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Attachments: Trade-24 scams money and does not honor withdrawals
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Trade-24 scams money and does not honor withdrawals

  • Post #1
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  • First Post: Sep 18, 2017 2:55pm Sep 18, 2017 2:55pm
Hi there people of Forex Factory.

It has been a while since i contribute anything here at Forex Factory. But i will do that now and i'll do it to warn fellow traders for a broker i have been trading with for 2 years now, Trade-24 (www.trade-24.com). I want to make this warning to all of you because the forex Industry already has a bad reputation as it is. As a retail trader we rely on the brokers who allow retail trader to trade and unfortunately there are those brokers who does not have an honest agenda. Trade-24 are one of those brokers out there that keeps the bad reputation about the Forex industry intact.

I will tell you my story in short so that you can assess for yourself whether or not you should put your hard worked money in this company or not. My suggestion however is; not. There are many brokers for retail traders out there who do make an honest job. You will be much better off at one of those.

My story in short:

It all started with a phone call, as it always does nowdays, from a man called Jack ([email protected]) that wanted me to start trade at Trade-24. I had my doubts, i sure had. Not at least due to the fact that Trade-24 was, and is not, regulated. Anywhere at all!
He called me a couple of times and well... i tought he had some good stuff to say so i opened the smallest account availible (500 USD). Soon Jack could not be reached any longer and i was assigned to Daniel Erickson ([email protected]). He became, what they call, my account manager and he stuck around for almost a year, always asking for more and more money. I decided to deposit an extra 850 USD. After all, Trade-24 was stil there and did execute my trades. But before i deposit the money i asked Daniel Erickson how safe Trade-24 really are. I confronted him with a couple of Broker Reviews found on the internet and after that he swore that what was writen in those reviews was BS and he "got offended" by my email because Trade-24 always honored withdrawals. In fact he said he should stop trading if Trade-24 one day shouldn't honor withdrawals.
So i deposit 850 USD.

I then again i got a new Account manager. This time Danny Bloomberg ([email protected]) and by now i started to get a little bit worried about all these changes of account managers so i asked Danny Bloomberg how the process of withdrawal was done. What was needed of me etc. He then got mad, asking my why i wanted to withdraw money. I got quite surprised about this and said that i could of course have my money there a little time more.

Then guess what... i got yet a new account manager. This time Justin Cohen ([email protected]). And now the problem really starts. I decided to withdraw my money. So i once again asked how to make the process to that everything would be correct. When i asked this i got as such a verbal beating by Justin Cohen that i could not believe my mind. I was not ever worth a glass of water and i should not ask for withdrawals! He ended the call by saying that he would take actions if i was to request wthdrawals again. I don't know what kind of actions since it's obvious that i can't withdraw my money anyway and that, at least for me, is the worst action a broker can make. Scaming my money.

I got no help, i have requested withdrawals for three weeks, once a day, but no money at my accounts. Not at Skrill, not at my bank account. Nothing!

It is really a sad story and sure... in hintesight it can be easy to say that i could expect this. But everything seems easy in hintsight.

Now i am sitting here, trying to withdraw my money for three weeks now and not one cent has ended up at any account that i have requested withdrawals to.
Trade-24 is defently one of those brokers who qualifies to the brokers who makes the Forex industry get bad reputation. Be aware of these!

Good piphunting to you all.
Regards /Jolimoney
http://www.forexpeacearmy.com/forex-...w.trade-24.com
I am rarely in favor of Binary Option trading. But even then, I don’t think you can blame Binary Option with the selection like these. However, I have not worked with them, so I can just take overlook and say things. I just hope your problem gets solved.
Hello All,
As retail forex traders, we all depend on Brokers for our trading activity. I prefer brokers who accept bank wire transfer. I have fallen victim too of account managers questing why I want to withdraw my money. Forex peace army has a review of some broker, though
Quoting srt
http://www.forexpeacearmy.com/forex-...w.trade-24.com
Yes. As said above. Everything always seems so easy when the answers already have been given to you. But ofcourse.... i can see it is not the best broker in the world. and i for one knows it for a fact.


Quoting Fedricks
I am rarely in favor of Binary Option trading. But even then, I don’t think you can blame Binary Option with the selection like these. However, I have not worked with them, so I can just take overlook and say things. I just hope your problem gets solved.
Binary Option? I have not traded Binary at Trade-24. Why do you think that?
Hi.

My first post ever @ FF but when i saw this about Trade-24 i just felt the need to write because i also have problem with withdrawals from Trade-24 and this makes me so damn mad.

I have over 8 000 USD at my account and they refuse to withdraw the money. I have tried to get my money back for 5 months now. So i guess you won't either get your money. May i ask how much money you have at your account Jolimoney?

