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> How To Check Your Forex Broker Is Genuine Or Scam, Real FX Broker VS Scam FX Broker

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kambingkoh
post Jun 18 2021, 04:55 PM

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QUOTE(DrFX @ Jun 18 2021, 04:06 PM)
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.

user posted image
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Thank you!
terrytan
post Jun 18 2021, 11:50 PM

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QUOTE(Mr. WongSF @ Jun 15 2021, 07:57 AM)
Yeah bro,

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?  rolleyes.gif 

He unfriended me that very same afternoon! WhatsApp also block. Profile can't see liao. Msgs also single grey tick only biggrin.gif 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?
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Dont worry, you have plenty of friends here. Your friend is blinded by the profits, worse he is one of the scammers that actively scamming people.

MT4 provider is Metaquotes, Boston is one of the bridge providers like PrimeXM, Fortex, etc. Majority of the investors will not withdraw their money, they love the snowball effect by compounding. Yes you are right, in the end, the scammer will launch an attractive package or plan to lure them to reinvest more. Simple, they are convinced by the FAKE profits and put the wrong trust on the scammer. Malaysian will never learn even though there are so much examples of FX scams. After all, they will trust some beautiful lies of the scammers like "Sure make money, you see the long records", "So many years already, must be solid", "can see live trades, must be real", etc.

All we can do is educate, listen or not is up to them. They will make you their enemy if you against them. This is typical curse of those already blinded.

terrytan
post Jun 18 2021, 11:55 PM

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QUOTE(kambingkoh @ Jun 18 2021, 04:55 PM)
Thank you!
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They started with this, end up the director were jailed. May be just a TUA PEK KONG. They managed to "convince" people that they were cloned by others, this is why the investors were scammed. How on earth an idiot want to clone an unknown company? JOKE! doh.gif

https://www.todayonline.com/singapore/six-c...lm-scheme-forex
kambingkoh
post Jun 19 2021, 01:41 AM

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QUOTE(terrytan @ Jun 18 2021, 11:55 PM)
They started with this, end up the director were jailed. May be just a TUA PEK KONG. They managed to "convince" people that they were cloned by others, this is why the investors were scammed. How on earth an idiot want to clone an unknown company? JOKE! doh.gif

https://www.todayonline.com/singapore/six-c...lm-scheme-forex
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Blaming on IT related stuff is like part of the script. Hacking , system glitch... Maybe next will be kena ransomware and need to pay in crypto to recover their accounts.

If take time to read the whole thread, do some googling, will notice modus operandi is the same. The same script has been running for many years. Guess it is evergreen.

Take time to check back from the beginning like which "fund" has been defended by some by saying "I am getting prompt payment, it is not a scam", etc. Then how the fund ended up kaput with an IT glitch or some other reasons.

A lot of people heard of money game before, read on the news, and stuff like that, but I have to say those sessions/meetings, etc, will look quite convincing. But I have to say Star Wars also look quite convincing on TV. smile.gif
cfl
post Jun 19 2021, 11:32 AM

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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 wink.gif

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/

user posted image

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”.

user posted image

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/
user posted image

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.

user posted image

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/

user posted image

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/

user posted image

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.  thumbup.gif

And attach image from Hong Kong securities commission search:

https://www.sfc.hk/en/alert-list/1430
user posted image
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Regarding the funding account part, I personally has FXTM account, and the funding method using local online banking is pretty much the same with the one you illustrated above. They use PayTrust88, and same thing it didn't redirect to the banking side but require me to enter baking username and password. For security reasons, I always change my online banking password after transferred the money into my FXTM account.

Furthermore , one thing quite funny was the transaction appear at my baking statement will show funny company name.

This post has been edited by cfl: Jun 19 2021, 11:33 AM
kambingkoh
post Jun 19 2021, 11:58 AM

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QUOTE(cfl @ Jun 19 2021, 11:32 AM)
Regarding the funding account part, I personally has FXTM account, and the funding method using local online banking is pretty much the same with the one you illustrated above. They use PayTrust88, and same thing it didn't redirect  to the banking side but require me to enter baking username and password. For security reasons, I always change my online banking password after transferred the money into my FXTM account.

