Funded.academy, an online educational site, offers itself as a solution for prospective forex traders. However, there are considerable uncertainties about the veracity of its claims, implying that it could be a scam designed to deceive innocent people. Let us go into the specifics to further comprehend the dubious nature of Funded.academy’s offerings.
Details of Funded.academy:
Funded.academy offers an extended challenge option, allowing learners to finish the program at their own speed without a set completion date. This feature may appear appealing, but it calls into question the quality and rigor of the instructional information supplied.
No minimum trading days:
The platform says the task can be completed in as little as 15 minutes, making it suitable for quick qualifying. The short amount of time required to complete the challenge calls into question the depth and effectiveness of the learning experience given.
Locked-in Max Drawdown:
Funded.academy purportedly provides a funded trading account with a fixed maximum equity stop out at the initial amount, promising increased trading flexibility. However, this feature could be a deceptive promise aimed to entice traders to join the plan.
Participants are purportedly given the option to manage multiple funded accounts worth up to $10 million. While this may appear enticing, it could be a ploy to encourage involvement without giving true benefit.
EAs Are Allowed:
Traders are purportedly not barred from earning from the development and use of lucrative Expert Advisors. However, the usefulness of such claims is questionable, and they may be utilized to entice naive persons.
Funded.academy allegedly offers optional add-ons such as weekend trading, greater leverage, and exemption from stop-loss regulations. These characteristics may appear appealing, but they could be exploited to mislead people with misleading promises of improved trading skills.
Funded.academy purportedly provides individualized coaching programs to help traders improve their skills and expertise. While this seems encouraging, there are concerns about the genuineness and efficacy of such mentoring programs. They could be part of a deceitful scheme to entice unwary victims.
Funded trading account:
The site claims to enable qualified traders to trade with a funded account. However, this stated chance could be a fraudulent scam designed to dupe people into engaging in real-money trading via the platform.
Funded.academy’s Pros and Cons:
- Funded.academy purports to provide a systematic curriculum that covers many areas of Forex trading.
- It claims to offer personalized assistance from experienced traders, which improves learning and skill development.
- Some traders may struggle to afford Funded.academy’s programs, signaling potential hidden costs.
- The stated qualification process for a funded trading account may be difficult for participants and may be intended to screen out potential victims.
Funded.academy claims to set itself apart from other platforms with its comprehensive curriculum and purported chance for real-money trading with a funded account. However, such statements could be part of a fraudulent campaign to persuade users to pick the platform over legitimate alternatives.
The lack of regulation or the presence of poor regulation is a huge red flag. It means Funded.academy is a scam and most likely, an illegal operation.
Companies offering investment services or opportunities without having a license can vanish without leaving a trace. Furthermore, the lack of a regulatory license allows them to get away with it and face no legal consequences.
That’s why it’s vital for you to always check a company’s regulation status as well as its license information. The presence of a license allows consumers to reach out to an authority if something goes wrong.
In the case of Funded.academy, victims have nowhere to go due to the absence of a watchdog or license.
You should ask yourself the following questions when you come across a new investment firm or opportunity:
- Does the investment provider maintain transparency about its CEO?
- Do they have a license from a renowned regulatory authority?
- If the need arises, can I reach out to an authority to report this company as a scam?
However, it’s worth noting that many scammers disable their payment channels before shutting down their operations.
They might give you multiple reasons including:
- A technical error
- A glitch in their system
- Banking issues
- A “hacking attack”
And many others.
But in 9/10 cases, the scammers actually stop making payments and keep the money to themselves. Hence, the payment methods we discussed here might not work.
If you want to get your money back from a scammer, you’d need to file a chargeback.
When it comes to scammers, you should only measure the quality of their customer service if they respond to your complaint.
In the beginning, scammers tend to remain very accessible.
This means their representatives will keep calling you until you invest with them. Furthermore, they will act friendly and make it seem as if you’re one of their most valuable consumers.
