This particular sales “pitch” is one we’ve heard time and time again. Usually, when you deposit the initial 250-500 Dollars ( or Euros/British Pounds) into a trading platform, be it unregulated ‘Forex’, ‘Binary Options’ or ‘Crypto’, you’ll quickly find that there are plenty of other people in dire need of your money. A common practice these scam artists employ is pairing you up with a different “account manager”/”broker” than the one who initially pressured you to make your deposit.
The “Elite trading group” scam is when your new “account manager” tells you that the reason you need to deposit a larger amount (usually 5,000 to start) is to join the firm’s ‘Diamond’ club (or any other grandiose-sounding name). “This is where you want to be as a trader”, they will say. Other alleged benefits we’ve received reports of include: “The Diamond club has better signals”, “better spreads”, “it’ll be cheaper for you” and last but not least: “You’ll have a private analyst, dedicated to your account’s success”.
If you are reading and have not been told this as of yet, there are no “elite” groups. In fact, there are no professional signals and there is no analyst. From our investigations, we have found that over 95% of the websites claiming to be legitimate trading platforms are not connected to any financial market or exchange. Furthermore, the “analysts” and “brokers” in their employment, are not registered with any recognized financial regulatory body, nor do they possess the appropriate licenses necessary to give investment advice.
If you have lost money to a fraudulent trading scheme or alternatively, have experienced something similar to the above mentioned ploys, please, cease all communications with your “broker” and contact us for a free consultation immediately.
There might be a way to get your money back