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Dear Traders,
since we have more and more students coming to us after they were scammed by brokers, I would like to open this topic and give you some tips how you can recognize the SCAM Brokers:
1. After you leave your contacts online, they will call you immediately.
There are companies that are called Affiliates. They do the marketing and after you register with one of those, your phone number is given to many companies. That’s why most of the times even you register for one, you will receive many phone calls from many different companies. The first company that succeed to take your money pays the Affiliate company.
2. The first call you receive is from the “Account manager/specialist”.
Normally they do not use their real names and they are not located in the country they say(normally London or Cyprus).
Usually they promise you some kind of income and benefits:
-Automated robot with success rate up to 80 – 90%.
-Professional trader that will do the education for you, will monitor your trading.
-The company will receive 1-5% commission from every profitable trade you make, so they will make their best!
3. The MINIMUM DEPOSIT THEY ASK YOU IS 250USD!!!
Some will give you up to 100% bonus – this way after that you can not redraw your money – in their terms and conditions they have the condition that you can redraw your money back when you complete 30 times trading volume of your initial capital. As you can guess your money will be lost much earlier.
4. They will ask for your DEBIT/CREDIT CARD DETAILS.
There are many sales ways that will convince you to do that – they are licensed by Visa/Master Card, they have SSL, they will transfer you to their financial department(normally the guy that sits next to him), the call is being recorded and they can not loose their job if they do something wrong and so on…
5. After they take you the money, you will receive a call from their compliance department.
They will ask you to send proof of ID, proof of residence and picture of your CREDIT/DEPIT CARD with some hidden details, to make you forget you just gave it to them and they have your credit/debit card details already.
This way the Scam brokers protect from a Charge back. By sending your documents you approve the transaction and it will be nearly impossible to charge back your money with Visa and MasterCard.
6. After that you receive the call from “the professional trader” or “the senior account manager”.
In the first call he will ask you as many questions as possible – your job, your family, your income. The purpose is to understand how much money you have. If they see that you do not have much more money, it is very possible that you will not receive another call and your money will be gone with their “automated software”.
If you have more money – you will receive more calls. He will start making trading sessions for you/share his screen via skype normally, because skype is hard to be recorded and followed by the regulatory companies. They will show you unbelievable results – normally they control the price on their platforms and nearly all the trades they show you will be profitable. And the profits into your account obviously are not real. This way the people “see” in this “professional trader” the man that will change their life and make them rich. Obviously they will ask you for more and more money…
You should know one thing – these people have no idea about trading and they are just very very good sales men.
The outcome is different – the moment you want to redraw some money – they will not allow you and they will stop answering your phone and you will see how the money from your account are disappearing.
Some of our students shared that they redrew some of the money but not all they put in and normally it took them months. It is sad that even after the movie The Wolf of Wall-Street, the people continue to believe it and loose their money this way.
I will be happy if more people share their experience in the forum here so we can prevent some future scams..
For us is challenge to do it, because when our students come to us after they had experience with Scam Brokers, for us its much harder to the professional education to them, because they are very skeptical to the Financial market an that is understandable…
Anyway even you had that bad experience you should know one thing:
Trust nobody in trading, but yourself. That’s why you need to learn to trade by yourself and to create automated strategies ( Expert Advisers) by yourself!
I hope I was useful!
Cheers -
Dear Sir Svet, thank you for sharing that information with all. Unfortunatelly that was my first expirience with trading…i lost 250USD with a Scam Broker and with there “quontom code”software…but i can say that i am not sorry for that anymore. Because this way i started looking for professional EAs…software strategy builders and this way i found the academy, bought the course Portfolio of Forex strategies and EA Studio. Now i am with a profit bigger then 250USD. Of course i prefer if i did not have that bad expirience with a Scam Broker but what to do, that is life, we learn from the mistakes.