Furthermore , one thing quite funny was the transaction appear at my baking statement will show funny company name.
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Regardless of which platform, I don't prefer to disclose username and password to a third-party site. Those funny company names act as proxy only. I have tried Googling for one of those so-called proxies on the Internet, and found out that the registered address is just an old apartment. I can of course give them the benefit of doubt since my main concern is still "disclosing username and password to third-party site". God knows where those security details are sent to/stored. Of course, if really need to use that, changing password is one of the best solutions.

As far as Help2Pay is concerned, no normal payment gateway will keep on changing domain name when processing payment. Like no normal person will keep on change their IC name.

I have seen PayTrust88 in action too. If you choose Maybank, it will show similar colour scheme, black and yellow. IMO, quite misleading. And like you said, like Help2Pay, they will ask for your username and password on their own page.
cfl
post Jun 19 2021, 01:27 PM

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QUOTE(kambingkoh @ Jun 19 2021, 11:58 AM)
Regardless of which platform, I don't prefer to disclose username and password to a third-party site. Those funny company names act as proxy only. I have tried Googling for one of those so-called proxies on the Internet, and found out that the registered address is just an old apartment. I can of course give them the benefit of doubt since my main concern is still "disclosing username and password to third-party site". God knows where those security details are sent to/stored. Of course, if really need to use that, changing password is one of the best solutions.

As far as Help2Pay is concerned, no normal payment gateway will keep on changing domain name when processing payment. Like no normal person will keep on change their IC name.

I have seen PayTrust88 in action too. If you choose Maybank, it will show similar colour scheme, black and yellow. IMO, quite misleading. And like you said, like Help2Pay, they will ask for your username and password on their own page.
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As far as security reasons concern, I never use credit card to fund my account. The last time I used credit card to fund my account was many years back, only remember I funded my FXCM account but couldn’t remember what was the name appeared in my credit card statement 🤣

kambingkoh
post Jun 19 2021, 01:38 PM

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QUOTE(cfl @ Jun 19 2021, 01:27 PM)
As far as security reasons concern, I never use credit card to fund my account. The last time I used credit card to fund my account was many years back, only remember I funded my FXCM account but couldn’t remember what was the name appeared in my credit card statement 🤣
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hahaha, just be careful. good luck.
viruz
post Jun 21 2021, 04:42 PM

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Hi:

Need help to review on Kohle Capital.

www.kc-cap.com.au
kohlecapital.com

they are holding dual regulation, but separated into two different url.
TSDrFX
post Jun 21 2021, 09:09 PM

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QUOTE(viruz @ Jun 21 2021, 04:42 PM)
Hi:

Need help to review on Kohle Capital.

www.kc-cap.com.au
kohlecapital.com

they are holding dual regulation, but separated into two different url.
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It appeared that this broker hold ASIC license. Seems like a proper FX broker. What do they offer?
viruz
post Jun 22 2021, 12:55 AM

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QUOTE(DrFX @ Jun 21 2021, 09:09 PM)
It appeared that this broker hold ASIC license. Seems like a proper FX broker. What do they offer?
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They are offering partnership with me because I am running a trader discussion group.
terrytan
post Jun 22 2021, 08:38 PM

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QUOTE(viruz @ Jun 22 2021, 12:55 AM)
They are offering partnership with me because I am running a trader discussion group.
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There are much better options in the market. If you need some recommendation, let me know.

As long as the broker hold top tier license, then it should be fine.
viruz
post Jun 22 2021, 09:51 PM

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QUOTE(terrytan @ Jun 22 2021, 08:38 PM)
There are much better options in the market. If you need some recommendation, let me know.

As long as the broker hold top tier license, then it should be fine.
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Ya, but my situation is quite difference, I have a lot of members from mainland China and they need to have a stable deposit and withdrawal channel.

