The so called account manager open a trade on my account that is impossible to close or modify in anyway.Whenever I call the office its either he drops the phone or he is not available.By chance I managed to get hold of him on the 9th feb.The first question was "When last did you check you account?"I said "I last check it when you opened the trade on the 29th of January.How is in my account?He said:"You have 1734.34 euros on your account.I said:"Don’t lie when I checked my account this morning there was 19 826 euros profit."I went to my laptop and open my account and found out that my account is diabled.I asked him why he disabled my account.He said he didn’t know who disabled my account,he will call me at 6 o’clock that evening because he is busy.He never called.I kept on trying calling until he decided to talk to me on Thursday around half past 4.He was nice and l asked about my account being disabled.He said my account was never disabled maybe my internet connection is weak.He then opened my account and there was 23 800 euros profit in it.I told him to close the trade because I want to withdraw.He said he woul close the trade Friday morning because the operation takes time to close.On Friday my calls were not answered altogether.Now I am stuck with this trade which I do not have control over.What can I do?
Contact the police
Which broker are you using?
Have you ever had issues with them before withdrawing etc?
Hi EDBBIB
The broker is in England and I am in Ireland.Should I contact Irish Police or English Police?I am so frustrated and depressed.
Yes,the first time they just ignored the withdrawal request.
which broker is that? is it regulated?
Which country is the broker regulated in? I’d be inclined to contact the police of that country first
How to check whether the broker is regulated or not.I want to check
You mean you didn’t do that before giving them your money? ???
Watch out people! Steep learning curve ahead!
Why don’t you name the broker? Maybe we know it.
Have you emailed them to close the trade or is it just the phone call? Do you have printscreens of the balances to?
it is strange, because usually an account manager will not allowed opened any single trade on clients account,
at least that is the rulse on my country regulation
i think your account manager only chasing commisions only.
anyway why you do not mention your broker ?
I think this guys only make some case for a certain broker. He do not tell the details
Frankly, I would advise you to call the police. This sounds highly suspicious.
Second, once all this blows over, I would recommend working with a licensed and regulated broker. Discovering whether your broker is licensed isn’t hard, regulators usually have websites listing the brokers with licenses in the country in question. One should always check those lists, rather than trust blindly whatever a broker is claiming on their site about their licensing and regulation. And finally, it’s prudent to always search for both reviews about a broker, as well as official warnings about scams. The FCA, for example, often warns about clones and various other scams, as well as unregulated brokers operating in the country. Do research before you give a broker your money.
It does sound highly suspicious. Shouldn’t a trader have full control over trades made with their money, even if someone else is managing them? The fact that they’re denying him that right is a huge red flag, I think.
The name of the broker is Privilegetrading.com they are using the telephone number with UK code.I am so ashamed to say that I thought their offices are in London because there is no address on their website.
I filed a complaint with Action Fraud and I have a Crime Reference Number.Is it advisable to report to the Fraud Unit of my card issuing Bank as well?Or I should leave the matter with Action Fraud.The account is still running.I am afraid the market will deplete my funds.
You are right sir, perhaps his account have been hacked and managed. You must join in wrong place sir, it can be our experience for next future. I recommended mayzus as place for making money online. Fully and legally regulated broker, its very famous guys.
Never heard of them. It is also a Cyprus company. They are only regulated by the Cyprus regulator, which is not very strong. Max. 20K pay-out when you are not a professional trader. When are you a professional trader -> that is up to you according to the documentation (Application ECN-account)?
There is no mention how much the recovery fund should contain or contains and or how clients are paid when the fund is insufficient to fullfill all clients claims. Hence, there is some security, but you are not sure if there is enough in the fund to pay you out.
You bring it like they are AAA+, but it is B-.
Hi teeta, what happened to your case? Did you manage to withdraw your money? I have never heard of such an absurd situation. Who is this broker? Sounds like a total scammer. Is he regulated? Usually in the website of the brokers is mentioned if there are any regulators, client agreements, etc. Also the regulators keep a full list of the brokers on their websites. And you can file an official complaint. If he is not regulated, then contact the Financial Authorities. What they told you, that it takes time to close the order, that is a lie. I hope you managed to get your money back.
I’m also very interested to hear how this case unraveled! Hope it was all sorted out.