I also have had to do with one man called Daniel Ericsson and a Justin Cohen. coincidence? I think not.
Talking to Daniel and Justin was not a very nice experience. Justin Cohen even threatened me. It was many months now but it was something like: "if you don't stop asking for your money i will look you up". For me at least it's a threat.

Stay away from these criminals!
first of all, sorry for your loss.

but the question just begs to be asked: why did you choose a broker you knew questionable, and unregulated?
since you are a member of FF.com since 2006, and you joined that broker in 2014...i am sure you had been aware of many similar stories.
so, please help us all, and tell what mindset drove you to them? what benefits they offered to you to go there?
there is always, always another trade!!
Quoting profitfarmer
first of all, sorry for your loss. but the question just begs to be asked: why did you choose a broker you knew questionable, and unregulated? since you are a member of FF.com since 2006, and you joined that broker in 2014...i am sure you had been aware of many similar stories. so, please help us all, and tell what mindset drove you to them? what benefits they offered to you to go there?
Hi. Thank you for your reply. I was trying to explain it all in the text above (and now below here where i bolded the important parts). But sure... it might not have comed out as clear as i have hoped for. not easy to do while keeping a long story short.
To answer your question. My time here at Forex Factory has never been to search for brokers. In fact this is my very first time in this department of Forex Factory. So no, i have not spotted anything about Trade-24 here at Forex Factory since i have not looked for it.
Second: I did not choose them as my prime broker, if that is what you mean by "choose". My first broker of choice, where i cunduct my main business, is Dukas Copy (Dukas Copy Bank). But i wanted to try Trade-24 out much due to the things this Jack was saying. I really liked his approach to trading in generell.

But at the bottom line of course this was a very bad choice. However it is always easy to be wise after the event. When one have all facts and every "if" and "but" on hand.

I made a misstake. Economical based on my working capital this amount is not even 1% so for me it's not like i would die if i won't get my money back. It's just that i really dislike such bahaviour. I think every people, company or orginisation that handles other peoples money shall do it in a correct and honest way. I do it with my clients and i expect other people, companies etc to do it with their clients money.
And i also need to say that i really love Forex and if can; 1. help other retail traders to avoid bad brokers and...2. contribute to that bad brokers will have a little bit more difficult time in this business it is worth this.
Hopefully one day we will only have great brokers that conduct their business in an honest way. It's not today but hopefully in the future.

I hope you got the answers you need to understand. If not, just ask again and i will try to explain little bit more.



Quote
It all started with a phone call, as it always does nowdays, from a man called Jack ([email protected]) that wanted me to start trade at Trade-24. I had my doubts, i sure had. Not at least due to the fact that Trade-24 was, and is not, regulated. Anywhere at all!
He called me a couple of times and well... i tought he had some good stuff to say so i opened the smallest account availible (500 USD). Soon Jack could not be reached any longer and i was assigned to Daniel Erickson ([email protected])....
thanks.
i meant the comment not about searching trade-24 beforehand, from 2006, but that you probably been aware that quite a few scam brokers existed, and the things that could backfire with zero regulation, as it is almost equal to a licence to scam.

and yes, read the bolded part as well, just couldnt and still cant imagine the good stuff in details what a Jack could say and why his way of trading had to do with your account opening. i had some brokers where there was a supposed account manager, well, as a trader a really couldnt care more about them and what they have to say.
especially if you have(had) a good broker for main business...

anyway, once more sorry for your loss, no one likes to be scammed.
there is always, always another trade!!
Quoting profitfarmer
thanks. i meant the comment not about searching trade-24 beforehand, from 2006, but that you probably been aware that quite a few scam brokers existed, and the things that could backfire with zero regulation, as it is almost equal to a licence to scam. and yes, read the bolded part as well, just couldnt and still cant imagine the good stuff in details what a Jack could say and why his way of trading had to do with your account opening. i had some brokers where there was a supposed account manager, well, as a trader a really couldnt care more about...
Well, what can i say more then you are so correct. Why why why... I guess we all make stupid decisions from time to time.

Anyway: Don't trust these guys.
I can understand Jolimoney. Sometimes thing goes so fast that you don't think in a rationally way i guess. that's at least the reason for why i deposit money at trade24

I will try to contact this Justin Cohen again and see what he has to say to his defend. I will update here as soon as i have something. But for me my money is a big deal for me.
I can't understand why they don't pay me my money and i am so sad about it. I i don't care if they have 1 million bad reviews at various places i still think my money is just my money and rightfully should be payed to me.

I said it before criminals!
Seems to be an outright fraud. Google "Moslok Ltd." There are many warnings from regulators. Apparently they are also doing other fraudulent telemarketing schemes.
Quoting shrike
Seems to be an outright fraud. Google "Moslok Ltd." There are many warnings from regulators. Apparently they are also doing other fraudulent telemarketing schemes.
So it's the same company you mean?

