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Please help! Scammed by MT4-trade, and money cannot be withdrawn

Discussion in 'Scam Alerts' started by traderng, Apr 6, 2019.

  1. traderng

    traderng Recruit

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    Hi all,

    I was recently scammed by a binary option broker through a fake website. I first approached a trader named Ryan Law on Telegram and he promised returns of up to 1000% per week through binary options and his automated EA robot. I placed an initial deposit of USD1000 with him (via bitcoin), and he helped to open an account for me under MT4-trade. Its website is https://mt4-trade.com/ However, when I first tried to make a withdrawal, my account was suspended and Ryan Law reverted that this was because I tried to withdraw when the robot is still active, and I would need to pay an additional sum of USD6000 to unsuspend my acccount. After paying via bitcoin, it was unsuspended, the amount of USD6000 was added to my account balance and the trades went on as per usual. When I asked to stop the robot and withdraw my money from my account, the MT4-trade brokerage platform told me that I need to pay 20% tax first before I can withdraw the funds. This struck me as a scam as typically tax is not as an upfront payment. Upon investigating the website https://mt4-trade.com/, I realized that it was created only recently in March 2019 and its Registrar is NameCheap, Inc. This does not strike me as a legitimate broker, and thus I am convinced that I might be scammed. The address listed on the website also looks fake. I have since made a police report in my home country Singapore. I suspect that Ryan Law and MT4 trade might be in cahoots with each other. Would anyone have any inside information on this syndicate and how I can recover my money stuck in my account? Ryan Law did mention that he was from Holland but living in the United States, but I am not too sure if he is lying. He also has a telegram channel named Crypto & Forex Investment Coach. I have attached screenshots of his telegram channel, contact and the scam broker website MT4 trade for reference.

    Sorry for the long message. Thanks in advance to anyone who can help me!
     

    Attached Files:

  2. FxMaster

    FxMaster Lt. Colonel

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    Man, Why didn't you check about them before you decided to invest money with them?
    That was a tricky offer and there is one rule, when you heard about such kind of offer then you can check properly about them first and there were sign before you invested 6k that no one asks more to secure old funds if they are legit.
     
  3. traderng

    traderng Recruit

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    Yeahh it was a stupid mistake that I regretted now. Expensive lesson learnt, but I guess the most important thing now is to see if I can recover any money out of it. Trying to do some damage control now, but it seems like it would be really hard :(
     
  4. traderng

    traderng Recruit

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    Would anyone have any ideas on how I can recover the money back? Or does anyone have any information on this scammer? Thanks!
     
  5. FxMaster

    FxMaster Lt. Colonel

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    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.

    Also, check this "New Traders Court" to understand how FPA new Voting system works.

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

    If you deposited your money via credit card then contact the credit card customer care asap and ask them to file a chargeback.
    Go to their website and invite them to here via Live Chat
    Invite them to join this thread via email (Send an email to every possible address).

    You will find their email and address https://mt4-trade.com/contact.php
    Also, Share your story as a review https://www.forexpeacearmy.com/forex-reviews/16199/www.mt4-trade.com

    You can also share your story on their social media pages mentioned below:

    Note: Don’t forget to update your review/s when you get a solution to your problem, Best Of Luck :)
     

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