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Trade Propel
On 29 April, 2024, the Seychelles Financial Services Authority (Seychelles FSA) issued a warning against Trade Propel, identifying it as a fraudulent company. https://fsaseychelles.sc/media-corner/regulatory-updates/scam-alert-trade-propel-fraudulent-company-the-fraudulent-company-and-unauthorized-use-of-website-the-unlawful-websites
On 29 April, 2024, the Seychelles Financial Services Authority (Seychelles FSA) issued a warning against Trade Propel, identifying it as a fraudulent company. https://fsaseychelles.sc/media-corner/regulatory-updates/scam-alert-trade-propel-fraudulent-company-the-fraudulent-company-and-unauthorized-use-of-website-the-unlawful-websitesTrade Propel claims to be operated by Dilna Investments Ltd. The broker asserts to be a Securities Dealer regulated by the Seychelles Financial Services Authority (Seychelles FSA). In line with its purported location in the US, it further alleges to be a member of both the Financial Industry Regulatory Authority (FINRA) and the Securities Investor Protection Corporation (SIPC), and supposedly to be supervised by the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).
However, our investigation reveals a different story. Neither "Dilna" nor "Trade Propel" has corresponding records in the registers of the aforementioned financial regulators or agencies. It is critical to note that registration and examination of intermediaries are conducted on behalf of the CFTC by the National Futures Association (NFA) under the supervision of the CFTC. Therefore, we searched the keywords in the NFA register for the alleged CFTC registration.
As for its claimed regulation by the Seychelles FSA, it has been refuted by the authority itself with a warning notice. The Seychelles FSA has flagged Trade Propel as a fraudulent company, declaring its associated website as unlawful.
In essence, Trade Propel is not regulated by any governing body. Entrusting it with investors' funds is highly risky, as there are no legal protections in place to safeguard the funds.
Trade Propel appears to be a scam.
Trade Propel claims to be operated by Dilna Investments Ltd. The broker asserts to be a Securities Dealer regulated by the Seychelles Financial Services Authority (Seychelles FSA). In line with its purported location in the US, it further alleges to be a member of both the Financial Industry Regulatory Authority (FINRA) and the Securities Investor Protection Corporation (SIPC), and supposedly to be supervised by the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).However, our investigation reveals a different story. Neither "Dilna" nor "Trade Propel" has corresponding records in the registers of the aforementioned financial regulators or agencies. It is critical to note that registration and examination of intermediaries are conducted on behalf of the CFTC by the National Futures Association (NFA) under the supervision of the CFTC. Therefore, we searched the keywords in the NFA register for the alleged CFTC registration.As for its claimed regulation by the Seychelles FSA, it has been refuted by the authority itself with a warning notice. The Seychelles FSA has flagged Trade Propel as a fraudulent company, declaring its associated website as unlawful.In essence, Trade Propel is not regulated by any governing body. Entrusting it with investors' funds is highly risky, as there are no legal protections in place to safeguard the funds.Trade Propel appears to be a scam.
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