Scam by a Forex Broker

[bondjames007]

Hi 

 

It looks like I been scammed by a Forex Broker listed on the the MT5 platform,  unable to withdraw funds from the stock broker.

 

Any advice on who to contact,  any companies that I can contact within Thailand, relating to Forex Trading Scams  ? 

 

Thanks

 

 

 

 

[chockchai12]

Within Thailand?  Thailand does not offer any OTC products. What was the name of the broker?

[chockchai12]

Although can be biased www.forexpeacearmy.com  is a good point of reference

[charliebadenhop]

You say "forex" and then "unable to withdraw funds from the stock broker" so I am confused. What is what?

 

If you are trading forex, finding a reputable broker is a very impt. task, and not an easy task. 

 

For forex I would suggest FXChoice. 

 

 

[Thjames]

5 minutes ago, charliebadenhop said:

You say "forex" and then "unable to withdraw funds from the stock broker" so I am confused. What is what?

 

If you are trading forex, finding a reputable broker is a very impt. task, and not an easy task. 

 

For forex I would suggest FXChoice. 

 

 

really, full protection in Belize ????

[AntipodeanThai]

Only use a reliable regulated broker in a regulated environment like FXCM or cmc..Otherwise if in Thailand maybe gather all documentation and head to the police

[allanos]

Is the broker licensed, registered with a particular Authority?

 

Start there!

[charliebadenhop]

I cannot imagine Thai police being able to help in any way. Reputable brokers are normally regulated by various jurisdictions.

 

[wwest5829]

Good news, you are not alone. I lost $1700.00USD. There was a big case in Chiang Mai. Bad news, I do not know of anyone getting restitution.

[ThaiFelix]

I used to use Ozforex to move money from Australia to here but recently changed to Wise due to better rates.  However, coincidently yesterday I received an email from Ozforex warning me about forex scams.  I'm not sure if they were just promoting themselves or maybe this is becoming more prevalent??

[bondjames007]

1 hour ago, chockchai12 said:

Within Thailand?  Thailand does not offer any OTC products. What was the name of the broker?

 www.lunboux.com,  the broker is listed on MT5 platform,  unable to withdraw any funds that I deposited with them.

[bondjames007]

1 hour ago, chockchai12 said:

Within Thailand?  Thailand does not offer any OTC products. What was the name of the broker?

The broker name is Lunboux.com.  I am unable to withdraw any funds from them

[charliebadenhop]

What is your meaning here?

 

"unable to withdraw funds from the stock broker" 

 

Did you do any active trading with them?

[bondjames007]

9 minutes ago, wwest5829 said:

Good news, you are not alone. I lost $1700.00USD. There was a big case in Chiang Mai. Bad news, I do not know of anyone getting restitution.

I lost $2900 so far unable to withdraw my funds.  Did you manage to get your funds back ?

[KarenBravo]

17 minutes ago, AntipodeanThai said:

Only use a reliable regulated broker in a regulated environment like FXCM or cmc..Otherwise if in Thailand maybe gather all documentation and head to the police

That still is no guarantee.

 

Years ago, I handed over $10k to a registered forex dealer.

He just churned the money (excessive trading), made a small commission on every trade until all the money was gone.

 

Not a chance of any action as he could claim that he believed that every trade was necessary.

[bondjames007]

1 minute ago, charliebadenhop said:

What is your meaning here?

 

"unable to withdraw funds from the stock broker" 

 

Did you do any active trading with them?

Yes,  on the MT5 platform using the broker, exchanging currencies.  I have made some profit and I am unable to withdraw my principle plus profits from the trades from the broker.

[bondjames007]

5 minutes ago, charliebadenhop said:

What is your meaning here?

 

"unable to withdraw funds from the stock broker" 

 

Did you do any active trading with them?

I have dones trading with them using the MT5 platform,  made profits and unable to withdraw any funds at all from the broker.  Wondering what steps to take to get the funds back

[rwill]

Did you contact them about it?

 

[Oxx]

30 minutes ago, davemax49 said:

 www.lunboux.com,  the broker is listed on MT5 platform,  unable to withdraw any funds that I deposited with them.

The lunboux.com domain was only registered on 28 February, this year.  See https://www.whois.com/whois/lunboux.com

 

The website lunboux.com lists no regulator.

 

That's two enormous red flags.

 

The shopping centre they claim to be located in is Ho King, famed for gangsters selling porn and video games.  However, the domain registration is to a 1960s apartment block, Blue Pool Court.

