is broker BitWorldfx a fraud platform

[monika]

i made trade with this platform, but after my withdrawal was proceed, they start ask for commissiom, Ad Valorex Tax and some other additional payment against money laundry. after all they stop transfer of my profit and send me request to pay NFA fee in order to receive my profit.

is this scam/fraud? did i need to report the fraud?

[Simon Mugo]

Hi Monika, a broker should never ask you to pay commissions or fees on your withdrawal as they usually deduct such fees from the amount that you have withdrawn. There is a high likelihood that BitworldFx is fraudulent broker and you should definitely consider reporting them to the relevant regulator.

You should keep a record of your communications with them maybe by taking screenshots of the emails you have exchanged with them and your withdrawal request. You should then make a formal complaint to the regulatory authority that has licensed the firm, which they strangely do not specify on their website, but I can see that they are registered in various financial centers.

You could follow up with the State of Washington if you are in the US, the Virgin Islands, or Saint Vincent and Grenadines, but the US is your best bet. The fact that they have not revealed their license numbers indicates that they are likely not regulated in any of the countries in which they claim to operate. It will be difficult to recover your funds if they are not a regulated firm.

[monika]

Thank you Simon for you answer! I’ve made a huge mistake to invest with them as I was and still I am in a difficult financial situation.  I was blind trust in account manger. And everything was looking ok tot the withdrawal moment. 

Are there some examples of such complain forms? As I'm not native English speaker I would like to know how to write a seriously fraud letter. 

With regards

Monika 

[Simon Mugo]

Hi Monika, unfortunately there are no good sample complaint letters for Forex scams online. Regardless, the major regulators such as Australia's ASIC, the UK's FCA, and the US CFTC have guidelines on their websites on how to file a complaint about fraudulent activities by firms.

However, since you are not a native English speaker, the next best option is to file an official complaint with the authorities in your country. You could approach your local police or the financial services regulator in your country who could launch an official investigation into BitWorldFX.

However, it is usually very difficult to recover money from such fraudulent companies because they typically ask their victims to send funds via wire transfers, online wallets, or even as crypto. Such transactions are hard to trace as the scammers usually have bank accounts in offshore jurisdictions under shell corporations.

I'm sorry that you fell victim to a fraudulent Forex company. I'd advise you to do thorough research of any broker online before opening an account and funding it. If only you had found our website much earlier, I'm sure you'd have a different story.

Regards,

Simon.

[monika]

hello Simon, thank you for your advice. I’ve been trying to go after his firm and I approach another account manager and what funny, there come more suspicious things. Like the manager admit that I have be scam but they find a way to get my profit and even raise it with double of my invest. They give advice that I need only to open account with some bank and that the  Bitworldfx will send my profit to that bank and this bank to my bank account. Only what I need is to open saving account with deposit of $350 to activate that account. Is going to be more and more interesting. And some of account managers on IG witch they still work with that platform, keep telling that this fee needs to be pay. 

Shall I provide the details of that new upcoming bank?

regards  

[Simon Mugo]

Hi Monika, kindly do not give anybody associated with this firm any more money. Do not open any new accounts with them as you will end up losing more money in addition to what you have already lost. I would cut all contact with the firm at this point because there's a high likelihood that they will convince you to give them more money, DO NOT SEND THEM ANY MORE MONEY!

Any seasoned investor will tell you not to throw good money after bad money. You made a mistake opening an account with BitWorldFX, it happens all the time in trading and investing. Many fund managers including Warren Buffett have lost billions on bad business deals, its just the nature of our industry.

Successful investors usually cut their losses, learn from their mistakes and move on to better deals. There are many reputable brokers out there Monika, use that $350 to open a new account with another broker and keep trading. Then, it will only be a matter of time before you are making profits and you will have forgotten about the money you lost with BitWorldFX.

The same thing happened to me when I started trading, but I licked my wounds picked myself up, and moved on with a legitimate broker. I have never had problems processing my withdrawals since I started trading with licensed, reputable brokers.

[monika]

Hi Simon, I had no intention to send any more money to them. I was just interested if they come up with some solution when I start approaching them and telling that I've been scammed. Now I need to find way to cover my lost due to my difficult private situation. 

Which broker would you suggest to look for? And thank you for your answers. 

Should I report the profiles on IG for the spam? 

[Simon Mugo]

Hi Monika, I'm glad that you were not planning to send the scammers any more money. I wish you all the best in your efforts to recover the funds you lost.

You should definitely report the spam Instagram profiles so that they can be taken down to protect others from being scammed.

As for your new broker, we recommend several brokers on our site and the best one for you largely depends on your personal situation and in some cases your location. Kindly explore the website to see our reviews and recommendations.