hi everyone,
i m from india. i m having enough experience in forex trading, but still this time i trapped.
before some month back, i got call from mr manoj from axnfx, he told me that he will guide me abt forex trading & gave guaranty of earning 10-12 usd daily, so on these words i trapped.
So he told me to deposit 100 usd in upay a/c so i did it, after wards he told me that my a/c manager will call me & tell me how to trade, i thought may be they r good knowledgeable or experienced.
but i found all they r dumps, just they r saying today euro is weak or usd is weak.
in my loss position they r telling me to hold every time. they do not used stoploss.
after some days i got idea, so i traded myself to recover things, but now they told me that i shud use 0.05 or more lot size, i said how we can to over trade, atlast they ignore to tell me abt it, so after so many month i managed to got profitable a/c like i made 100 usd to 226 usd.
so now i told him that i want to withdraw my all amt. So now they r denied & told me that when i started my a/c they gave me bonus of 75 usd, so now i need to complete 0.3 x 75 then only they will allow me to withdraw my profit. it means they want total 22.5 lots need to complete 7 till the point i completed only 2.7 lot.
where as initially i did not ask for any kind of bonus & they didnot told abt any condition abt it. In fact this condition is still not mention on there website.
what to do now? can some one guide me abt it.
Put it down to experience and move on.
Next time a complete stranger calls telling you he has a foolproof way for you to make money, hang up
Hi @nitinwarde,
Itâs a shame this has happened. Your situation reminds us of this earlier discussion which you may find informative: I think Iâm being scammed by my broker
Unfortunately, it does not seem as though the company you chose is regulated in any major financial center, so you may not have much recourse in this situation. This is why we emphasize the importance of choosing a well-regulated broker.
Have you tried to trade with several brokers to compare how your issue appears in trading with them? I think itâs too early to make conclusions if you havenât properly understood common broker features and their fraud techniques which can be spotted easily - no regulation, high spreads etc.
Take whatever money you can manage to withdraw, try making smaller withdrawals (50$ for example).
and move to a regulated broker, because from what youâre telling us it seems like youâve fallen for a bucket shop. These bonus schemes are in place exactly to stop you from taking your money and leaving.
Exactly , appreciate your message completely , thanks for nice reply.
Yes, unfortunately you indeed have been scammed. Never fall for the âWant to make some fast and easy moneyâ trap. Itâs a scheme as old as the hills. And the explanation about the bonus is a total lie, I am sure that if you continue to trade as per their instructions, they will blow your account and thatâll be the end of it. If this broker has no solid regulation, then Iâm afraid nothing can be done here.
Most, if not all bonuses are conceived as marketing tool. Somebody find interesting to trade with bonuses but most of the times you just take more risk, i.e. increase chances of ruining your account. Thatâs why I never fall for this trap and trade only with my own money
Have you aimed to patronize several brokers to contrast how your problem appears in trading with them? I think itâs as well early making final thoughts if you havenât effectively understood typical broker attributes as well as their fraudulence methods which can be spotted quickly - no guideline, high spreads and so on