Managed account scam ... fxsafetrade.com

gto3000

Recruit
Messages
7
i don't want to breach any FPA guidlines so a quick question before i go an further ... as far as i am concerned the 'scam' is ongoing so is it appropriate to mention actual names or should i just use generic terms such as 'broker' and 'account manager'
 

FxMaster

Lt. Colonel
Messages
10,237
i don't want to breach any FPA guidlines so a quick question before i go an further ... as far as i am concerned the 'scam' is ongoing so is it appropriate to mention actual names or should i just use generic terms such as 'broker' and 'account manager'
Share all the details along with Broker name and account manager name. Make sure to describe in details about what happened with you.
 

gto3000

Recruit
Messages
7
During a conversation on Facebook with Marcus Eric Jackman who offers ‘financial services’ he said his software trades automatically, the minimum investment is $450 would give an approximate return of $3k after 9 days, his commission would be 20%. As I could afford the $450, I thought it was worth a punt, so went ahead.

At this point there was no mention of a broker, but Mr Jackman said he would set the account up and send me the info once it was live.

The $450 was transferred to Marcus via bitcoin and the account was set up with a broker called fxsafetrade.com Marcus sent me the relevant login info, which I promptly changed to my own password.

The account was live on the 07/05/20. After ‘trading’ for a couple of days On the 09/05/20 I received the following email from fxsafetrade …

This is to inform you that your trading account is due for upgrade.

When your account is upgraded it means that a market analyst rating for your account has improved. With an account upgrade, your account value will be on the rise. Once this occurs, the opportunity to make a trade is open and you must act on it to secure a profit.

Your current Balance valued at £2,107

You need to upgrade your account with the sum of £583

To do this you will locate the deposit page on you account and make the deposit to the wallet address provided to you, then state the amount sent and leave an upgrade note in the provided Investment note area, once that is done proceed and your account will be active after the support team has verified your payment.

Note that you will be given a 50% increase on profits upon upgrade.


I questioned this charge with Marcus who assured me it was all above board. So the payment and upgrade was made, the profit started to incease rapidly, thanks to the upgrade and the 50% increase in profits.

On the 11/05/20 I was asked by fxsafetrade to supply id and proof of residence, which was done via driving licence and passport, it seemed strange that they didn’t ask for this when the account was opened but at least they asked for it which is the usual protocol.

In this same email I was asked for more money, copy below …

The Trading software time for your account just elapsed and needs to be updated immediately to complete the trade program, so we will require you to make a payment,

The software update and maintenance fee is £1,499.00 And due to cryptocurrency tax laws, and state of the current market. You are now required to pay a tax bypass fee of £525.00

All payments should be made to the wallet address below not the deposit area, to enable us have access and make the necessary updates to the account as we approach the end of the trade section in a couple of days.

Wallet Address ***********

When all the requests has been met and verified, you will be able to place your withdrawal on the due date.

Sorry for any inconvenience this may cause you.


Again when questioned Marcus confirmed all was in order, he said he had done this process many times and not to worry. As I had come this far the fee was paid.

During this period Marcus was asking how the account was performing and asked for screen shots. He also asked for screen shots of there emails, but as mentioned said the fees were usual and should be paid.

On or around the 19/05/20 I was informed by fxsafetrade and Marcus that the software had completed its cycle and I could make a withdrawal. A withdrawal request was made, and I received the following email from fxsafetrade …

We are pleased to inform you that your trading period has come to an end as such your withdrawal request is being processed.

A total of $ 25,000 (£ 20,385) will be sent to the Bitcoin wallet address submitted to us.

But you are to clear some necessary fees before its released to your Bitcoin wallet

Cost of Trade fees (C.O.T) £ 874.00

Brokerage Commission £ 1,700.00

Withdrawal fees £ 1,625.00

Signals fees £ 2,137.00

All payments total £ 6,336.00 should be made available to the wallet address below

Wallet Address ****************

Clear this necessary costs and within 24 hours your payment will be Received.


Again these fees were questioned with Marcus but his reply was the same as previous.

I asked Marcus if he could help out with the costs by agreeing to waiver his commission of £1,700.00 and I would pay him once l had been paid, to sweeten the deal I offered him an extra $200 he agreed and told me to pay £4636.00

Rather than just pay the reduced fee I asked the broker if that would be ok, they agreed so £4636.00.

On the 20/05/20 I received the following …

We have successfully received a payment from you being part of your withdrawal fees and a request to receive accrued profits before completing payable fees.

Kindly be informed that due to the delay and the ongoing activity from some of our clients where they flee with outstanding fees after receiving profits we have reverted to our former principles which entails a client to complete his/her fees before withdrawal is fully processed.

Therefore it is pertinent that you complete your withdrawal fees as soon as possible, to enable us carry out our obligations to you.

We are sorry for any inconveniences caused in the process and we hope to continue serving you better.


As they had agreed to the reduce fee I questioned there request but they never replied. Marcus said he would look in to it but then said they are sticking to there original terms and the profits would not be released until the £1700 has been paid.

Payment was made and on the 21/05/20 I received an email from fxsafetrade confirming my payment had been sent to the coinbase address I had previously supplied them with…

Congratulations

Your Payout has been successfully sent to your Bitcoin wallet address ***************

approximately 3.3047946 BTC worth £25,000

We wish you good luck and hope to see you again, Good bye for now.

Thanks for choosing fxsafetrade.com



Sincerely,


On the 22/05/20 I asked if there would be any more fees and received …

You may need to clear it, but we have successfully sent you

Later that day I emailed them 2-3 times telling them that no payment had been received to which they never replied. I also informed Marcus who said he would look in to it. There was no record of any transactions on blockchain explorer.

