after having read reviews and comments by others and yet want to test water with USD100,...
i would prefer to give that USD100 to my mother
How To Check Your Forex Broker Is Genuine Or Scam, Real FX Broker VS Scam FX Broker
How To Check Your Forex Broker Is Genuine Or Scam, Real FX Broker VS Scam FX Broker
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Jun 14 2021, 12:03 PM
Show posts by this member only | IPv6 | Post
#3921
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Senior Member
8,188 posts Joined: Apr 2013 |
after having read reviews and comments by others and yet want to test water with USD100,... i would prefer to give that USD100 to my mother barca96, eugene84chan, and 2 others liked this post
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Jun 14 2021, 02:35 PM
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Junior Member
39 posts Joined: Jul 2013 |
Ok so I've read more pages, 182, 185 and others. So i guess it's not a good idea.
So where do start? Out of the 65 in the whitelist, which one should i go for? I plan to start small so just to learn the trade but which legit broker would be a good start? Add: Since I'm a boomer with not so good IT skills, user friendliness is also an important factor. This post has been edited by AmenoJaku: Jun 14 2021, 02:40 PM |
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Jun 14 2021, 04:48 PM
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Senior Member
1,197 posts Joined: Jan 2003 From: Penang |
QUOTE(AmenoJaku @ Jun 14 2021, 11:57 AM) Hi experts. No, i dont think so. Better keep your USD100 saving in your bank account for emergency.I was invited to invest in Triumph FX with a minimum investment of USD100. Now I've read in this thread and 1st page list that it's a scam. I'm a noob when it comes to these kind of investments. My question is, how come they're still around for so long if they're a scam? And secondly, do you think it's ok to put in USD100 just to test the water? |
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Jun 14 2021, 04:51 PM
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Senior Member
1,197 posts Joined: Jan 2003 From: Penang |
QUOTE(cliffekent @ Jun 14 2021, 10:51 AM) Then how to ensure other broker not key in any open price also. How to check it? I think DrFX has repeated many times. Make sure the brokers hold tier 1 or tier 2 licenses especially UK, US, Australia or Swiss. Please read page 1.Other broker might do the same on the back end. Top tier licenses are very expensive and strict compliance including monthly internal and external audit. Scammer will not use this kind of license risk losing million dollar to authority. This post has been edited by terrytan: Jun 14 2021, 05:17 PM |
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Jun 14 2021, 06:32 PM
Show posts by this member only | IPv6 | Post
#3925
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Senior Member
1,423 posts Joined: Aug 2010 From: Sarawak |
QUOTE(DrFX @ Jun 13 2021, 11:03 PM) Wrong, we repeat as below. I did not invest in Forex yet but I think if anyone can just scam the Open Price trade, no one is safe.. The timezone were different for both platforms, but the closed price for the positions were the same. The open price were manipulated, understand? Fake open price. The scammer can key in any open price they want by MT Administrator. Understand? Timezone for each platforms can be any timezone like US, UK, Europe, Asia, Australia, etc. Not necessary to be same timezone depend on where the broker and MT4 server based. Not even if there have top tier regulation complicance, it means nothing.. In fact, I am quite worried about all the available broker no matter how compliance there are.. Just sharing what I think.. No offense.. |
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Jun 14 2021, 06:37 PM
Show posts by this member only | IPv6 | Post
#3926
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All Stars
14,304 posts Joined: Apr 2005 From: Kuala Lumpur & Selangor |
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Jun 14 2021, 08:23 PM
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Senior Member
1,041 posts Joined: Nov 2015 |
QUOTE(Icehart @ Jun 14 2021, 06:37 PM) We never try this broker before. It is an UK FCA broker. Any special offer from this broker? |
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Jun 14 2021, 08:30 PM
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Junior Member
774 posts Joined: Aug 2011 |
QUOTE(smartinvestor01 @ Jun 14 2021, 06:32 PM) I did not invest in Forex yet but I think if anyone can just scam the Open Price trade, no one is safe.. Mostly market maker when they can determine the price they see fit bt big market maker won't do this cuz this mean client will move to other broker which is stupid to do so unless big market data or economic news where those spike is crazy bt still is part of the business nature.Not even if there have top tier regulation complicance, it means nothing.. In fact, I am quite worried about all the available broker no matter how compliance there are.. Just sharing what I think.. No offense.. |
