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

[tigersrule]

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.

[logfiles]

I personally don't like the idea of using a broker when trading cryptocurrencies, and I have never used any. 15% is huge.

May I ask why you are using a broker to trade and not the usual crypto exchanges that are readily available and will charge you very little in trading fees and maybe withdrawal charges?

[BitMaxz]

The broker you talking about is a company? Or just a person?

How did you know that he is SEC and FINRA active?

I never had any experience dealing with a Broker but it seems suspicious to me if he asks for a 15% commission before they send your ROI because he can just able to deduct the commission in your ROI.

[tigersrule]

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?

[Ararbermas]

Maybe you didn't read the terms and conditions of using that broker mate. Lol actually that's the reason why i don't use broker when it comes trading because of the commission of it which is sometimes not fair.. Infact without such things is almost the same, i mean the only thing that you need is more efforts but that's fine in my personal opinion, instead of paying expensive brokers that the prices seems unacceptable.. 

[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.

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

These are the common exchanges: Binance, Kucoin, FTX and the others through https://coinmarketcap.com/rankings/exchanges/

[stompix]

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.

Just to clarify this, we're talking about an individual broker who you've entrusted your funds and you directed the trades which needed to be done, he has only acted on your instruction, so it's not a case of I'm sending you 10k,do what you can with it, right?
This is a pretty weird situation, you say you know he is a legit broker so didn't you sign anything with him when you started investing? Every broker has a commission, there should be a contract stipulating all fees as well as other terms of force majeure.

If you don't have a contract with him, if he refused the solution you've proposed him (did you actually ask him to take his fees before returning your investment?) then it's a matter to report to FINRA but, this one is weird, I've heard of extra hidden fees, of deliberately late payments, and so on but advanced payment to return your money? This is how scammers work around here!

I have a feeling there is a little bit more to this story, of which you indeed might not be aware.

LE:

I do not know him personally. It seemed like he is legit, unless his website is fake and he is posing as someone

Oh...shit! Can you (want to) share the website?

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....

[tigersrule]

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.

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

These are the common exchanges: Binance, Kucoin, FTX and the others through https://coinmarketcap.com/rankings/exchanges/

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.

[mk4]

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.

Oh boy. Can't say for sure because we haven't seem the website ourselves, but it smells like you've been duped. Hopefully you haven't given him that much money? The "trading broker" thingy is a pretty common scamming tactic.

[palle11]

Is this normal?

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

This seem my concern and your mind is telling you something also. So why would you have a profit and the broker still want you to send money and not to deduct from your Return on your investment. It looks suspicious.

What broker is that ?
Always use a popular platform when dealing online.

[noorman0]

If you are not allowed to see ROI, how to determine 15%? It's not normal, but depends on how the initial agreement was.

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.

That's my suspicion, that you didn't verify someone's legitimacy properly. I can't imagine if someone who works in a financial institution also opens a service to take care of other people's finances personally. Better think about how you still have the opportunity to get your initial capital instead of ROI.

[tigersrule]

Is this normal?

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

This seem my concern and your mind is telling you something also. So why would you have a profit and the broker still want you to send money and not to deduct from your Return on your investment. It looks suspicious.

What broker is that ?
Always use a popular platform when dealing online.

His website is douglasarthurfoelsch.com. if you want to look at it. He uses a coin-premium.com website too. I tried calling the coin-premium website too, no answer. He has a linkedin profile, which i know doesn't mean anything. Even the MO State Treasury office said they do not see anything, but now I am wondering. At least i didn't give him gobs of money, only a couple grand. Which, you make stupid mistakes and learn from them.

[stompix]

His website is douglasarthurfoelsch.com. if you want to look at it.

Hmm ,
Bad news...
https://archive.vn/dvDuN

https://synergyaccelerator.ru/
So he is either Douglas or Dmitry Yurkov (scroll down)

He uses a coin-premium.com website too. I tried calling the coin-premium website too, no answer.

That website smells like a scam for one mile away.
15% Daily return? Be serious!
11 years of experience with a 200 days old website?

One last maybe two questions did you deposit bitcoin or other crypto and they asked you for that 15% again in crypto? If both are yes, then you've been scammed and you won't see a penny!

[hyudien]

Don't start with any broker, you'll just be taxed pretty crazy under the pretext of profit. Since then you cannot enjoy 100% profit from what you trade. Do not let your trade which is free of transaction is in the control of another party. It is your trade that you decide without needing to interfere with any broker. Even though the trading income is not entirely satisfactory, at least you are the one who controls it all.

[tigersrule]

His website is douglasarthurfoelsch.com. if you want to look at it.

Hmm ,
Bad news...
https://archive.vn/dvDuN

https://synergyaccelerator.ru/
So he is either Douglas or Dmitry Yurkov (scroll down)

He uses a coin-premium.com website too. I tried calling the coin-premium website too, no answer.

That website smells like a scam for one mile away.
15% Daily return? Be serious!
11 years of experience with a 200 days old website?

One last maybe two questions did you deposit bitcoin or other crypto and they asked you for that 15% again in crypto? If both are yes, then you've been scammed and you won't see a penny!

They asked me for 15% of the profits that they generate.

So, I cannot access the synergyaccelerator.ru website.

If he is going to to hold my initial investment also without me paying the 15% of the profits that was generated, then i know it was a scam.

Seemed pretty legit, I even did a broker check and everything.

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

[HedgeFx]

Bro,

Sorry, but I smell scam here .
If someone trade on your behalf, at least you have to choose the broker, and have to keep the possession of it!

His website is douglasarthurfoelsch.com. if you want to look at it.

Hmm ,
Bad news...
https://archive.vn/dvDuN

https://synergyaccelerator.ru/
So he is either Douglas or Dmitry Yurkov (scroll down)

He uses a coin-premium.com website too. I tried calling the coin-premium website too, no answer.

That website smells like a scam for one mile away.
15% Daily return? Be serious!
11 years of experience with a 200 days old website?

One last maybe two questions did you deposit bitcoin or other crypto and they asked you for that 15% again in crypto? If both are yes, then you've been scammed and you won't see a penny!

They asked me for 15% of the profits that they generate.

So, I cannot access the synergyaccelerator.ru website.

If he is going to to hold my initial investment also without me paying the 15% of the profits that was generated, then i know it was a scam.

Seemed pretty legit, I even did a broker check and everything.

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

[tigersrule]

Yeah, i know i am screwed, unless he sends me my initial investment back. Thanks for the help everyone.

[Stedsm]

Yeah, i know i am screwed, unless he sends me my initial investment back. Thanks for the help everyone.

And he won't do that because you've got no proofs like a signed document (in person), or a video of him showing that he's in custody of your funds to trade and will hold till he pays you back his liabilities towards you which is his promised returns' amount. I don't think anyone in their sensible mind would even think of investing with someone they don't even know about. There are enough websites with those tags like FINRA and whatnot, but have you personally checked and verified everything before giving him your money?

[HedgeFx]

And be careful about lawyers that promise to recover your funds…..They will help you only to increase your net loss

Yeah, i know i am screwed, unless he sends me my initial investment back. Thanks for the help everyone.

And he won't do that because you've got no proofs like a signed document (in person), or a video of him showing that he's in custody of your funds to trade and will hold till he pays you back his liabilities towards you which is his promised returns' amount. I don't think anyone in their sensible mind would even think of investing with someone they don't even know about. There are enough websites with those tags like FINRA and whatnot, but have you personally checked and verified everything before giving him your money?

[el kaka22]

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.