How Pattern Trader Works (Allegedly)
Pattern Trader purports to be an advanced automated trading platform, utilising sophisticated algorithms and artificial intelligence to execute trades in the cryptocurrency, forex, and stock markets. Potential investors are typically drawn in through online advertisements, often featuring testimonials of individuals claiming to have made substantial profits with minimal effort. The platform promises high returns, often citing daily or weekly profit percentages that appear to be beyond realistic market averages. Users are encouraged to make an initial deposit, usually a minimum of A$250, to activate their trading account and begin profiting from the automated system. Our investigations indicate that once a deposit is made, users are frequently contacted by an assigned 'account manager' who encourages further, larger investments, often citing various 'upgrades' or 'premium features' that promise even greater returns.
Who is Behind Pattern Trader?
One of the most concerning aspects of Pattern Trader is the striking lack of transparency regarding its ownership and operational team. Our extensive research could not identify any credible information about the founders, development team, or the physical location of the company. The website provides generic contact forms and email addresses, but no verifiable corporate registration details or names of key personnel. This anonymity is a significant red flag, as legitimate financial institutions and trading platforms are legally required to disclose this information, providing accountability and regulatory oversight. The absence of such basic transparency makes it extremely difficult to ascertain the legitimacy of the platform and raises serious questions about its true intentions.
Red Flags Identified by TradeRadarNews
TradeRadarNews has identified several critical red flags associated with Pattern Trader:
1. Unrealistic Profit Claims: The consistently advertised high and guaranteed returns are a classic characteristic of investment scams. Financial markets are inherently volatile, and consistent, high profits without any risk are not feasible.
2. Lack of ASIC Regulation: Our checks of the Australian Securities and Investments Commission (ASIC) register (https://connectonline.asic.gov.au/) have confirmed that Pattern Trader is not authorised or regulated to provide financial services in Australia. This means that Australian investors using this platform are not protected by the Australian Financial Complaints Authority (AFCA) and have no recourse to the Financial Ombudsman Service if something goes wrong.
3. High-Pressure Sales Tactics: Investors have reported receiving persistent and aggressive calls from 'account managers' urging them to deposit more funds, often implying that they will miss out on significant profit opportunities if they do not act quickly. This tactic is designed to overcome rational decision-making.
4. Anonymous Founders and Operators: As previously mentioned, the complete lack of transparency regarding who is behind Pattern Trader is a major concern. Legitimate firms operate with full disclosure.
5. Difficulty Withdrawing Funds: Numerous reports from investors indicate significant challenges when attempting to withdraw their supposed profits or even their initial capital. Many have described their withdrawal requests being delayed, ignored, or met with additional demands for more payments (e.g., 'tax' or 'commission' fees) before funds can be released.
6. Aggressive Unsolicited Contact: Many individuals claim they were contacted by Pattern Trader after only making an enquiry or even without any prior interaction, suggesting that their contact details may have been obtained through dubious means.
ASIC Connect register Check Guidance
It is imperative for all Australian investors to check the ASIC Connect register (https://connectonline.asic.gov.au/) before engaging with any financial service or platform. The ASIC Connect register is the official public record of firms and individuals regulated by the ASIC. If a firm is not on this register, it means they are not authorised to operate in Australia, and any investment made with them is not protected.
Victim Recovery Steps
If you believe you have been scammed by Pattern Trader, it is crucial to act quickly:
1. Stop all contact with Pattern Trader immediately. Do not invest any more money, regardless of the promises or threats made.
2. Gather all evidence: Collect screenshots of communications, transaction records, bank statements, and any other relevant documentation.
3. Contact your bank or payment provider: Inform them of the situation. They may be able to assist in tracing or recovering funds, especially if payments were recent.
4. Report to ASIC's Scamwatch: This is discussed in the 'Been Scammed?' section below.
5. Be wary of 'recovery' scams: Fraudsters often target scam victims with offers to recover lost funds for a fee. These are almost always secondary scams.
Been Scammed?
If you believe you have been a victim of the Pattern Trader scheme, report it immediately to ASIC's Scamwatch, the Australia’s national reporting centre for fraud and cyber crime. You can file a report online at https://www.scamwatch.gov.au/ or by calling 0300 123 2040. Provide them with all the evidence you have collected. Early reporting increases the chances of potential recovery and helps prevent others from falling victim. Remember, cryptocurrency is not ASIC-regulated and not AFCA-covered.
