TheSavebit – the company describes itself on the company website as an exchange for Bitcoin and other popular cryptocurrencies. TheSavebit offers its customers various services in the areas of buying, selling, trading and winning cryptocurrencies.

You have invested with TheSavebit and want your money back? The Herfurtner law firm will help you with any problems.

TheSavebit – legal assessment

There are currently an enormous number of online trading platforms such as TheSavebit. As a result, investing in the volatile financial markets has never been as easy but also as unsafe as it is now.

Especially because there are countless options, choosing a broker can be time-consuming and frustrating. Especially if it is to suit your particular investment needs. Have you already invested with TheSavebit? In this case, the following aspects are significant for you as an investor.

  • Access to the world’s stock exchanges is becoming easier and more versatile for investors through online investing.
  • Regulated online brokers, trusted provider internet sites, fees and bonuses, product options and key data are just some of the criteria you should consider when making your final decision.
  • A very good place to start for investors who want to learn about stocks, futures, binary options and cryptocurrencies is a website like this one.

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

Is TheSavebit credible? Recognising reputable financial service providers for online trading

The following considerations should be kept in mind when looking for options to invest your assets on the internet:

  1. Financial service providers like TheSavebit must be licensed in Germany by the Federal Financial Supervisory Authority (BaFin). The BaFin’s company database contains information on authorised service providers.
  2. Quality seals are often used by fake shops to pretend that they are reputable. To see whether a cross-reference leads to the online presence of the quality seal and whether the shop is also listed there, click on the image of the seal. It is quite possible that the operator of the website has merely copied the quality seal from another website and transferred it to his own website without the corresponding certification.
  3. Look for an imprint on the service provider’s homepage. If this is not the case, you should: Hands off! However, you should also bear in mind that an imprint can be faked.
  4. In Germany, the imprint must include an address, the contact details of an authorised representative of TheSavebit and a telephone number.

Are there dangers in transferring funds to TheSavebit abroad?

Is it beneficial for you to transfer capital to a country outside Europe? Pay close attention to what you are doing. Numerous investors have already lost funds in this context. You may lose track of where your money is going and how it is invested.

When capital was provided to a broker, it happened that the company did not invest the amount of money 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 TheSavebit.

Besides the licensed financial service providers, there are countless dubious online trading websites where a very similar procedure can be observed in most cases. New investors are contacted by employees of the respective trading platform.

For example, with a phone call as soon as the investor has provided non-binding contact details on the service provider’s website. In many cases, however, they are also contacted by mass e-mails. These entice with seemingly money-making investments.

The investor is promptly provided with a personal broker who instructs him on how to set up a customer account and make the first transfers. The investor first feels well supported and trading usually begins with smaller amounts.

But shortly afterwards, higher deposits are required – usually to foreign accounts. These deposits are intended to increase potential profits. The obstacles with dubious trading platforms ultimately arise when the investor demands a payout.

This is very often continuously withheld or linked to further payments such as alleged taxes and commissions. In the past, the rip-off artists operated solely from dubious locations. Now they operate from completely different places like the UK (including London), the Netherlands, Canada, Spain, Dubai and others.

It is impossible for many people to spot tricky scams. Companies often receive email orders with immense order volumes that are disproportionate to the normal purchase amounts. To lure the German company, immense promises of profits are made.

However, the considerable order volume functions exclusively as a means of pressure in communication with the manufacturer in order to demand correspondingly high approval and registration costs. It is not always clear whether the addressee of this payment is also the customer of the goods.

All the same, one can assume that companies active abroad will not have to pay regional taxes on deliveries to other countries in the foreseeable future. Check whether this also applies to investments with TheSavebit.

What are the disadvantages of the grey capital market?

Only a few of the financial market participants like TheSavebit are subject to official regulation and supervision. In the grey capital market, financial service providers operate who do not even need a licence from BaFin and only have to fulfil some regulatory basics.

Only make an investment in the grey capital market if you are certain of the company’s solvency and know it as a company. As I said, BaFin has no control over these providers. The grey capital market contains a wealth of possibilities. There are:

  • Crowdfunding offers
  • Order bonds
  • Corporate investments
  • Direct investments such as in timber, precious metals or other commodities
  • Profit participation rights and other hybrid forms of bonds
  • Loans with subordination clauses

One thing is certain: it is unclear how it will ultimately turn out for the capital investor.

Do you find it difficult to get an overview of what is on offer? Then you should find out as much information as you can before making a choice. Don’t buy anything you don’t fully understand! When it comes to investing, the more experience you need, the more sophisticated the financial instrument.

It is also not recommended to put all your capital on one card. Diversify your risk beyond TheSavebit. To avoid being swayed to your disadvantage, always focus on the product itself, not the brand name or the presentation of the financial service.

Online platforms: Learn to recognise reputable brokers

A variety of investment products exist on fraudulent internet platforms, which are persistently advertised on internet forums and social networks to convince investors. In addition, “network marketing” is used to solicit new investors.

The advertising primarily emphasises the guarantee of immediate profitability. In order to start investing, a potential investor must first create an account with the trading platform – as with TheSavebit. Afterwards, the apparent brokers contact the investor via a call centre and try to convince him to pay large sums of money.

The capital investors’ positive attitude towards cybertrading is partly strengthened by the desire for future profits. Buyers are more willing to invest in the future if they see exactly the kind of results they want.

At this point, capital investors are being hoodwinked by a manipulated trading algorithm as to the true trend in stock market data and prices. TheSavebit does not necessarily fall into this category. The perpetrators use their own unilaterally defined price values when calculating returns.

This means that the financial service provider has complete control over whether a profit is made or not. Until the alleged profits are paid, this deception will continue. If the investor wishes to be paid, the clients suddenly no longer have access to their accounts and the individual contacts associated with them.

The vast majority of investors lose all their assets invested in such illegal trading, forcing them to seek legal assistance.

What are the possible costs of online trading?

Before investing with TheSavebit, find out how much of your investment amount will be used to cover costs such as fees and commissions. This is a good time to take a comprehensive look at the information provided by the service providers!

Investors need to be made aware of all calculated costs and their impact on the profit margin of investment service providers. Furthermore, the costs must be presented individually. Assuming that you request a presentation of any charges, providers are obliged to give you this information.

For obvious reasons, a service provider like TheSavebit is normally interested in as many trading transactions as possible. In quite a few cases, the costs are so high that it is difficult to make a profit. The costs can even eat up the money invested in a short time.

Therefore, be sure to pay attention to the costs! The trading fees of the online broker must be publicly visible. The transparency of the cost structure is also specified in the official regulations and licensing. In connection with a violation, the provider’s official licence can be withdrawn.

Profit distribution from TheSavebit does not work? Involve a lawyer immediately

You have invested with TheSavebit or a similar service provider? Now there are complications with the payout? Then it is advisable to stop additional payments immediately. This is especially true if the online broker recommends additional payments to compensate for losses.

In addition, one should try to recover the lost capital. In doing so, affected private investors can seek investor protection and turn to the lawyers of our law firm.

We examine both civil and criminal law options as well as possible claims for damages against the financial provider and against involved payment service providers such as financial institutions.

“A private investor who loses money in the course of online trading is by no means an isolated case. Many private investors are blinded by the professional appearance of the providers and do not realise in time that they are not responsible for their loss.”

Our recommendation is therefore not to despair, but to act promptly and actively. Because the prospect of recovering the lost money is often greater than the aggrieved capital investors assume. Would you like to talk to one of our lawyers about TheSavebit? Then click here to go straight to our contact page.