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Jun 14 2021, 08:38 PM
Show posts by this member only | IPv6 | Post
#3929
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All Stars
14,304 posts Joined: Apr 2005 From: Kuala Lumpur & Selangor |
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Jun 14 2021, 08:48 PM
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Senior Member
1,041 posts Joined: Nov 2015 |
QUOTE(Icehart @ Jun 14 2021, 08:38 PM) What is the risk between FCA broker operating a subsidiary in Seychelles (offshore)? Yes, all for leverage benefit, the rest are the same. These brokers must maintain same practise for offshore in order to keep their top tier licenses.I realized all reputable ASIC brokers also start offering offshore accounts. |
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Jun 14 2021, 08:50 PM
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Senior Member
1,041 posts Joined: Nov 2015 |
QUOTE(smartinvestor01 @ Jun 14 2021, 06:32 PM) I did not invest in Forex yet but I think if anyone can just scam the Open Price trade, no one is safe.. Guess you dont understand what is top tier regulation compliances, it's definitely better than Malaysia LFSA, BN and SC. That's why we have 1MDB. Not even if there have top tier regulation complicance, it means nothing.. In fact, I am quite worried about all the available broker no matter how compliance there are.. Just sharing what I think.. No offense.. Keep your money in FD if you cant take risk. FX is not for everyone. This post has been edited by DrFX: Jun 14 2021, 08:54 PM |
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Jun 14 2021, 08:52 PM
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Senior Member
1,041 posts Joined: Nov 2015 |
QUOTE(Lucas0323 @ Jun 14 2021, 08:30 PM) Mostly market maker when they can determine the price they see fit bt big market maker won't do this cuz this mean client will move to other broker which is stupid to do so unless big market data or economic news where those spike is crazy bt still is part of the business nature. That's right .That's why not every genuine broker is good broker. Not every broker on the genuine broker list like FXPrimus. |
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Jun 15 2021, 12:03 AM
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Newbie
2 posts Joined: Jan 2013 |
Just wanna warn everyone about few potential scam investments = kinross and powerfx.
Why? cos it's being lead by a known scammer DrThong, real name Thong Hoe Khin, seen here: He is starting to recruit victims to join, including me and my group of friends. Luckily I researched online first Our ever trusting Lowyat has all the information needed hehe.. Hope everyone do their homework first and beware! |
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Jun 15 2021, 04:04 AM
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Senior Member
1,041 posts Joined: Nov 2015 |
QUOTE(Alan_Sky @ Jun 15 2021, 12:03 AM) Just wanna warn everyone about few potential scam investments = kinross and powerfx. We did not heard any of above before. Mind to provide the web URL?Why? cos it's being lead by a known scammer DrThong, real name Thong Hoe Khin, seen here: He is starting to recruit victims to join, including me and my group of friends. Luckily I researched online first Our ever trusting Lowyat has all the information needed hehe.. Hope everyone do their homework first and beware! |
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Jun 15 2021, 07:57 AM
Show posts by this member only | IPv6 | Post
#3935
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Junior Member
427 posts Joined: Jan 2016 From: Addis Ababa |
QUOTE(jack2 @ May 31 2021, 10:56 PM) I believe TriumphFX has new scheme again to target investors and there is one forumer PM me to ask me show proof how did they scam/manupulate the previous trades. Yeah bro,I asked him to ask here so everyone knows as he always claimed the otherwise that TriumphFX is not scam and they have so call ZOOM live call and he saw the trades live until closed. My friend kept asking me to invest since Nov 2020. Said he had invested for over a year already. Showed me some LIVE trading videos & just to oblige him, I also joined a few weekly zoom meetings to listen to the presentation & testimony from other members. Even told me that he has met the country 'manyzer' from Penang before. In April, I had lunch with him & told him something is really 'off' about this investment scheme. There was very little accountability. I