My broker stole my money

When you enter the domain name into DomainTools, you’ll find out that the domain was registered only two months ago (2024-10-08). In my opinion, this is clearly a SCAM!

And when you check the domain in the archive (WayBack Machine), there is no history, which is also suspicious.

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If a broker refuses to honour a withdrawal then it is usually because the company is a scam, unless there are specific reasons for it. In which case, they would normally and willingly explain to you, the client, why and what you should do.

A typical, simple, general example is if a client has funded their acc with a credit card (which is very common) and then requests a wdl to their bank account. But brokers are normally obliged (as part of money-laundering avoidance procedures), to first refund back to the same card from which the funds had originated up to the amount that had been paid in. The point is that the broker would clearly explain this in such circumstances.

But your case is different and you clearly have not been given any reason or justification for the refusal, otherwise you would not have posted here!

So, on balance, it would seem that this firm is indeed a scam and you will probably not get your money back via direct communication with them.

This leaves you with the only other option of referring the case to a third party regulatory authority. But, I also looked at this and came to the same conclusion as @peterma:

If you do not know where they are based or who is the regulatory authority (which in this case would probably be only in name, anyway, and without any actual regulatory input) then this option is not available.

The only other option that comes to mind might be to try a double bluff approach.

You could suggest that you wish to invest a larger sum of money but you are not prepared to do so until they prove their reliability by demonstrating that funds are also withdrawable.

They might then refund a portion of your capital in this way - and, of course, you do not ever invest any more. Bit sneaky, but, well, they did start it! :innocent:

I don’t hold out any great hopes that you will succeed in retrieving those funds, given the details that you have provided, but we do all wish you all the best with it!

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2 posts were split to a new topic: What legitimate brokers do you recommend?

That’s an interesting idea, but keep in mind I already threaten the broker with legal action if he continued to ignore me, so no it wouldn’t work. I was nice playing dumb for a week or so, but then it’s like you have to make yourself very clear and by that point he knows I know it was a scam all along.

You’re right if it has already gone that far. Pity. Sounds like you played the right approach to begin with but that only goes to show that it really is a total scam :frowning_face:

Of course, there is always the normal court process, but how likely is that to succeed if there is no identifiable entity to be sued? The risk is that you would end up paying the legal costs as well?

A regulatory body has to take the case on board because that is their function, but if there is no regulator then the ordinary court is the next alternative but they are instructed by you, the client, and, I guess, pass you the bill if there is no guilty party to be successfully charged? It really is kind of wierd and very disturbing that such situations can occur!

I guess you could at least check the situation and your options with a legal representative?

The really irritating and totally unjust situation behind all this is that the website and the business are still there and operating and presumably still taking other innocent people’s savings!

If fmi markets isn’t approving your withdrawal, here are some steps you can consider:

  1. Contact Support: Reach out to their support team and ask for clarification on the delay.
  2. Review Terms: Check their withdrawal policy and ensure you’ve met all requirements.
  3. Regulatory Complaint: If they’re regulated, file a complaint with their regulatory body.
  4. Chargeback: If you deposited via card, check with your bank for a possible chargeback.
  5. Legal Help: Consult with a professional who specializes in recovering funds from fraudulent brokers.

Be cautious in future dealings with unregulated or lesser-known brokers.