Trading Account Insurance

Drygrass

Recruit
Messages
1
It's my first post on here so I hope I've selected the correct forum area.

I've had a trading account with Libra Markets for over six months now. I have an account manager who does all the trading for me and phones me weekly to discuss my account and answer any questions I may have. The majority of trading is predominantly done by robot with a couple of days a week done by my account manager. I'm very pleased with the performance of my account - which has almost doubled in value since opening it.

This week, my account manager contacted me explaining that due to the volatility of the trading market there was a high risk of me losing my investment. He was proposing that I should pay €6,000.00 for insurance cover which in the event of me losing money, it would pay out 100% of the loss. Also, it would add €4,000.00 into my account for trading. I have no way of verifying with anyone else if all this is true or am I being coerced into something I do not really need?

I've been unable to find any further information on this sort of thing. Is this something anyone else has heard of being offered to Cryptocurrency trading market account holders? On one hand I feel I maybe being set up but conversely I do not want to lose my significant amount of investment.
 

sebking1986

Recruit
Messages
183
If you were comfortable with the risk you took in investing the capital you did with this guy then you are prepared to lose it, or should be in a worse case scenario. Without any guarantee that any of what he is now suggesting is legit I would run a mile. The markets are indeed volatile at the moment but it is his job to practice sound risk management on your behalf otherwise what is the point of him as you could run the robot yourself. Don't hand him a penny more is my advice. If you are concerned the level of investment is too high you should be withdrawing not adding in more.
 
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