Recently, a number of people have complained on FxGecko exposing the blacklist of fraudulent trading platforms that do not allow customers to withdraw their funds as follows.
【Important reminder】:we regularly update the blacklist lists of Forex brokers and cryptocurrency exchanges,but these lists are not exhaustive.Do not assume that a company is legitimate simply because it does not appear on the warning list.Fraudulent brokers often change their names to continue their scams without us receiving complaints about them.Therefore,if you encounter a scam broker that is not on the list,you can tell us about it by submitting a complaint to FxGecko.
The vast majority of these blacklisted brokers are illegitimate and fraudulent,and their schemes are similar,with their processes outlined as follows.
1.Using high returns to lure clients into making deposits on unregulated and illegitimate trading platforms.
2.Allowing clients to see their accounts skyrocket in a short period of time.
3.Allowing clients to withdraw small amounts of money.
4.Luring clients to put in more money.
5.Not allowing clients to withdraw their money.
6.Tricking clients into making payments on the grounds of tax payment,identity verification,suspected money laundering,etc.
7.Canceling or freezing the client's account.
8.Disappearing.
Many scammers abscond with their money after draining their victims,or even change their names and websites to continue the scam.
FxGecko reminds you to stay away from these scam brokers and the risky companies associated with them(you can check their affiliates at FxGecko APP).
As well,any trading platform that asks you to prepay taxes,deposits and other withdrawal fees is a scammer. Don't pay any fees for withdrawal as scammers are just trying to scam you for more money and won't really let you withdraw your money.
In addition,since the identity of scammers in investment scams is usually hidden,it is difficult to catch them and victims can hardly recover their losses.
At this point,you should be wary of"recovery companies"that claim to help you get your money back,especially if you have to pay a fee up front,which is often a"recovery scam".
Click here to see common scams in forex/crypto trading.
Click here to see how to check if a broker is safe.