On the 22/05/20 I received the following email from coinbase …

You just received

3.3047946 BTC

You just received 3.3047946 BTC (worth £25,000 GBP) from an

external Bitcoin account. It may take up to 6 network

confirmations and a clearance fee, before

your Bitcoin is available for use.

PS: make a deposit of £1,500 to the wallet address below to clear this transaction and your Bitcoin will reflect on your wallet after the 6th confirmation.


I questioned the fee with Marcus who as expected said it was all in order and to pay it. I also asked someone else I know who has experience with buying and selling bitcoin, he confirmed that a clearance fee is usual but £1500 seems a little high. As it seemed a genuine request by coinbase it was paid.

On the 22/05/20, Not long after the above payment was made I received the following from coinbase …

We encountered an error from your end when trying to complete the 6th and final confirmation , the BITCOIN BLOCK keeps returning the coins we are currently working on it, we advice that you assist in the process to allow the confirmation flow successfully,

please make a deposit of £2,000 to the wallet address below to enable the processing of this final confirmation.


I questioned these emails with Coinbase, and they confirmed that they are bogus and not from them. When I asked Marcus, he told me to pay the £2k and the money would be released. I’ve told him on a number of occasions that the email is not from Coinbase, but he still keeps encouraging me to pay the £2k.

On the 24/05/20 I received the following from fxsafetrade

We got a report that you haven't gotten you payout yet,

please provide us with screenshot of information about any issues to enable us work on it

Thanks


Also, around this time I received a mysterious payment to my wallet for £29. I sent the following to fxsafetrade …

I have received 1 payment the equivalent of £29 in to my Coinbase wallet, see attached.
You are the only people who know that wallet address, it has never been used before.
Please provide proof that the full amount was sent to my wallet address.


There reply is below …

There are few reasons why there might be an incomplete or delayed payment.
Maybe due to low priority fees
Blockchain server delay
Confirmations Delay
Or the Bitcoin payment is ponderous.

Everyone of this problem has a requirement to resolve it, do well to attend to the requirements needed, if you have encountered any of the listed problems. Thanks


It would appear that in the last paragraph above, they are saying, but not in the exact words, that I should pay the £2k to the bogus email!

I’ve asked fxsafetrade for proof the full payment was sent and received the following on the 25/05/20 …

We make payments to different wallets, every minute, hour and every day, the possibility of finding your transaction is quite low, but we can help with any further issues on why you didn't receive your full payment as sent. Please provide any further information regarding to this. Thanks

Ive sent various emails to fxsafetrade since the 25/05 but they have all gone unanswered.

Marcus is still encouraging me to pay the £2k. I said he should just organise payment as he seems to know where the money was sent to which he replied, he would pay the money himself but cant afford it at the moment.

He then said he really wants to help me and asked me to pay £1k and he will borrow £1k from a friend in order to release the money! He has now reduced his offer to £800, I haven’t heard anything since 31/05/20

It seems to me that fxsafetrade sent the money to a wallet belonging to a 3rd party who are holding the balance for ransom and will only payout when I pay them £2k. Mr Jackman seems to know who the 3rd party is as he said he can ensure I get paid if I pay him £1k and he will pass the payment on, or maybe he is the mysterious 3rd party?

Incidentally, when I made the initial $450 deposit there was never any mention of the above mentioned ‘hidden fees’.

I posted a negative review on Trustpilot which is now published on google to which I had the following response …

Our main base is in France, 35 Avenue Franklin, 75008 Paris Licensed by the Financial Conduct Authority

I have checked the FCA register there is no record of fxsafetrade.
 

acertablet

Sergeant
Messages
293
if deposit via bitcoin, mostly is scam because transaction is not reversible, report as much details about the website and scammer contact details to following if you want
Code:
https://www.forexpeacearmy.com/community/threads/useful-links-where-to-report-investment-fraud.65468/
 

Pharaoh

Colonel
Messages
20,046
The bottom of the homepage claims Copyright © 2011 - 2020. In the middle of the page it says FxSafeTrade is a cryptocurrency derivatives trading platform established in March 2018. The domain was first registered on April 29, 2020. The registration is only for 1 year. This does not inspire confidence.

Claims a London address, but I don't see an FCA number. You should let the FCA know about this.
 

gto3000

Recruit
Messages
7
The bottom of the homepage claims Copyright © 2011 - 2020. In the middle of the page it says FxSafeTrade is a cryptocurrency derivatives trading platform established in March 2018. The domain was first registered on April 29, 2020. The registration is only for 1 year. This does not inspire confidence.

Claims a London address, but I don't see an FCA number. You should let the FCA know about this.
i will, thanks. i did notice the above anomalies but not until the end of the process.
Also the address looks bogus!
 

gto3000

Recruit
Messages
7
if deposit via bitcoin, mostly is scam because transaction is not reversible, report as much details about the website and scammer contact details to following if you want
Code:
https://www.forexpeacearmy.com/community/threads/useful-links-where-to-report-investment-fraud.65468/
Thanks. i will.
 

gto3000

Recruit
Messages
7
The bottom of the homepage claims Copyright © 2011 - 2020. In the middle of the page it says FxSafeTrade is a cryptocurrency derivatives trading platform established in March 2018. The domain was first registered on April 29, 2020. The registration is only for 1 year. This does not inspire confidence.

Claims a London address, but I don't see an FCA number. You should let the FCA know about this.
its been reported to the FCA and FraudAction
 
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