Could you please check if this broker is scam? They offer marginal loan for arbitrage but dont want to use profit to pay it off. They keep insisting on new deposit to pay it off.
Hi there,
Thanks for your message. I’ve looked into this provider and it seems to be a scam. The reasons are the following:
- Requiring users to make additional deposits to pay for miscellaneous fees associated with trading services, is a common tactic used by fraudulent platforms to extract more money from victims.
- Furthermore, the platform is not regulated by any financial authorities with strict standards, which is another significant red flag.
- Their refund policy attempts to prevent clients from initiating chargebacks with their banks or credit card providers. This is particularly troubling, as chargebacks are a legitimate recourse for consumers who believe they’ve been defrauded. The threat of account freezing in response to a chargeback attempt is a red flag.
Given these points, please do not pay any further deposits to this broker.
I would recommend checking the following article where we collected a few things on what to do if you’ve been scammed: https://brokerchooser.com/forex/regulation/scams#how-to-recover-your-funds-when-scammed.
I hope this helps.
Best,
Andris