FxChoice MAM Risecap scam

WilsonW

Corporal
Messages
94
It is a scam!

It attracts you with a polished presentable portal.
(see attachment: managed_account_brokers_partial_list.pdf)

When you asked for 3rd party verification like MyFxBook, FxStat or FxBlue, they replied that they are working on this and they use liquidity fix that is available to banks and brokers.
(see attachment: 10oct2018risecap_due_diligence_email.jpg)

When it failed badly as evident in my statement, they started blaming on micro-account!
(see attachment: email_correspondences_on_refund.jpg)

And said micro-accounts suffer volatility hits. But cross-check that with the statement, you would see it is a constant downward slope!
(see attachment: Statement_99872-XXX XXXX Wong.pdf)

When you asked for refund, they would say 90 days and it would be processed in batches. But that was only their delay tactics.
(see attachment: email_correspondences_on_refund.jpg)

So my conclusions are:
1) stay away from IFSC (Belize) regulated fx brokers (I have another bad story to tell about Yadix, which is also Belize based beside FxChoice!!)
2) stay away from Russian brokers
3) stay away from Indian brokers (Risecap in this case)
 

Attachments

  • Statement_ 99872 - XXX XXXX Wong.pdf
    60.9 KB · Views: 14
  • 10oct2018risecap_due_diligence_email.jpg
    10oct2018risecap_due_diligence_email.jpg
    422.4 KB · Views: 9
  • email_correspondences_on_refund.jpg
    email_correspondences_on_refund.jpg
    104.2 KB · Views: 10
  • managed_account_brokers_partial_list.pdf
    546.3 KB · Views: 7

WilsonW

Corporal
Messages
94
In pursuit of the above, I further elaborate my experience with IFSC of Belize https://www.ifsc.gov.bz/

In one simple sentence, IFSC is downright crap!

In another case I had with an IFSC regulated broker Yadix managed-account, I submitted my complaint to IFSC. It might have queried into the matter, but it dealt directly with the fx broker. And worse, IFSC replied me nothing! Zilt! No acknowledgement, no explanation and the worst was it seemed to me, it sided with the fx broker and kept silent!!!!

You have been warned! Stay away from Belize fx brokers and financial system! They are not investor friendly!!
 

FxMaster

Lt. Colonel
Messages
11,175
It is a scam!

It attracts you with a polished presentable portal.
(see attachment: managed_account_brokers_partial_list.pdf)

When you asked for 3rd party verification like MyFxBook, FxStat or FxBlue, they replied that they are working on this and they use liquidity fix that is available to banks and brokers.
(see attachment: 10oct2018risecap_due_diligence_email.jpg)

When it failed badly as evident in my statement, they started blaming on micro-account!
(see attachment: email_correspondences_on_refund.jpg)

And said micro-accounts suffer volatility hits. But cross-check that with the statement, you would see it is a constant downward slope!
(see attachment: Statement_99872-XXX XXXX Wong.pdf)

When you asked for refund, they would say 90 days and it would be processed in batches. But that was only their delay tactics.
(see attachment: email_correspondences_on_refund.jpg)

So my conclusions are:
1) stay away from IFSC (Belize) regulated fx brokers (I have another bad story to tell about Yadix, which is also Belize based beside FxChoice!!)
2) stay away from Russian brokers
3) stay away from Indian brokers (Risecap in this case)
First of all, invite the company by using the invite company option to your thread. And if you are unable to locate the option then this thread "Tutorial: How to Invite a company to your thread." will help you to find out.

Note: If you are new to FPA then invitation button will be enabled when your first post reaches 4 days old.

Till then follow the below-suggested options to draw their attention on your issue


Few steps that you must follow to draw their attention to your issue,
Follow the suggested steps below:
Invite them to join this thread via email (Send an email to every possible address).
Go to their website and invite them to here via Live Chat
You will find their email and address here https://en.myfxchoice.com/company/contact/

Also, Share your story as a review here https://www.forexpeacearmy.com/forex-reviews/8159/myfxchoice-forex-brokers

You can also share your story on their social media pages mentioned below:
https://www.facebook.com/fxchoiceltd/(Click on MORE and you will find write review option there)
https://twitter.com/fxchoice_eng?lang=en
https://plus.google.com/+FXChoice

Positive Note: If you receive a solution to your problem then don’t forget to edit yourthread and reviews :)
Negative Note: If they failed to reply to you properly then write me back here, I`llsuggest you more steps to get yourfunds back :)
 

WilsonW

Corporal
Messages
94
MAM account are independent traders that use said broker, can't blame the broker for poor trading by the MAM account trader

Ya, right! Right in the client portal with direct link and you want me to believe that broker is innocent and just want to make more commission even on our losing trades!

My message is clear to all forex investors and traders:
steer clear of Belize, it is a death trap!
 

Attachments

  • 14apr2018portal_screen_capture_risecap_integral.png
    14apr2018portal_screen_capture_risecap_integral.png
    110.2 KB · Views: 3

Poundtrader

Sergeant
Messages
137
Ya, right! Right in the client portal with direct link and you want me to believe that broker is innocent and just want to make more commission even on our losing trades!

My message is clear to all forex investors and traders:
steer clear of Belize, it is a death trap!
it's always a death trap when you rely on some one else to trade your money
 

WilsonW

Corporal
Messages
94
it's always a death trap when you rely on some one else to trade your money
This I do agree to a certain extent. Nonetheless, I have had pretty good experience with FxMac managed account. Notwithstanding, I am also learning to be profitable on my own trading.
 

4evermaat

2nd Lieutenant
Messages
2,286
Why in the world are you with FxChoice? People are just asking to lose their deposits IMO
 

risingzombi

Private
Messages
21
sir, with respect on your 03/26/2018 XAUUSD position was incorrect. You had open a long position and it went the other way (south) and looks like a margin call or near. This possibly took most of the availble balance. Who ever is Risecap lost your funds is probably not a good manager, that probably why it's good to trade your own funds. But why are we blaming fxchoice?
 
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