EA Forex Academy – Algorithmic & Manual Trading Courses › Forums › Forex Trading Forum › How to recognize the Scam Brokers?
Tagged: trustful Forex brokers
- September 9, 2020 at 14:06 #59602HaliffaParticipant
I think that the regulated brokers make enough money from the spread and they can not afford to lose their reputation by manipulating the trades.
However, I trade my live account together with a second live account with 0.01 with another broker just to make sure that I see the same trades…September 6, 2020 at 8:34 #59373Simon ChongParticipant
I try to read through this forum and it benefits me to stay away from the scam brokers. However, how do we identify trusted brokers turn to scam brokers?
How do we know they purposely delay our trade or change our SL and etc?
SimonAugust 22, 2020 at 17:23 #57814
I accept that as a promise! 🙂
Cheers, mate!August 22, 2020 at 0:04 #57793
Ok, Petko, I see (forget about my last post 23:59)
I will close this story and don’t come back any more.
Thank you and good night
MichalAugust 21, 2020 at 23:59 #57792
Hi, Can some body help me how to delete this fake account (s. my post of today here above)
MichalAugust 21, 2020 at 22:51 #57788
I have already replayed to you about what you need to do. Very clearly.
You have to forget about this, and don’t spend a minute more on it.
Don’t waste time trying to close trades or manage the account. You don’t have a trading account. It is not real. This is a scam broker. You never had profits, never had losses. Your money was not on the market at all. They took your 250 and gave you access to some account which is not real…
So forget about it and continue your life. Be happy you lost so small amount, as Bert said, they scam the people with so much more.
And no, they can not do anything more to you. They will not send you anybody, they will not request this money from you. Their job is to scam the people over the phone.
Forget about it!August 21, 2020 at 19:00 #57783
Thank you aaronpriest,
in dead, I posted twice, but they did not come through.
Here is my post w/o pictures:
Hi , everybody,
Finally, my adventure is coming to the end, may be not entirety, but I am getting more confident to escape with the initial investment loss only (s. here below)
See here more reviews about this scammer <https://www.fxtradingrevolution.com/markets-online-review.html#>.
As of yesterday (may be since Aug 15th, because my FXBlue copier has not been refreshed since Aug 15th) their WEB site<www.markets.online.de> and all their Email addresses are closed:
My WEB platform with two accounts is also closed.
But their tel. Number in Sofia (+35924372490) still answers with “Markets . online” (yesterday – a Guy with clear German accent (Muttersprache)
So, my 250 EUR are done.
Frankly speaking I did not expect this so soon and I was afraid to loose more money then just 250EUR.
Here is why.
After I tolled them that I am going to leave, whic means: no more investments , just withdrawal what there is at my FX Algo trade account, they tolled me that it will take 90 days to stop the robot (Algo trading-third party software, which they can not control).
Since that time, my equity and floating profit/loss started going very quick to (big) minuses (s. screen here below).
There were still small profits coming out of the T/P parameters, but , because there was no S/L values, the floating loss became bigger and bigger: as of today ( 135 days after I started and 50 days after they made me to send them 90 days cancellation note) Profit (closed trade = $650, which is 240% for 4,5 months???, however Floating Loss = -$ 1550, consequently the Equity = -$900.
As I sat here earlier, at the beginning they deleted the trade with bigger losses (no S/L) , instate to book them to the trade history, so the account showed the profits only, but after my cancellation they let the negative trades stay (no S/L), so if some body decide to close this account today, there will be a remarkable negative balance.
And this is my concern: I blocked my credit card, but they know my physical address. So, are they capable and allowed to request this negative balance from me and (in worst case) to send me some “Russians”-collectors?
Please, Petko and every one, be honest and tell me every think (worse and good) what you know about such cases
Just for information, I wasn’t very passive in the mean time : I entered the account via a MQL 4-PC platform; I deleted all the Expert advisers; I downloaded scripts “close (all) open orders” and used them; I went to all the trades and tried to close them via menu, right click etc.; I tried to change every Order and activate S/L (stop loss); I deactivated “Auto trading “=red.
Nothing happened. No change. Every day new trades are opened and the negative trades stay there (no S/L).
So, their WEB-server-FX-Broker “markets.online” is closed but my account is not and it is still producing negative results.
