Company offered to borrow money to enter to the contract for arbitrage for 6 days. Now asking to repay, they don’t want to use money that are on my account but insiste on separate deposit of funds to match "borrowed amount " contract for arbitrage will end only in 5 days from now but repay for “borrowed fund/loan” need to be done now. Is this even a common practice? TY
Hi there,
Thanks for reaching out. I’m really sorry to hear that you’ve been caught up in this situation. Based on your experience, it seems like you’re dealing with a scam. Scam brokers often ask for additional deposits, claiming they are for different fees, taxes, or commissions to maintain your account or release your funds. Unfortunately, paying these additional amounts will only lead to further losses. Scam brokers use these tactics to squeeze even more money out of their victims.
To protect yourself, I strongly advise you to stop making any additional deposits. Instead, you should report this incident to the relevant financial regulatory authorities in your country. They can provide guidance on the next steps to take and potentially help in recovering your funds.
If you need any further assistance or have more questions, please feel free to reach out.
Best regards,
Andras
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What happened after? They did the same thing to me. Made me borrow money from their company and now want me to pay them back. They don’t wona use the money that is in my trading account.
They threatening me. They have all my information including my SSN.
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MyCoinUp is a total scam! I deposited $500, and when I tried to withdraw, they demanded a $200 “fee.” When I refused, they blocked my account, and support vanished. This is nothing but a well-organized fraud designed to steal your money. Stay far away!
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Hi there,
I’m sorry you’ve been caught up in this situation and thank you for sharing your experience. It really helps other community members to avoid these providers.
The recovery of funds from scam brokers is an extremely complex procedure and chances of success are rather low. However, I would recommend checking the following article where we collected a few things you can try to get your funds back: https://brokerchooser.com/forex/regulation/scams#how-to-recover-your-funds-when-scammed.
Also, please be careful with companies offering to help you. There are many scams that offer asset recovery services.
Please let us know if you have any questions.
Best wishes,
Andris
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Same situation happened to me, i didn’t send them anything snd told them that they are scamming me. Yes I lost my $400 bcz i cannot withdraw them but no one is doing anything else. My poor experience was in September 2024. Till now noone is calling nor i have seen any issues against me.
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Big scammers. Yes, very well organized scammers.
There should be a way to stop them. How can Apple allows their application to be used.
MyCoinUp is a straight-up fraud. First, they act all nice and gain your trust, then they start coming up with bullshit fees. Tried to withdraw? Nope, suddenly there’s a “processing fee.” Refuse to pay? Boom, account blocked. Support? Completely useless, just ignoring messages.
MyCoinUp is a complete f***ing scam! I deposited $500, and when I tried to withdraw, they suddenly demanded a $200 “withdrawal fee.” Total bullshit! I refused to pay, and now my account is blocked, and support ignores me. They just steal your money and disappear.
I’m really sorry to hear that you’ve all had such a rough experience with MyCoinUp. It’s incredibly frustrating when a platform gains your trust only to turn around and hit you with unexpected fees, block accounts, and ignore your attempts at communication. Unfortunately, it’s not uncommon for scammers to operate in this way, making it difficult to get your money back and leaving many people feeling powerless.
It’s also concerning that such a platform is available on major app stores like Apple’s. While app stores try to monitor apps for scams, some bad actors manage to slip through the cracks. That’s why it’s important for you to share your experiences and raise awareness.
If you haven’t done so already, I recommend reporting MyCoinUp to financial regulators, or other relevant authorities in your country. You can also try contacting Apple’s support team to flag the app and prevent others from falling victim to it.
I know this doesn’t undo the frustration you’ve experienced, but raising awareness like you did here on our Forum and reporting these platforms can help others avoid similar situations. Thanks a lot for spreading the word!