felt uncomfortable. Firstly, he told me YURI is a new investment plan. GM1 & GM2 + other fanciful naming plans, already full liao. Then when I probed further about the trader's profile, he said YURI is actually not a specific individual, but a group of traders trading under the YURI banner. Oh, how convenient, so now we have a bunch of faceless, nameless traders, but we're to fully entrust them with our funds? Easier to pull an exit plan, eh? He unfriended me that very same afternoon! WhatsApp also block. Profile can't see liao. Msgs also single grey tick only It's been 2 months since. A friend that I've known for 20 years. I guess he took offence, when I questioned his investment decisions. I've been doing fx for more than 15 years, & I didn't quite understand how you could scam through PAMM. Then it hit me, in order to manipulate data, you basically need to fully own the brokerage, in order to purchase MT4 from Boston Technologies & have full control over the back office, front office, basically a top-down operation. QUOTE(AmenoJaku @ Jun 14 2021, 11:57 AM) Hi experts. It always begin with 'testing the water' with a small amount. No harm, right?I was invited to invest in Triumph FX with a minimum investment of USD100. Now I've read in this thread and 1st page list that it's a scam. I'm a noob when it comes to these kind of investments. My question is, how come they're still around for so long if they're a scam? And secondly, do you think it's ok to put in USD100 just to test the water? Then, when they give you a few cycles of returns, it reinforces you with fake confidence & you plough in more capital. It sucks you in. That's when you'll get badly burnt. All ponzi schemes practice the same MO. They will collapse, once payouts exceed deposits. That's why they have to actively recruit, incentives paid in the form of referral fees from the 'pool'. In the mean time, they put you on a 'slow drip' of 5-7% paid out, only every 5 weeks. Heck, my 'ex-friend' kept reinvesting his returns, hoping to compound his profits. Everyone wants the snowball effect. So in reality, how many actually withdraw anything? Some do, but majority of the investors don't. Because until you see $$$ in your bank account, the profits paid out to you, are just 'numbers' shown on their software. They're just 'numbers'. A few clicks later, & you have just 'reinvested' & got your funds locked in for another cycle. It's a psychological aspect that these scammers use to their full advantage. They know that most people are greedy by nature. 1 cycle every 5 wks. They give you 5-7% ROI. So how many months are they actually paying you profits, from your 'own' money? |
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Jun 15 2021, 10:23 AM
Show posts by this member only | IPv6 | Post
#3936
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All Stars
14,304 posts Joined: Apr 2005 From: Kuala Lumpur & Selangor |
QUOTE(Mr. WongSF @ Jun 15 2021, 07:57 AM) Yeah bro, Yeah, a lot of scammers operate with unknown brokers. If they own the broker they can manipulate the data.My friend kept asking me to invest since Nov 2020. Said he had invested for over a year already. Showed me some LIVE trading videos & just to oblige him, I also joined a few weekly zoom meetings to listen to the presentation & testimony from other members. Even told me that he has met the country 'manyzer' from Penang before. In April, I had lunch with him & told him something is really 'off' about this investment scheme. There was very little accountability. I felt uncomfortable. Firstly, he told me YURI is a new investment plan. GM1 & GM2 + other fanciful naming plans, already full liao. Then when I probed further about the trader's profile, he said YURI is actually not a specific individual, but a group of traders trading under the YURI banner. Oh, how convenient, so now we have a bunch of faceless, nameless traders, but we're to fully entrust them with our funds? Easier to pull an exit plan, eh? He unfriended me that very same afternoon! WhatsApp also block. Profile can't see liao. Msgs also single grey tick only It's been 2 months since. A friend that I've known for 20 years. I guess he took offence, when I questioned his investment decisions. I've been doing fx for more than 15 years, & I didn't quite understand how you could scam through PAMM. Then it hit me, in order to manipulate data, you basically need to fully own the brokerage, in order to purchase MT4 from Boston Technologies & have full control over the back office, front office, basically a top-down operation. It always begin with 'testing the water' with a small amount. No harm, right? Then, when they give you a few cycles of returns, it reinforces you with fake confidence & you plough in more capital. It sucks you in. That's when you'll get badly burnt. All ponzi schemes