In response to the post about TP Eagles, I heard from a friend (who happen to invest as well) that investors are able to login to their MT4 accounts now. However, most of them got a shock of their life as they have suffered a massive lost of about 70% to 80%, can anyone confirm on this as well?

I pity those investors who are cheated by unscrupulous/ignorant members.. I have requested screenshots on the MT4 account balance from my friend and will post it here for all to advise.

I have also advised my friend to request transactions statements from the broker (MGMC) because it doesn't make sense to me that her account couldn't be accessed for over 2 months. The worse part is that it was only until yesterday that she was finally able to access (informed by the rep to access) to the account and check the balance. She got a shocked of her life

I will avoid brokers from New Zealand if I were you. This is because NZ FMA do not regulate FX trading activities but companies are permitted to conduct Forex activities there. Over the years, I have seen many victims falling to the tricks and tactics by unscrupulous companies claiming that they're licensed and regulated in NZ.

Perhaps you can check out the diagram which I have attached in the post. Hope this will shed some light and help you make an informed decision.

Again, like what DrFX always say: "There are better brokers out there". I wish you all the best!

Source of image: https://fma.govt.nz/about-us/what-we-do/who-we-regulate/


Attached thumbnail(s)

Happy to contribute in any way possible.

Has anyone seen the newly updated Malaysia Financial Consumer Alert List?

In the earlier post, member xShinji mentioned about SimplyFX. Not surprisingly, SimplyFX is in the alert list.

According to my friend, the rep from TP Eagle told her to give them 1 more chance and that they guarantee to return 70% of her original invested capital. They have requested for a time frame of 9 mths to 12 mths. My friend may make a police report. I hope no more victims fall for their get-rich-quick-schemes during this time frame... #sigh

Strongly recommend you to stay away from this broker too.

Here's some food for thought:
Let's say you have decided to open an account and fund the account with them. One fine day you decided to withdraw your deposit and realize that your withdrawal request was not being acceded. Desperate measures were made to contact them but to no avail.

Question to you: How do you intend to sue them? Travel there? Will Africa's Financial Sector Conduct Authority (FSCA) even help you? Wait, I guess you din't do enough research that there is this regulatory body in Africa yet?

Conclusion: Self-explanatory.

Been following that thread as well. Sigh... Hope I2's victims are able to withdraw at least 10% of their original amount.

Let's get more people informed about unscrupulous brokers' tricks and tactics..

An Encounter with MIA/FintechFX Representative
Met a representative from MIA491.com today along with a few friends. Being a Trader myself who trades with FCA and ASIC regulated brokers, I tend to stay on facts and got curious when an opportunity to meet a MIA representative came by today. So the story goes...

Misleading Information and Confusing Replies
I raised a question on why does FintechFX (https://fintechfx.com/) mislead its clients that they are allowed to do Forex Brokering even though ASIC did not approve My Group Fintech Co Pty Ltd for Forex activities. The replies from the rep were consistently the same: "FintechFX is regulated by ASIC, you don't believe you can check." My reply was that I have checked and done my due diligence and that he should be the one who should be checking. For the convenience of all the good folks in this thread, I have extracted the ASIC report on My Group Fintech Co Pty Ltd (FintechFX), can be found in the PDF attachment.

Account Funding Via 3rd Party Money Changer
I asked about the funding options for trading account with FintechFX. He said there are various channels, however, credit card and bank transfer to FintechFX will be blocked by Bank Negara Malaysia and he advised me against those methods. Funding can take up to 2 weeks and it is slow and tedious. He further suggested that I can transfer money to a 'Money Changer' designated by MIA as it is a more secure method and short in turnover. I also asked him "Does that mean my account withdrawals will be from this 'Money Changer' as well? How can I trust my money with a Money Changer?". His reply was idiotically stupid "there are thousands of members who use this money changer and Bank Negara Malaysia only allow mass funds to move around if it's through a money changer.

MT4 Account Shows Past Entries ONLY
The rep proudly showed me the MT4 account which reflects it's a real account but when I did not see any live floating trades and all i see were past trade records. Any offshore Brokers can easily modify trade entries/records. Does he really think I am that SOHAI?

FintechFX Office is a Terrace House??
Being a busybody, I went on to search on My Group Fintech Co Pty Ltd's principal business address and got a shock of my life when the address is a terrace house, a residence. I have never in my life know that ASIC would allow a Forex broker to operate their business from a terrace house, LOL!!!
You can see from this screenshot (from ASIC portal) for their principal business address:

This is how the address looks like (true story):


I guess by now it doesn't take a rocket scientist to figure out that MONKEY BUSINESS is going on within the MIA and My Group Fintech Co Pty Ltd company. At the point of writing this... I wish this post further reinforce your decision to withdraw/pullout from this obvious-scam pyramid selling. If you truly wish to help your friends and loved ones, don't refer them to join MIA. Let's see if ASIC would renew My Group Fintech Co Pty Ltd's Australian Financial Services Licensee in 16th Oct 2018 (referenced to the PDF attachment).


Attached File(s)
 FintechFX_ASIC_Record.pdf ( 359.13k ) Number of downloads: 311

Sent in a complaint to ASIC as well. Power in numbers. For those of you who have invested with MIA/FintechFX, better run soon.

Let's do it. Perhaps we can have a complaint template where we can share it with others to report on these Forex scams.

Out of curiosity, what is the WD number by now? Seems like there're more withdrawal requests but at the same time, there're many new-joiners as well. Any other member/ex-member can update?

Way to go!! This is a good progress!

No follow up yet from ASIC. I raised a complaint as well. Will keep you guys posted.

To sum it up, dudes behind Triumph are doing monkey business.

You get your account money via unknown cash deposits (from the self-claimed ASIC registered 'Broker', FintechFX). This is equally bad. Not trying to scare you, but this may even lead you to trouble when a case file is opened.

This post has been edited by Hetna Ligiv: Sep 28 2018, 12:25 PM

Not forgetting (Blue Trading). The same dudes behind IIInvestments. They're extremely good on Paid Advertising across all platforms (Google Adwords, Facebook, Native ads etc)

PS: Sorry to flood 3 posts at the same time. Trying to catch up on the new posts.

This post has been edited by Hetna Ligiv: Sep 28 2018, 12:34 PM

ASIC has responded to my complaint on MIA491 and MY Group Fintech Co Pty Ltd.


Screenshot:
Details are erased for my personal safety =]

I'd rather you withdraw now and lose on the administrative fees than losing 100% of your invested capital. How much did you invest anyway?

On a side note, how much will you lose if you withdraw now? Mind breaking down the charges and fees?

ATFX is fine, they're properly regulated by FCA in 2017 and from my best knowledge, they are an A book broker. AT Global Markets (UK) Limited is controlled by International businessman Li Hiu Keung (Joe) and the company has also acquired CySEC licensed institutional FX broker PositivaFX. Last I heard Positiva group of companies have been rebranded to ATFX, that includes PositivaFX's website being redirected to ATFX's.

To sum it up, your funds seat in Barclays Bank PLC, their custodian bank account. They're also a member of the Financial Services Compensation Scheme (FSCS), where in the event if they go bust, you can claim back up to £50,000.

End of the day, it boils down to your personal trading style. If you're a scalper, an A book broker may not be suitable for you.

omg...I can smell bloodshed

not yet, dear. But I will be sharing the soonest I receive any update from ASIC.

Sounds like you're heavily invested (that's why you're 'really worried'). You may refer to the posts earlier to have a better clarity. Encounter with MIA/FintechFX

Hope this helps in your decision-making. Keep us updated on your withdrawal progress (if you decided to withdraw from the scam).