19 Best Forex Brokers Philippines for 2020 - ForexBrokers.com
Don't get [FOREX] scammed! (Long post but worth the warning)
I bet Im not the only one who sees ads like this on Facebook. LearnToTrade claims to be a Forex coaching company that was going to make you so rich, you'd throw your paperwork on your boss's face and buy a yacht next month. I was impressed as the venue for the free seminar was at a swanky building in BGC (sa ibabaw ng Lamborghini lol). One day, I saw one of their ads and because I had time to spare, I dragged my girlfriend along to check it out since we live around the area. During the two-hour ordeal, all the speaker did was: 1) Put Greg Secker (their founder) on a pedestal of flowers. The guy appeared on a video which served as his "speech" and appeared to be messianic as fuck. There was something about the guy and the way he was reverred that was so unsettling. (More about him later) 2) Exaggerate on how genius traders their students turned out to be. (A 13yo is now trading millions monthly and lawyers quit being lawyers because they apparently realized they started earning more from trading because of what they learned from LearnToTrade) 3) Badmouth other trading companies. I couldn't keep track with how many times she lambasted COLfinancial (not even a Forex competitor) for ripping off arms and legs with their "ridiculous commissions". She asked if anybody in the room uses COLfinancial for trading stocks. I do but I decided to keep quiet to hear what she had to say. She was saying shit like "Imagine, 40% ng kinita ng pera nyo, sakanila mapupunta." That's when I realized nangbubullshit sya because the commission is only 0.25%. It could've been an honest mistake but... 4) Practically try to force us to "not hesitate" in enrolling at THREE-SESSION COACHING WORTH 90K. And wait, discounted na yan! Promo daw eh! So she said, when you start attending the classes, don't tell your classmates because they paid 400k daw for those classes. WTF? 5) Focus on the participants' desire for wealth. No remote feel that they were there to educate. Although I was obviously not sold, I went home with a nagging feeling that I just wasted more than 2 hours of my life. BUT WAIT, THERE'S MORE! They kept calling me for daysss (sayang I switched phones so di ko na maprovide yung call logs) trying to convince me to enroll. SUPER KULIT. I got so pissed, nagsungit na ko sa caller and started doing my research. Here are what I found out: 1) Greg Secker, the self-styled "internationally acclaimed" trading genius, was never even a trader. He was only affiliated with the big financial corporations that he LOVED to name-drop - as an employee. 2) For someone who claims his company can teach anyone to be really rich, the dude is allegedly operating at a loss. 3) His companies' incomes are mostly from the "enrolment fees" the more gullible trusting people throw in - not from actual effective trading. And soooo much more sketchy stuff. Up to you to give them a chance. Here are some links to foreign articles about Greg Secker and LearnToTrade: The Guardian article BBC UK article DailyMail UK exposé article Greg Secker labeled as a "snake oil salesman" LOL Quora forum Philippine exposé vlog And on and on... It's surprising that even after getting exposed left and right, he's still able to stay in the business. Im not here to smear shit on LearnToTrade or call Greg Secker a charlatan, I just think you should at least know what you're getting into and not listen to someone sell alchemy. Total waste of time. I know somehow there are honest people in that company, but I think they can only be the naive ones. PS: Just found out they're NOT registered with the SEC and was raided by the NBI as a syndicate halos last month lang. Hohoho. Pero may ads parin sa Facebook? Help me report pag may nakita kayo. :)
Posted this on scams as well but maybe folks around here can help me out. Also, I don't know how to cross post on mobile. Sorry. TLDR: Our mom lost over $3,000 in a trading app called UMarkets. We suspect it might be a scam so we want to find out if we can recover the funds. Update: I'd like to thank everyone who commented on this thread. You have all been very helpful. I will try later to reply to each of the comments here. But first, I'd like to clarify a few things. A couple of hours before I made this post yesterday, I finally mustered the courage to ask our mom what she was up to. Months earlier, she had ask one of our sisters to print a highly suspect document about some money she owed in some offshore bank in Belize. That rang off alarm bells among my sisters and me, unfortunately we kept tiptoeing about it. That Saturday morning, my sister told me about the app that our mom has on her tablet, the UMarkets app. So when she came home from a PTA meeting, I asked her about the document. That's when she told me everything and how she lost her money. It was more of a heart-to-heart talk and I really just offered a listening ear. She just talked freely and truthfully about everything that happened. I warned her that her UMarkets investment might be a scam but I told her that I'll look into it further. I assured her that everything will be alright even if there was no chance of recovering the money she put in. I guess overall she was glad to be able to get this off her chest. Apparently it's been bothering her since the beginning of this year. I told her not to put any money into the app and to stop contacting Marcus. He was still trying to convince her to buy Netflix stocks or trade other commodities like oil. But anyway, after our conversation, I decided to post here on Reddit to ask around and get any leads. I really feel sorry for our mom. She really wants to make money on her own so much that it lead her to this. I guess deep down she just wants a bit of control over her life. She's a house-wife and our dad doesn't let her do anything that much. She has kept everything about this a secret from our dad. This Sunday morning, I told her that after a bit of research, I can say with 100% certainty that the whole UMarkets debacle was a scam and there was no chance of getting the money back. She was still a bit in denial. We told her the only was forward was to block her credit cards, talk to someone in the bank, and try to report the incident to the NBI's cyber crime division. So that's the end of my update.
Sorry if I sound incoherent. I just only found out about this a few minutes ago when we confronted our mother about suspicious transactions she's making. For some background, we live in the Philippines. My mom isn't fluent in English and she did not finish college. She isn't financially literate and to be honest, I'm not really well-versed in investing as well. She's a stay-at-home wife and my sisters and I still live with her and our dad. Anyway, here's a timeline of the events. Last year September, our mom might have seen an ad on Facebook or saw a spam comment so she got interested in investing her money. She somehow got in touch with a guy named Marcus Moreno, a guy who introduced himself as a stock broker based in the UK. He's Filipino so my mom and him often chat through Skype in Filipino. From my understanding he's the one who walked our mom through the whole process of buying and selling stocks on UMarkets. Around September 2018 she made an initial investment of USD 3,750. We don't have that kind of money so she used her credit card and pawned off her jewelry to pay for it. Her stock broker set her up to buy and sell currencies (USD, AUD, JPY if I remember correctly). Her initial investment got wiped out thid January 2019 because, according to Marcus, the yen dipped in value. Her account in UMarkets is blocked for now. This is where it all goes weird for me. I'm not sure if it's because I find it hard to understand the situation or of our mom is having a hard time explaining it. She says Marcus told her that if she wants her money back, she has to make another deposit of USD 1,000. If she doesn't do anything, the USD 3,750 will be lost forever. She googled UMarkets scam and managed to contact a website called MyChargeBack.com, which seems to me specializes in dealing with recovering money lost in forex scams, etc. In an email from the website, they want to redirect her to Dispute2.com, which I'll be looking into in a while. To be honest, I really don't know what to do or who to run to. I just wanna help our mom sort out this mess. I appreciate any help or advise that we can get.
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