practice the same MO. They will collapse, once payouts exceed deposits. That's why they have to actively recruit, incentives paid in the form of referral fees from the 'pool'. In the mean time, they put you on a 'slow drip' of 5-7% paid out, only every 5 weeks. Heck, my 'ex-friend' kept reinvesting his returns, hoping to compound his profits. Everyone wants the snowball effect. So in reality, how many actually withdraw anything? Some do, but majority of the investors don't. Because until you see $$$ in your bank account, the profits paid out to you, are just 'numbers' shown on their software. They're just 'numbers'. A few clicks later, & you have just 'reinvested' & got your funds locked in for another cycle. It's a psychological aspect that these scammers use to their full advantage. They know that most people are greedy by nature. 1 cycle every 5 wks. They give you 5-7% ROI. So how many months are they actually paying you profits, from your 'own' money? When searching for PANM managers always check if they can operate with the broker of your choice. If they can't and give excuses like liquidity - run. |
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Jun 16 2021, 04:51 PM
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Senior Member
1,041 posts Joined: Nov 2015 |
QUOTE(Icehart @ Jun 15 2021, 10:23 AM) Yeah, a lot of scammers operate with unknown brokers. If they own the broker they can manipulate the data. Below are the hottest FX SCAM in the market now. CP Markets is dead. Let see who's next.When searching for PANM managers always check if they can operate with the broker of your choice. If they can't and give excuses like liquidity - run. TriumphFX VexTrader SamTradeFX Grex Capital This post has been edited by DrFX: Jun 16 2021, 04:51 PM |
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Jun 17 2021, 12:54 AM
Show posts by this member only | IPv6 | Post
#3938
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Junior Member
76 posts Joined: Mar 2005 |
Some of my insights regarding Triumph FX, not financial advice, I am a total noob in Forex. Trust or not, invest or not, it is up to you. I am just sharing. Sharing is caring
The instructions given is to use a payment gateway called Help2Pay. To me, this gateway is not secure as they ask you to key in your “username” and “password” of your bank account on the website itself. It won’t redirect you to the proper online banking like how other local payment gateway behaves. If you are careful, you know you shouldn’t expose both “username” and “password” onto a third-party website. This is like rule no.1 of bank transfer. This is their website: https://www.help2pay.com/ Nothing much for contact, except a P.O. Box address and an inquiry form? Famous in S.E.A., but registered in British Virgin Island. Can’t even search anything on BVI official website about this company (more on this later for TriumphFX). https://www.bvifsc.vg/ They even have YouTube uploads, but comments are disabled. Try look for them. Interestingly, the payment gateway has raised someone’s concern in LYN before: https://forum.lowyat.net/topic/4740205/all Now, look at the images attached. The domain name is “racethewind.net”. Tried the gateway last time, the domain name is “safepaymentapp.com” (something like that). And when I try recently, it became “processcheckoutapp.com”. Gosh, lol. Of course, I won’t be expecting FPX, because this company is already under SC alert list, naturally I don’t think FPX (which belongs to PayNet, subsidiary of Bank Negara) can be integrated into this. Even wire transfer does not work. Options left are AliPay (properly integrated), Crypto wallet transfer (USDT), and MasterCard (I know someone tried this and it worked, but since it is a bank card, rates are not good). Eager to earn money, one would resort to Help2Pay, right? Not everyone, but some of them will. Now, we move on to the license: Triumph Int. Limited is a company registered in 2283 Columbus Centre, Road Town, Tortola, British Virgin Islands. Triumph Int. Limited is a company registered in S.I.P. Building, P.O. Box 3010, Rue Pasteur, Port Vila, Vanuatu. Triumph Int. Limited is regulated by Vanuatu Financial Service Commission (License number: 17901). Since it is registered in Vanuatu, let’s check out their registration: https://www.vfsc.vu/ It is actually struck-off from their registration. Company de-registration date is quite recent at 21st May 2021. Surprisingly, the company who registered this company is Shenton Management Consultants Pte Ltd. located in Singapore. So close to home, eh? How I know? Just download the PDF attachment and scroll to the bottom. This company has a former name called “AMB Asset Management Pte. Ltd.”, if we refer to this website: https://sgpgrid.com/company-details/shenton...pte-ltd#general (Not sure how reliable is