Sad Story - Closing Trading Account for Excess Profits

[HedgeFx]

I want to tell you this story, true.

From the beginning of March to March 10 I have made good profits thanks to some operations on Nasdaq, Dax, Crude and Bitcoin.
Something like a 100x and over. I cash out. I receive my litecoins, but a few minutes later also an email in which the broker (it's a forex broker) tells me that they no longer have the pleasure of having a customer like me due to the fact that they are no longer profitable.

Okay, I'll get over it.


For the curious: i told of over 1,000 LTC  

[mk4]

Sounds sketchy — are you sure you're even using an actual reputable broker?

Rule of thumb: with any platform where you're putting your money in, always always go with the existing reputable ones. There's no reason to risk your money in trying out the newer less reputable ones.

[ibminer]

Curious why you needed so many loans from shasan then?

Hi shasan,

This my Easter loan application, ad discuss in pm:

Loan Amount: 1,1 litecoin
Loan Purpose: Personal
Loan Repay Amount: 1,18
Loan Repay Date: April 20 or earlier
Type of Collateral: None
Litecoin Address: 3HRzVXvZkBtHJYRZrChsgL3sokVbgnwKQr

Hi shasan,

This my new loan application:

Loan Amount: 1 litecoin
Loan Purpose: Personal
Loan Repay Amount: 1,07
Loan Repay Date: April 6 or earlier
Type of Collateral: None
Litecoin Address: 3HRzVXvZkBtHJYRZrChsgL3sokVbgnwKQr

Hi shasan,

Following my pm, this is my application:

Loan Amount: 1 litecoin
Loan Purpose: Personal - Buy New Ledger Family Pack
Loan Repay Amount: 1,07
Loan Repay Date: 29 March or earlier
Type of Collateral: None
Litecoin  Address: ltc1qv3z4f7e24q8mvjaey7ecaaymjx65d8hw83ahxl

[HedgeFx]

Cashed out all in FIAT  

EDIT: Before cashed all if FIAT i also tried to buy a car and pay in crypto (this is my post https://bitcointalk.org/index.php?topic=5388820.msg59460954#msg59460954 ) , but nothing available for my country

Curious why you needed so many loans from shasan then?

[crypver]

That's not so unusual. Many Forex-Brokers are actually CFD-brokers, so as a trader you are trading against the broker. When you win the broker lose.
Such returns that you have generated are obviously unrealistic are only achievable when you had a shorter latency than your broker. In other words, you knew in which direction a currency pair was moving before your broker did.

Be happy with your gain and move on to another CFD-broker who has a slower latency as well and continue the game. When you "robbed" them all out, invest your generated cash in dividend paying stocks or ETF and continue your gains for the long run.

[dunfida]

Sounds sketchy — are you sure you're even using an actual reputable broker?

Rule of thumb: with any platform where you're putting your money in, always always go with the existing reputable ones. There's no reason to risk your money in trying out the newer less reputable ones.

Still lucky that he had been paid up or release out those withdrawals but of course as forex brokers which are simply centralized so there's no reason for them to hold those unless if they would really be that shady and scammy.

Thing here that boggles me on why they dont allow users who do make out profits? considering that they are earning through fees.This isnt a gambling site or casino that would be that understandable
if they would make out such move but on this one?

[HedgeFx]

Just for be clear:

As wrote I traded Dax , Nasdaq, Crude during first weeks of way , so with high volatility. Is impossible for me, or for other people to know in advance movements of Dax, crude, nasdaq etc.
Also I’m not a scalper ( broker don’t like scalper) : my position was opened from few minutes to many days.
Leverage was high (usually 500x) so profits was high too.
They allow me to withdraw all my profits, but as wrote they ask me to go away!

[Viscore]

Sounds sketchy — are you sure you're even using an actual reputable broker?

Rule of thumb: with any platform where you're putting your money in, always always go with the existing reputable ones. There's no reason to risk your money in trying out the newer less reputable ones.

Its always a smart decision to put your money on established and reputable exchanges. There's no easy money so no one would dare to risk to trust those that are less reputable or those who claimed that they can be more trustworthy. Good thing that you were still able withraw what you have deposited, because in most cases, what you did was high risk and has chances to make you fall as a victim.

[DoublerHunter]

~snip~
Leverage was high (usually 500x) so profits was high too.
They allow me to withdraw all my profits, but as wrote they ask me to go away!

^ Lucky side then, you are still able to withdraw all your money to them.
I dont understand why they want you to stay away from them, probably they saw your skills and knowledge in trading that you are good, but in a reputable exchange, this is not supposed to happen because even though how good you are, you will stay on that platform.
Leverage trading really gives a high return when the luck is with you, but it seems that kind of trading it seems will define also as gambling and probably you are just a high-risk taker.

[Mpamaegbu]

but as wrote they ask me to go away!

