Is it safe to trade through a Broker

[almaerk08]

Trading with a third party is not a good idea. We should not trust anybody with our provate keys. No matter how good his offer may be, dont trust him, never. It could be a scam, so dont trust him.

[1713998505]

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[Rhaizan]

Hi community,

A broker contact me online and asked me whether I am interested in trading online. He will manage my account and put his knowledge to make me profit but in return I have to send me 25% of profit that he made.

He suggested me to activate 2FA. and provide him username + password of exchange (for example bitfinex). Due to 2 factor authentication (2FA) he will not be able to withdraw fund he will be able to place buy/sell orders only.

Please share guys what is your opinion, It is same to play like this? or Is there any trick of capturing fund behind this scheme?

They contact you for trade? Actually there's people are contact me in online and he wants to help me, he said he can trade for me to gain profits. Honestly it's suspicious thing why other else, when you can do trading and make your own profits.

[elimi]

Hi community,

A broker contact me online and asked me whether I am interested in trading online. He will manage my account and put his knowledge to make me profit but in return I have to send me 25% of profit that he made.

He suggested me to activate 2FA. and provide him username + password of exchange (for example bitfinex). Due to 2 factor authentication (2FA) he will not be able to withdraw fund he will be able to place buy/sell orders only.

Please share guys what is your opinion, It is same to play like this? or Is there any trick of capturing fund behind this scheme?

I am more interested in trading using my own skills, because I think trading using a broker is not so safe even though 2FA is in our hands. I think hone your own skills.

[Uno17]

Brokers are part of the trading industry, so maybe it is also safe to deal with them but maybe there are few if them that are not trustworthy but not all, but for me, if i will go on trading, i would rather do it by myself, because if am interested in one thing, i would love to do it myself because it is the safest way to keep my money and investment secure😊

[carlfebz2]

Hi community,

A broker contact me online and asked me whether I am interested in trading online. He will manage my account and put his knowledge to make me profit but in return I have to send me 25% of profit that he made.

He suggested me to activate 2FA. and provide him username + password of exchange (for example bitfinex). Due to 2 factor authentication (2FA) he will not be able to withdraw fund he will be able to place buy/sell orders only.

Please share guys what is your opinion, It is same to play like this? or Is there any trick of capturing fund behind this scheme?

As long funds cant be withdrawn due to 2fa then its your choice if you would able to take the risk and trust him with your funds.If you do trust his trading history not the fake ones then might worth to try but if i were you dont trust too much and you might end up on losing your entire balance without your own effort. For sure that would really be a regretting part. I would rather choose up to lose funds in my own moves or trades rather on trusting someone.

[Qartersa]

I do not think it is safe to trade through a broker in the cryptocurrency market. This is not like the Stock Exchange that is very much regulated by governments. In cryptos, yes, it may sound to be a lot like it but the thing is, cryptocurrencies remain to be a mystery up to this time. Governments have not even made a categorical law or regulation addressing the concerns that may be brought by cryptos.

I do not know with the laws of your country but as for us, we were earlier told that we are investing at our own risk. Hence, we assume all risks shall we fall victims of all types of fraudulent acts. Having said this, it is thereby even more unsafe to trade through a third person.

[gabmen]

I do not think it is safe to trade through a broker in the cryptocurrency market. This is not like the Stock Exchange that is very much regulated by governments. In cryptos, yes, it may sound to be a lot like it but the thing is, cryptocurrencies remain to be a mystery up to this time. Governments have not even made a categorical law or regulation addressing the concerns that may be brought by cryptos.

I do not know with the laws of your country but as for us, we were earlier told that we are investing at our own risk. Hence, we assume all risks shall we fall victims of all types of fraudulent acts. Having said this, it is thereby even more unsafe to trade through a third person.

Well brokers probably have more kniwledge than us with how to react or move based on the market's status, but i don't personally feel comfortable letting someone else trade my money for me. I think it's still a lot better if you study and learn yourself so you wouldn't have to let others do it for you

[upsidedown75]

Hmmm… it’s a good thing to trade with a Broker, but wait a second… did you just say that he contacted to do business with him? First of all, how did he get your contact information ?
Is this someone you already know or what, cause he must have managed to get your contact from somewhere. I will advise to leave him and stop every communication with him. I don’t know how he managed to get your contact but it is very suspicious, cause it seems like a scam. It would have been more better if you’re the one that found him.

[Whosdaddy]

He contacted you?  Yeah, I'd view this with a great deal of skepticism/suspicion, and I'd say don't do it.  Run for the hills.  I don't know if any legitimate services like this exist, but trading is risky--there's no getting around that, and don't listen to people who tell you that their method is low-risk, or whatever. 

Even if the service isn't an outright scam (which it probably is), you could lose everything you give the person anyway.  But most likely this is just an attempt to get you to trust him and hand over your money.  Then he'll either run away or eventually tell you that his trades went bad.  Don't fall for it, that's my advice.

Yes I was also thinking the same thing. This might have come from one of these scam sites, the ones that are used to giving out users information or selling them. Legit Brokers don’t go straight to look for people and contacting them in such a suspicious way, rather they build their own website and write everything about themselves. They will also have social media accounts and you will be the one to contact them and not them contacting you. So this is SCAM!

