How much do they want to charge you. Also consult their ToS they should state their fees and other charges. To tell you frankly I’ve never encountered such weird things trading BTC with Hotforex (it also provides access to BTC through MT4 CFD).
It does not sound quite legit, try to consult their regulator.I highly doubt that they have the right to ask you for the taxes, it is your responsibility once you have your own funds. Look out for it.
Agreed with this. Plus the broker is not well known so can’t say much about them
I joined a forex broker recently. They offer that they provide me $100 deposit bonus. But when it comes to reality, they are denying that. What can I do?
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Which broker? And they might be talking abour maginable bonus and not the withdrawable one.
How do beginners avoid scam broker, and what are the main criteria should beginners be aware of in a scammer?
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There are various forums on different websites where people can post reviews about the company. You should always check the forums and broker’s reviews. Websites like forexpeace army, forex factory etc includes numerous broker reviews.
Secondly, you can check since how long the broker is in the business. Chances of scam increase when the company has freshly started.
Third, always have accounts with 2-3 brokers and spread your capital among them rather than to the one broker.
Fourth, you can start with small capital in order to test the broker and their withdrawal services.
Yeah it’s not an easy task to choose a broker. It seems that there is no difference between them but as soon as you start to trade you start to notice what suits you and what are the drawbacks that lead to losses or discomfort. That’s why only experience will suggest concrete tips
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ProfitPips Market (www. profitpipsmarket .com) is SCAM. I have lost $1359 + $680.
Hello Sir/Madam,
Above mentioned, I am Shashigoud, a citizen of India. I had invested in the forex broker named ProfitPips Market (www. profitpipsmarket .com) who claims that the “profitpipsmarkets is Brand name of Veis Market licensed and regulated by FSA(Financial Security Authority of St. Vincent and the Grenadines) under licence number 223977BC2007 as an International Business Company.”
I had invested $1359 (which is 1,00,000 Indian Rupees) for the purpose of Forex post the telephonic conversation with their associates. Initially they made some profits, but after a week, they started to initiate some bad trades which started to affect my equity. So, I asked them about this several times and they replied that it is alright and we will make the profits after a week, so I waited and after that they exited the trade with the loss of $184. So, I decided to contact them and the support team didn’t arrange a call back. So, when my account was running in negative of around - $590, I contacted them and requested them to not put any trades so that I can atleast withdraw remaining amount, but they never listened. Instead they exited the trades with the loss of around -$750.
I sent them a message through Telegram telling that I will have to file a law suit against them if they keep doing the same and if they don’t process my withdrawal request.
So, the Admin blocked me in Telegram platform and they didn’t respond to me, so I decided to contact them through their website, but I didn’t receive a call back and suddenly they started to initiate some bad trades eventhough they knew that my account had no huge equity to buy crypto currencies like Bitcoin and Ethereum, but they placed those trades and within 30 minutes, they Zeroed Out my account.
I kindly request you to help me to recover my initial deposit of $1359.
Yes, that is why I always prefer to trade with different brokers and gain experience with them and then keep on listing out my go to/best brokers.
Is the broker regulated? Coz there isn’t any regulated broker that would seek taxation while withdrawal.