₦airaland Forum

Hi all,

I need your opinion on the issue narrated as follows:

Some months back, I attended one of the forex seminars with a popular broker and I was asked to deposit an amount of money ($1000) into a manager account (MAMI) and that as the money is managed, the manager would be paid a certain
commision. I was also asked to set a minimum amount that should be left in case the trading goes the bad way which I did. Doing this meant that trading was
supposed to stop on my account if it gets to a certain minimum (i set a drawdown of 20% meaning they can only trade with $200) and trading should stop after
losing $200 or rather I should be notified if i still wanted the manager to continue trading on the account.

Trading started on the account with and after some days the balance went beyond the minimum set.
NB: This was not done (I was not notified)

Then I went ahead to send several emails that trading should be stopped on the account because I was receiving daily emails and monitoring how the money was
decreasing.

NB: I did not get any response to my emails.

Then i decided to contact some of their staff members that I know personally and they told me trading will be stopped on the account only to see that
only $75 was left in the account.

I waited to see if any action will be taken by the management to return the lost fund until after about 2 or 3 months when someone told me they were paying
bonuses to those who lost funds through their managers.

I applied for the bonus to be paid and a VIRTUAL bonus of $725 was paid with an agreement claiming that I must continue trading with it.
NB: I see this as a trick for them to claim the whole amount

Currently the bonus is sitting in an account with the company but my request is that I do not want a bonus that is virtual, I want back my real cash as agreed initially.

NB: Although by agreement I am not entitled the whole $1000 that i invested, I am entitled to the minimum amount of $800 of which I was left with $75. My claim now is $725.

I have a document which shows how the money reduced from $1000 to $75 and the series of emails I sent and the skype chats.

The most annoying part is anytime I send an email or make a request, they do not respond until I went and search online for their head office out of Nigeria in twitter and I started sending strong emails.

I have also pasted below a chat I had with someone from the Nigeria office that reluctantly responded after a lot of pressure.

broker: Hello!
broker: How are you today?
me: I am good and you?
broker: Great
broker: You said u placed a withdrawal on your account?
broker: Have checked your account and noticed the money on it was a bonus given to compeciate u
broker: If a certain amount of lots has not been traded then their is no how u can withdraw
me: the part i dont understand is the compensation
broker:
broker: how will you lose my money and then you call it compensation
me: it is a return not compensation o
me: it was a manager account
me: i did not trade it myself
me: i invested with mtrading
broker: Ok, which ever way, returns
me: should i send u the details of how the money varnished?
broker: No, don't bother
broker: can track that here
me: but pls i need you to explain more to me why my money should become a compensation
broker: Its the managers fault not yours, i understand your feeling
broker: It the manager that trader your account, when it get to your draw down the manager is suppose to close all trade
broker: but he refuse to do that
me: i think we both understand the situation.
me: what we should talk about is the way forward
me: i dont even knw the manager and i dont think i should
broker: yes, i understand
broker: Oh you don't know the manager
me: and i dont think i should.
broker: Ok, the way forward now is to get someone that can trade that account
me: no way ma
me: i cant afford to take that risk again
me: i have suffered enough o
broker: That is the only way forward sir
me: then we are not in agreement
broker: Who filled the form for you?
me: it was online.
broker: and you signed it, right?
me: signed what?
me: I created a mami account
me: and moved funds to it.
me: with an instruction of the minimum risk level
me: how do you trade a 1000 dollar account to 75 dollars
me: even me that i dont know how to trade, i cant do that.
broker: I understand!
broker: who connected you to a manager?
me: and i am not sure you are aware of the series of emails i sent to stop trading on the account before it got to that level.

There has been silence since and it is running to about another month now.

Thank you

Just look for somebody that cn trade 4 u so dat afta some time u make withdrawal if nt does thief wunt pay u ur money. Which broker is that sef?

Hey,

Forex is actually very lucrative. You made a wise choice by choosing to invest in forex.
Its sad that your first trial ended this way.

For me to advice you properly can you answer these questions:

1. In what digital currency were you given as reimbursement??
2. How much time do you have in a typical day?

Tell us the name of the company

I have not heard of any good story from forex...

