Lost $2,500 with a broker who promised 'guaranteed' forex returns

I signed up with a firm called AlphaTradeFX six months ago after seeing their ads. They said I'd get 15% monthly returns with their managed account. After the first month of small gains, they pressured me to add more money and then stopped answering my emails. My account is now locked and the website is gone. Has anyone else been scammed by a broker that seemed legit at first?

3 comments

3 Comments

thomas8329d ago

Guaranteed returns always set off alarm bells for me.

rivershah28d ago

Guaranteed returns" is a strong phrase, but alarm bells feel like a lot. Some things, like certain government bonds, do offer a real guarantee. It depends completely on what's making the promise. A random crypto ad promising 20% is one thing, a boring old CD is another. The real problem is when the guarantee seems too good to be true. Blanket suspicion might make you miss out on the few actually safe, low-return options out there.

mia_scott7728d ago

Yeah, the phrase "guaranteed returns" is a huge red flag. I fell for a similar line once, told myself I was being smart. Turns out my smart move was just a very expensive lesson. Now I see that word and I run the other way. My own fault for not listening to the alarm bells everyone talks about.