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Beware of Digital Trading Scams: My Forex Scam Experience

Back in 2017, I was introduced to Forex trading by a coworker (he had already resigned at that time). His name is Tim. His successful day trading improved his financial condition, and he settled earlier than his coworkers, including me. I said, “I also want to resign earlier from this crappy 9-5 job”. When we hung out on a particular weekend, he demonstrated how they earn thousands of dollars from forex trading within ONE day. It’s mind-blowing, but I saw it myself.

I told him I wanted to be like him, and he replied, “You should learn and try the demo first, boy.” I didn’t think there was such a thing. From there, I started researching Forex trading, including how it works, what to do, and some guidance. I surrendered when the chapters became more technical because I’m not into math. Some people need a structured lesson to learn this particular skill. I’m one of them, but I didn’t take anything, so I felt clueless and surrendered.

Anyway, I concluded that Forex trading isn’t for everyone. You must learn technical understanding, emotional readiness, and other skills to trade the currencies consistently. That’s not me. However, I was still tempted by the profits that Tim could earn in ONE day, and that’s where I found the idea of using services from a so-called “Investment Manager” or brokerage.

I ended up with FOREXINVESTMENTBASE, which promised to take care of everything, including the technical aspects of the trading, while providing their clients with consistent, if not growing, dividends. I had no idea aboutForex trading scams at all. Well, that gimmick clicked with the concept of “manager,” but I didn’t know that’s not how the Forex market worked back then. I was about to learn one of the biggest mistakes in my life.

All the flowery promises were too convincing and shady, so I wouldn’t realize I was being scammed. As you might have expected, I made a $1000 deposit right from my bank account. Why? Because they promised to give me a double-deposit bonus! If I had made a $1000 deposit, I should have obtained a $2000 bonus, right? The prize appeared on the dashboard.

Things became suspicious from this point. When I tried to withdraw money along with the bonus, they halted my request. They said I must add another $500 to my balance before removing my cash. I tried to think practically and suggested they directly cut the $500 from my $2000 bonus; $ 1500 was still a big deal. However, FOREXINVESTMENTBASE replied to my email and rejected my suggestions. Instead, they mandated the $500 to ACTIVATE withdrawal function. As I remember, there was no such rule when I signed up for an account there.

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These difficulties led me to research the broker further, and I always concluded that I was SCAMMED anywhere I found the information. I had no clue about the list of scamming websites in 2022. Yep, FOREXINVESTMENTBASE is an absolute scam brokerage, and I had no idea. Since then, I no longer cared about the bonus but wanted my $1000 back. 

I couldn’t take my eye off the laptop’s screens and found this fund recovery service. Some even claim to be able to Recover scam crypto and other funds within 24 hours, faster than the bank’s chargeback. Finally, I ended up paying $200 to another scammer named funfundrecovery. Yes, these scammers take on the desperation of victims and capitalize on profits from them. Unfortunately, I was still not learning from my mistakes. These scammers convinced me by showcasing testimonials and feedback for clients who have successfully recovered their funds, but they’re all fake and fabricated. So, everyone, there’s no such fund recovery service within 24 hours!

I was giving up and planning to report a scam website in Canada and these scumbags. That’s when I came back to Tim and told him everything. His response and expression were a little bit annoying(he’s laughing), but he also gave me some wise words. Although I had lost $1000 to a scammer, it was a valuable lesson to learn so I could make more intelligent decisions in the future. He said, “$1200 is cheap for such a lesson, mate”. Okay, I agree.

Despite wise words, Tim also informed me of a site called reportscammedbitcoin where scammed victims can report the scammers and their cases. That’s mind-blowing, I wondered why these victims kept growing in number, and the scammers were still free, scamming more people with rug pull scams and other schemes. It’s simply because these victims don’t know where to report to a credible place and whether or not anyone would process their reports. Tim asked me to report my case there, but I was too lazy, and he took over.

Sitting beside him, Tim reported my case to reportscammedbitcoin just like filing a complaint to the internet crime complaint center IC3 online. I dictated the details to him. I DID NOT EXPECT that they would take the report seriously and conduct an investigation. Instead, they contacted the authorities, and the whole approach resulted in fraud accounts owned by forexinvestmentbase being frozen. The company also told me that the authorities caught the affiliates operating domestically in my country. However, the whales were offshore and beyond the national authority’s reach. So the government took down the website and secured the available funds.

The authority contacted me to claim my fund. After completing some forms and interviews, I got my $1000 back because I kept all the evidence, so my claim was strong. Furthermore, they also took down funfundrecovery’s website but couldn’t return my money because this operation was entirely offshore. I ended up paying for the valuable lesson at $200, not $1200, so I saw no reason not to be grateful. 

What’s more impressive about reportscammedbitcoin is that this site isn’t only a scam-reporting platform, but they’re also a reputable whistleblower. For example, they updated A current List Of Scams that become references for us to check the background of a broker or a business online. There are similar websites, but I found that reportscammedbitcoin has better credibility and more updates.

Many people have used reportscammedbitcoin to submit a complaint to recover scammed bitcoin or other assets. However, what more valuable is if we can join this movement to create a more healthy investment atmosphere. Of course, some of the victims couldn’t get the money as the odds depend entirely on the particular cases, but their reports would be helpful for other people. Furthermore, Reportscammedbitcoin would flag these scammers so they could scam no more people.

So, guys, if you want to start with forex trading or other investments,  you better learn more deeply. Only use a credible platform or broker if you decide to use one. As for playing safe, use the regulated or significant companies. Whenever you’re unsure about your choice, you can check the legitimacy and references on websites like reportscammedbitcoin. You don’t want to lose your hard-earned money, so think twice and play safe.

If you have been a victim of financial loss due to Rocket-flip, IXoud, Altaisle, Universalbitlink and other similar companies, please report it to us today by below form.

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