EA Forex Academy – Algorithmic & Manual Trading Courses › Forums › Forex Trading Forum › How to recognize the Scam Brokers?
Tagged: trustful Forex brokers
- May 16, 2020 at 15:28 #47810DesiModeratorMay 16, 2020 at 21:44 #47811jankrafkaParticipant
hi, Aleksandrov… thank you for your reply. The name of the broker is GSI markets. In the past they asked me to deposit certain amount of extra money in order to make a trade with a lot of Crude Oil. I did, and that was profitable adding like $300 to my balance. Then I tried to withdraw that same amount of money that I initially invested for the trade, but they said that I could not do that because they would loose money if I did that. In the end I was able to withdraw, but only like one fifth of the initial investment. I should be able to withdraw same amounts each month… I would like to withdraw all but I know they would not allow that. Other condition was that I needed to increase my balance closing positives, otherwise they would loose… I also dont see how they would loose, this is not how they make profits as far as I know, thank you.May 17, 2020 at 10:33 #47829
Yes, this is a scam method. What you describe is exactly how they work.
There are some companies that deal with scam brokers, but at the same time, there is scam among them as well.
So the best thing you can do is to withdraw the maximum you can and never answer the phone as well.
Just open a Demo account with any reliable brokers. You can use the ones that Desi listed above from our brokers’ page.
You will never receive a call from them, you can always withdraw your money without questions asked.
And just start learning from scratch. But make sure to forget it all…May 17, 2020 at 17:32 #47841michalParticipant
Hi Guys, i am new here, but I will go strait w/o any introduction, because at the moment ,after I red this topic to the end, I think there is a situation with my (scam) Broker -trading account – the name I may share after I escape from then and get my money back – so, I need to act immediately and try to save my money as much as possible.
So, every think I red here, used to happen to me too. Here a short history:
1. I registered and got a trading account, I payed the minimum 259EUR=ca.270USD by credit card (otherwise there was no support , nor trading permit) , my personal manager (Senior Trading Manager) called me, gave me his Email for further communication and questions asking and we started trading. I rejected the Bonus (100%) in order to avoid the 3 Months restriction for withdrawals . I also send them the required documents to get certificated/approved for any withdrawals. So far, so good.
2. He tolled me not to touch anything , he will take care for me the first 3 months to show/demonstrate me how easy is to trade with their algorithmic software and make profit without doing anything.
3. The money was transferred (by them) to a new account (algo trading – Meta Trader 4) and I sow trades started by some one (Robot or my Manager -not clear ) and showing some floating Profits and Floating Losses which have moved with the Forex market curses. On the History Tab I also sow some profits (no losses), like 5, 6, 10 USD etc.
4. What surprised me that on no one trade there ware no S/L entries (stop loss), just T/P (take Profit). I asked my manager why, and the answer was ” we don’t need S/L, because they would produce real losses which we don’t like – only profits. (first signal for “something wrong “).
5. With the time, the floating losses became so big (-$12–$15) and they were so many, that my equity became close to zero . So, I ask again my manager what is going on, yet my money is away, but he tolled me not to wary because their “magic” software is going to delete such losing trades and my money is safe. In deed, one day ( and every time when necessary) the (big) negative trades were cleared – they just disappeared- but there was no booking /notes of them in the “History” . How was this possible and who payed those losses? This was the second signal for “something wrong “.
6. With the time the trades became so many and the negative (floating) losses also, which ended in the fact that, although there was a real profit of ca. 100 USD on my “history”, my equity is always very low ( much less as my investment) , so now I understand that I will maybe never able , even if they allow me, to withdraw my money , because, I guess, before I initiate some withdrawal, I need to close all my orders and the result will be very low (because of the pending floating losses to the sat pending trades).
7. Last Friday , after the market closed, I saw on the open trade list there is a (small) floating Profit of $5, balance and equity about $ 370 so , I believe, if I close immediately all the trades, I would be able to escape with a good amount, may be with profit too, provided that they will not create some additional restrictions to stop me.
So, please, help me what to do:
a) can I act right now ( Sunday afternoon , when the markets are closed), bu may be my broker would accept to close the trades and to initiate my withdrawal request, or it should be smarter to wait until Monday Morning ? The risk:When I wait, they may initiate tomorrow 01:00 another (new) trades with losses and my equity will go down again.
b) after I close those open trades and request withdrawal , shall I send them Emails to ask to transfer my money urgently, because I have financial problems (Covid 19 etc.)?
c) what, if they blocked my algo- account, not allowing me to close the open trades? Is there some hope to save the money in this case?
Thank you for you help in advance
MichalMay 18, 2020 at 9:54 #47923
I am sorry to hear from another person who was scammed.
I think you hit on very bad scammers. If the negative trades are just disappearing that means only one thing – there is no trading at all, you don’t have an actual trading account and trades opening. Those companies are just simulating some platform that has nothing to do with the real market.
Give it a try to ask for a withdrawal, but I don’t think they will do that. But of course, you have to try.
And the most important thing: WHATEVER THEY SAY, DON’T DEPOSIT MORE.May 18, 2020 at 14:30 #47964michalParticipant
Thanks Petko, I will try to withdraw, of course. But early Today they started another 6-8 trades, which show minuses (totally floating Loss by now ca. $90). This is not big deal – usually all new deals start with small minuses (correct??)- , but at the moment the figures are all minuses ( free margin:- $10 -s. screen here attached), so I think even if they proceed with the withdraw request normally, there will be nothing to take out. Unless I close all the trades (if they allow me) and consume the current floating Loss. But this may give them a red light and they may block my withdraw. Maybe I need to wait some time and hope to see better figures those days (as it was last Friday). I will report the result. So, thank you again : See U soon. MichalMay 18, 2020 at 22:26 #47971
Actually it is totally ridiculous that the broker opens and closes your positions…there is no such a thing in actual trading…
The brokers are there for us to give us the opportunity to trade. And we manage the trades – opening and closing.
So, just find a way to get rid of them.May 30, 2020 at 22:32 #49591VanParticipant
Ruuuun away, mate!
Why are you causing this to your self. Check out the trusted brokers that the Academy launched recently.
I hate the scammers….
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