this site though, do your own due diligence) TriumphFX is also registered in British Virgin Islands as well, right? Well, surprisingly, you can’t find their name in BVI’s registration: https://www.bvifsc.vg/ Ok, wait, we kept on heard TriumphFX is registered in Cyprus, but how come it is not listed at the bottom of the page? Hmm. Oh, it only appears on their other website: https://www.triumphfx.com/ Ok, let’s go and check in Cyprus registered companies. Ok, this time we really found it: https://www.cysec.gov.cy/en-GB/entities/inv.../cypriot/77453/ License date is actually 2016. Now, the previous company is actually G.S.E Golden Sky Europe Ltd. Google that name, and found this: https://scambroker.com/binarycm/ Not sure how reliable is this site though, but do expand the comments section below. Take it with a pinch of salt since this is not a govt website. Do your own due diligence. Now, let me take you to China. Look at this website: https://www.dehuifx.com/en Familiar? Please note that all the sites I am going to listed are just “info” from the Internet. Do your own due diligence on whether to believe or not. Note: You need to be able to read Chinese. https://inf.news/en/economy/2a394b171f43d0c...9c1265a8d4.html https://www.fx220.com/zimeiti/whbg/51809.html https://zhuanlan.zhihu.com/p/231280747 Again, I am neither trying to encourage you nor discourage you from joining anything. But I am just sharing what I can find. We are all responsible for our own trading. My rule of thumb is always only invest (or gamble, depends how you see it) in what I can afford to lose. But for what’s worth, that local bank transfer method is not my preferred way. Some people will actually change their password every time they transfer, and don’t use your main account: https://forum.lowyat.net/index.php?showtopi...post&p=97471406 Although there are 2-factor authentication (2FA) these days, meaning your phone will get OTP before a transfer, but giving out “username” and “password” and do not plan to change it after that will only kill off the first-level authentication, leaving only OTP to protect you. With proper social engineering, like those WhatsApp message to tell you that “I have key in the wrong phone to receive OTP” and you forwarded to them accordingly, it is possible for them to transfer away your money immediately, or creating a favourite recipient and transfer later. Again, I am not saying this will certainly happen, but exposing your security details to a third-party site will increase the chance. Some say that this may be an insider job, I beg to differ. If I have 2 textbox on the screen and you provided me with the “username” and “password”, naturally, I can login for you. I don’t know how the “API” runs in the background, but having the thought of the third-party capturing your “username” and “password” and process it is enough to turn me down. Lastly, for all investment, do your own due diligence. Good luck. And attach image from Hong Kong securities commission search: https://www.sfc.hk/en/alert-list/1430 This post has been edited by kambingkoh: Jun 17 2021, 01:00 AM |
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Jun 18 2021, 04:01 PM
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Senior Member
1,041 posts Joined: Nov 2015 |
Very good due diligence by kambingkoh.
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Jun 18 2021, 04:06 PM
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Senior Member
1,041 posts Joined: Nov 2015 |
QUOTE(kambingkoh @ Jun 17 2021, 12:54 AM) Some of my insights regarding Triumph FX, not financial advice, I am a total noob in Forex. Trust or not, invest or not, it is up to you. I am just sharing. Sharing is caring You missed one where they scammed the investors money by the story of "New Zealand government hold their money." This is just a New Zealand registration, not FMA license. And they were deregistered on 2015.The instructions given is to use a payment gateway called Help2Pay. To me, this gateway is not secure as they ask you to key in your “username” and “password” of your bank account on the website itself. It won’t redirect you to the proper online banking like how other local payment gateway behaves. If you are careful, you know you shouldn’t expose both “username” and “password” onto a third-party website. This is like rule no.1 of bank transfer. This is their website: https://www.help2pay.com/ Nothing much for contact, except a P.O. Box address and an inquiry form? Famous in S.E.A., but registered in British Virgin Island. Can’t even search anything on BVI official website about this company (more on this later for TriumphFX). https://www.bvifsc.vg/ They even have YouTube uploads, but comments are disabled. Try look for them. Interestingly, the payment gateway has raised someone’s concern in LYN before: https://forum.lowyat.net/topic/4740205/all Now, look at the images attached. The domain name is “racethewind.net”. Tried the gateway last time, the domain name is “safepaymentapp.com” (something like that). And when I try recently, it became “processcheckoutapp.com”. Gosh, lol. Of course, I won’t be expecting FPX, because this company is already under SC alert list, naturally I don’t think FPX (which belongs to PayNet, subsidiary of Bank Negara) can be integrated into this. Even wire transfer does not work. Options left are AliPay (properly integrated), Crypto wallet transfer (USDT), and MasterCard (I know someone tried this and it worked, but since it is a bank card, rates are not good). Eager to earn money, one would resort to Help2Pay, right? Not everyone, but some of them will. Now, we move on to the license: Triumph Int. Limited is a company registered in 2283 Columbus Centre, Road Town, Tortola, British Virgin Islands. Triumph Int. Limited is a company registered in S.I.P. Building, P.O. Box 3010, Rue Pasteur, Port Vila, Vanuatu. Triumph Int. Limited is regulated by Vanuatu Financial Service Commission (License number: 17901). Since it is registered in Vanuatu, let’s check out their registration: https://www.vfsc.vu/ It is actually struck-off from their registration. Company de-registration date is quite recent at 21st May 2021. Surprisingly, the company who registered this company is Shenton Management Consultants Pte Ltd. located in Singapore. So close to home, eh? How I know? Just download the PDF attachment and scroll to the bottom. This company has a former name called “AMB Asset Management Pte. Ltd.”, if we refer to this website: https://sgpgrid.com/company-details/shenton...pte-ltd#general (Not sure how reliable is this site though, do your own due diligence) TriumphFX is also registered in British Virgin Islands as well, right? Well, surprisingly, you can’t find their name in BVI’s registration: https://www.bvifsc.vg/ Ok, wait, we kept on heard TriumphFX is registered in Cyprus, but how come it is not listed at the bottom of the page? Hmm. Oh, it only appears on their other website: https://www.triumphfx.com/ Ok, let’s go and check in Cyprus registered companies. Ok, this time we really found it: https://www.cysec.gov.cy/en-GB/entities/inv.../cypriot/77453/ License date is actually 2016. Now, the previous company is actually G.S.E Golden Sky Europe Ltd. Google that name, and found this: https://scambroker.com/binarycm/ Not sure how reliable is this site though, but do expand the comments section below. Take it with a pinch of salt since this is not a govt website. Do your own due diligence. Now, let me take you to China. Look at this website: https://www.dehuifx.com/en Familiar? Please note that all the sites I am going to listed are just “info” from the Internet. Do your own due diligence on whether to believe or not. Note: You need to be able to read Chinese. https://inf.news/en/economy/2a394b171f43d0c...9c1265a8d4.html https://www.fx220.com/zimeiti/whbg/51809.html https://zhuanlan.zhihu.com/p/231280747 Again, I am neither trying to encourage you nor discourage you from joining anything. But I am just sharing what I can find. We are all responsible for our own trading. My rule of thumb is always only invest (or gamble, depends how you see it) in what I can afford to lose. But for what’s worth, that local bank transfer method is not my preferred way. Some people will actually change their password every time they transfer, and don’t use your main account: https://forum.lowyat.net/index.php?showtopi...post&p=97471406 Although there are 2-factor authentication (2FA) these days, meaning your phone will get OTP before a transfer, but giving out “username” and “password” and do not plan to change it after that will only kill off the first-level authentication, leaving only OTP to protect you. With proper social engineering, like those WhatsApp message to tell you that “I have key in the wrong phone to receive OTP” and you forwarded to them accordingly, it is possible for them to transfer away your money immediately, or creating a favourite recipient and transfer later. Again, I am not saying this will certainly happen, but exposing your security details to a third-party site will increase the chance. Some say that this may be an insider job, I beg to differ. If I have 2 textbox on the screen and you provided me with the “username” and “password”, naturally, I can login for you. I don’t know how the “API” runs in the background, but having the thought of the third-party capturing your “username” and “password” and process it is enough to turn me down. Lastly, for all investment, do your own due diligence. Good luck. And attach image from Hong Kong securities commission search: https://www.sfc.hk/en/alert-list/1430 |
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