Thank you also for recomending me the good broker! I had already 2 redrowals and i feel alright now. -
Good you lost just 250 there..i was scamed twice and i can not belive how i actually gave met card details 2 times…
These people are horibale and they are just steeling our money. Now i restarted it all with a small trading account and with the help of the academy i think i will recover my losses. I can say that EA Forex Academy are really professionals and their courses will help anymobdy learn trading. -
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About the scam brokers, yes its the horrible part in the financial market. I do not know how the people continue to give cards over the phone and believe that someone else will make money and profits for them.
Thank you Svet, for the topic, I hope more people will reach to it, before they are burned.
For me, even the brokers with high spread are scammers. I had a student who sent me the statement with the GBPJPY Strategy from the Top 5 Forex Strategies with losses and in the same time with us it was profitable. After we compared the statements we saw that his spread was 12-14 pips…and even he was pausing on news and all was done properly, the balance was negative.
I really suggest everybody to make a good resurch before taking any actions to open live accounts.
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Hey Peter,
Yes you better change the number…the problem is that your number is not with only one but many.
This happens because you have registered on some Ad, but this Ad was from Affiliate(this is how they call themselves). After that they give your number to many brokers, so the first that succeeds to deposit with you, will pay the to Affiliate. Overall the Affiliates are the once making the sweet money.
Keep your head up always when dealing with anyone over the phone. -
O, Svet I give a fortune to go back in time and see your topic. This is exactly what have happened to me. Such scam brokers exploded 3 real accounts of mine. Lost more than 10k. Anyway now I am smarter and have already profits with Petko’s courses. I will try to be smarter and trade with good money management(trying to forget the loses I had before, just taking them as a lesson now to avoid the scam brokers)
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I wanted to share my experience with the Scam brokers. I wanted to start trading few months ago and I started to watch videos in YouTube. Then I saw that it is possible that to be done with robots. I understood that meta trader is the best platform with that. I started looking for brokers that offer meta trader. Then it happened to me the same thing above explained by Sven. I registered for two demo accounts and they started calling every day. Then I realized that this is not normal and started looking for scans brokers. I found that topic and I am happy that it was here. Already registered with legit brokers and took the pack of the academy and I am first taking professional education before start trading without any idea…I do believe that this is the right way and I thinks the Academy for all the support and professionalism.
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- I have also been scammed by a whole host of brokers and services. I lost my business, my house, and my boat as a result.
- It started when I became ill and couldn’t work for many months and an employee took advantage and stole all the liquidity out of the company in my absence.
- I was trying to save the company and recover the liquidity and a friend trying to help introduced me to managed binary option accounts. He was having an amazing experience and his account was growing rapidly. Several people went in on this after the people who had invested earlier were getting payouts. Turned out it was a ponzi scheme but before this came apparent the mindset that you could make money with managed accounts set in and I was surrounded in a community that believed the same. I am not by nature a gambler and I am a hard worker and don’t give up easily, but because I was so vulnerable due to my situation, I lost alot and it destroyed me.
- I had this very wrong and vulnerable idea that they can’t be all bad. I wont go into all the details, but I think I have been through the most. Also, I did not want to learn to trade as I was so busy trying to save the company (before I had to let it go), and learning to trade is no easy or quick task in my opinion.
- Today I am still learning to trade and I am getting better all the time, but for me it has not been easy, and it is even harder when you are under tremendous pressure. I am in a group of traders where about maybe 10% are experienced and doing very well and are somewhat willing to help other learn to trade. Why I mention this is because, I cant imagine any of the successful traders I know even being willing to to trade someone else’s money. Why would they, they can trade their own money and they have lots of it (several I know trade between $500 to $2000 per pip). They don’t need the pressure of handling someone else’s account nor do they need another’s liquidity (which would be insignificant to their own capital). If they really wanted to help someone financially for whatever reason, it would be less hassle for them just to send some money.
- What I have learned from this is that easiest way to identify a scam (because they come in so many forms) is that it is not reasonable that someone is investing in an email or telephone list and taking time out of their trading or leisure time to call around to people they don’t know to get small amounts of capital to trade with if they are any good. No matter how nice or convincing they are (scammers are good at this), there is no logic to this, and they will sooner or later blow your investment. Either they are an outright scam, they are an unprofitable trader, or they are a risky trader who may have good periods but sooner or later will blow it, and that is why they want to trade with somebody else’s capital.