I'm laughing my head off here, literally. They asked you to go because you were "bad market" to them so to say. They wanted losers they could trade against (in house trading) and not winners who could wreck them. Anyway, they did you a favour to be honest by allowing you still withdraw. Others would've withheld your winning and cited cases of breaking a rule or two against you. I know of a dude who traded forex pairs and made a lot of cash but when he wanted to withdraw $100,000 the broker played him. It became an exchange of emails that left the trader in frustration. He would write them and they would ask him to exercise patience. The whole thing stretched into weeks. It was an incident that happened in 2017 or so. Nonetheless, when next you've a case against any Forex brokerage you should report the matter to Forex Peace Army

[GreatArkansas]

How does their exchange work? I thought exchanges are gaining profits with trading fees but this trading platform seems different, it looks like a gamble like a  house where players versus the house. Lol, I don't understand how their business work.
Did you also maybe you broke some terms and conditions or rules that's why they did that?

[Mpamaegbu]

Did you also maybe you broke some terms and conditions or rules that's why they did that?

OP couldn't have broken any terms and conditions, otherwise they wouldn't have allowed him withdraw. In glee they would've quoted what he violated. I think what happened with OP was what you described in the gambling instance you gave. That also goes on on most Forex trading platforms with brokers trading against traders and making sure they lose if they aren't very skillful at trading. Rather than allow traders interact or trade directly in the larger market these crook brokers will trade against traders and make sure they lose. Sadly, (happily though) OP was lucky and had an upper hand and didn't lose to the platform/broker.

[palle11]

Op is lucky to get his withdrawal processed for him freely without hitches. I think that broker is centralised and that is why your winning is heavy on them and they asked you to go hahaha, nice one Op. Keep doing the good trading and taking your share out from them. This is the problem with exchanges that are not reputable, they rely on the failure of the trader to make profit and they don't trade your order directly and that is why they have such problem because they pay from there purse, otherwise the forex market runs on huge trillions daily and no trader can exhaust the money in profit all by himself.

[rhomelmabini]

When the users of a forum isn't that knowledgeable of things related to a possible scam, maybe you'd be successful by now getting the attention of those hungry in winning. I don't think this is actually true at all, it sounds a made up story, kinda give you the benefit of the doubt here.

Edit: received a DM from the user and it's something fishy tbh. Don't do that OP.

[Cookdata]

Edited

There is something wrong with your testimony man!
You took multiple lond of LTC and you didn't explain anything about that. Did you deposited LTC to make more LTC or was that futures?
If you trade, you are against or for other traders, it doesn't concern the brokers, they are using other traders to settled you and they should be lucky to have great traders like you, it is weird to cut you out of their leader board.
Some exchange/brokers used successful trades as ads, why are you exempted.

[HedgeFx]

I don’t understand what happened, but I’m sure about this: As long as I was at a loss (I started with them in 2017) of about 700 litecoins, no one ever worried about me. Only after making these profits did they kick me out.
During this period I deposited and withdrawn without any issue.

I think that in the end a crypto Forex broker does not operate directly on the market, but earns on the losses of their customers.

Edited

There is something wrong with your testimony man!
You took multiple lond of LTC and you didn't explain anything about that. Did you deposited LTC to make more LTC or was that futures?
If you trade, you are against or for other traders, it doesn't concern the brokers, they are using other traders to settled you and they should be lucky to have great traders like you, it is weird to cut you out of their leader board.
Some exchange/brokers used successful trades as ads, why are you exempted.

[Silberman]

Just for be clear:

As wrote I traded Dax , Nasdaq, Crude during first weeks of way , so with high volatility. Is impossible for me, or for other people to know in advance movements of Dax, crude, nasdaq etc.
Also I’m not a scalper ( broker don’t like scalper) : my position was opened from few minutes to many days.
Leverage was high (usually 500x) so profits was high too.
They allow me to withdraw all my profits, but as wrote they ask me to go away!

That is without a doubt some crazy leverage to the point I did not knew you could get leverage to go so high, so if you made a few trades and won then it is understandable that you got massive profits, now it is odd that your account was closed but since you were paid at least you were not scammed, so the next step is to look for another broker and keep trading as those kind of profits should not be given up so easily, also it could be a good idea for you to take a look at this market as the volatility is higher and you could obtain even more profits by using such strategy.

[HedgeFx]

Just for skeptical , take a look:

https://imgur.com/a/5dUbyGy

[jostorres]

When the users of a forum isn't that knowledgeable of things related to a possible scam, maybe you'd be successful by now getting the attention of those hungry in winning. I don't think this is actually true at all, it sounds a made up story, kinda give you the benefit of the doubt here.

Edit: received a DM from the user and it's something fishy tbh. Don't do that OP.

Lol, I had that same thought that whatever he has said here is not true. So, first of all they are allowed him to withdraw all his money and then after he had done that, they sent him an email that they will no longer permit him to trade on their platform just for the fact that he’s making lots of profit? Like which exchange does that?

Let’s assume that this was a scam exchange, I don’t think that they would even allow him to withdraw whatever profit he has made there in the first place. And as a for reputable exchange, lol, which reputable exchange does such a thing?

[Webetcoins]

Uuhm, if I gotwhat you’re really saying, so you mean that you were making lots of profit on a broker’s platform and due to that they decided to close your account because it’s no longer profitable for them? Lol I just don’t get, which broker does that, are you sure that you’re making use of a reputable broker?

It would have been good if you mentioned the name of the broker so that everyone can look further into it and be able to tell whether it’s a reputable one or not, and moreover I know for sure that no reputable broker will do such a thing, they won’t close your account just because of the fact that you’re making lots of profit 😐 hope you didn’t lose any of your money there?