Client Lost 28K USD with MTFE!
Like any other scam, trading signals attract many victims easily because it allows traders to make large sums of money with little work.
Search "MTFE" on https://www.wikifx.com/en/?source=zme3&bd WikiFX.com for more specific information about this broker.
Like any other scam, trading signals attract many victims easily because it allows traders to make large sums of money with little work. Scammers frequently claim that this trading method is "guaranteed" or "foolproof".
Inexperienced traders might not know when a buy or sell signal is faulty, so they are unlikely to realise they have fallen victim to a signal scam until it is too late and they have already lost money. Additionally, customers might be informed that while some unsuccessful trades are unavoidable, they will eventually make money with this technique if they continue paying for it. Even novice traders are frequently aware that forex trading frequently results in losses. Signal scammers may persuade them that those traders who lose money long-term do so because they do not have access to this fantastic instrument they have offered.
https://www.wikifx.com/en/?source=zme3&bd WikiF is a global forex regulator query platform that provides verified broker-related information and mediates disputes between brokers and their clients.
Today, https://www.wikifx.com/en/?source=zme3&bd WikiF will reveal a case submitted by another client of MTFE who participated in MTFE's signal trading services.
The client did not suffer massive losses through the trading signals in this case.
He felt suspicious of the broker when he realised that trading signals sent out previously were all wiped clean out suddenly.
Another red flag he spotted was the constant change of customer service representatives in an MTFE trade signal Whatsapp group.
Although he made it through the signal trading unscathed, his initial deposit of 28,000 USD is stuck with MTFE as he has not been able to withdraw the funds. Feeling despair, he contacted WikiFX for our help. It seems like MTFE uses trading signals to lure clients to get on board before freezing their accounts to stop them from withdrawing funds.
For a thorough review of MTFE, read this article here: https://www.wikifx.com/en/newsdetail/202303138194434301.html
The best course of action for traders to avoid signal trading scams is to approach the situation with a fair dose of scepticism. To lessen the chance of falling for a forex signals scam, make a cautious effort to investigate and carefully consider each trading opportunity to see who it actually serves. Instead of relying on an external signal source, traders can also undertake their own signal analysis using price charts. They can then compare their analysis to their receiving signals to see if they make sense. This also means that a trader cannot blindly follow trading signals with the hopes of reaping big bucks from the currency markets.
Lastly, it is important to engage in a broker that is regulated and credible. Download the free WikiFX app or visit www.wikifx.com for all your broker-related inquiries. WikiFX works with over 30 national regulatory bodies in providing verified information of over 40,000 brokers throughout the globe.