Is this the norm in forex?

Beginner Questions
1

Hi all
I have just started trading in FOREX with a company called UFTGROUP, one of the Expert Advisors is managing my trading account.
Now, I started trading just last month, August with $1,500. As at today, I’ve made about $800 in profits.
Now, here is my question. I want to take out around 70% of my profit monthly but my Broker is strongly advising me not to do so. Is that the norm please?

Kind regards,
Floxy

2

The company is based in Cyprus, payments go through Azerbaijan, their website is run from Bulgaria. The website carries no information about the individuals behind the company or the trading operations, and nothing about regulatory registration. They say they have done some trades for you and these have delivered a 50% profit in under one month.

These are incredibly bad signs.

3 Likes
3

Thanks a lot for your response. So, what do you suggest I do now? I’ve got a telephone conversation with my Advisor on Wednesday, 4th September. What can I do or say to save this situation please?

4

Also, my Advisor has asked me to download ‘AnyDesk’ App, which I’ve done. What is the relevance of this App with regards to withdrawing my profit?

5

Any desk will give the other party control of your laptop or pc

If they are unregulated that your going to have to be tactful in how you approach this situation…

Unregulated or regulated no broker wants you to leave thier platform

I agree with @tommor these are not good signs… They hold all the cards as they have your money

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6

Its very possible they’re not even brokers but are running a Ponzi scheme. I agree with @Simeonquant, be wary of letting anyone have control of your PC.

Also you can expect the company to ask for more money as fees or suchlike. And maybe another company will contact you saying they can help you get your deposited funds back - for a fee of course. Don’t give any of them any more money.

Ask for your money back. if that fails, threaten them with legal action. Report them to the authorities where they operate from.

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7

Is it possible to withdraw 100%of my profit on a monthly basis then?

8

What we are saying is that you have a profit because thier system tells you that you have a profit… If its a ponzy scheme you will be lucky to get your intial deposit back

But generally it takes a broker 5 days to return money so as long as you withdraw 5 days before the end of the month then you will get paid monthly

9

Get ready for your money to R.I.P soon.

10

There is no profit., They are not brokers. There is no trading.

Withdraw everything. Withdraw it now. Stop playing around.

1 Like
11

I’d like to see if he’d be able to withdraw anything. @Floxy_biz1, keep us posted!

12

Regretfully - it sounds like you’ve stumbled onto a broker that AT BEST is being greedy at your expense and AT WORST is an outright SCAM.

Telling you you’re better off keeping your funds in the account and trading them is a tell-tale sign of greed and scamming, the next step is usually to start pushing you into making moves you’re less than comfortable, usually followed by a lack of willingness to let you withdraw your funds as profits begin to dwindle.

The fact that you’ve managed such nice profits in such a short time is also usually part of overall scam behavior - the fact that an “expert” is doing the investment for you is also never a good sign.

In short - stop trading immediately and start insisting on withdrawing your funds ASAP.

I for one will be interested in hearing how this story continues to unfold…

13

This story ends in one way: you lose money. All signs shows that.
What they will say next, there is few options:

  1. They will say that for withdrawal they have to verify your account, and you have to send them more money.
  2. They will ask you permission to trade further. And in few days they will say that they loose all your money what is shown in your account.
    AnyDesk is program like TeamViewer ar familiar program. With that program you give them permission to see your desktop and take control of your mouse, if permission is granted. Anyway, with that and phone call they can easily manipulate people feelings. They will ask you to login to your bank account, ant transfer more money for lets say verification…
    So be careful.

Say that you need withdraw money, but do not send more money them. You already lost $1500.

1 Like
14

I think here you could try some sort of bluff :

Tell them you are very happy with your returns and that you have a lot more money to invest, like 10 times what you invested now. But that you want to be sure withdrawal is possible with them and that you want to see how much time it takes for the money to arrive to your account. So you ask to withdraw your initial deposit, telling them that if it works you will deposit a lot more.

Or you could tell them that you told your family and friends about the awesome returns, but some are skeptical and are asking a proof from you that you can withdraw your funds at anytime before investing their own funds.

Just basically : try to scam the scammer. I think you got “nothing” to lose.

If they refuse the withdrawal, try to negotiate : ask for 80% of the initial deposit instead. And always promise that they will receive a lot more after doing what you are asking.

Try to sound as naive as possible.

If this doesn’t work, than start threatening and report them.

Best luck to you!

7 Likes
15

“Tell them you are very happy with your returns and that you have a lot more money to invest, like 10 times what you invested now. But that you want to be sure withdrawal is possible with them and that you want to see how much time it takes for the money to arrive to your account. So you ask to withdraw your initial deposit, telling them that if it works you will deposit a lot more”

Thats great!:+1:.

1 Like
16

I’ll try that tomorrow when he calls me. I’ll keep you guys updated.
Thank you for your support.

Kind regards
Florence

17

The relaxed and measured response will work… Great advice

1 Like
18

Hi Simeon
I had a session with my forex Analyst Expert/Advisor today. I suggested that at least 80% of my capital be paid back to my bank account and that after two days I’ll return it with additional money so as to up my capital. This guy was very furious with me on hearing that. He told me that hes done that in the past where the client/investor didn’t come back again. Everything I said to convince him that I’m not gonna run away from his company fell into deaf ears.

Now, the conclusion was that he said that his boss will call me. So, I’m waiting for someone from the company to call me.
If by tomorrow I’ve not received any call from him or his said boss then, I’ll send him an email.

Kind regards,
Florence

19

I’ve just made a move today. But that guy is a hard nut to crack. Now, he’s telling me that his boss will call me . When? I dont know. I’ll have to wait till tomorrow for this call. If be tomorrow I dont hear from him or his boss then I’ll have to write him an email

Kind regards
Florence

20

That’s definitively not the norm.
Your broker feels extremely shady.

1 Like