It is no secret that the forex market has become a very convenient and profitable platform for the development of scammers. Mostly, of course, these are unscrupulous brokers who “catch” naïve traders and drain their deposits (blacklist of brokers). But there are other scammers, such as companies that promise to give you back the money you invested in the broker. There are even more deceivers among them and usually they take an advance payment and disappear from all the “radars”, stop answering or say that they do not understand what they want from them.
Do not jump to conclusions about the broker if your balance has been “drained”, but experts continue to communicate with you and try to fix something. As a rule, scammers immediately go “to ignore” and stop responding so that they are no longer touched.
History of the FTO Capital trader
One of the ambiguous situations is the one that happened with one client of the broker FTO Capital (website: https://www.ftocapital.com/). A complaint about this was previously published by us here. It so happened that for some reason the trader lost his entire deposit. It is difficult to determine the real reason for this, but the specialist analyst who supervised the client’s account continued to communicate with her and asked to replenish the deposit with a certain amount in order to “bargain” and return part of the money for withdrawal to the trader’s accounts. The client was unable to respond to such an offer, after which she was denied access to her personal account. There are two options for why this was done:
- The specialist decided to “resolve” the problem on his own and, so that the client did not suddenly log in at the wrong time and did not cancel profitable deals due to ignorance or carelessness, she was temporarily “isolated” from her account.
- The company considered that the lack of a response from the client was ignoring the broker and simply suspended her from work.
However, it later turned out that another broker, Urfinancials (website: https://www.urfinancials.com/ru), bought out FTO and, accordingly, all clients came under his leadership. When the client complained about the previous broker, she was told that there was a chance to receive compensation, but she needed to close an active position in the FTO personal account (traders’ complaints). Where this position came from is still unclear.
Continuation of the story with two brokers
After the client was told that she had an open position, she wrote to the FTO support service to be given access to her personal account again, where she could close the position and continue to communicate with the new owner of the broker.
FTO did not ignore the client and replied that in order to log in to her personal account, she first needed to provide some personal data. Like, this is necessary so that the company can find an account in the system and check why access to it is not provided. The client, of course, did not resist and provided everything that the broker asked her to do, since at that moment it was in her interests.
After that, the broker suddenly fell silent. That is, he did not send a response to the message with personal data, and also did not respond to the client’s repeated attempts to reach out to the FTO again. The trader first waited to see if they would answer him, checked several times to see if they had opened access to his personal account. There is silence everywhere. The client wrote to the support service several times to clarify whether they had received her messages, why they did not respond to her.
Perhaps the specialists were just working on the problem and until it got off the ground, they simply did not see the point in answering, because, in fact, they would simply “feed the client breakfast”, and she would not like this and would instill more doubts about the honesty of the broker. A concerned client turned to a second broker to be told what to do next. Perhaps she misunderstood or did something, and a look from the outside would help solve the situation. Urfinancials, in its response message, asked to forward the letters that were sent to the FTO support service. It is not entirely clear why they needed them, but the client understood that specialists knew better what and why they needed them, so she did not resist here either.
Later it turned out that both companies tried to call the client, although she had previously notified that she could not resolve issues over the phone. She mentioned it again and asked me to write to her in the mail. The second broker, apparently, talked a little with FTO support, and the client was sent details for authorization, but she could not enter her personal account for some reason, the service was still unavailable and indicated that to solve the problem, you need to contact FTO support.
The client wrote to the FTO again and attached to the letter a proof that she could not log in. At the moment, the answer has not yet been received, but the case has received at least some development, the client is a little inspired, as she sees some attempts to fix something, although she understands that it will not be as fast as we would like.
Be careful and attentive, “do not be fooled” by the first broker!
How to choose the right broker?
When you are faced with the question of choosing a broker, then carefully study its history. For example, whether he has a license to work and, accordingly, official registration as a legal or financial company. Is the founder of the broker a figurehead and how long has the company existed in the binary market? For example, many claim that they have been providing services to their clients for many years, but in fact they started their activities only in the past, or even this year (rating of reliable brokers).
Also, always carefully study what other users of trading platforms write about the broker. For example, someone could already earn a sad experience of working with a particular organization and is now trying to convey this information to other traders. Visit forums and other review sites to be prepared for anything (is it possible to get money back from a broker?).
You need to learn to understand which of the reviews could be bought, and which is real. And it is important to make it a rule that reviews cannot be trusted on the broker’s website itself – you must understand that negative comments can simply be quickly deleted there, and positive ones could be written specifically to attract naïve traders. And this applies not only to brokers, but also to pseudo-law firms that promise to help you get your money back if you have been deceived (chargeback instructions on eto-ravod.ru).