[Kunlejoe0]

Never ever trust anyone who promise to make money for you. There is no public servant that it's only  mission is to make  money for other people. If people ask you to bring your money then you should know that they are fake.

[aervin11]

Trading crypto don't require a broker unlike stock trading. Why go to unlicensed broker that could risk your account and your funds? There are good tutorials for trading so better consider that as an option. Crypto is too volatile and the gains are unsure, better to rely trading on yourself.

Besides, there is no trader that would approach you and give you his trading gains. If I'm a trader, I would gather funds on myself, and receive the gains FOR MYSELF. Other reasons are suspicious.

[proTECH77]

For the fact that he contacted you, should give you enough reason not to go into business with such a person, because it is someone that wants to gain something that usually makes contact. Do not send any detail or involve in any deal with him.

[olubams]

Hi community,

A broker contact me online and asked me whether I am interested in trading online. He will manage my account and put his knowledge to make me profit but in return I have to send me 25% of profit that he made.

He suggested me to activate 2FA. and provide him username + password of exchange (for example bitfinex). Due to 2 factor authentication (2FA) he will not be able to withdraw fund he will be able to place buy/sell orders only.

Please share guys what is your opinion, It is same to play like this? or Is there any trick of capturing fund behind this scheme?

Just like some others have skepticism on this arrangement, so also will I add to it. Scammers won't come towards you without you feeling you are in control but such control is only a ruse to deceive you further and weak toward verifying what he is up to. Do you also know that you can actually transfer coins within wallets of the same sites without actually withdrawing it. Do you also know that with your username and password whatever control you have is vulnerable and it does not take too long to carry out such atrocities. Just be smart about it..

[mk4]

It's pretty obvious that it's a scam.

Sure, he told you to add 2FA to give you the peace of mind that he wouldn't be able to withdraw the funds. But take note that for him/her to be able to trade, your exchange account needs to have funds in it; and for him/her to be able to login to your account, he/she needs the temporary 2FA code. 2FA codes can last long enough for the "broker" to login and potentially withdraw your funds using the same 2FA code.

Also knowing they he actually contacted you. The "broker" probably sent the same message to hundreds and thousands of people, looking for people to fall into his/her trap.

[Happiest]

If it was me, I would not agree, I can not believe anyone on the Crypto market, now a lot of scammers, I'm not saying brokers are you fraudulent but be careful above all.

Exactly, it's always hard to trust people this days in the cryptocurrency trading cause many scammers are finding out new means to use in scamming people.  Even with the enabling of Two Factor Authentication, one account can still be scammed and all the coins gone. With true way he even approach him, one can easily debug it is a complete fraud.

[tungaqhd]

Hi community,

A broker contact me online and asked me whether I am interested in trading online. He will manage my account and put his knowledge to make me profit but in return I have to send me 25% of profit that he made.

He suggested me to activate 2FA. and provide him username + password of exchange (for example bitfinex). Due to 2 factor authentication (2FA) he will not be able to withdraw fund he will be able to place buy/sell orders only.

Please share guys what is your opinion, It is same to play like this? or Is there any trick of capturing fund behind this scheme?

There are a lot of scammers in this crypto world, you shouldn't believe anyone even you relative. You money could be stolen in a few minutes.

[Coin-1]

If it was me, I would not agree, I can not believe anyone on the Crypto market, now a lot of scammers, I'm not saying brokers are you fraudulent but be careful above all.

Exactly, it's always hard to trust people this days in the cryptocurrency trading cause many scammers are finding out new means to use in scamming people.  Even with the enabling of Two Factor Authentication, one account can still be scammed and all the coins gone. With true way he even approach him, one can easily debug it is a complete fraud.

No, an account can't be scammed if the two factor authentication is enabled. Of course, the broker can make the outright wrong trading actions on a certain purpose, but he can't to withdraw funds without the confirmation of the owner. It seems that this broker want to be involved to the pumping groups managed by the signals in the social messengers. I guess that he will buy some crypto currency and sell the same coin from his own account getting profits.

[vishudda]

no, it is not at all safe. Don’t ever try to handover your passwords and trading activity to anyone else. He may look trustable but you may not know if he changes his mind eventually and gets away your money or show you trade losses. It is better even if you lose initially, you need to learn and do your trading yourself, and you will learn better ways on how to make more profit if you do it yourself.

[vintages]

OP, your situation reminds me of a forum user here who was scammed through a broker whom he paid some huge amount of money to purchase bitcoin from and in addition guide him also. To save yourself from stories that touches the heart. Make your research and read stories equivalent to yours. The good thing about bitcoin and cryptocurrency is that it is easy to purchase and invest. There is no other secret means of making it that what you have been doing before.

[DonateBB]

If it was me, I would not agree, I can not believe anyone on the Crypto market, now a lot of scammers, I'm not saying brokers are you fraudulent but be careful above all.

Exactly, it's always hard to trust people this days in the cryptocurrency trading cause many scammers are finding out new means to use in scamming people.  Even with the enabling of Two Factor Authentication, one account can still be scammed and all the coins gone. With true way he even approach him, one can easily debug it is a complete fraud.

Yes. We do not easily give money to brokers to hold, we can not trust anyone on the market Crypto, because everyone is anonymous. and away from us, they are not bound by any law. We lose money if we are not careful.