How will this and? Can some body make me responsible for the negative balance of this fake broker account, which definitely was/is out of my control?
MichalAugust 21, 2020 at 18:35 #57782aaronpriestParticipant
I have not been able to post with attached photos, they get flagged for moderation, but the moderators can’t find the post afterward to approve it. So I’ve had to skip attaching photos if I want the posts to appear.August 21, 2020 at 18:08 #57779
Hi, I just posted a big post, with two attached pictures, but I can’t find it here? Is there some admin approval/filter?
I will repeat it, so please delete the one if some dublication
MichalAugust 15, 2020 at 10:34 #57052Bart MeijrinkParticipant
they can’t take from you more than what you have deposited!
Be sure about that!
I would do just what Petok suggests: Forget about it!
There are people losing millions with the scam brokers and you lost $250. Feel like a winner 🙂August 5, 2020 at 15:10 #56056
Glad to hear from you again.
I don’t think they can collect this money from you. Don’t worry about this. Just don’t answer the phone ever again. I would suggest you change the number as well.
I don’t think you can do a lot from the MetaTrader because even if you close the trades, they will open new ones. Anyway, on the right side where you see the losses, there is the x box. Try closing from there.
As I said, ignore all and continue your life. Forget about it.
Cheers.August 5, 2020 at 0:53 #56000
Thanks for your prompt answer and the valuable advises.
Yes, I blocked my credit card and I am ready to forget about this loss (250EUR).
How ever there are still two issues which bother me:
1. The equity is going down to large negative figures, more larger then then 250. What if it comes to thousands? Can they request those bigger losses from me ?(yet they know my physical address). Can they send to me some collectors? What is the usual experience?
2. How to stop all this trades and limit them not to grow? I installed the PC platform MQL4 and there are a lot of tools to manipulate/control the trades. So, can you give me some simple tips how to stop those trades , all together , (better) one by one? What happens in I switch off the “Algo trading ” button (make it red). Does it stop the open positions?
I hope this is not too much to bother you and to waste your time.
MichalAugust 4, 2020 at 8:19 #55944
I am sorry to hear that you are still in trouble. As I wrote to you the first time, you have hit a bad scammer.
If you can not close the trades, it means that you don’t have any control over the account.
I think the trades that you see in the account are not real at all. This means that the profits you saw were not real as well. This is something on their platform. They have some algorithms to show the clients’ profits, and then when they decide losses. This way, they have a reason to start calling you and ask you for more money.
If I were you, I would block the card that I used for funding the account. They have your credit card details, and they can withdraw at any moment from there. You lost enough, so don’t let them get more! Sadly to say, your initial deposit was gone at the moment you funded the account.
I would suggest you not to look for any authorities because there are the other scammers. You can not recognize which are the legit ones. They might scam you from there as well.
What would I do?
1. Block the credit card that was used.
2. Don’t open their website/platform ever again (this will make you forget about it)
3. Start practicing with a Demo account with any of the trusted brokers on our websites, and take some courses to learn how to do it by yourself
4. Don’t ever depend on someone else to manage your money
I know 250 is not a small amount, and it hurts. But I can tell you that people lose millions daily because of the scam brokers. Just in Bulgaria, there are over 300 such brokers, and so many people know about it, but no one does anything. They pay to the right people, and they keep scamming…
So…just say to yourself. ” I lost the minimum” “This was an experience that will be a good lesson for me” ” I am healthy, and this is the most important.”
Cheers, PetkoAugust 2, 2020 at 23:55 #55862
[jankrafka] “can you share the name of the broker so we stay away from them?”
Thanks [Jakrafka]: I can share their name, but only after I get escaped from them. Other wise they may block my account and any payments because of contract violation.
May be I should block my credit card which would make any withdrawal returns impossible, because the CC is the only way for payments .
Still I am not sure. Does some one know how the could collect the negative equity/balance from me?
This the main question where I need help the fact thay my initial investment will be also gone. So sad….July 31, 2020 at 17:22 #55624jankrafkaParticipant
one thing I do to protect myself is that I do not use a conventional credit card but an “on-line” credit card that can only be used for internet payments and only the money that has been deposited-before hand can be withdrawn (just like a Debit card). You should ask your bank if they offer such type of credit cards…
- You must be logged in to reply to this topic.