Other Forex Brokers that may scam traders
If there are any other forex brokers that may scam traders please don’t hesitate to add a comment here. This is meant to be a warning that traders should be cautious. It’s not evident of course. But when fellow traders got scammed and have reasonable explanations for it, it’s their duty to warn other traders to avoid the same mistakes. Thanks for sharing your experiences.
These are the brokers that may be scamming traders. We received warnings from visitors with accusations that justify an official warning. Please be cautious:
go24invest.com
Traders reported to not receive withdrawals. Support is silent since the cashout request.
Trade24
“I have been through your website , and I haven’t seen the broker I work with listed in the website.
However I’d like to share with you my trading experience with a company named trade24, they’re are by far one of the top scammers, cause they are real scam artists professionals
When I first started trading with them their account manager took so many positions for me which caused a loss in my account a drawdown of about 50 % uue to his trades against the market trend , when I started taking my own trades he used to close them for me too even thou they were mostly in the right direction
however they compensated for me in a bonus ” a very manipulative way of freezing the traders account ” and refusing withdrawals for the trader and for every 1000 usd the trader apparently needs to trade an amount of 200 lots so for several thousands it will be quite impossible to get to that point .
I have went through several forums and apparently the issue isn’t only happening with me many people were scammed before and people are still getting scammed.
Apparently clients can’t reach them directly their employees disappear sometimes no one to talk to or call . And they were even trying to scam me further by asking me to send more money so that they can help me with losses
Note that I have managed to recover my original amount of balance but they have declined my with withdrawal request under the excuse that I have a bonus obligation to full fill
I wonder if there is any legal action that I can take against them , I suspect their address isn’t even real and so on.”
However I’d like to share with you my trading experience with a company named trade24, they’re are by far one of the top scammers, cause they are real scam artists professionals
When I first started trading with them their account manager took so many positions for me which caused a loss in my account a drawdown of about 50 % uue to his trades against the market trend , when I started taking my own trades he used to close them for me too even thou they were mostly in the right direction
however they compensated for me in a bonus ” a very manipulative way of freezing the traders account ” and refusing withdrawals for the trader and for every 1000 usd the trader apparently needs to trade an amount of 200 lots so for several thousands it will be quite impossible to get to that point .
I have went through several forums and apparently the issue isn’t only happening with me many people were scammed before and people are still getting scammed.
Apparently clients can’t reach them directly their employees disappear sometimes no one to talk to or call . And they were even trying to scam me further by asking me to send more money so that they can help me with losses
Note that I have managed to recover my original amount of balance but they have declined my with withdrawal request under the excuse that I have a bonus obligation to full fill
I wonder if there is any legal action that I can take against them , I suspect their address isn’t even real and so on.”
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#1: www.plus500.com - listed on the London Stock Exchange, Welcome bonus of $/€25 (no deposit required). Your capital is at risk.
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During that period I only had 2 lost trades.
They then started to trade large money on a single trade of US$30,000 which lost. I questioned them about the size of this trade as I was not happy with their risk management and became suspicious. Over many weeks I asked for withdrawals for the first time and they became very difficult and did not honour any withdrawal and tried to convinced me with a measly $5000 withdrawal.
I then asked them to stop trading my account which they didn’t. I then asked them to close account and return my money which they didn,t do.
I manually stopped their trades on the Metaquotes MT4 trading platform which was quite a task. I kept asking to close the account without success.
They then proceeded to use trading software from their server which I could not stop and traded me down to nothing within 2 days. I spent money investigating them without success. Metaquotes would not help in tracing them. Their Bank in Sofia, Bulgaria would not help. The Swiss authorities would not help as I was told by my investigator. They are still trading through their website http://www.RDCM.com (Ridge Capital Markets) and the company Ridge Group Limited has an address in the Dominican Republic. They have still got a trading office address in Zurich, Switzerland and are still trading so stay clear of them if you value your money.
the first demand of withdrawal made no problems, but the 2nd was unsuccessfull (8000 euro-refused).
to come in contact with fellow-vctims i opened a Facebook group #powertrade .
when my balance with them reached 118000$ , the account manager vanished and all other company staff , the same happened with 10 persons of my friends , the only person who contacts traders is the account manager with skype name .. No. support or any other way of commutation with them even if you dont have any problem , they call you only to deposit money then no answer> they just collect money and vanish.
Please take a look at their reviews and victims on the internet
Everything worked great for months but when trying to make a withdraw 2 weeks ago they vanished from the internet
The website is registred thru godaddy.com and email is behing domainsbyproxie.com
Account Number: 16632272
Investment Company: Globus Capital Limited
2. No technical analysis or guidance provided
3. Delays in deposit transfer to account which creates panic and you have to hedge at higher levels.
4. Although they promise you trade recommendations, they leave you to trade on your own and incur losses. 5. What is concerning regarding trading is , AVA practice dealing desk what means they are dealing against you (their client, make money on your back and the only goal is that you feed them more with your money.
website : http://www.tradingwithtamil.com , cell=+91-9487929983 email: infoqmanager@gmail.com
Date 28/8/2015
Opened an account with them $9000 . I wanted to close the account and get my money back. Total amount in the account $ 9221.15 . For the last 2 months unable to get my money back. Since I threatened them with legal action, all communication lost. Only communication is if I ring land line somebody answer but no solution to my problem. I can still log into my account but had not traded since I decided to get my money back. No explanation or reasonable reasons given to me for the delay
You get your money from CMS Trader? I am also on of the victims.
Its really frustrating and I think we have been duped, it must be a scam.
Please help us get back our money and invest in reliable brokers.
In anticipation of the positive gesture regarding the above, I thank you in advance
Msobomvu Marala
+27 73 557 3800
Mso’74