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Vistova collaborates with Baoxin for a fraudulent scam! Withdrawing 3.3 million,

KnowFX
KnowFX
03-06

In the chaotic financial market, many dishonest entities exploit investors' desire for high returns, luring them into so-called 'stock recommendation' or 'stock study groups' through false advertising

In the chaotic financial market, many dishonest trading institutions or individuals capitalize on investors' desire for high returns, using false advertising or deceptive practices to lure them into joining so-called "stock recommendation exchange groups" or "stock study groups".

These groups often promise strategies guaranteed to make money with insider information or advanced technical analysis, but in reality, they tend to deceive investors out of their money or personal information.

Today, Truth Brother is exposing Vistova for employing such tactics!

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Vistova, a trading service based in Lucia with its headquarters in Dubai, registered its website on June 13, 2023. It mainly offers financial trading services in precious metals, futures, indices, and contracts for differences (CFDs), and primarily provides support in English.

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Recently, Vistova has been the center of attention due to a sudden increase in exposure and complaints against the platform,

with several investors mentioning Baosinn Investment Consulting. Let's dive into what exactly happened!

▶ Complaint 1: Financial Fraud by Baosinn Investment Consulting's Guo Zhenrong and Vistova's Manager Chen

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An investor shared their experience, saying: “On November 1st, I joined a plan by Teacher Guo of Baosinn Investment Consulting, investing a total of more than 23 million. Wishing to withdraw 3.3 million on December 25th, Manager Chen of Vistova claimed a fee of 470,000 was needed. Eventually, on December 29th, I officially reported their platform for financial fraud to the police."

▶ Vistova and Baosinn Investment Consulting in Heartless Scam!

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The whistleblower recounted: In September 2023, I learned about a "stock surge" activity through Facebook, added a group called "Eagle Spreading Wings" on Facebook, and exchanged contact information. Soon after, I met a consultant named "Guo Zhenrong" and was introduced by assistant Missia into a "Baosinn Investment Consulting Elite Team" investment group. The group had teachers who taught us how to trade stocks for more profit, also recommending stocks.

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Before long, Teacher Guo proposed an investment activity in collaboration with the forex platform Vistova, with Vistova's investment manager, Manager Chen, overseeing the investors' deposits and withdrawals.

Seeing the potential for substantial profits, the investor made several deposits within five days, totaling 5.1 million TWD,

Later, the withdrawal requests were denied. Initially told, "As it's the first withdrawal request and the total profit target hasn't been met, only partial withdrawals can be made in several attempts", investors were stalled.

Following their advice, the investor made several withdrawal requests, but the requested amounts never arrived in one go!

Doubts crept in, and the investor opted for a full withdrawal!!

Instead, Manager Chen of Vistova claimed the investor's Vistova account was suspected of money laundering and frozen, stating that a 50% deposit, which is 2.5 million, had to be paid as a security deposit to unfreeze and proceed with the withdrawal request.

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Truly a shock for Truth Brother!! Who would believe that trying to withdraw 3.3 million would entail a 470,000 fee?! Such an exorbitant fee sounds highly unusual and evidently carries fraud risk!!!

▶ Poorly Made Official Website

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Out of three, two of Vistova's websites are inaccessible, with only one functioning properly. The design and content of the operational website are dreadfully inadequate.

The website's layout and content are confined to a single page,

A good website usually employs a clear, navigable layout, dividing content into different pages or sections to enhance user experience and information accessibility, clearly showing Vistova's lack of effort in its creation.

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Examining the domain names of these websites, Truth Brother noticed the registration dates are June 13, 2023, October 15, 2023, and October 23, 2023, all registering within a short span of less than six months, indicating clear signs of a fraudulent platform!!

▶ Unclear Trading Software Information

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Vistova's website mentions it offers the MT5 trading platform for users, including Android and iOS versions, but displays only platform icons without providing download links.

Due to the unresponsiveness to inquiries through the website's contact options, Truth Brother is currently unable to offer deeper insights.

However, one question remains: where do these trading software come from? Could it be that Vistova distributed them privately to investors?!

We must remain vigilant towards privately distributed, third-party platforms, and trading software shared by other investors, as they may involve non-compliant operations or fraud risks!!!

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▶ Lack of Regulatory Information

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Speaking of Vistova's regulatory status is outrageously non-existent, with not a single word mentioned on its website about the regulatory information of its trading company.

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Upon checking a regulatory inquiry website, Truth Brother found Vistova's regulatory license mentions Vistova Markets Limited which is mentioned on its own website about MT5. However,

further investigation through the National Futures Association (NFA) in the United States revealed that Vistova Markets Limited is not a member, implying that Vistova Markets Limited is not officially registered or recognized in the U.S. futures market.

In conclusion, Vistova operates without any legitimate financial regulation, has a poorly designed official website, lacks critical information related to trading, and offers no legal channels for dispute resolution. Its stock group scams are bait for defrauding investors. Please stay away from it!!

Risk Warning and Disclaimer

The market carries risks, and investment should be cautious. This article does not constitute personal investment advice and has not taken into account individual users' specific investment goals, financial situations, or needs. Users should consider whether any opinions, viewpoints, or conclusions in this article are suitable for their particular circumstances. Investing based on this is at one's own responsibility.

The End

Wiki

Pig Butchering Scam

The 'Pig Butchering Scam' is a type of financial fraud that originated in Southeast Asia, but has now become prevalent globally. The name stems from the scammers' method of dealing with their victims: similar to raising pigs, they first 'fatten' them by building trust, and then 'slaughter' them by swindling away all their money.

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