 

It would appear that you've been very naïve and did no checking before handing over your money to them.

 

Hope you haven't lost too much money.

 

 

[Ohyesuare]

53 minutes ago, davemax49 said:

I have dones trading with them using the MT5 platform,  made profits and unable to withdraw any funds at all from the broker.  Wondering what steps to take to get the funds back

This is a common scam. They get you to deposit as many times as they can, make it seem like you are making profit but once you try and withdraw, the jig is up. Was it someone who befriended you over whatsapp that got you to invest on that site?

[bondjames007]

4 minutes ago, Ohyesuare said:

This is a common scam. They get you to deposit as many times as they can, make it seem like you are making profit but once you try and withdraw, the jig is up. Was it someone who befriended you over whatsapp that got you to invest on that site?

Will Police do anything for wired fraud,  I kept all transactions of bank transfers ?

[Oxx]

1 minute ago, davemax49 said:

Will Police do anything for wired fraud

In short, no.  You handed your money over willingly, and the company is apparently in Hong Kong where the Thai police have no jurisdiction.

[bondjames007]

2 minutes ago, Oxx said:

In short, no.  You handed your money over willingly, and the company is apparently in Hong Kong where the Thai police have no jurisdiction.

Any idea why they have a licence to be registered as a broker on MT5 ?

[wwest5829]

1 hour ago, davemax49 said:

I lost $2900 so far unable to withdraw my funds.  Did you manage to get your funds back ?

Only profit was my learning from the experience. No recovery … investments are a risk, no quarantines in the best, let alone speculative investment. It seemed to me that FOREX trading, as well as, investing with someone closely following a fluctuating market, should have opportunity. I will stick with my more sedate holdings. Not the greater potential but safer for me in the long run. Doing OK, I have a retirement budget of $2400 USD a moth ($1380 from US Social Security so the rest comes from invested retirement funds). So, about $33000.00 USD a year and still seeing the capital grow. 

[scubascuba3]

1 hour ago, davemax49 said:

I lost $2900 so far unable to withdraw my funds.  Did you manage to get your funds back ?

Could have been a lot worse, some people lose their life savings with frauds, live and learn

[timendres]

47 minutes ago, davemax49 said:

Any idea why they have a licence to be registered as a broker on MT5 ?

$1,000 USD buys them a license with MT5.

Their scam will produce much more money than that.

A simple search (Lunboux scam) presents this as the first link:
    https://www.scamadviser.com/check-website/lunboux.com
Sadly, it looks like you fell into a trap.

You could look into filing a report with an authority in HK, but I suspect you will never see your money again.

[charliebadenhop]

Unless the broker is a total scam, starting up a brokerage costs a minimum of about 25k. You have to have liquidity, etc. etc. 

 

Most people trading forex lose money because they do not know enough about what they are doing. Simple as that. 

 

I have had an Aussie man trading for me for a bit less than two years now and we are getting a return of about 30% a year. He does not at all use leverage and he never plays with more than 5% of my total capital at any one time. So, a good deal of safety. I only need to hit one button and he can no longer trade using my account. 

 

But good people like him are few and far between. 

 

 

[userabcd]

From Lunboux website

 

Risk Warning: Leveraged foreign exchange, financial derivatives, precious metals, contracts for Difference, or other over-the-counter transactions in the form of margin pose a high risk to your funds.You do not own the underlying assets or have any rights to them.The transaction is not suitable for everyone and may result in a loss greater than the amount of your deposit.You should trade with what you think you can afford to lose.Past performance is not indicative of future performance and tax laws are subject to change.Lunboux Limited is not a financial advisor, we only provide transaction execution-based services.Please review our risk disclosure disclaimers and legal documents and ensure that you are fully aware of your personal information and the risks involved before deciding whether to access our services.We encourage you to seek the independent advice of a professional if necessary.

 

They are registered in Hong Kong so you could try informing or reporting to the Hong Kong company registrar of your situation.

[Caldera]

A scamming Forex broker, what has the world come to!

[kingstonkid]

4 hours ago, wwest5829 said:

Good news, you are not alone. I lost $1700.00USD. There was a big case in Chiang Mai. Bad news, I do not know of anyone getting restitution.

Lost 2k sounds like we should form a club.  I was able to get some of it back Just keep screaming at them the problem is that all these organizations are starting but there is no regulation