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I am a newbie: Looking for advice.

ArtM · 16 · 2818

ArtM

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on: Dec 14, 2011, 04:28 AM
This is about my wife's aunt who invested in forex trade. Actually, she was a senior citizen already and somebody convinced her to invest her money in forex trade. An investment that she knew nothing about and the only thing she look forward to is the return of profits as what the broker presented. So, she jump in without asking to somebody else or second opinion. Until such time, she decided to get her investment. Then later, she called us that she definitely need some assistance in order to claim her money from the said broker. And according to her, she would not be able to claim it because the value of the money was far below than expected. In short, less value.
I haven't spoke to the broker yet and I did not even knew him/her.

Anybody can guide me on how to persuade this particular broker? How can I determine that this broker is not scammer? Actually, this broker had an office in Cebu.


Prospera

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Reply #1 on: Dec 14, 2011, 06:08 AM
As far as I know, a client can withdraw or close his/her account anytime s/he wants if it's a "managed account".

The "broker" cannot prevent your aunt from getting her money back (that is, what's left of it assuming that losses were incurred).




TSO

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Reply #2 on: Dec 14, 2011, 07:42 AM
This is about my wife's aunt who invested in forex trade. Actually, she was a senior citizen already and somebody convinced her to invest her money in forex trade. An investment that she knew nothing about and the only thing she look forward to is the return of profits as what the broker presented. So, she jump in without asking to somebody else or second opinion. Until such time, she decided to get her investment. Then later, she called us that she definitely need some assistance in order to claim her money from the said broker. And according to her, she would not be able to claim it because the value of the money was far below than expected. In short, less value.
I haven't spoke to the broker yet and I did not even knew him/her.

Anybody can guide me on how to persuade this particular broker? How can I determine that this broker is not scammer? Actually, this broker had an office in Cebu.

Check the license of the broker. S/he should be associated with another organization or have legal documents that can establish legality.

Next, find out why she didn't have as much value in the first place. Get transaction records and verify balance using FOREX values in the market. Can't be that much different than tracking stock prices over time.

Close the account and get whatever's left... then maybe you can try suing the broker for negligence and exploitation of your aunt-in-law's unbridled enthusiasm and lack of knowledge.


puberer

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Reply #3 on: Dec 14, 2011, 08:03 AM
kunin nalang ang pera para di na lumala ang problem.  kahit pa legal o hindi ang broker, kung hindi naman naiintindihan ng investor ang pinasok niya, wala din saysay.  dadagdagan pa ng pag aalala ang senior na investor. 



faith1013cedy

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Reply #4 on: Dec 14, 2011, 03:44 PM
Well,I think its better to if you ask the broker for your aunts money first as a warning...if hnd nya pa rin  bnigay call the cops for assistance...


ferrariEverest

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Reply #5 on: Dec 15, 2011, 02:34 PM
Sir ArtM,
ano pangalan ng company?

as far as i am concerned, walang legit at reliable na retail FX broker sa Pinas.


papito13

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Reply #6 on: Dec 15, 2011, 10:19 PM
yeah, could you kindly tell us the brokers name. if you invest in a forex company you can withdraw your money anytime you want, close even your account anytime you want, and as long as you did not trade your capital it should be the same amount or an amount close to the original deposit.

kasi kami nalilito kng broker ba ang pinag depositahan nya ng pera, it might be another company that does the trading for you (account managers or something). it can be scam!
another thing is, nkakatakot ang paraan ng pag recruit sa aunt mo, parang networking lumalabas eh, puros kita pinapakita, trading is more than just that. and it takes years of learning.

keep all the original papers, and check the terms stated.
« Last Edit: Dec 15, 2011, 10:22 PM by papito13 »


ArtM

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Reply #7 on: Dec 16, 2011, 12:10 AM
To all PMT mates who spend their valuable time in replying my post. I really appreciate your help and good advices.

Once the name of the company will be known to me, I'll get back to you, mate.
Hopefully, we can have it back (money invested), kahit yung natira nalang. But anyway, sana hindi scammers ito, at least we have the chance to get the money. Have a good day sa lahat.


poojim

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Reply #8 on: Dec 16, 2011, 02:55 PM
SirArtM, ipaalam mu samin yung company name ha..

Panu bumaba yung investment, kusang nag order ng losing positions yung broker? May broker bang ganun? Hindi naman siguro managed account (or PAMM) yung kanya noh?


ArtM

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Reply #9 on: Dec 16, 2011, 09:38 PM
Good Day to all.

Thanks for the help in sorting this out. I will get info with their dealings. Once the company name is known, I will give you a shout.

Thanks.


papito13

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Reply #10 on: Dec 16, 2011, 11:12 PM
we will be looking forward to it, di ko nmn akalain na ganun kagressive maningil ng pera ung broker na yun. bsta lng mkpag open ng account baka marketmaker?


poojim

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Reply #11 on: Dec 18, 2011, 05:46 PM
May mga broker din nga pala na may monthly fees, mas malaki ata ang fee pag inactive yung account hanggang sa mag zero. Yung ibang broker nga may interest pa yung deposit tapos yung iba may fees nuh ba yun...  aw...

« Last Edit: Dec 18, 2011, 05:49 PM by poojim »


ferrariEverest

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Reply #12 on: Dec 18, 2011, 05:55 PM
baka illegal na local forex broker yan dati/ngayon. kung oo, may commission yung iba nyan bukod pa sa spread. naexperience ko yan dati.


papito13

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Reply #13 on: Dec 19, 2011, 10:42 PM
I've heard about it, yung parang mga introducing brokers (tama ba) dindaan nila sa spread or commissions, not sure about other fees, pero parang paraan ng mga local offices un para kumita ng extra. most likely its for small brokers na gusto kumita agad, di stable ang ganun kng di ako nag kakamali :)


suntzu

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Reply #14 on: Feb 27, 2012, 06:15 AM
ano ba ang update nito? artM's last reply was dec 16, 2011 and not heard from him since. if you got some of the money, please let us know and HOW :thankyou:; that will be interesting to share here for our experiences. :boxing:
if not, just post the company's name, name of the broker, and account manager. that way, makilala natin sila and we will keep our distance from them. :harhar:
sharing our success as well as failures through scams and from scoundrels will do justice to every forex trader here. :cool2:


 


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