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PremiumoptionFX safe or not?


Aditya Sinha
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I invested 69 euro woth bitcoin in premiumoptionfx using it as a wallet. I was not aware that premiumoptionfx is not safe. I have contacted their customer support and they said i need minimum 100 euro to withdraw my money. Im not really sure what to do. I know 69 euro isnt a lot, but id still like to withdraw it back. 

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Hi Aditya, I understand that you are in a difficult situation given that the only way to get back your 69 euro is to deposit another 31 euro with the same broker/wallet that you do not trust.

Kindly let me look into exactly what the broker offers and see if I can find an alternative way to get your money back. I'll get back to you shortly.

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Hi Aditya, I have had a quick look through the Premiumoptionfx website and they look like scammers. Firstly, they do not clarify that you can only withdraw a minimum of 100 euro once you become a client. Therefore, its highly likely that they will put more obstacles in your path once you up your deposit to 100 euros, which means that there's little chance that they will ever process your withdrawal request.

I would advise you to report the company/website to you local authorities or financial markets regulator so that they can be investigated to protect other unsuspecting traders. You should not send any more money to this company as that would just compound your losses and its unlikely that you'll get it back. I know it may be hard to hear, but you should cut your losses and not waste any more time with this broker.

Remember that there is no trader/investor who has not made a mistake in the markets that cost them some money, that's just how this industry works. You should consider trading with a legitimate broker going forward and we have several excellent recommendations on the site if you're still interested in becoming a successful trader.

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Hi Aditya, there are two options that you can use to submit a complaint about the broker above. Firstly, you could launch a complaint with the financial services regulator in your country as it is their duty to protect the traders in your country. I'm not sure where you reside but most countries have a financial services regulator. For example, the FCA is the UK's financial regulator, while the ASIC is Australia's financial regulator.

The second option would be to complain directly to the regulator in the country where the broker is based, which in this case is the USA, since the broker has listed a New York address on their website. You could file a complaint with the Commodity Futures Trading Commission (CFTC), which could lead to an investigation of the broker if they are truly based in the US. However, its highly likely that the broker is using a fake address, which means that they could be based anywhere in the world.

Those are the two options that you could pursue Aditya and I wish you all the best.

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Hi Aditya,

Do not fall prey to any more demands from this scam broker. I warned you from the very beginning that they would keep asking you for more money with no intention of ever returning a single cent that you have sent to the firm. This is a classic scam where they tell you that you just need to do just one more thing before they can refund your deposit.

The first thing they did was ask you to send them the 31 euro, which I told you not to send, but you send them anyway, after which they promised to send back your money in 48 hours. They did this to stoke your hopes and let you wait for about 24 hours before crashing your hopes with another request, which is now 100 dollars. I can guarantee you that you will not get back that 100 dollars if you decide to give this scam broker more of your hard earned money.

I can only give you advice Aditya, but its up to you to act on it. Imagine if you did not send this broker the extra 31 euros, but instead opened a new account with a legitimate broker and deposited the amount with the new broker. You would be comfortably trading the markets right now and maybe even had a profitable trade or two, which is the best way to forget the 69 euros that you had sent the fraud broker in the first place.

Aditya, there is no shame in cutting your losses and moving on from this broker, I was also conned in a similar way when I first started trading, but I learnt my lesson and promised myself to only deal with legitimate brokers going forward. The hardest thing for most people is to admit that they are wrong, but the best investors do this all the time as no great investor has a 100% winning streak.

Even Warren Buffett recently sold a big chunk of hist stake in Well Fargo recently as the bank is no longer a very good investment. Cutting your losses is one of the best things you have to do, if you want to be a successful trader/investor in the future. You should take your recent losses as just a bad investment, otherwise you risk compounding your losses with this bad broker, yet there are hundreds of legitimate brokers out there.

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Hi Aditya, I'll send you a link to our live trading room where you can talks directly to me and other traders about any challenges you're facing in your trading. We have a beginners' channel that should be very helpful to you as you start your trading journey afresh.

Unfortunately, there's no way that you can get back all you've lost to this scam broker. They are actually counting on your desire to get back your money to extort even more money from you. They will never send your money back even if you give them another 1,000 dollars.

These scammers know that as humans, we do not like to lose our hard-earned money and they are experts at capitalising on these raw human emotions to steal millions from unsuspecting individuals. Imagine if they took 100 euros from 1,000 clients each month, they could be making over 100,000 euros per month by stealing these small amounts from a large number of people. I'm sure they are doing this to 1,000s of people as we speak.

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In my opinion, you have two choices. You can choose to keep engaging with the scam broker and send them more money. Remember, as I have explained above, their whole business model is to take your money and give you nothing in return. They have no legitimate services to offer you, except to steal you hard-earned money, but it's your choice whether to continue sending this scam broker more money, or to move on.

If you are ready to move on, we have the tools and resources to ensure that you are never conned again, but you have to be willing to listen to sound advice. Do let me know if you're ready to move on and actually try become a profitable trader and we'll guide you to the right brokers and the right resources to become a successful trader.

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Hi Aditya, I'm impressed that you are barely 16 and already keen on making money from trading the financial markets. I think with the right advice and guidance, you can become a very successful trader. Firstly, I'd like to suggest that you hold on to your money for now and learn a bit about the markets. We have a section dedicated to teaching beginner traders how to trade under the learn tab at the top of our page.

Once you've gone through some of the guides we have there, you can go to this link to open an account with one of the legitimate brokers that we have reviewed on our site. You can make good money from the markets by learning how to trade but it is not a get rich quick scheme, you have to put in the time and learn how the markets work. We can guide you on how to do this.

Here's the link again once you're ready: https://www.asktraders.com/stocks-live/

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Hey so I was looking for a good broker. I came down to two options- Revolut, Etoro. I can't really figure out which one is better. Also for Revolut can I use euro? And the max money I can get is about 100euro. I am mainly going to being investing in stocks. So any suggestions?

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Hey so I was looking for a good broker. I came down to two options- Revolut, Etoro. I can't really figure out which one is better. Also for Revolut can I use euro? And the max money I can get is about 100eurow hich doesn't meet Etoro min deposit of 200. I am mainly going to being investing in stocks. I also live in Ireland (eu) so take that in consider. Any suggestions?

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Hey Aditya, I'd advice you to go with Etoro as it is one of our partner brokers and we've used and vetted their services. They are quite good for beginners.

We also have an offer that you can take advantage of if you open an account with Etoro through us, you will get free access to our trading room, which costs $99 per month if you are not one of our clients.

You will get access to other expert stock and Forex traders in the live trading room where we post live trade setups and review the markets all day long. Yow will get a chance to interact with me and other expert traders and you can ask us any questions about potential trade setups or other aspects of trading, hence, you'll never alone in your trading journey.

Kindly check out all the details of this offer at this link: https://www.asktraders.com/stocks-live/

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