Petrolox – the company describes itself on its corporate website as a leading investment company. Petrolox offers its customers various services in the areas of trading and investment. Accordingly, one can trade CFDs or currency pairs or invest in real estate at Petrolox.
For currently active clients of Petrolox or for those who are considering investing capital in the near future, these questions are certainly important:
- Is the firm licensed by an official European financial regulator?
- Can the company be considered trustworthy?
- What is known about other investors’ experiences with the service provider?
These questions are discussed in this article by the lawyers of the Herfurtner law firm, who advise their clients in banking and capital markets law, among other areas.
Table of contents
- Petrolox experiences
- Online presence
- Contact information
- Investor alert
- Digression – general tips
- What to do in case of losses with Petrolox?
If you are wondering to what extent Petrolox offers a serious offer, we are at your side and advise you in case of ambiguities and furthermore in case of disputes. Please send us a message via our online form. Our lawyers are at your disposal for a free initial consultation.
Petrolox’s corporate website states that, as a financial institution, the provider is aware that managing funds requires a transparent and trusting relationship between a client and a broker in the market. Therefore, Petrolox is always ready to provide its partners with any information they might be interested in.
Moreover, Petrolox always conducts business openly and its own activities are absolutely legal. Furthermore, one reads on the Petrolox website that the provider is an officially registered company that operates within the framework of international financial legislation, which guarantees the protection of users both legally and financially.
Moreover, Petrolox was established in 20218. In addition, Petrolox clients have access to a comprehensive range of investment opportunities that span the entire spectrum of asset classes and are developed with investors’ needs in mind. Furthermore, Petrolox specifies the services offered on its website:
- CFD Trading,
- Forex Trading,
- Stock trading,
- Real estate,
The description of Petrolox’s offering can be accessed via its English-language web presence at the URL www.petrolox.com.
Each web server is identified by a unique numeric code. This so-called IP address allows a browser to address precise hosts in order to retrieve pages. On 08.11.21 we have found out the details of the company Petrolox with the following result: Domain Name: petrolox.com
Registry domain ID: 2266275687_DOMAIN_COM-VRSN Registrar WHOIS Server: whois.godaddy.com Registrar URL: http://www.godaddy.com Updated Date: 2021-07-03T20:07:29Z Creation Date: 2018-05-22T12:38:41Z Registrar Registration Expiration Date: 2022-05-22T12:38:41Z Registrar: GoDaddy.com, LLC
In the Federal Republic of Germany, in accordance with §5 of the German Telemedia Act (TMG), there is a basic obligation to provide imprint information. This obligation to “label” applies to all commercially operated websites. This is because this data is intended to inform the user of a WWW page who is behind the website.
In the course of this, the addressable postal address of the website owner also plays a role if legal claims are to be enforced against him. It is also important to note that the obligation to maintain an imprint also applies to financial providers based abroad who conduct their business activities in Germany.
However, no legally binding imprint could be found on the Petrolox website in November 2021.
Is the management indicated?
Declaring the responsible actors by name is an indication of transparency. At the time of writing, there are no statements on the Petrolox website regarding the persons responsible for the content.
Petrolox uses the following contact details on its corporate website:
- Phone: 0044741-860-2518
- Provider: Petrolox
- Address: 71-75 Shelton Street, London, Greater London, United Kingdom, WC2H 9JQ
- Mail address: info[a]petrolox.com
If there is ever any inconvenience, a large distance between the company and the investor can create complications in resolving it.
For this reason, investors within the European Union generally have somewhat more security and more chances of enforcing their claims – even and especially in the case of losses – with the help of a lawyer if necessary.
To what extent the company is controlled and supervised by a European supervisory authority such as the CNMV (Spain), the BaFin (Germany) or the AMF (France) is not clear from the website in November 2021. Therefore, one should not necessarily assume that the company has the necessary licences to operate in Europe.
Public investor warnings about Petrolox
Warnings are periodically issued by public authorities and law firms. However, not all cases can be assumed to be fraudulent. In November 2021, the lawyers at our law firm had not received any official warning from a European financial supervisory authority on the subject of Petrolox.
Excursus: Consumer protection organisations advise caution – Herfurtner Law Firm recommends thorough risk control
Many websites of dubious traders do not have a legally valid imprint. In addition, a check of the domain often reveals that the same companies are behind different portals. Once the money has been received by the broker, it is quickly transferred abroad in many different ways.
In addition, some platforms cease operations if they are too much in the limelight, only to reappear shortly afterwards under a new trademark. Especially often, an offshore postal address is given as the company headquarters, which is a shell company.
This is why it is so complicated for consumers to recover their assets in case of fraud. The descriptions of investors are identical to the findings of the police and financial regulators. As soon as one has created an account with an untrustworthy trading platform, the wheel starts turning.
Callers introduce themselves as employees of a broker and affirm their several years of experience. In this way, they try to gain the trust of potential new customers. Moreover, investigators report about staged trading platforms on which investors could control their apparent assets online.
Losses with Petrolox – What you can do
Anyone who is affected by losses with a company should first stop additional payments. In addition, one should subsequently enter into a dialogue with the provider and find out what the reasons were for the losses and what possibilities there are for reimbursement. You can be supported in this by our lawyers in the context of Petrolox.