TBC Defrauded Investor with “High-leverage” Scam
More details at WikiFX App, which is available on Apple Store and Google Play.
Illegal broker: TBC
Regulatory status: Currently unregulated
Complainant: Ms. Zhang
Cause of complaint: Withdrawal failure
Investors might often heard about high leverage in forex investment, and tempting as the so-called “high leverage with high return” may sound, it often accompanies equally high risks, as there’s no such thing as a free lunch. Recently, WikiFX got a report from a victim of such “high-leverage” scam.
Conclusion
TBC is but one example of the illegal brokers who try to deceive investors with their misleading “high-leverage” campaigns online. Investors need to carefully verify credibility of such advertisements and stay alert to slogans such as “ high-leverage”, “low threshold” and “great bonuses”. Always check the broker’s profile to make sure its compliance. If you have any doubt about the broker, you can download the WikiFX App to verify its identity.
Illegal broker: TBC
Regulatory status: Currently unregulated
Complainant: Ms. Zhang
Cause of complaint: Withdrawal failure
Investors might often heard about high leverage in forex investment, and tempting as the so-called “high leverage with high return” may sound, it often accompanies equally high risks, as there’s no such thing as a free lunch. Recently, WikiFX got a report from a victim of such “high-leverage” scam.
 |
| Ms. Zhang’s ID card |
Event recap
In late July this year, Ms. Zhang opened an account with forex broker TBC. Tempted by the broker’s promise of high leverage, Ms. Zhang invested US$ 20,000 for her first deposit, hoping to make a fortune with it. However, her investment turned out unsuccessful as she lost nearly US$ 5,000 within a month. Towards the end of August, Ms. Zhang decided to withdraw her balance, but her application remained “in progress” while her withdrawn balance failed to reach her account. Ms. Zhang tried contacting the customer service and the IB of the broker, but neither of them responded to her request. To date, Ms. Zhang’s balance remains unavailable.
In late July this year, Ms. Zhang opened an account with forex broker TBC. Tempted by the broker’s promise of high leverage, Ms. Zhang invested US$ 20,000 for her first deposit, hoping to make a fortune with it. However, her investment turned out unsuccessful as she lost nearly US$ 5,000 within a month. Towards the end of August, Ms. Zhang decided to withdraw her balance, but her application remained “in progress” while her withdrawn balance failed to reach her account. Ms. Zhang tried contacting the customer service and the IB of the broker, but neither of them responded to her request. To date, Ms. Zhang’s balance remains unavailable.
 |
| Ms. Zhang made a US$ 20,000 deposit to TBC |
 |
| Ms. Zhang lost nearly US$ 5,000 within a month |
 |
| Ms. Zhang’s withdrawal application remains “in progress” |
Analysis
Many investors may assume that a higher leverage in forex trading means they can harness a larger amount of capital to make greater profits. However, such mindset is often easily targeted by illegal brokers, who lured gullible investors into their traps with so-called high leverage. A fact easily ignored by investors is that with higher leverage, there’s inevitably a greater risk; and in the case of choosing an illegal broker, investors face multiplied risks of losing their money.
Ms. Zhang is apparently a victim of the “high-leverage” scam. TBC claims on its official site that investors can “maximize your capital utilization through an optional 1: unlimited leveraged forex trading”. Yet the main financial regulators around the world such as FCA, ASIC and NFA all have restrictions regarding the leverage provided by forex brokers under their supervision, and no regulator allows forex trading with so-called “1: unlimited leverage”.
Many investors may assume that a higher leverage in forex trading means they can harness a larger amount of capital to make greater profits. However, such mindset is often easily targeted by illegal brokers, who lured gullible investors into their traps with so-called high leverage. A fact easily ignored by investors is that with higher leverage, there’s inevitably a greater risk; and in the case of choosing an illegal broker, investors face multiplied risks of losing their money.
Ms. Zhang is apparently a victim of the “high-leverage” scam. TBC claims on its official site that investors can “maximize your capital utilization through an optional 1: unlimited leveraged forex trading”. Yet the main financial regulators around the world such as FCA, ASIC and NFA all have restrictions regarding the leverage provided by forex brokers under their supervision, and no regulator allows forex trading with so-called “1: unlimited leverage”.
Per checking the WikiFX App, TBC is currently unregulated and has been in business for less than a year. Rated at only 1.11 on the WikiFX App, the broker is extremely untrustworthy, and investors should stay away from it.
Conclusion
TBC is but one example of the illegal brokers who try to deceive investors with their misleading “high-leverage” campaigns online. Investors need to carefully verify credibility of such advertisements and stay alert to slogans such as “ high-leverage”, “low threshold” and “great bonuses”. Always check the broker’s profile to make sure its compliance. If you have any doubt about the broker, you can download the WikiFX App to verify its identity.
评论
发表评论