However, they do all this just to win your trust.
Scammers understand that in order to convince someone to give them a large sum, they will need to seem like a friend.
Nevertheless, when you have invested a considerable amount of money and need to get it back, their customer support will become inaccessible.
All of a sudden, their numbers would either stop responding or become unavailable.
Still, they might remain accessible to convince you to invest further. Also, they might begin by making a few excuses regarding your payment.
However, in the end, the customer support won’t resolve your issues and become increasingly unavailable.
It’s worth noting that many scammers tend to purchase fake reviews. Buying fake reviews has become extremely easy and it’s a multi-million dollar industry.
Scammers like Funded.academy tend to purchase fake reviews for their online profiles to make themselves seem more credible.
TIME Magazine investigated the fake review industry and estimated it to be worth more than $150 million. Certainly, there are a ton of scammers who want to seem legitimate and a bunch of fake reviews is the most effective way to do so.
That’s why you shouldn’t trust Funded.academy reviews easily.
It’s easy to identify fake reviews as well. You should look out for 5-star reviews that are posted by temporary accounts (profiles which only posted 1 or 2 reviews on the platform). Also, you should see if the positive reviews share any detailed information about their experience with the firm or not.
In the case of Funded.academy, chances are, you wouldn’t find many legitimate reviews.
Another prominent way scammers like Funded.academy enhance their credibility is by burying negative reviews and complaints under a lot of fake reviews.
This way, when you’ll look up “Funded.academy reviews”, you might not find many complaints. Or, you might find them buried within numerous reviews praising Funded.academy.
You should always look out for consumer complaints. In the case of Funded.academy, the most common complaints I found were about:
- Poor customer support
- Delays in payments
- High fees and charges
- Lack of transparency regarding their leadership team
- Aggressive sales staff
Do you have a similar complaint about Funded.academy? You can share your complaint in the comment section or submit an anonymous tip.
Funded.academy purports to provide a comprehensive instructional platform for prospective forex traders, but its claims are likely bogus and intended to deceive naïve individuals. Potential participants should take caution and properly investigate the platform’s validity before spending time, money, or effort on its services.
Funded.academy is an unregulated entity. Although they might fall under the jurisdiction of a watchdog, they don’t have the license to offer financial services to consumers.
The lack of a license means they are not answerable to any regulatory authority. As a result, the people behind Funded.academy can run away with your money without any prior notice. You should be extremely cautious when dealing with an unregulated service provider.
The absence of a watchdog also means you cannot report to them to anyone.
Also, due to the absence of specific regulations, there is no provision protecting you from the insolvency of this entity. If they go bankrupt, you won’t be able to do anything about it.
Can You Trust Funded.academy?
All the evidence suggests that Funded.academy is a scam. If you have lost money to them, there is still a chance you can get it back.
To recover your funds, you’d need to file a chargeback.
Is Funded.academy a scam?
Can I withdraw money from Funded.academy?
Where is Funded.academy Located?
How do I get my money back from Funded.academy?
Launch a website/app with a generic name
A website or app with a generic name allows scammers to hide behind common Google search results. Marketing such names is easier as well.
Pay influencers & social media pages to promote the scheme
By getting influencers and social media pages to promote their brand, scammers make their shady company seem more legit than it actually is.
Send thousands of emails and make cold calls to potential victims
It’s common for scammers to buy the contact details of people and spam them through email, phone calls, social media messages and other means.
Make victims feel safe through “small wins”
Such small wins usually include a few payments transferred into the victim’s account. This makes them seem more legitimate.
Convince victims into investing large sums of money
Due to the small wins, the victim is now convinced that the company is legit. Now, the scammers try to manipulate the victim into giving them larger sums.
Disable withdrawals & take down the website/app
Once the scammers have recieved a signicant sum, they either stop responding or cite a technical error to freeze their victims’ funds.
Repeat the cycle
After making the money, the scam will shut down and the people running it will launch another and repeat the cycle.