- A successful trader will have so many people that know them personally that are begging and nagging for them to trade their money for them, but even then, they probably won’t. Some may like to help others to learn as a way of giving back, and there are some real decent people and services, but they are rare and they are very unlikely to need to be too aggressive with marketing, not to mention cold calling people up.
- The problem is that bad traders know all the lingo of the market and because they can’t trade, if they are unethical and a smooth talker, they get by from useless trading services and scams.
- Don’t get me wrong, it can be lonely as a professional trader, and there are those that like to have a side hobby service and/or enjoy the community feel, but these are rare are very hard for a newbie to know the difference. If you have taken any of Petko’s courses and are not new to the learning process it’s not that hard to see he knows what he is talking about and has alot of experience in his field.
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Dear Mike,
thank you very much for sharing the whole thing with everyone. I do believe that this way you will help many students never to “BELEAVE” that someone will call them over phone and will make them rich…unfortunately there are still 100s Scam brokers companies operating all over the world which are doing it.
Anyway, you have now the Mega Pack, you have all the necessary tools to create robust strategies. The bad experience you had will help you to be more strict in taking risk and to keep a good money management with your accounts always. -
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Hello everyone,
I’ve come to scam brokers who tried to get me into their scheme, but for my great happiness I managed to avoid them. The scam brokers have wanted to invest my money and they said me thah will manage them, but I have been heared about Scam Brokers and I don`t trusted them.
I think that everyone who have bad experience with Scam Brokers and can share with the people in the forum can be protect them from scam brokers, beacause there are many bad stories about them. -
In some courses of the academy you can see lecture about the Scam brokers with advices and different situations in which you can easy recognise the scam brokers. It will be useful for everyone, mostly for the begginer trader, which are attacked often from scam brokers, and they want to take you your money. Be Carefull!
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Hello Laura,
thank you for your advice. Yes, I saw the video about the Scam brokers in many courses of the academy. I think that everyone NEVER MUST BE TRUSTET IF ANYONE CALL HIM AND SUGGEST TO MANAGE HIS MONEY!!! It is clear that it will be totally liar and everyone at first must be read this topic or see the lectures about Scam Brokers from the Petko course, because “people this is your money,do not give them to someone who will lied you!” First of all you can learn a lot and than you can trade alone, without someone who promise you that will be manage your money (Scam brokers, again!) Be carefull and read the first publication in the topic “How to recognize the Scam Brokers?” -there are really many advices that can be protect you!
Cheers!
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Why people do not study for trading and rely on that someone (the scam brokers) will be manage their money? I think that all money that you give for someone who “promise to you to manage your money” you can invest for education and for courses. Yes, it is takes away more time, but it is more reliably
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If I may jump in and add a bit of advice.
Always check, check, check if the broker you’re looking at is regulated (and where).
Do NOT trust a line on the website that says “We’re regulated by XXX (insert regulator here)”.
Make sure to go to the regulator’s website/register and find that broker there.
Important note! – Double check if the broker is licenced/registered or regulated. There is a difference.For example: if a broker is regulated by BaFin (Germany), but registered in ACPR (France) and FCA (UK) if you have a problem – you have to contact BaFin, not the licence providers. You can contact them as well, but they will only be able to forward your inquiry to BaFin, instead of handling it themselves.
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I read the EA BLOG and this article https://eatradingacademy.com/crytpocurrency-trading-brokers-exchanges/ and for first time I saw the term “Scam brokers” in this forum. I am really surprised how many people shared their bad experienced with the Scam brokers. I have never before heard for them and this is really new thing for me which will be very useful in the future, because I am beginner traders. Thank you for the academy and for everyone who share this information!
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Dear friends,
I decided to share my bad fortune with the brokers, even I wanted to keep it for my self and just forget it, I do not think I will ever forget it.
However, I have decided that it will be more useful if I share it…
It all started last September when I have registered for some online robot that brings 90% profit on monthly basis, I do not know I could have believed that I why I did put money it to it. By the time I realized that this is not real, I have funded the X company with more than 25K euro. These were my savings for the last 3 years.
