Payback LTD is an Israeli company that was established in 2008. Payback claims to focus on the protection of investors from unregulated FX and Cryptocurrency brokers. According to Payback, the fund’s recovery is performed by chocking brokers process and banking partners. Payback claims to have very efficient, experienced and highly skilled team members. According to the official website, many of the team members are ex-employee of forex and binary markets, Cyber Crime Laws and International Banking sectors. The Payback team thoroughly research for scam brokers and finds loopholes in them to recover traders funds. It also claims the uses international banking and cybercrime laws to retrieve traders funds. Clients of Payback need to pay advanced fees to start the recovery process and success fees after completion of fund recovery. Unfortunately, Payback LTD is unregulated and does not have a licence to operate as a Fund Recovery Firm. Also, Payback LTD reaches to the victim traders without any complaint from the victim and its kind of fishy. Read the full Payback Ltd. review here.
About Payback LTD:
As mentioned in an overview, the recovery of traders funds usually done in four steps. First, Payback does a detailed review of the complaints made by traders. Then in the second step, the complete and relevant documentation is performed. After this, the Payback team confronts broker, its owner and banking partners. The last step taken is the fund claim. The area of expertise of Payback includes Forex, Binary Options, Stock Trading, and Cryptocurrencies. The fund claims have some criteria to follow up before proceeding. The Payback team collects the information like Receipt of Transactions, Investment advertisement of a broker, and all the correspondence between trader and broker. The advance fees charged by Payback is high and ranges between $600 to $1200. Fees may be high if the claim is large. Success fees would depend on the advanced fee if the client paid around 700-800 dollars, then the Success fee is 10% of the claim amount and if the client paid $2000 of advanced fee then the success fee is 5% of the claim amount. The recovery process is not secure and straightforward. Clients have to agree on the terms and conditions of Payback and provide all possible information. Also, Payback insists victims to change contact number and its another worrying thing. Why would someone do that? The Payback also provides the option of Cancelation of Recovery Process and Refund of their Advance Fee that is entirely depend on clients choice. Sadly, we could not come across any trader who can say that the Payback paid them back. The Payback LTD has offices in Israel, United States, United Kingdom and Australia. It claims to be a verified and registered company in Israel but we don’t know the reality behind it. The pricing formula at PayBack is case-based and charges more. It also claims to give second attempt services to recover funds at free of cost. Also, there is no evidence to prove it is a genuine claim. Many Recovery Agent fake such facts to attract innocent traders. Unfortunately, Payback is red-flagged by the United Kingdom’s Financial Conduct Authority and other financial regulators.
Is Payback LTD scam or legit?
The fund recovery market is filled with fake recovery agents. Payback has been red-flagged by the top financial regulator, and it is a fact of worry. We advise our readers to do in-depth research before investing money to any Fund Recovery Agent or else traders will suffer more loss.