A long story - Tateprime (or IC markets?)

Broker Discussion
1

Hello everyone,

I won’t make it short. You will have the whole story.

I am just starting with forex, and I spent the last two hours in the education part of this site (very nice from you). I am starting because of a girl I met on an application (yes this app). I am from Belgium and she is in Singapore so obviously we did not met. I can give further details but it is maybe not useful. Let say that we discussed on several subjects (for two weeks) and she told me that she is in the forex and that she wins quite a lot with it (once 20k$ and once 32k$, once per week). She mainly follows the instructions of a good analyst

Stuck home with a suspission of covid, I agreed to instal MT4 and start a demo account. She helped me through and the broker was tateprime-demo. The program works correctly, i tried a bit by myself. Today she contacts me and tell me that her analyst told her to buy xxx, so we did (me on the demo, she on the real stuff), and I’d say like magic the chart increases drastically, showing me how you can do money in live (she made 17k$). Well if she gives me the advices, it looks like easy money. But I should use the same broker because the advices of the analyst apply for this broker. I am too new to know if it is true.

So she tells me I should make a real account now. I would like to know what are the risks? I mean, I know that on the internet there are scams everywhere. If a broker exists on MT4, does that mean that it cannot fly away with my deposit? Or maybe I will be able to make the deposit and use it but never get profits? Or something else.
Maybe I am parano?

So I went on google to check for tateprime and there is a website (but it is easy to make fake website right), so I looked for the bottom of the page

International Capital Markets Pty Ltd (ACN 123 286 308) (trading as Tate Prime) holds an Australian financial services licence (AFSL No. 335692) to carry on a financial services business in Australia, limited to the financial services covered by its AFSL. The trading name, Tate Prime, used by International Capital Markets Pty Ltd is also used by other entities. Raw Trading Ltd (Company number: 8419879-2) (trading as Tate Prime (SC)) regulated by the Financial Services Authority of Seychelles with a Securities Dealer Licence number: SD018. Tate Prime (EU) LTD is authorized and regulated by the Cyprus Securities and Exchange Commission (Licence No 362/18) with registration number HE356877 and operates through the domain [www.tateprime.eu](javascript:window.open(‘http://www.tateprime.eu/’):wink:

I checked first on Google for regulated Broker lists but I did not find Tateprime in them, I did not search for IC Markets.
wikiFX says that it may be a clone firm.
I checked ASIC and I found International Capital PtyLtd but with another ACN number (ACN 132 821 151)
I checkedCySEC and I found the correct registration number, but again for IC Markets

I have seen on this forum that IC Markets has some bad reputation, I don’t know why. I already spent quite a long time doing all of this but you maybe can help me. Can it be a total scam (like I would never see my money again)? Just a bad move because it is worst than other brokers (which is not a big deal, I would have the tips of a good analyst anyway)? or should I absolutely take another broker (or not try forex for now)?

Thank you very much.

2

The analyst and that girl is a scammer bro. Theyll clean you out. Just tell them you want to test the signals on demo for a month, see what happens.

Ic markets change their margin overnight and have blown peoples accounts. Dont sign up with them.

3

Hi Baraal,

There is a famous “magician” in the UK called Derren Brown. I watched this video and a series of six that follow, with fascination. Derren picked winners at multiple horse racing events, and gave his secret away at the end. No matter how compelling something seems, if it seems too good to be true, it probably is not true.

1 Like
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Of course its a total scam. Do not send any money.

5

That right there is a huge red flag. Forex trading is universal. If a pair is trending upwards, it does so in every broker, bank and whatever platform one can use. So, how can an analysis only be accurate in one specific broker? Well, unless only if the results are cooked.
Run for the hills bro.
When it comes to brokers, I would recommend Exness because I used them for a number of years without any problems. Just for transparency reasons, so you do not cry foul in future,(lol) I no longer trade with them because I am now in a prop firm, which I prefer their in-house trading platform.
As for IC market, at some point I heard that even the prop firm I am in suspended a partnership with them, which I did not fully follow through with the story. So I can not tell you much as to what really is going on with them.

6

I will do that, and maybe try another broker’s demo account in parallel, to see if there are huge differences. I really don’t know how someone can manipulate pairs in forex, but I am probably just too new to understand. Hopefully i check for multiple sources, and if something looks too good to be real, then it is probably not real.

Anyway chatting doesn’t cost anything.

Thank you guys. You are awesome, and this website rocks.

7

LOL. After another 30 years you still may not understand. The great thing about whether the market is or is not manipulated, is that when you realise how to construct, backtest and forward test a plan, it doesn’t matter. Just think in this way - trust nobody, nobody knows the way the market will go (except the market, which is the total of all the decisions made by every human and computer participating in the market). Knowing that 90% or more fail to make profit, that means each one of those decisions is no more or less clever than all the others. And the bigger the institution, the less you should trust - in this order. Central government, Federal Reserve (a private enterprise), the big 5 banks, all the other banks, brokers, other Forex traders. This way you will never be disappointed in life.

8

IC Markets. It’s a more established name.

9

This seems to be a hoax. Be careful with such deceptive strategies. Try to look for an authentic broker who is dedicated to providing you with relevant information.

10

Hi Baraal, I’m curious, just how did they reached out to you and what was her name?

11

I think it is a scam. You should avoid them if you want to save your money.

12

Hey Barall I will make it short exactly same thing happend to me I think it’s the same person we are talking about her name was jenny that’s what she told me but I did not did the smart thing like you did and in the end lose my money but I didnt know that how they manipulated the data or was it legit most likely not but yeah be careful and dont end up like me