Last month I came across to one of the courses from Petko, because I decided that this will be my job(after I have earned more than the invested capital in 8 months, my account was over 60k with the account manager).
Than going over the course from Petko, I stated to doubt the methods and the systems this manager was following, and finally I came to this topic and realized that it was all a lie. I started to ask them to redraw some of my money, and there were always reasons to be refused. One day they stopped answering the phone…
Even I am not going to practice trading anymore(or for sure until I forget this all), I am happy I met the courses of Petko, because he made me realize the stupid mistake, and if it was not him, I would have placed more money into that company. So I am very thankful to him, and that he is one of the few people who fights the scam brokers and helps the students to recognize them.
So, what to say more, if you are reading this and you still did not fund an account with any broker, consider yourself to be lucky and a winner already.
Anyway, may be when I save some money again, I will go over the courses from EA Forex Academy, and do trading by myself, but for the moment I do not have nearly any money left and my mind is so tired that I do not think I will be able to do it…just want to forget it..
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Mates, you were lucky all reading this topic…
I came to EA Forex Academy after many losses with the Scam brokers…
Feel so stupid I trusted these guys because they made me feel so good and relaxed that my account was growing, while it was distinguished
That is great topic and I am sure that it will help to many people. Just read carefully all in the first post of this topic. It explains it all in details.
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Most of the time when you get such a bonus there is some hidden information like “You need to trade X number of lots before you can redraw your funds”
This is a little bit tricky because they hold your money. Normally they can’t, if they are regulated. So once you make a redraw they will just take the bonus.
So it is more of a tool to hold you money longer..anyway these are practices of the regulated broker, and these are not Scam brokers.
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I am nor sure how regulated are the regulated brokers. Even having FCA, I am sure they can do many scam things.
It is obvious that the regulators take a lot of money to keep them regulated, but I wonder what they can do, even they have the FCA on their page.
Of course it is not like with the Scam brokers where you can not take your money..
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Hello Andi,
Yes, you are right, it is very expensive for the broker to have FCA or any other huge regulation. This brings the trust into it, and more clients obviously.
One of the things that regulated broker can do is to slow down the execution of the trades with couple of seconds maximum. How ever that is a problem for the scalping trader, or for the EA trading on M1 chart.
That is one of the reasons I choose M15 and higher time frames. Yes I use M5 and M1 but with higher time frame filters, so even having a small delay wont effect the trading.
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Unfortunately 1000s people get scammed every day, and we can not do anything about it, except having the forum with this topic in here. The Scam brokers will continue their work, because those that close doors, the move to another country with different name, until they are closed again, and again..this is how it works nowadays.
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This topic about How to recognize the Scam brokers is really useful!
I had a friend who was nearly scammed. He called me to ask few questions because he knew that I have been trading from quite a long time.
From what he said, I was sure that this was a Scam broker. I sent him the link from this page, and he actually realized it.
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If your phone gets in their data base, you will receive calls from many different Scam brokers because the companies that collect people via different marketing tools, they will share your phone to many Scam brokers. The first one that succeeds to scam you, and take your money, will pay. This is how they work.
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I can not believe that those Scam Brokers are still the same? I can not figure one thing out:
Why the regulations regulate only the brokers that pay to them? How about the rest?
Imagine there are laws only for the people who are paying taxes, and they other can do what ever they want. It will be chaos!
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Hello Mery,
we can not list the names of the Scam brokers for a few reasons:
- they are thousands
- they change the names frequently
- some of them become regulated with the time
- we do not want to promote any broker because placing a name is still a promotion
The topic is useful because you know how they work, so everyone who reads it, will know how to recognize the Scam brokers
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Hello Petko,
I understand your point. I didn’t imagine that there are thousands of scam brokers around the world. I am sure they changed names because every illegal company does it. Very good point of your seat you place the steps how to recognize the scam brokers because in this way everyone who has experienced something like that will recognize it immediately.
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Hello Mery,
Unfortunately, we cannot place all the steps available from all the brokers because they all operate differently and they always invent new methods to scam the people.
