cyprus, AUD 1000 000 in Australia and at least 20 million USD in the United States.

TOWARDSSOURCE TRADING SOFTWARE

While it claims to offer financial instrument trading and training for novice traders, the TowardsSource website does not mention the main trading tool – the trading platform.

Although TowardsSource has an account registration form, at the time of writing this review it was not actually active and gave an error message after entering the details. Because of this, we were unable to verify if there was any type of trading software in the client portal.

However, this is doubtful given the overall state of the website. TowardsSource appears to still be a work in progress. Another possibility is that the website has already been abandoned, as is often the case with scam schemes.

Legitimate brokers offer clients a wide selection of trading software, including desktop, mobile apps and web-based platforms. The most widely used platforms in the industry are MetaTrader 4 (MT4) and MetaTrader 5 (MT5). These platforms have established themselves as industry standard because they offer a wide range of features, including a variety of options for customization, multiple account usage, designing and implementing custom scripts for automated trading and backtesting trade strategies.

TOWARDSSOURCE TRADING CONDITIONS

The website describes seven types of Accounts with a minimum deposit starting from 250, without specifying in what currency. A minimum initial deposit of EUR 200 is mentioned in the text of the Terms and Conditions. It would be a much wiser choice to go with a licensed broker, many of which offer starter accounts with a minimum deposit of as little as 100 USD or even less.

However, in the account registration form there is only one option for the account base currency – the Tether cryptocurrency (USDT):

This suggests that, like many other scammers, TowardsSource plans to use only cryptocurrencies for transactions. Scammers prefer cryptocurrencies because these transactions are non-refundable.

Nowhere is there information on major trading metrics such as spread and leverage.

The Terms and Conditions state that TowardsSource “receives a commission for providing the Services to the Customer by entering into transactions at prices containing mark-ups, discounts and/or bid/offer ratios”. However, nowhere is the amount of these commissions specified.

The website also mentions bonuses for customers. All leading regulators prohibit brokers from using bonuses and promotions. Therefore, the description of bonuses can only be seen on websites of unregulated offshore brokers or scammers.

In the text of the Terms and Conditions we find a trap related to these bonuses. If the account has received any bonus, the withdrawal of funds becomes conditional on fulfilling high requirements for minimum traded volume. These requirements are described vaguely and confusingly: “Bonus Amount *7 in lots”:

Given that one lot is equivalent to 100 000 currency units, however this formula is interpreted, these are prohibitively high amounts. Scammers regularly use such clauses to block any requests to withdraw money.

TOWARDSSOURCE  DEPOSIT/WITHDRAW METHODS AND FEES

The TowardsSource website mentions credit/debit cards, bank transfer and Bitcoin as available payment methods. That the account can only use cryptocurrency as a base currency, as well as the typical practices of such scammers, suggests that TowardsSour in all likelihood only accepts cryptocurrency transactions.

While there are some legitimate brokers that accept Bitcoin, they do so alongside other transparent payment methods, including popular e-wallets like PayPal, Sofort or iDeal.

The Terms and Conditions mention withdrawal fees, but again the amount is not specified.

HOW DOES THE SCAM WORK

The online space is full of ads promising easy money. They sound too good to be true, because they are not – they are outright scams. Many of these fraudsters pose as brokers and take advantage of the general public’s ignorance of the capital markets.

If you give your contact details to one of the flashy sites promising to make you rich, you will be contacted by experienced scammers who will start convincing you to “invest” in their scheme. Initially they will ask for a small amount, say USD 250 or USD 500. If you agree, they will begin to persuade you to give them larger sums.

However, your money will never be truly invested in the market, and you will not be able to receive either the supposed profits or the money from your deposit. Your attempts to withdraw your money will be blocked by deliberately confusing clauses in the terms and conditions.  Some of the most commonly used traps are extremely high minimum trading volume requirements or withdrawal fees equal to 10%, 20% or more of your funds.

WHAT TO DO WHEN SCAMMED

It is very important not to rush into trusting people on the internet who offer to magically refund your money for a fee. These are also scammers, and they may even be the same ones who scammed you in the first place.

