Mycloudminers – The provider claims to be a financial service provider on its website, which is active in the field of online trading. Accordingly, investors can invest in cryptocurrencies. You have invested with Mycloudminers and want your capital back? The Herfurtner law firm can help you with obstacles.

Mycloudminers – customer-oriented online broker?

Currently, there is a very high number of providers such as Mycloudminers. As a result, investing in the unpredictable financial markets has never been as easy but also as uncertain as it is today. Especially because there are a lot of options, choosing a broker can be time-consuming and challenging. Especially if you want to do justice to your investment plans. Have you already invested with Mycloudminers? In this case, the following aspects are important for you as an investor.

  • When it comes to trading on the web, there are a variety of order types to choose from.
  • Authority-regulated brokers on the internet, trusted provider sites, fees and brokerage charges, quote options and customer reviews are just some of the factors you need to plan for when making your final decision.
  • Entering the international stock markets is becoming easier and more interesting for investors through online investing.
  • A very good place to start for investors who want to inquire about securities, futures, binary options and cryptocurrencies is a homepage like this one.

The following information is general advice for investors – regardless of the platform you invest in.

Importance of financial regulators for providers like Mycloudminers

Both the financial markets and investor protection benefit from rules of conduct and organisational responsibilities. Equity services companies and providers like Mycloudminers must follow a set of standards of conduct. The same applies to their employees. This is to circumvent conflicts and related disadvantages for investors.

This includes the responsibility of the provider to inform its customers about the crucial features of a financial transaction before it is concluded. This applies both to the individual investor and to the investment itself. According to this idea, further information is necessary for customers who want to engage in highly speculative or risky transactions.

Towards their clients, companies like Mycloudminers have a responsibility. This goes far beyond the provision of an offer or service. Does the provider have a licence to sell financial products? You should definitely check this. For this purpose, you can consult the broker check database of a financial authority and type the provider’s brand name into the search function.

Mycloudminers requires transfers abroad? Caution is necessary

Is it advantageous for you to transfer capital to a country outside Europe? Consider in detail what you are doing. Numerous investors have already lost capital in the process. It is conceivable that you will lose track of where your funds are going and how they are invested. When money was provided to a broker, it happened that the company did not invest the amount received as agreed or even not at all.

There were also cases where the company simply did not exist, although it presented itself similarly to Mycloudminers. Continuing the trend of the former “Nigeria Connection”, a lot of mails from Africa (in English, so-called “scams”) are constantly circulating. These target companies and private investors. Fake messages are also reported from many other African regions. In the past, the perpetrators only operated from questionable locations.

Today, they operate from completely different locations such as the UK (including London), the Netherlands, Canada, Spain, Dubai and others. For the vast majority of people, it is impossible to expose tricky methods. It is not uncommon for institutions to receive e-mail orders with very large order volumes that bear no relation to the usual purchase amounts. In order to lure the German company, they proceed with enormous promises of profits.

However, the extreme order volume only serves as a means of pressure in the communication with the manufacturer in order to demand correspondingly excessive approval and registration costs. It is not always clear whether the addressee of this payment is also the customer of the products. All the same, it can be assumed that companies that are active abroad will not have to pay local taxes on shipments to other countries until further notice. This normally also applies to investments at Mycloudminers.

Pump & Dump: What is behind the term?

The term pump and dump is used to describe a situation in which the value of a share is artificially inflated by insiders. Afterwards, the same share is sold at a loss to the remaining investors. This is therefore a fraud. A trickery that profits from the naivety of small investors and stock market novices. This approach is therefore prohibited in a controlled securities market and for companies like Mycloudminers.

The crypto market, on the other hand, is still largely “Wild West” as far as such tactics are concerned. For this reason, special vigilance is necessary! Pump-and-dump scams are more common there in connection with the altcoins so well known. The pump-and-dump scam is used by criminals to drive up the price of an unknown or even self-created currency.

They achieve this by spreading disinformation on the net or in social media or by luring co-investors with unreasonable profit expectations. So make sure that the provider Mycloudminers provides you with all the necessary facts on the subject, if requested.

What are the signs you can spot of investment fraud?