This is why I have open this topic in our forum so everyone who had this bet experience with scam brokers can share in here and this will help a lot the new traders who are looking for their next trading broker or for their first trading broker.
And I’m very happy that already many traders shared their bad experiences with these illegal companies and I hope this will help the community and the traders in this forum to share more of their stories.
And yes they changed names all the time because in our days market when we have online forums, blogs, review websites, it is very hard for the scam brokers to keep operating because obviously many people complain and they cannot keep scamming the people with the same name.
I really hope that the regulations will start as they should and they should not only monitor the brokers that pay the yearly subscription but always control the brokers that are dealing with the financial markets.
Every experienced trader knows that the regulated brokers are paying a lot to these regulation companies just to have this regulator sign and the regulated number on their website which brings kind of trust in the broker.
I hope that with the time there will be authorities who will monitor all Forex brokers and this way the scam brokers will be eliminated. Unfortunately, till then, many more will burn and many more people will lose their savings investing in something unrealistic.
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As I have already shared in this topic, I was scammed so bad that I couldn’t do anything. I tried to complain to many places but it was useless.
So I really do not believe that these people will be caught. No way…I hope so, but no way…
BUT I found Petko and Forex Academy, and all is great for me now…
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A funny thing happened to me the other day. I was at home and I got a call from “professional trader”. It was from a broker where I opened a Demo account looking for a better spread for the EAs…
The guy said that if I put $200 to open a live account, I will make 85% profit with their secret robot. I asked him smiling what is the robot they use? He said that it is a “secret”. And then I asked him What are the entry and the exit conditions for the Expert, and he had no idea what I was asking him. I had to repeat the same question three times before I hang up the phone. He called me 6 more times in the next 5 minutes and gave up…
It was nice to see a professional trader calling someone to open a live account, having no idea about Experts. I do not know how people get on that.
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I came across a binary options broker page in 2013 through an online ad I came across while reading a magazine. It said, “1000 USD will be earn in a week! Please click here!” I didn’t know that I would lose a lot of money because the site looked very serious and decent. Back then I had no idea at all about home being able to buy and sell stocks through binary options. At that time I lost a lot of money at 2 broker sites (OptionFair, CedarFinance) At OptionFair there was a guy called Rotschild and called me all the time to transfer as much money as possible despite losses as I can only learn more and more by trading.
As time went by I realized that these people were trying to deduct all my savings. I have cancel the contact with a big anger in my belly and a loss of 20.000 USD . Incredible!!
I wouldn’t never thing that’s such pirates are doing their unkind in public newspaper.
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Hi Centcel,
Welcome to the Forum. I am so frustrated to read such a story. That sounds really like a nightmare!!!
Good job you share your experience and I am sure this will be very useful to others. Unfortunately, most of the people that shared above found this topic in the forum after they have met the Scam brokers.
I think central banks and regulators should take some action against these companies. Anyway, they will just keep doing it…
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To Ian Bibian
Very simple
1st, I found the ad in a German newspaper. The ad title sounded promising and it saw very seriously even more than I opened the page. It was simply incredible the page looked very professional.
2nd, After I had contacted with the enterprise a responsible person would trust me to. He suggested to me to use a bonus system which was connected with conditions in which I if I should lose the amount may retain but then the whole amount must use before I can deduct it.
These so-called scamers knew how to see customers win it and sounded all so professional that if you are an absolute beginner from online trading through binary options are actually delivered and especially if these assholes lure your victims with ads.Very sad but true!
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Thank you Andy from your warm welcome!!
I know people..I was so stupid and naive I didn’t notice this trap. Now. I trully hope Petko’s teaching will help me to identify fraudsters better and to how to learn to trade succesfully.
Since these Scammers always come unencumbered of it I hope in this forum the necessary knowledge and the counterweight to form against these criminals the actually now allegedly so much money have and thus the laws use around your activities float.
There are so many gaps in the law therefore they always come of it.
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Welcome Centcel!
I would look at ForexPeaceArmy.com to see if the broker you’re considering is blasted for scamming. I only use regulated brokers and do a lot of homework before I let a single penny leave my account to a broker. If the broker is registered by your region’s regulatory body it’s a good sign.
