Hey guys, I’m working with a forex broker, I was having really good profits, then I talked with my personal advisor about withdraw a little part of the benefits but he argues a lot with me, now he says I don’t know how to trade, I still say I want to whitdraw, he then made me invest in copper and now my account is 0…
The name of the broker is CIBFX
Is possible that I’m being scammed? How can I recover that??? Plus I cannot contact them anymore when at the beginning we would talk almost everyday
He is the one in charge of my account since I’m a beginner he tells me where and what to invest into, I tried to withdraw by myself but was impossible,then I was told to talk to my advisor first…
2)Correct, but…
Like I said, at first everything he told me was right and my acount had really good profits, then we argue and he indicated me a really bad move
The broker is called cibfx… Do you think I can recover some of my money? I’m really nervous
CIBfx Limited (CIBfx) is a Licensed IBC in St. Vincent and the Grenadines #24120. All funding activity is protected under this license. International House, 142 Cromwell Road, London, SW7 4EF
You should check their website too, it says they’re regulated by that no-name regulatory body. THEN send them a message to ask them who they are really regulated by then confront them if they lie. You have to ask them again. THEN complain about your so-called advisor…
I don’t know what you can do about your losses mate. You, unfortunately, executed those trades, so there’s nothing you can do.
Wait… there’s one thing. Change brokers. There’s been some new posts about brokers recently, check them out.
I don’t believe you can. You are the one making the trade and not the advisor so you have the final decision in your full awareness of your action (isn’t that right?).
If they are regulated by the FCA then there is hope. You should definitely file a complaint. Check if you have any records of your conversations with this advisor.
And how come you are not able to withdraw the funds by yourself? Were there any restrictions or what?
You have to look for a new broker and check if they’re regulated by a GOOD regulatory body.
If you’re on the website of a broker, scroll down and you should see the tiny information there. They must mention who they’re regulated by.
Then check the “About us” section to look for more information about regulation.
After that, you ask them in live chat to clarify that you (you, a _____ resident living in _____) are really protected by that body.
After knowing this information, you can also ask the BabyPips community about reliable brokers.
In this earlier discussion, we talked about the major financial centers where forex is traded. It makes sense to look for brokers regulated in these countries: What are the Deposit and Withdraw Option of FOREX.COM
If you live in Australia or Canada, you can also look for brokers regulated by ASIC or IIROC respectively. Funds deposited with ASIC-regulated brokers are segregated in accordance with Australian client money rules, and funds deposited with IIROC-regulated brokers are protected for up to $1 million per client by the Canadian Investor Protection Fund.
Also, try to confirm on the regulator’s website if the broker is truly regulated by them.
There’s been some new posts about brokers recently, check them out.