Exposing the Dark Side of Snupay: A Fraud Investigation

Snupay is a forex and CFD trading broker that claims to offer a variety of trading products and services. However, there is a growing body of evidence that suggests that Snupay is a scam. In this article, we will take a closer look at Snupay and explain why you should avoid it.

Company Overview

Snupay is a relatively new broker, having been founded in 2016. The company is headquartered in Seychelles, which is a well-known haven for scammers. Snupay does not have any licenses or regulations from any reputable financial authorities.

Does Snupay Have Any License?

No, Snupay does not have any licenses or regulations from any reputable financial authorities. This is a major red flag, as it means that the broker is not subject to any oversight or regulation. This makes it more likely that Snupay will engage in fraudulent or unethical practices.

Is Snupay Regulated By Any Authority?

No, Snupay is not regulated by any authority. On their “About Us” page, they mentioned they got verified in 2018, but they did not mention by which authority they got verified.

Pros and Cons

Pros:

The minimum deposit is low.
The trading platform is user-friendly.
The spreads are competitive.

Cons:

The broker is not regulated by any reputable financial authorities.
There are a number of negative reviews about the broker online.
The broker has been accused of being a scam.

How Does Snupay Reach To Their Prey?

Snupay uses a variety of methods to reach their prey. These include:

Advertising on social media and other websites.
Making cold calls to potential investors.
Offering free trading signals and webinars.

Technical Details

Minimum Deposit:

The minimum deposit for Snupay is $200. This is relatively low compared to other brokers.

Trading Platform:

Snupay uses the MetaTrader 4 trading platform. This is a popular and well-respected platform.

Spread:

The spreads on Snupay are competitive. The average spread for EUR/USD is 1.0 pips.

Leverages:

Snupay offers leverage up to 1:500. This is a high level of leverage, which can magnify your profits but also your losses.

Packages and Products They Offer

Snupay offers a variety of trading packages, including:

A basic package that offers access to the MetaTrader 4 platform and a demo account.
A standard package that offers access to live trading, educational resources, and a personal account manager.
A premium package that offers all of the features of the standard package, plus additional benefits such as priority support and access to exclusive trading signals.

Withdrawal and Deposit Method

Snupay offers a variety of withdrawal and deposit methods, including:

Credit cards
Debit cards
Wire transfers
E-wallets

What Do Their Previous Traders Say?

There are a number of negative reviews about Snupay online. These reviews allege that the broker is a scam and that they have not been able to withdraw their funds.

Summing Up- Why Should Not You Trust Snupay

There are a number of reasons why you should not trust Snupay. These include:

The broker is not regulated by any reputable financial authorities.
There are a number of negative reviews about the broker online.
The broker has been accused of being a scam.

If Bad Things Happen, Where Can You Get The Quick Solution?

If you have lost money to Snupay, you may be able to get your money back through a chargeback or by filing a complaint with the Financial Conduct Authority (FCA). You can also contact us for help.

We will provide you with a free consultation call in which you will get professional guidance and recovery service recommendations.

File A Complaint Against Scam Broker's

Final Thoughts

Snupay is a scam broker that should be avoided. If you are considering trading with Snupay, we advise you to reconsider. There are many reputable brokers out there that you can use instead.

We hope this article has been helpful. If you have any further questions, please feel free to contact us.

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