Daniel Ericsson called me today not happy about this thread. I explained to him why i'm doing this he replyed by saying.... and this is a little amusing. I quote: "I will try to get your money back".

He will try.... i didn't think that it even was a question about doing it or not. When a client withdraw money comply with. Just withdraw the f***ing money and send them to the client. No no.... he shall try.

/ Jolimoney
Quoting jolimoney
{quote} So it's the same company you mean? Daniel Ericsson called me today not happy about this thread. I explained to him why i'm doing this he replyed by saying.... and this is a little amusing. I quote: "I will try to get your money back". He will try.... i didn't think that it even was a question about doing it or not. When a client withdraw money comply with. Just withdraw the f***ing money and send them to the client. No no.... he shall try. / Jolimoney
This is really criminal activity. Since you have some real names I suggest you report them to criminal police in the country where they have their main Office. You can do it by email. I'm sure this is the best prevention from their further actions.
Just terrible. Where is the law now? Few months ago police charged me because my dog was not on the leash in the middle of nowhere. I really wish that the law enforcement would do the job where it needs to be done. Like in your case!
PVSRA
Quoting Fisher755
{quote} This is really criminal activity. Since you have some real names I suggest you report them to criminal police in the country where they have their main Office. You can do it by email. I'm sure this is the best prevention from their further actions. Just terrible. Where is the law now? Few months ago police charged me because my dog was not on the leash in the middle of nowhere. I really wish that the law enforcement would do the job where it needs to be done. Like in your case!
Thank you and i agree with you. Sometimes it's just crazy. It is a good suggestion you have and i might do that. Thank you.

I'll appriciate all suggestion on how to both recive my money but also how to activly act to stop these guys. The more suggestions the better.
Quoting jolimoney
{quote} So it's the same company you mean? Daniel Ericsson called me today not happy about this thread. I explained to him why i'm doing this he replyed by saying.... and this is a little amusing. I quote: "I will try to get your money back". He will try.... i didn't think that it even was a question about doing it or not. When a client withdraw money comply with. Just withdraw the f***ing money and send them to the client. No no.... he shall try. / Jolimoney
Look at the bottom of the website. It says its registered in Cyprus with a cypriot address, but i cant find anything in the Cysec register. They arent authorized to provide any financial services. I wouldnt put too much faith in cypriot authorities to do anything, and its maybe just an anonymous PO box anyways. But maybe worth a try to contact Cysec. They probably wont get your money back, but maybe shut them down.
Quoting Fisher755
{quote} This is really criminal activity. Since you have some real names I suggest you report them to criminal police in the country where they have their main Office. You can do it by email. I'm sure this is the best prevention from their further actions. Just terrible. Where is the law now? Few months ago police charged me because my dog was not on the leash in the middle of nowhere. I really wish that the law enforcement would do the job where it needs to be done. Like in your case!
Terrible story. When it comes to the reel names , Daniel Erickson, Danny Bloomberg , Justin Cohen , My guess is that next name will be something like Michael Dimon. Sounds very constructed. Would not have reacted if it is was one , but 3 names with combination of famous, but not so much used family names rings a bell in my head that they are constructed. But that is perhaps good since that is a crime in itself to use false name.
Trading in the shadow of SM
Quoting Earleone
{quote} Terrible story. When it comes to the reel names , Daniel Erickson, Danny Bloomberg , Justin Cohen , My guess is that next name will be something like Michael Dimon. Sounds very constructed. Would not have reacted if it is was one , but 3 names with combination of famous, but not so much used family names rings a bell in my head that they are constructed. But that is perhaps good since that is a crime in itself to use false name.
Yes, you are right.
Still, it doesn't hurt if email is sent to the authorities with their names and email adresses. There are means that internet crime police unit uses to get on their track. I had an expirience in my country with them when a pedofile tried to contact my son on FB. And my country is tiny, so there is hope they get punished.
PVSRA
if nothing else, the website should be registered under some name( person or company) and some location.

http://whois.domaintools.com/trade24.com

it all points to Italy.

Registry Registrant ID:
Registrant Name: TRADE24 S.p.A.
Registrant Organization: TRADE24 S.p.A.
Registrant Street: Via Terraglio, 49
Registrant City: TREVISO
Registrant State/Province: TV
Registrant Postal Code: 31100
Registrant Country: IT
Registrant Phone: +39.35216446
Registrant Phone Ext:
Registrant Fax: +39.354122273
Registrant Fax Ext:
Registrant Email: http://source.domaintools.com/email....;]=transparent

hope it helps.
there is always, always another trade!!
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Et de hoc , satis .
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