TradeVtech is an old scam acquaintance. FinTelegram issued an investor warning against the scam in early July 2021. At the time, the scam was operated by UMedia LLC a/k/a UM Media LLC in St. Vincent and the Grenadines; we uncovered BridgerPay as the scam-facilitating payment processer. The MFSA warned on 26 July 2021 against the scam; on 30 July, the UK FCA followed; the Austrian FMA followed on 13 August as did New Zealand FMA on 11 October. However, the scam is still active; still facilitated by BridgerPay.
|Brands||TradeVtech, Universal Markets, UMarkets, UMarketsPro|
|Legal entities||UMedia LLC, UM Media LLC, Universal Services LLC, St. Vincent & The Grenadines|
|Domains||www.tradevtech.com, www.tradevetech.io, www.tradevtech.net, www.tradevtech.email|
|Regulatory warnings||UK FCA, FMA Austria, FMA New Zealand, MFSA|
The Scam Narrative
The TradeVtech scam has already changed its domains several times. As well as its offshore entities that are specified as operators. On Trustpilot, TradeVtech currently still has a 3.2-star rating and fights the emerging criticism with comprehensive statements. However, their Trustpilot profile refers to www.tradevtech.com but the broker there has already run away from this domain.
TradeVtech is only one of many scams that are operated by the entities, boiler rooms, and people behind it. The same offshore entities have been operating other scams such as Universal Markets a/k/a UMarkets a/k/a UMarketsPro (www.umarkets.io, www.umarketspro.com, or www.umarketspro.net). Please read this report here. The UK FCA issued an investor warning against the Universal Markets scam back in March 2021. The scam is now offline and has apparently been replaced by the TradeVtech scam. Both scams are operated on the Sirix platform of Israeli Leverate.
In our new check on 10 November 2021, BridgerPay was still facilitating TradeVTech. It comes as no surprise that BridgerPay has not terminated the business relationship with the scam operator despite the warnings of financial regulators.
If you have any information about the TradeVtech, UMarkets, UMarketsPro, or Universal Markets scams, their entities, and people, please share it through our whistleblower system Whistle42.