Illegal Forex Broker MAREX Defrauded Investor and Escaped

As the financial market with the most frequent transactions, forex market has been the first choice of global investors due to its high efficiency, flexibility and liquidity. However, many illegal brokers also lurk around this lucrative market like vipers and attack unwary investors.

The following story is shared by Ms. Zeng, an investor who sought WikiFX’s help after being defrauded by forex broker MAREX. She reported the illegal broker to warn other investors against it.

Complainant: Ms. Zeng

Broker: MAREX

Broker’s website: www.marexforex.com

Time of deposit: June 14th, 17th and 18th 

Account balance: US$15,000

Withdrawal status: pending

Customer service: out of reach

Website status: unavailable

Event recap

I got to know Meng Qiuchen through a friend on Wechat. This self-claimed “stock-trading expert” approached me and offered to give me investment tips, and I was persuaded to friend her on QQ. At first, she enthusiastically taught me the basics of stock market and would recommend some prospective stocks occasionally. Later she told me that the stock market is highly volatile recently while the forex market is very lucrative, so I took her advice, opened an account at MAREX and made several deposits. But to my frustration, the customer dodged my request when I applied to withdraw and soon blacklisted me. The “expert” Meng also seemed to “disappear”, while my deposit in the account remain unavailable with my withdrawal application pending. Later I learned that my friend who allowed Meng to advertise on his WeChat Moments didn’t know the person at all.

Case analysis

In Ms. Zeng’s story, it’s clear how the sly MAREX lured her into its sophisticated traps. First, it sent the “investment expert” Meng to hunt for potential victims by showing success investment records on social media and offering investors free trading tips and stock recommendation. When Ms. Zeng took the bait and eventually became friends with Meng, the latter again manipulated her by offering misleading market trends and investment suggestions, winning Ms. Zeng’s trust and successfully coaxed her into making deposit at MAREX. The unscrupulous broker then swallowed up investor’s deposit with its vicious traps and escaped, leaving her in heavy loss.

Case summary

With the proliferation of internet users and smart phones, illegal brokers also see more opportunities for their concealed and more sophisticated traps. Investors need to beware of the dangerous broker MAREX and draw the following lessons from Ms. Zeng’s experience:

1 As is always said, there’s no such thing as a free lunch, and the excessive, somewhat unjustified kindness from so-called “experts” only intended to make investors drop their guard and fall into carefully-devised traps. Investors need to carefully choose investment type that suits their own conditions.

2 “100% profit guaranteed” is unrealistic, as the forex market is highly volatile and chance of profit always accompanies with risk of loss. Such claims of “high return”, “100% profit guaranteed” and “zero risk” are simply misleading advertisement that brokers fool investors with. So investors need to keep rational and avoid being tempted by such “high profits”.

3 the self-claimed stock/forex experts on social media such as WeChat and QQ are in fact swindlers who trick inexperienced investors with their shallow knowledge in this field. Investors need to stay alert to these so-called “experts” and keep away from the brokers they recommend, as these are likely illegal brokers using white-label software and having tremendous risks.

Conclusion

WikiFX summarizes the scams of MAREX in 4 stages: First, approaches investor with the excuse of “stock recommendation”; next, persuades investor to open account and trade forex; then, manipulates at backstage and causes investor great loss; finally, blacklists the investor and escapes. Currently, MAREX trading platform is unavailable to access and their customer service is out of contact, which leaves investor unable to withdraw.

If you wish to learn more about how to chose a reliable broker, avoid the pitfalls of illegal brokers and defend your rights against broker scams, or you are interest in other reports on illegal brokers, please check WikiFX’s official website at www.wikifx.com. To report illegal broker, please contact WikiFX at wikifx@wikifx.com. We strive to make a safer and greener investment environment by disclosing the illegal brokers that you reported.