Dealing with a broker and wants his commission before I see the ROI

[mk4]

Guess I will have to see if i can start small day trading and make up my losses.

Sorry mate, but if you don't know how to trade to start with and you're now quickly jumping in to hopefully gain back your previous losses, then you're probably going to have a really really bad time. I recommend gaining back the money doing something that you're actually experienced with already.

[adzino]

I checked him out, even called my local division of finance and there is nothing out there on him. He is SEC and FINRA active.

I was thinking the same thing, can he not take his commission out of the ROI and then send it to me. I shouldn't have to pay more for him to release the ROI to me.

If anything, he should be able to return my original investment back to me in a act of good faith, keep the ROI and then if he does that, I can pay his commission to get my ROI in return.

I am using him, because he is supposidly a day trader, and I am a newbie

If i want to do this on my own, which crypto exchanges do you use?

You very highly likely got scammed. You found nothing about him on your local division, so whatever he said is probably a lie. He is asking for 15% comission from your ROI right? Don't you see it doesn't make any sense? He can just return you your investment and ROI minus the comission, but he won't do that. Because he already scammed you and now wants more from you. This is how scammers try to extract more money after scamming someone. And he saying that he will return your initial investment but not the ROI if you don't pay the comission is just pure bullshit. He is just trying to act like a saint so you trust him even more and feel tempted to pay him the comission.

[adaseb]

Basically he most likely scammed you 2 ways.

First way is he took your money and most likely didn’t actually trade. Just sent you his fake report how he turned your money up by 100%.

And now since you want to withdraw, he wants 15% of some fake amount to get more money out of you. There is nothing you can do really.  Most likely he is not actually regulated.

[Lanatsa]

Hello all

I am new here and like the title says, I am dealing with a individual broker. Now to get my ROI i have to pay his 15% commission and then he will send me my ROI.

Is this normal?

Can he not take the commission out of the ROI and then send me the rest?

He is SEC and FINRA active.

Any advice would be appreciated.

Would you mind on answering these questions?

Where you had meet up?
What site does he have?

All of these things done verbally just because you do look that he seems legit?

Don't sent out the other 15% that he had been asking because if you do make use of your common sense then he would definitely be deducting those amount into the profit he had made.
So that alone would prove out that he's already showing up some shady behavior.

[Mpamaegbu]

ROI is Return on Investment. What that simply means is that it's the extra on what was invested. No one asks to be sent commission on an investment without first declaring what ROI they've made the investor. So, it beats me hallow that a supposed broker is asking for commission without declaring the ROI. It's a cart before the horse situation. It's not right.

Please tell me it's not the usual Instagram/telegram stranger who told you to invest in some unknown coin and deposit money on a website where you're shown only gains, but the first time you tried to get that money they asked you to deposit more....

It's still a surprise why people continue to trust random strangers they meet online with their money. I don't want to say it's a certain level of idiocy, I mean with all that warning out there yet they still fall prey. I would say it's desperation to make money without breaking a sweet that leads to that. It's really sad. I wish people would take out time to learn these stuff themselves. There are lots of useful information out there on YouTube and all that (even here too) to kick anyone in and keep them going the right direction. It only takes time to achieve. Rome wasn't built in a day, and no one should expect that any good thing comes cheap. People should take the time and learn these skills. Don't trust them to strangers.

[HedgeFx]

I offered similar service for a long time but:

- Never asked to send a single penny to my account
- Always traded by API or Metatrader, on client's account.
- Always traded on broker or exchange choosen by client , without access to main account (so can't withdraw, can't change main info like mail or 2FA)
- Always asked for not less than 30% fee , because if i have made money for other people, this is not for free.
- Always explained risk of loss due to market volatility and to leveraged positions

Left this because a lot of people think that traders should win on all trades, instead of understand that ROI shoud be considered in a certain period and not on single trade.

Actually i trade by only for me, and i've about 70 LTC profits, or 400% YTD and i feel really happy 

Nope, NOBODY should get a single dime from you unless they can provide proof that they actually made money for you. If they made enough money then they should be able to give you money and omit the part they should be getting. They want 25%? They turned 100 into 200? Get that 50, and send me 150 and that's fine (or get 25 and send me 175 if it is from profit which makes sense).

This is why I do not use brokers neither, it just doesn't make sense to use brokers in this day and age, you have money, you have crypto, you have exchanges all ready for you to deal with it, just go ahead and use it and you will be doing fine without the need of anyone else. I get that this looks a lot easier, give someone who knows how to make money a bit of your cash and watch them work that money into something much bigger without ever spending money on it unless they profit, however that is also risky if you pick the wrong person, that's the risky part.

[passwordnow]

Do you know that broker personally? in crypto, you actually don't need to have any broker for you to start trading. You just register for an exchange that's available in your country and if they ask KYC, it's up to you. But there are exchanges that don't require KYC at all.

I do not know him personally. It seemed like he is legit, unless his website is fake and he is posing as someone else. I can not find many individual brokers that do actually crypto trading.

How did you find out that broker? Did you just randomly see it in an advertisement on your browser? Just like what everyone is smelling on that website.
I also think that it's likely a scam. It's very common that they have that type of scammy tactic that before you withdraw, they'll ask for money. But even if you give them any amount or percentage, no amount will come to you.

[so98nn]

Like others I too got zero experience with the broker based trading. I mean in the crypto trading that seems to be very abnormal thing to do considering huge volatility and risky returns I would never stake my money in someones hand and be dead until he gives me 15% plus whatever the ROI is. With the current market situation where ups and downs are really really thing of every day I can easily manage to get 2-5% returns on daily basis. This in terms of fiat could vary based on how much money is at stake. Thousands will give hundreds, millions will give you thousands in easy possible way. If you have lot of time and want to be serious trader then just jump in with day trading and you can have pretty awesome returns on daily basis. Broker may or may not guarantee you the returns plus you would be way careful when you are trading your hard earn money.

[tigersrule]

I did message him if he was going to send my original investment back and he said no. So, i reported the website to the FTC and reported his false profile on linkedin.

I know I am learning the hard way, and will never use anyone ever again.