Pressured to deposit

What are the odds of me getting my deposits refunded if the broker clearly has been pressuring me into depositing more and more money guaranteeing me that the next deposit will save the account. When I had a decent equity they convinced me to cancel my withdrawal request leaving me now with pretty much nothing and even if I have told them I don’t have more money to deposit she is still asking for more funds every other day

What broker is this to avoid at all costs? If they are regulated, complain.

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Trade360. Do I complain directly to the company? I have been searching the internet thin for " recovery companies" but most of them seem like scam as well…

Get away from this broker as soon as possible and complaint against them… They are just pure scam… A good broker never asks for money,

Thank you… Would you recommend I complain to them directly, my bank?

My account is still active and I am worried about shutting it down and not having access to it but currently in a huge loss and dropping equity

This is a little surprising since Trade360 appears to a regulated broker under the supervision of ASIC and Cysec. ASIC is a very firm regulator whereas Cysec has perhaps a poorer reputation but is improving.

Unless they also have an offshore branch then you need to contact the regulator covering the office with whom you have your account. You need to supply as much evidence as possible such as emails or chat transcripts or statements, etc.

Are you trading this account yourself directly with the broker or are you actually trading via an introducer to the broker as an intermediary? If you are using an intermediary then you can also complain direct to the company.

Unfortunately my account is with Cysec… After a more thorough research a lot of people have experienced this similar treatment and the same account managers name seems to pop up but with different surnames every time.

I am trading with the broker directly. What do you recommend I do? I have reported this to my bank who is looking into it and I have been thinking about complaining directly to the company but I am concerned to do so in case they shut down my account leaving me with no access.

Cysec is not really a problem. A number of big brokerages are opening EU offices as a result of Brexit and are regulated by Cysec. The fact that the company is also regulated by ASIC in Australia means they will not want to see problems with Cysec in Europe.

Are you placing trades yourself? Or authorising your account manager to place trades that they recommend to you? If you are doing either of these then I don’t think you have much of a case because you have authorised them to act on your behalf.

The fact that they are encouraging you to put more money into your account is not actually a “crime” as such but they are really sailing close to the wind if they are discouraging you from withdrawing and promising greater profits as a result.

An over-zealous account manager is one thing, but refusing to refund you money or trading your equity without your permission is very much another.

If it is just a question of bad advice and over enthusiasm from the account manager, maybe you can just report it to the company and change to another representative.

But in order to take it to a regulator, they have to have been doing something against the rules. What exactly could you say they are doing wrong in concrete terms?

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its a regulated broker according to their website… they cant be asking for money at all! You should directly complain to the regulation.

Brokers usually do recommend to add more money “on being asked” in order to save the account from blowing account sometimes. But, no one can pressure you to do so. If they legit are pressuring you and not giving your money back at all, then something is fishy and you should complain.

This is so wrong, you should take a strong stand against the broker and talk to the team about this kind of behaviour. Also, if the broker is regulated , you an take the matter with the regulater to avoid any futher latencies.

First of all, stay away from recovery company, they are scams all over that phrase. Secondly, if you open a trade and about to hit margin stop out, you should be the one to decide whether to close or add money, not the broker. Unless you are a complete newbie, then go and practice more on a demo account. If not a complete newbie, move to another broker as that broker might be manipulating your trades and making your lose money. It is not about regulation, regulatory agencies hardly help anyone get their money back. So, use a broker that has been around for long and does not have any history of manipulating spreads or price. Move to another broker now.

Do you recommend complaining to the broker or do you think that is pointless?

Sorry for late reply. Close all your trades and walk away. I use Forexchief broker. Its pretty straight forward and cheap, and no one calls you to deposit money.

Oh man. Good luck! I’m actually not sure if people get to recover their money from scammy brokers. I’ve only read bad stories so far. :confused:

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It looks like an outright scam. You should withdraw your money and run away, brokers can’t and shouldn’t affect your decisions to add or withdraw money, if they do it’s clearly a red flag.