Unfortunately, according to statistics, more than half of brokers in the forex market play a dishonest game, that is, they resort to methods of deception and fraud in order to get money invested by traders.
But it is not always worth loudly declaring that the broker is a scam (just the same method of fraud that many unscrupulous owners of trading platforms use), if there is no weighty evidence and it only seems so to you (fraudulent brokers).
Of course, if a broker starts doing suspicious things, it instills a lot of doubts, but until the situation is resolved, it is better not to jump to conclusions. We have already talked about the story of one client who lost her entire deposit, in which she invested a fairly large amount. The story stopped at the fact that the client was often written by a specialist analyst assigned to her as a kind of curator. He offered her to deposit some more so that they could “bargain” and return at least part of what was lost for unknown reasons. Perhaps the fault was inaccurate forecasts of the exchange rates of currency pairs or simply there was a technical failure in the operation of the site. The sequel was not long in coming.
FTO Capital and Urfinancials are scammers!
The client did not really want to communicate with a specialist, as it seemed to her that psychological pressure was being exerted on her. In addition, for personal reasons, she could not answer – there was not always stable access to the Internet. Due to the fact that she did not respond, the broker FTO Capital (https://www.ftocapital.com/) apparently “got a little upset” and decided to take matters into their own hands. He blocked the client’s access to her personal account, perhaps so that she could not interfere with the “correction” process, although it is difficult to say for sure.
A little later, she received a letter stating that the broker had been bought out by another company, Urfinancials (website: https://www.urfinancials.com/ru) and the client, along with other traders, was now being supervised by the new company. The trader immediately had hope that he would be able to communicate more comfortably with new specialists, so he issued a complaint-request, in which he asked to deal with the problem of the merged deposit, and, if possible, help in its recovery. The client wanted to withdraw at least part of the money so as not to be left without anything.
The new company took note of what the client wrote to them and offered to discuss everything over the phone. Unfortunately, at that time, the client was out of reach of her operator’s cellular communication, so she asked to write to her by mail and explained the reasons for this. Also, in a letter from the new broker, it was written that the company would negotiate with the management of the FTO regarding compensation for the inconvenience provided to the trader, which would be credited to the client’s account.
A little more time passed, which the client spent in pleasant expectation of compensation and quality assistance on her issue from specialists, and the broker contacted her again. This time, rather strange information was received – in the client’s previous personal account, that is, still on the FTO platform, there is one unclosed cash position that should be closed, otherwise they will not be able to help her in any way.
The support service asked us to contact the FTO specialists and somehow solve this problem, since with an open position, the customer complaints department will not be able to begin to consider the claim and take any action on it.
So far, we have no information on whether the customer has contacted FTO support and answered anything. But we, as a trader, are waiting for the continuation of this story and still hope that all these episodes are just ridiculous accidents and coincidences. We have already published a complaint against FTO Capital, it is worth studying it and beware of the broker.
How to protect yourself from possible fraud?
In order for forex trading to go well and you don’t have to be nervous about falling into the hands of a cheater, it is important to follow some precautions. For example, through an open database of legal entities, check the founder of the broker company with whom you want to start working. If such a person really exists and is directly engaged, for example, in binary options and at the same time does not have a lot of additional activities that have nothing to do with finances, then you have less reason to worry.
It also does not hurt to check the company itself for registration (rating of reliable brokers). If the organization does not have a license, then it cannot carry out any serious financial transactions and acts as a simple site. It is because traders do not vet companies that they can be scammed out of money.
In addition, it would be a good idea for you to carefully read the reviews of other users about the broker (traders’ complaints). There are many sites with real reviews, usually these are completely incorruptible portals, where comments undergo strict and multi-level moderation before being published. If the site administration notices obvious signs of slander or unreasonable praise, it will not publish such a comment. You can also visit thematic forums where traders communicate, where they share their experiences and tips. There you can ask other users if they have encountered problems with a particular broker and whether you should trust him. Traders are not interested in lying to you, because you are all colleagues and play one fair game, so they will gladly help. In addition, no one wants to be treated the same way as he can treat a beginner or a person looking for help (is it possible to return money from a broker?).
Be attentive to all the details and do not be lazy to check everything that can reveal the “true face of the broker”. This is for your own good, if you do not take care to protect and protect yourself, then hardly anyone else will. Remember that not everyone will play fair on the stock exchange and many will want to “weld” on your naivety. Be careful and vigilant, as well as be patient and then no one will deceive you (chargeback instructions on eto-ravod.ru).
