The regulators are at fault for not acting on these things.
"Regulating" doesn't mean writing some rules ... it means ENFORCING THE RULES.
These things wouldn't happen if those who have regulatory authority did their jobs.
Thankfully we at FPA can take matters into our own hands and name and shame the scammers. But what is preventing them from starting up again?
Only deal with reputable and well-know dealers. You are risking ALL your capital by dealing with companies who promise everything but deliver nothing. You deal with relative unknowns because you think you might make a few more dollars with them, than you would through the larger well-known firms.
Look what happens then, sadly. For the sake of a few pips profit, you lose everything.
If people stopped using these start-up scammers, they would go out of business. People need to also take some responsibility for using them in the first place. That may sound harsh if you have just lost $200k, but it is the reality.
I would defend you to the ends of the earth in getting justice for what happened though, and I hope someone can go after the directors and extract your money.
This is a very sad case, and very hurtful to the trader.