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Centcel, welcome to the Forum from me as well! We removed the links you placed because we want to make sure that people will not click on them and by mistake get involved with the scammers. I know how engaging they are and how good they are to cheat the people.
I am very honest in my teaching and I never promise results. It depends a lot on the students. Already many succeed to profit with the systems I teach, but some effort and time are needed.
However, try to forget as much as possible the bad experience you had. Trying to recover is much harder. Just say to yourself ” Alright, that was a bad lesson, now I start trading from zero and I will depend only on my knowledge and skills.”
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@centcel I know these bonuses most of the time as pain in the as.! I have used one time and never again.
I am sure the education of Petko will be very useful to you. I learned so much from him and my trading turned positive. Also, if you can afford the EA Studio or FSB Pro (both is best) after time, you will find that it is actually easy to generate EAs, test them and trade with them.
This way we depend really on ourselves and the EAs we create. Of course, you need to be very smart with money management. Do not risk a lot before you are sure in your EAs.
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Such a sad story. But I can tell you that you found the right person as Petko. His courses are rally useful and most of them are based on EA Studio and FSB Pro which is unique. You can not find much videos about these programs.
my trading is totally different since I got in here…I am sure you will find you proper way of trading if you put some effort and time into it.
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Petko is absolutely right!
Recently a friend of mine started working as a trader :) He has not any experience and I was so surprised that they hired him. It turned out that he was put on the phone to call people and take their money. He quit on the second week. Imagine! His education was 2 days… and right after that, he realized that he was not supposed to learn trading or something like that but to call 100s of people daily. What a shame for these companies.
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Hello all,
as some of you may know, before I came to the Academy and met Petko, I was scammed really bad.
So here is website I found with blacklist companies, and I taught it would be useful:
http://www.scamchargeback.net/blacklisted-brokers/
Petko, if you decide it is not proper to have it here I understand, but I believe it might be useful to many new traders to avoid really the scam brokers. With this topic you have protected many, I am sure about that.
Also, I saw that on this website people can claim for chargebacks from the scam brokers. I hope it works…
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Hey Haliffa,
I had a quick look. Let it stay. I hope it could be useful to somebody.
I was planning to make something similar on our website, but I really do not want to spend time on that because the scam brokers are getting more and more, and I whatever we do we can not cover them all…
Maybe we can make a page with tested brokers, even that would be accepted as a recommendation, it might save a lot of money to many people. Simple, protect them from the scammers.
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I had a funny call today :)
Somehow they got my number and a girl(sounded like 14 years old) started to talk about the financial markets :)
I asked her a question: ” Can you tell me when is the swap charges?”
After 10 sec pause, she said that they do not have a swap hahaha
After that, the manager switched(obviously he was listening to the call) and guess what, he said that their swap was 20%!!!! Unbelievable!
It means that if you keep your trade opened for 5 days you will zero the account…
Really try to stay away from these people…really!
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Hello Petko!
The huge problem with the Scam brokers is that they keep working even everyone knows about them. I have read so many articles but still, they go…why? No one to stop them or they just pay a lot to the higher levels…
I think it would be very useful if you make a list with trustful Forex brokers and place on the website. I know you do not want to recommend brokers but it won’t be a recommendation. Just help for the beginners, what do you think?
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Hello Code D,
Glad to hear from you. Yes, many students ask us daily and send us mails to ask for trustful Forex brokers. So far I have been avoiding that but I think really do add it in the near future. It is in our plan and still considering how exactly to do it and which brokers to place.
Why I avoided so far to place trustful Forex brokers?
- if I find out that some brokers are good for me it does not necessury mean they will be good for the others
- if one broker is trustful till now it can change at any future moment
- the different brokers have regulations in the different regions
anyway, I do believe it will be more useful to very beginners because we will help them with the choice and definitely keep them away from the scam brokers.
It is in our plan so probably it will be on the website till the end of the year.
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Petko. I think having such a page with trustful brokers will be very very useful for us and as you said for the beginner traders.
