FreshForex which is a forex trading provider online to which I opened a classic account that offers a 1:1000 leverage. It claims to have been operating since 2004 so to say it has experience. Normally, when you type in a forex trading company or a site that offers binary options and other online trading services, information to whether a particular site is a scam or not will appear but apparently, FreshForex Brokers has new ‘fresh’ ways to steal your money and your investment and bring you no profits at all.
The classic account of other account types supposedly comes with the deposit commission where a commission charged to the account holder is given back for trading credit to the trader. The refunded commission fee originally charged under the initial deposit is to be refunded back to the client as a full trading deposit on his account. This was the case when I was assisted by one of their online brokers.
Fresh Forex offers no minimum deposit where you can trade basically from any small amount. I was able to deposit $650 and was surprised to be assisted then by a support assistant instead of the broker whom I talked prior to the deposit, through this assistance I was informed that no withdrawal can be made through the first deposit which I was shocked since this was not mentioned by the broker whom I talked with before. Through the support’s explanation, $100 out of my $650 deposit was placed as a commission fee for my broker and has been refunded through credits and cannot be withdrawn unless I make enough profits or make another deposit.
Although this came as a surprise, I let it go and went on with placing my trade and all and by the time I was able to see what little profits I have, I went on and deposited another $500 so that my withdrawal would be big enough to avoid any transfer fee. But upon trying to withdraw on the final trade I closed, my profits were all gone and was informed that my account was placed on hold due to a negative balance and was informed that I needed to deposit another $300 to make the withdrawal. This time around $200 was deducted as a commission fee for my trading account and has been converted yet to just trading credits which cannot be withdrawn unless another deposit has been made.
It was at this point that I realized that this was the Freshforex way of scamming people to where a lot may have not been able to realize in the first place. The process goes on and on from the first deposit to more deposits required until you actually have accumulated a huge profit enough to be sent back to you. This is their way of ripping people off and stealing their money without getting the suspicion of their clients.