Sandman74
Private
- Messages
- 17
Hi everyone, I'm new here and would like to warn you of an Asian based broker, Hongmao.
Now, they seem to be operating in Hong Kong but all deposits are sent to Singapore.
My experience with them started on a dating app (of all places). I met a girl online and she mentioned that she was into forex. Now, I was curious as I was just learning about forex after trading shares for many years. She said she would help me.
I deposited a little money ($1000) into a new account using Hongmao's version of MT4. She would then tell me when and what to buy and sell. We traded sometimes twice a night making a consistent 10-14% per trade. She said her uncle (very experienced in FX) would give her info each night which she'd pass on to me.
Before long, she'd ask me to deposit more and more so I could rake in the money faster. She showed me her $1m+ account and transactions.
A pattern soon emerged. We would enter at certain times and exit approx 30mins later. 10%+ guaranteed. 100% success, always. I noticed that Hongmao's prices did not conform to "normal prices" as I was using MT5 on another computer (watching MT4 and 5 simultaneously). Hongmao's prices would go in the opposite direction and her advice would be to the minute (buy EURUSD NOW!)
One week I was desperate to trade more but her uncle was "out of town on vacation "and wasn't giving advice". She then told me that his apprentice was willing to give us advice. She told me he could be trusted and if was wrong, would pay us back.
Needless to say I lost my whole $10K and he wouldn't pay it back. She never contacted me after that.
A second time, not long after, same story happened except the new girl was getting advice from friends in FX. She would tell me ahead of time exactly when to enter and she'd exit exactly 30mins after. Again 10%+, without fail. I'd had enough by now and knew for sure I was being scammed but the next trade she told me to buy XAUUSD. I sat and watched price go against her call (even though I had exited about 2mins into the trade). An exit call never came from her that night. If I'd stayed in the trade I would have been totally wiped out.
To this day,
I tried to withdraw my money ($2K) from Hongmao but cannot. I asked customer service why it was not possible and was told "it's being looked into..." "I've already sorted it for you" etc etc but still cannot withdraw. I just get ignored by Hongmao now when I ask about my money. They have no phone number or address and everything is done through their website. www.hongmaocomp.com
I want my money back as I'm finding it tough living on welfare now (a long story).
In conclusion, don't deal with a broker introduced to you by an unknown person, don't deal with a solely online broker, don't deposit more money if requested to and basically don't do what I did.
Now, they seem to be operating in Hong Kong but all deposits are sent to Singapore.
My experience with them started on a dating app (of all places). I met a girl online and she mentioned that she was into forex. Now, I was curious as I was just learning about forex after trading shares for many years. She said she would help me.
I deposited a little money ($1000) into a new account using Hongmao's version of MT4. She would then tell me when and what to buy and sell. We traded sometimes twice a night making a consistent 10-14% per trade. She said her uncle (very experienced in FX) would give her info each night which she'd pass on to me.
Before long, she'd ask me to deposit more and more so I could rake in the money faster. She showed me her $1m+ account and transactions.
A pattern soon emerged. We would enter at certain times and exit approx 30mins later. 10%+ guaranteed. 100% success, always. I noticed that Hongmao's prices did not conform to "normal prices" as I was using MT5 on another computer (watching MT4 and 5 simultaneously). Hongmao's prices would go in the opposite direction and her advice would be to the minute (buy EURUSD NOW!)
One week I was desperate to trade more but her uncle was "out of town on vacation "and wasn't giving advice". She then told me that his apprentice was willing to give us advice. She told me he could be trusted and if was wrong, would pay us back.
Needless to say I lost my whole $10K and he wouldn't pay it back. She never contacted me after that.
A second time, not long after, same story happened except the new girl was getting advice from friends in FX. She would tell me ahead of time exactly when to enter and she'd exit exactly 30mins after. Again 10%+, without fail. I'd had enough by now and knew for sure I was being scammed but the next trade she told me to buy XAUUSD. I sat and watched price go against her call (even though I had exited about 2mins into the trade). An exit call never came from her that night. If I'd stayed in the trade I would have been totally wiped out.
To this day,
I tried to withdraw my money ($2K) from Hongmao but cannot. I asked customer service why it was not possible and was told "it's being looked into..." "I've already sorted it for you" etc etc but still cannot withdraw. I just get ignored by Hongmao now when I ask about my money. They have no phone number or address and everything is done through their website. www.hongmaocomp.comI want my money back as I'm finding it tough living on welfare now (a long story).
In conclusion, don't deal with a broker introduced to you by an unknown person, don't deal with a solely online broker, don't deposit more money if requested to and basically don't do what I did.