I shared in this topic how bad I was scammed and I am sure that such a page will help many, and you will protect them.
Of course, it does not mean that people should open an account with the brokers you list, it is their choice. But at least, they will have an idea about some regulated names.
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Hey Thapelo,
yes, I would suggest you always to be with your eyes opened about the broker.
What you can do is to run on another regulated broker the same EAs in a Demo account and compare the trades.
This way a very small difference is possible but if you see a huge one, that would not be normal. And keep in mind that the second broker will not pay attention to your trading because it will be just on Demo.
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Hello Petko,
I’m waiting for this post for trustful Forex brokers because nowadays there are so many scam brokers and this post will be really useful for us.
I know that you do not want to recommend any of the brokers (you say it in every your course), but it will be really great to share your opinion with us.
Have a great day! Cheers!
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Wow, I have never heard about these Scam Brokers, and this topic will be handy for me. I will be so cautious with them! I will wait for the new theme from Petko Aleksandrov about trustful brokers too! It is great to have someone on our side when we are learning how to trade precisely!
Thanks, Petko!
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Hello traders!
Finally, we have added the Brokers page on our website. It is called Trusted Forex Brokers by Forex Academy students.
My team did the hard work to review all e-mails, forum questions and reviews we got from our traders about brokers and we came up with a list of 3 brokers(for the moment) that are most reliable and many of you have tested.
I hope the page will be useful to everyone, especially if you are new to trading and if you have a hard time selecting a broker.
Again, do not take those brokers as a recommendation, the choice is yours, there are thousands of Forex brokers, we just wanted to make it a bit easier for the beginners and most importantly to keep you away from the Scam brokers.
Cheers,
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It is clear now, our days when everyone got so smart with the trading experience. So many talks and information about scam brokers, so almost ALL of them seem to be a fraud. But back to 2015, I remember this uplift moods with CFD and binary trading companies. I felt that here it is..easy money. Just learn a bit how to trade or even better..The brokerage company would admit to you a personal manager, who would trade on your behalf. And there is a simple logic behind that idea too. “we profit when you profit..” Agree with me, it wasn’t easy to resist those brilliant opportunities!
This is how I lost over 150k just in four months. And the company, who scammed me was quite reliable and even regulated. They called “Opteck” and they convinced me that if I invest over 50k at least, they would provide me a personal broker to trade for me. And in the beginning, it was very successful, I ‘ve seen profits. Later on, they asked me to add more in order to “enforce” the account. And I did. After was a different excuse and so on…
At the moment I wanted to withdraw, they kindly reminded me about bonuses, added to my account (without my consent!), which had to be worked out by adding trading volume. Yeah, I know, I’m stupid that continued adding more funds in order to get back my own…
Making a long story short, I say that multiple efforts to get my money back didn’t bring me any luck. My bank refused to “chargeback” since I had my trading account verified, many “recovery experts” sucked out more money with no result and I had my self on the edge…
In the end, I found a good, reliable company, whos lawyers managed to get me almost full amount, that I’ve invested in Opteck. The company called
Scamconsulting SCC and my lawyer Mr. Rosenberg deserving huge gratitude and admittance of excellent job done. But in the end, I want to warn everyone here, there are no easy money, there are only people, greedy people, who want that money from you!
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Hey Zachargromov.
I really appreciate that you shared your story. I believe it will help many people, and unfortunately, we can not do more than sharing these bad practices so more and more people get aware of them.
Anyway, I am very happy to hear that you got almost all of your money back. That does not happen quite often, but you did not give up, which the key point!
Glad to have you in the forum!
Petko A
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My broker is telling me to just open positions without Stop/loss and just leave them there until they make a positive profit. And that if I close a negative position the company/broker will also loose…. is this for real? or is this just a scam strategy so that I never should be able to withdraw all my money? (since I need to have all my positions closed in order to do that).
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Hey Jankrafka,
Yes, this dosn’t sound right. I never heard of that.
First, a legit broker should not give advice.
Second, they should not place such conditions.
