Money Recovery has been flagged by Financial Services and Markets Authority for "Fraud and Other Types of Misconduct". This company appears in our regulatory warnings database. Always verify with official regulatory sources before investing or doing business with this firm.
I was about to invest with Money Recovery but decided to check their regulatory status first. They claim to be regulated but I could not find them on any official register. Financial Services and Markets Authority has actually issued a warning about this firm. Thank goodness I checked before sending any money.
Cons: Unauthorized firm|Found in IOSCO warnings database
I had a dispute with Money Recovery and went to their complaints process. They have an internal team that just defends the company. Then they said I could go to an ombudsman - but the ombudsman they use is industry-funded and rarely rules for the client. The system is rigged.
Pros: Easy to use platform|Market news feed
Cons: Account statements could be more detailed
Customer support at Money Recovery seems to be run by people who have never used the platform. Every time I call with an issue, I end up explaining how their own system works before they can help me. It would be funny if my money was not involved.
Pros: Wide product range|Copy trading available|Detailed reporting
Cons: Slow to add new assets
My card was charged twice by Money Recovery on the same day. I had to dispute it with my bank. Money Recovery then froze my account and said I had a negative balance because of the chargeback. They created the problem and then punished me for it.
Pros: Dedicated account manager|Two-factor authentication|Fast deposits
Cons: No phone support on weekends
I was contacted by Money Recovery through social media. They promised guaranteed returns of 20-30% monthly. Being naive, I invested. The "account manager" pressured me to invest more and more. When I finally tried to take profit, my account was frozen and they stopped responding. Classic Ponzi/advance fee fraud.
Pros: Professional looking website
Cons: Cannot withdraw funds|Not regulated|Pressure tactics
What really bothers me about Money Recovery is the disconnect between their marketing and reality. They position themselves as a premium service but deliver a below-average experience. Found them through my accountant's suggestion and I fell for the polished exterior. Never again.
Pros: Automated trading options|Clear documentation
Cons: Would like more payment methods
For anyone considering Money Recovery, please be aware that this company has been flagged by Financial Services and Markets Authority. This does not necessarily mean they are a scam, but it does mean they may not be authorized to operate in certain jurisdictions. I strongly recommend checking the official regulator website before making any investment decisions.
Cons: Appears in regulatory warnings database|Uncertain regulatory status
Money Recovery offers copy trading. I copied a top trader. The copy trades often executed at worse prices than the original. When I asked why they said it was due to latency and liquidity. So the feature is broken or they are skimming. Either way I stopped using it.
Pros: Responsive team|Multi-device support|Easy to use platform|No hidden fees
Cons: Live chat only during business hours
I was contacted by Money Recovery through social media. They promised guaranteed returns of 20-30% monthly. Being naive, I invested. The "account manager" pressured me to invest more and more. When I finally tried to take profit, my account was frozen and they stopped responding. Classic Ponzi/advance fee fraud.
Cons: Withdrawal fees demanded|Communication cut off|Not authorized