You want to invest with Mycloudminers? In this case, you should find out all the important information about the company. Investment fraud is a special form of fraud. The perpetrator guarantees or pretends a profitable investment on the capital market to a large circle of people. Capital investment fraud is punishable by a prison sentence of up to three years or a fine, in accordance with Section 264a of the Criminal Code. Subsequent services and strategies may sometimes come into question as capital investment fraud:

  • Boiler Room Scam, a cold call seeking capital investors by phone call
  • Shareholdings in companies
  • Scammers use the brand name of the service provider Mycloudminers and clone the company
  • Participations in shares, funds and certificates

Anyone who has fallen for investment fraudsters has very often invested a lot of capital. What can you do in case of investment fraud?

  1. Withdraw or contest contracts: Affected persons who have concluded a contract can withdraw or contest the same in case of investment fraud.
  2. Assert claims for damages: People who have been wrongly advised can claim damages from the investment advisor.
  3. Involve the police and the financial supervisory authority through a lawyer: There are collective police proceedings against some fraudulent firms in the Federal Republic of Germany and also abroad. The criminal investigation department is entitled to have the accounts of the fraudsters blocked and the money secured. In addition, the public prosecutor’s office becomes active.
  4. Recovering assets: If payments have been made via credit card, this can be recovered in many cases by instructing a law firm. In the case of bank transfers from the current account, this can often be recovered by bank order.

Lost money & received unsolicited offer of help shortly afterwards?

Anyone who has ever lost funds to a fraudulent investment platform knows how devastating it can be. That alone is terrible enough. But on top of that, the criminals behind the bogus model contact you by email or phone call within a manageable amount of time. This time, however, they do not pose as online brokers from Mycloudminers.

Instead, they promise to help you recover your lost capital in exchange for an upfront payment. Many scammers even appear to have been hired or entrusted by reputable organisations such as a financial regulator. After stealing your personal information, the rip-off artists usually pose as good Samaritans. They promise to assist you in recovering the stolen money.

Even if you have deposited money with a service provider like Mycloudminers, your data may be stolen. Anyone who has lost an immense amount of money is usually desperate. The criminals take advantage of people’s worry by calling themselves money recovery companies. They offer their services under the bogus pretext of assisting them to recover their assets. That is, they securitise in a dubious manner that they will recover the lost money.

Get your investment back from Mycloudminers? Contact us

In case you have already made investments with Mycloudminers and now want to reclaim them, there are various methods.

  1. If the providers were to be arrested, claims of the investors who have suffered losses can be asserted in court proceedings. For this purpose, we accompany our clients through the so-called adhesion procedure. In this way, we are in a position to obtain court titles for our clients against the operators of the platform. In most cases, these can then be immediately enforced against the seized capital of the fraudsters.
  2. If transactions have been executed abroad, the supervisory authorities and financial institutions based abroad should also be informed in this case. They will then usually initiate their own investigations. This, too, is aimed at securing sums of money in the bank accounts and subsequently transferring them back to our clients.
  3. Often, a solution can be found with the provider itself. In many cases, our lawyers can reach out-of-court settlements with the platform operators. Our clients then recover all or part of their investment.
  4. If no solution with the service provider is possible at all, there is the possibility of submitting a complaint to the responsible authority. This authority controls the case and can order the service provider to pay compensation. Our client will then be reimbursed the amount of money by the service provider. The addressees for complaints can be, for example, financial supervisory authorities or the Financial Ombudsman.
  5. If an evaluation by our lawyers would indicate that the provider has probably acted unfairly, we file a complaint with the responsible authorities on behalf of our clients. The Herfurtner law firm is in constant dialogue with public prosecutors’ offices that conduct nationwide investigations. In most cases, there are many hundreds or even thousands of victims in these investigative proceedings. The investigations also regularly extend to other EU countries. In the past, there have repeatedly been decisive investigative successes by the public prosecutor’s offices.
  6. If there is a suspicion that the accounts to which our clients have transferred money are part of a money laundering scheme, it is possible to have these accounts blocked. Payments into these accounts can then be reclaimed from the receiving bank.