And third, you should be free to open any type of positions – with SL and TP, without, mixed, anything that you like. And most importantly you should be able to withdraw at any moment you decide.
Please, have a look at the trusted Forex brokers we have on the website and get rid of the scammers.
Cheers.
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thanks for the reply Aleksandrov… may I consult further about the advise they are giving me? they tell me to open positions without stop/loss – take/profit orders (to not over complicate things), stating that if a position goes negative… that really should not matter because a loss is not really considered a loss until you close the negative position… and that I could just leave those negatives there for weeks/months until they become positives (this mainly for forex). What I am starting to see is that some negatives are becoming huge negatives, and not sure how ‘healthy’ it is to just leave positions opened hoping that some day they will turn positive. Even if I have enough margin, my current balance just doesn’t feel ‘real’ and also that I may get stuck with negative positions for a long time. Would you recommend this strategy… or do think they have something up their sleeves aiming only for their own profit? thank you.
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Hey Jankrafka,
Yes, this is how the Scam brokers work. When you run out of Margin(and it will happen one day if you leave all the negative trades) they will ask you to deposit more money, and you will have no other choice. The final result? You lose, they profit.
What is the name of this broker? And did you try to withdraw money from there?
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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.
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Hello Jankrafka,
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…
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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
Michal
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Hey Michal.
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.
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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. Michal
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Hi , time to report again
As stated here above, I felt in the trap of one Scammer. Invested 250EUR= ca. 270USD
They transferred the money (without asking me) to a new account called “algo trade”.
After I recognized that they are a scammer (s. here above) and following the advises from Petko and this forum, I started/tried many steps , like this:
1. I ordered a withdrawal of my investment (ca. 300 ) back to my credit card, but they did not fulfilled it: On my account /transaction history they put “pending” and after 1-2 weeks “Canceled”.
2. Then I started writing them to all known Email Addresses, like “Customer service”, “Compliance”, Personal advisers etc.: They confirmed that my documents are OK and my identity is proved, “Claims ” etc. . I tolled them that now -corona time- I have financial problems and I need badly my money back, and I will be back, etc.. NO REACTION. Just computer answers, like “We received you mail and our customer support/personal manager will come back to you soon. Once they answered “As you are using a third party software, there is nothing which we can do” What does this mean?
3. Mean wile many mans called my offering me new deals and more to invest, but once I tolled them that I am waiting for my money back, they just closed the line.
4. Finally one guy tolled me that according to the special “automatic trading contract ” (which I ‘ve never signed), I need to send them cancellation notice and after 90 days they will close this account and send back the money.
5. What to do? I sent them the “90 days cancellation Note”. Since that time my tragedy has started. The Equity began to follow down quickly. Today the Balance is 600 ( so they made a reasonable profit in the last 3-4 months), how ever there are many open trades with no S/L entries, with big floating Losses, like 25 to40 $, witch leads to a current floating loss of ca. -700 $ and the Equity shows -250. So, if the do with the same tempo, nothing will remain after 90 days the equity may reach unlimited amounts.
6. I tried to close some open positions/Orders : <Select/right click/market execution> but nothing happened. Just Messages like “Your order is being proceeded” + “Time OUT”. So, it looks like I have no power to operate on this “Algo Trade”- Account. I am using the WEB platform, shall I try with the PC _APP which they offer to download too?
So, Can some body help me with some advises? Please?
A) How to understand the negative Equity? Do I own them this money? I have no credit line with them, but in the same time, I don,t know what is written in this “auto trade contract”, if there is such one al all.
B) Is it usual that one normal broker let you trade down to negative equity and that he requests the negative amount. Yet they got my IDs and know my address.
C) Shall I block my credit card- the only payment instrument they know?
D) What else to do to protect and save myself?
E) Is there a official authority where to claim and ask for help?
Please, help me to escape.
Thank you
Stay healthy
Michal
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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…
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[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….
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Hey Michal,
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, Petko
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Hi Petko,
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.
Stay healthy!
Thank you!
Michal
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Hey Michal,
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.
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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?
Thank you!
Stay healthy
Michal
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Hey Michal,
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!
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Hey Simon,
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…
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