Thanks all for the response so far, I am still on the issue with the company and I do not want to mention name yet. I may however do that if the do not respond.

@wonder1844 @212blaze
I do not intend to trade the account anymore, I do not think it is a matter of who trades the account, i feel there is an hidden agenda here.

first of all, what is the name of the broker.at least newbies can learn from this.secondly, i don't really trust all those brokers who claims they have fund managers who trade for their clients.also, i see greed in your dealings.you did not take measures to find out more about the broker and you went ahead to push in a wooping sum of 1k dollars,that is huge and you were thinking you would make millions overnight base on what they told you guys in the seminar.no form of verification or something because most brokers verify their client.the manner at which you transact the deal is too quick.this money could have been kept if you devote the time to learn it.i don't know if they would give you back a refund because from what i can see, they are still waiting for more deposit

fxstory:
first of all, what is the name of the broker.at least newbies can learn from this.secondly, i don't really trust all those brokers who claims they have fund managers who trade for their clients.also, i see greed in your dealings.you did not take measures to find out more about the broker and you went ahead to push in a wooping sum of 1k dollars,that is huge and you were thinking you would make millions overnight base on what they told you guys in the seminar.no form of verification or something because most brokers verify their client.the manner at which you transact the deal is too quick.this money could have been kept if you devote the time to learn it.i don't know if they would give you back a refund because from what i can see, they are still waiting for more deposit

Thank you for the response, I think there is something you are not getting clear. I did not intend to make millions overnight as i stated i gave them the instruction to only trade with 200 dollars out of the 1k. I also opened a personal account which I was using to learn how to trade and I never traded with greed. About verification, all verifications were adequately made as the company in question is a big one, I still insist on not revealing the name in question yet but I will reveal it if still things does not change. I am thinking of getting a lawyer soon to help.

dagr8:
@youngestpr...the broker MOST likely will never give you real money to withdraw. I don't want to use the phrase "WILL NOT", but is more like it....and going by your discussion this people will beat you in any kind of 'court' you go to
Note the emboldened below
broker: It the manager that trade your account, when it get to your draw down the manager is suppose to close all trade
broker: but he refuse to do that
They will not take responsibility for the error.

Can we know the conditions on the $725 bonus given?....
broker: If a certain amount of lots has not been traded then their is no how u can withdraw...
Try to know the 'certain amount of lots' they require and kindly post it here please.
Perhaps you should work on a way to trade it yourself
It will be nice if you can mention the broker's name, at least that will give heads-up to your paddies o.lol
It is well

Thank you for your contribution. The issue is that the company also presented the manager, I did not have any relationship with the manager, I do not even know him. I sent several emails to the company when the fund was getting a little below threshold but there was no response. I would have traded the bonus myself but I do not want to run into any of their tricks, they are not being sincere and if i decide to trade, they may sweep the money and give another story. I will give the name of the broker in due course.

youngestpr:
Thank you for the response, I think there is something you are not getting clear. I did not intend to make millions overnight as i stated i gave them the instruction to only trade with 200 dollars out of the 1k. I also opened a personal account which I was using to learn how to trade and I never traded with greed. About verification, all verifications were adequately made as the company in question is a big one, I still insist on not revealing the name in question yet but I will reveal it if still things does not change. I am thinking of getting a lawyer soon to help.

you don't want to reveal it and yet you want help when you don't want to help others from falling victim.anyway, i hope you resolve it soon.also, before getting a lawyer, i don't know if you took time to read their terms and conditions before you created an account with them.some fx brokers can be funny at times especially after the sweet talking you into operning an account with them

fxstory:
you don't want to reveal it and yet you want help when you don't want to help others from falling victim.anyway, i hope you resolve it soon.also, before getting a lawyer, i don't know if you took time to read their terms and conditions before you created an account with them.some fx brokers can be funny at times especially after the sweet talking you into operning an account with them

Thank you for your response, I read the terms and condition and it rightly said that they are supposed to stop trading on any account on the customer's request. It is not like as if I do not want to reveal the name, I just wanted to be sure that they still do not want to cooperate because revealing the name will definitely lead into something else.

Thank you.