If you have made the transfers using credit or debit card, you can claim a chargeback. Visa and MasterCard allow this to be done within 540 days. However, such a request may not be approved if you have given the fraudsters documents such as a copy of an ID and proof of address. This will allow them to claim that the transaction is legitimate and approved by both parties. Wire and cryptocurrency transfers unfortunately are not refundable.

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4 Comments

  1. I was interested in the ekrona. After requesting information, I received a call from TowardSource within 5 minutes saying that you can apply with a minimum deposit of €250. After I completed my subscription including the KYC and deposited 250 euros on the exchange, I found that ekrona was not available. Thanks for the deposit though.

    After this the Towardsource company was not available.

    Red flag: no valid certificates, no reachability, no MFA. Pure money-grabbing!

    Translated with http://www.DeepL.com/Translator (free version)

  2. Warning!! TowardsSource is NOT a legit company – it’s a SCAM!
    They are only after your money and your ID. If you transfer money to them you will lose it!
    In the beginning the service seems very good and you will be called quickly, but if you want your money back they are no longer available.
    ——————–
    Waarschuwing!! TowardsSource is GEEN legitiem bedrijf – het is een SCAM!
    Ze zijn alleen uit op je geld en je identiteitsbewijs. Als je geld naar hen over maakt ben je het kwijt!
    In het begin lijkt de service heel goed en wordt je snel gebeld, maar als je je geld terug wilt zijn ze niet meer bereikbaar.

  3. towardssource a real SCAM not…

    towardssource a real SCAM never open an account with them I speak from experience because I put 4000 euro in it, I got to 23000 owl EXCEPT THAT to withdraw my starting 4000 you must first drop 45% of the profit for pay the banks in China, then he wanted to withhold 33% tax when I proved to them that the tax was payable in Belgium this changed and it became 45% for China + 1 payment of 2333 euro to be able to withdraw my money something that I don’t want to do is a certain SAMMY FURTADO who takes care of the accounts and a THIERRY who calls 4 times a week to ask me to re-invest sometimes these 2000 euros sometimes 3000 euros without that my account cannot be unlock and I can’t even withdraw my 4000 investment conclusion to get my 4000 I have to pay 3000??? these are the principles of scammers I advise you NEVER invest in them believe me I want everyone to know they are thieves and scammers do not get fooled by these the only means to stop these thugs besides I I have the firm intention to renew my opinion every day if I know and not only on this site but many others anyway if I were in their place I would file a complaint for what I write but I do not think that it would fix them because they would have to be accountable and that seems difficult to me, I only have that to do so that he does not have fewer and fewer victims

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    towardssource une véritable ARNAQUE ne…

    towardssource une véritable ARNAQUE ne jamais ouvrir un compte chez eux je parle par expérience car j’y ai mis 4000 euro, je suis arrivé a 23000 chouette SAUF QUE pour retirer mes 4000 de départ il faut d’abord laisser tomber 45% des bénéfice pour payer les banque en chine, ensuite il voulait retenir 33% d’impôt quand je leur ai prouvé que les impôt était payable en Belgique cela a changé et cela est devenu 45% pour la chine + 1 versement de 2333 euro pour pouvoir retirer mon argent chose que je ne veut pas faire cet un certain SAMMY FURTADO qui s’occupe des compte et un THIERRY qui téléphone 4x/semaine pour me demander de ré-investir des fois ces 2000 euro des fois 3000 euro sans cela mon compte ne peut pas être débloquer et je ne peut pas retirer même pas mes 4000 d’investissement conclusion pour avoir mes 4000 je doit verser 3000 ??? ce sont les principes des arnaqueur je vous le conseil n’investissez JAMAIS chez eux croyez moi je veut que tout le monde le sache ce sont des voleurs et arnaqueur ne vous faite pas avoir ces le seul moyens de stopper ces voyous d’ailleurs j’ai la ferme intention de renouveler mon avis tous les jours si je sais et pas que sur ce site mais beaucoup d’autre de toutes façon si j’étais a leur place je porterais plainte pour ce que j’écris mais je ne pense pas que ça les arrangerais car il faudrait rendre des comptes et cela me parait difficile je n’ai que cela a faire pour ne pas qu’il fasse de moins en moins de victime

    1. Good evening. I read and contributed to Towards source. I have a similar experience. That’s why I want to ask if you got your money.

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