This post has been edited by viruz: Jun 22 2021, 09:51 PM
Icehart
post Jun 23 2021, 09:13 PM

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QUOTE(cfl @ Jun 19 2021, 11:32 AM)
Regarding the funding account part, I personally has FXTM account, and the funding method using local online banking is pretty much the same with the one you illustrated above. They use PayTrust88, and same thing it didn't redirect  to the banking side but require me to enter baking username and password. For security reasons, I always change my online banking password after transferred the money into my FXTM account.

Furthermore , one thing quite funny was the transaction appear at my baking statement will show funny company name.
*
All Forex brokers listed on the first page, whether they are licensed in Tier-1 or not, is considered illegal and cannot operate in Malaysia. Hence deposit and withdrawal is the main issue with Malaysian trading Forex. I think the loophole was rerouting payments to other third-party companies and issue payment instructions on behalf of the broker, sort of like a big network of payments.

Credit card deposit has its own issue too. Just last week I deposited USD 1,000 to ICMarkets with an HSBC card and a few hours later the card get a fraud alert and is automatically terminated. HSBC sent a new card after a few days.
terrytan
post Jun 23 2021, 09:38 PM

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QUOTE(Icehart @ Jun 23 2021, 09:13 PM)
All Forex brokers listed on the first page, whether they are licensed in Tier-1 or not, is considered illegal and cannot operate in Malaysia. Hence deposit and withdrawal is the main issue with Malaysian trading Forex. I think the loophole was rerouting payments to other third-party companies and issue payment instructions on behalf of the broker, sort of like a big network of payments.

Credit card deposit has its own issue too. Just last week I deposited USD 1,000 to ICMarkets with an HSBC card and a few hours later the card get a fraud alert and is automatically terminated. HSBC sent a new card after a few days.
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It is recommended to give your credit card bank a call before you make the deposit to let them know that you are going to perform the transaction.
Icehart
post Jun 23 2021, 10:08 PM

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QUOTE(terrytan @ Jun 23 2021, 09:38 PM)
It is recommended to give your credit card bank a call before you make the deposit to let them know that you are going to perform the transaction.
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I told HSBC before making the transaction.
On top of that, ICMarkets requires VBV OTP. This is a second level that confirms the card owner is making the transaction.

Yet they still terminate the card.
terrytan
post Jun 23 2021, 10:11 PM

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QUOTE(Icehart @ Jun 23 2021, 10:08 PM)
I told HSBC before making the transaction.
On top of that, ICMarkets requires VBV OTP. This is a second level that confirms the card owner is making the transaction.

Yet they still terminate the card.
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Remember to keep your record or letter that your card has been terminated in case any withdrawal required in future.

I have deposited several times to Pepperstone and IC Markets using Citibank credit card. So far everything fine.
Icehart
post Jun 23 2021, 10:13 PM

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QUOTE(terrytan @ Jun 23 2021, 10:11 PM)
Remember to keep your record or letter that your card has been terminated in case any withdrawal required in future.

I have deposited several times to Pepperstone and IC Markets using Citibank credit card. So far everything fine.
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Citibank works fine and well so far for me.

viruz
post Jun 24 2021, 04:04 PM

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I have another question regarding verifying a genuine broker.
Other than Tier 1 regulation, they are supposed to have segregation account, I was told that it is quite hard to check if they are having segregation account, but we can look at the account name on wire transfer section, and it should have a name like "xxxx client segregation account", but someone told me that this is just a simple way for verification, even they don't contain "client segregation account" word in the name, it doesn't means that it isn't a segregation account.

What is your opinion on this?
terrytan
post Jun 24 2021, 04:13 PM

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QUOTE(viruz @ Jun 24 2021, 04:04 PM)
I have another question regarding verifying a genuine broker.
Other than Tier 1 regulation, they are supposed to have segregation account, I was told that it is quite hard to check if they are having segregation account, but we can look at the account name on wire transfer section, and it should have a name like "xxxx client segregation account", but someone told me that this is just a simple way for verification, even they don't contain "client segregation account" word in the name, it doesn't means that it isn't a segregation account.

What is your opinion on this?
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Very much depend on the broker, the bank and jurisdiction of the broker license. It's not compulsory to have the words on the name.

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