The story of the client, who had between two brokers – FTO Capital (https://www.ftocapital.com/) and Urfunancials (https://www.urfinancials.com/ru), received its long-awaited continuation. We published about it here.
Recall that it all ended with the fact that the client received the details for authorization in the FTO personal account, but she could not do this, which, accordingly, notified the broker.
Continuation of the trader’s story with brokers Urfinancials and FTO Capital
Later, she received a message that she needed to log in through a special MT4 program. The FTO wrote to her about this and attached new login IDs in the letter.
The client tried to log in as she was told, but this did not lead to much success. She even tried to log in in two different ways, but still to no avail – the system did not let the trader into the account and gave an error that the client was trying to log in to a non-existent personal account. Either there was a failure in the system, or the broker made a typo when he sent the details. We will not exclude the fact that the broker could intentionally give invalid identifiers, however, we do not undertake to assert this – we cannot say with certainty about the motives of the organization (black list of brokers).
The client wrote to the company again, attached a screenshot of what error the system was giving her, and again began to wait for a response from the broker so that he would clarify the situation or tell how to proceed.
Perhaps, at some point, the company’s servers or applications simply did not work, as many traders could flood them at a time. Maybe there really was a failure – we can’t know for sure. However, a little later, the client received a response from the FTO, in which the broker thanked her for the message and offered to re-log in via MT4, but using the new details, which he also attached in the letter.
The client, of course, did what she was told, but this, again, did not bring results. She lost her experienced enthusiasm, since this whole situation lasts long enough and the way it develops, the client is not particularly satisfied. That is, in fact, the case does not have much development, the trader is simply driven between applications and programs, perhaps simply imitating violent activity.
At the moment, she is waiting for a response from the FTO what they can say about the next authorization error. Again, she attaches screenshots to the message so as not to be unfounded and prove that she is not deceiving anyone and honestly trying to do what she is told. But while the FTO is silent, perhaps the broker has a meeting, or he himself does not yet know how to solve the problem and is trying to find the cause of the error in MT4 – we are not psychics and cannot look into his head. They also do not send answers, so neither we nor the client know the reasons for the silence.
We can only continue to hope for a positive ending to this story, although it is less and less likely.
What should traders do if they don’t want to get into such a situation?
First of all, you, as a client of brokers and a participant in currency trading, should understand that there are two main types of scammers waiting for you in the forex market:
- Unscrupulous brokers who are not actually brokers at all. Usually, these are just some fake organizations that promise all the same functionality that traders need, but in fact only imitate work in the foreign exchange market. It doesn’t cost them anything to just drain your deposit and stop communicating with you, or even block you from all their contacts. Usually, such brokers immediately manifest themselves – they drain money in the first week of your cooperation and abruptly cut off all ways of communication with them. Sometimes they can exert psychological pressure, but it is most effective only for newcomers to the market.
- Deceivers who promise a refund of money leaked by the broker. Such companies appeared only due to the fact that fraud on the part of “brokers” is actively developing in this area. They catch deceived traders and promise them one hundred percent result of a refund. However, this is not possible, since the return is provided only in some cases (depending on the resource through which you invested the money) and is approved the first time in 20% of cases. That is, such companies put pressure on the hopelessness of the situation and promise mountains of gold, which, accordingly, do not provide. Their main danger lies in the fact that they receive some of your specific data, can perform various operations on your behalf, and almost always take an advance payment, with which they then disappear from sight (is it possible to return money from a broker?).
In order not to fall into the hands of intruders, you need to be attentive and patient. For example, go to thematic trading forums, as a rule, where your colleagues share their experience of working with different organizations. They often notify young traders that some broker may be trying to scam them, or some law firm does not actually provide any assistance (traders’ complaints).
Forums are a very useful resource where people communicate in a relaxed atmosphere and very quickly reveal the “sent Cossack”, if they try to get there at all. But you’ll have to read a lot of messages and topics before you know who to trust and who not to trust. Therefore, it is better for you to first become a trader in words, and then “in deeds”, being warned and armed.
And never trust the reviews that can be found on the broker’s website (rating of reliable binary options brokers). They are almost always fake, even if the broker is conscientious and honest. It costs nothing for a company to simply delete a negative review or praise itself by signing someone’s name. This is very easy to do. But it is much more difficult to penetrate incorruptible portals where reviews are moderated, so try to find just one.
In general, study all reviews, but be careful and especially pay attention to the negative. It will always be there, but not everywhere it will be able to be quickly removed, which will help you get a complete picture of reality (chargeback instructions on the eto-ravod.ru).
