WIC’s “Investment Consultation” Turned Out to Be a Trap

Broker: WIC（W Investment Club）

Regulatory status: unconfirmed

Complainant: anonymous

Cause of complaint: broker caused heavy losses and remained unavailable

Though an increasing number of forex scams have been exposed, many brokers, lured by the high gains they may extort from investors, still engage in such illegal businesses regardless of the tightening legislation measures.

Recently, an investor from South Korea exposed W Investment Club on the local website NAVER and WikiFX and shared the experience of being defrauded this scam broker.

W Investment Club(WIC) first told investor that they were an investment consultation agency, but later when the victim showed great interest in investment, WIC started recommending their own trading platform. The investor remained cautious and looked for the broker‘s information on NAVER’s Cafe. Having read some positive comments about the broker, the investor deposited 20 million Korean Won on the platform and started operating on the broker‘s designated trading software fxtrader (website: https://fxtraders.co.kr/user/web/index.php). But only 4 weeks later, the investor lost the entire account balance. Investor then contacted the broker’s representative Tea Won Jin about the matter, and after exchanging a few rounds of conversation, the representative eventually became out of reach. Until now, investor is still unable to identify the cause of the heavy loss.

W Investment Clubs page from the online forum

Investors trading records

WIC representatives contact and his conversation with the investor

Case analysis

After the victim exposed WIC in the online forum, other investors also mentioned under the post that the trading software fxtrader was being used by several other illegal brokers as well. Investors still trading with this software are suggested to stop depositing as soon as possible and withdraw your investment from this software to avoid potential losses.

As for the case, while seeking professional assistance can be a good idea for investors new to forex market, the risks of forex scam during this process should not be neglected. Although advancing tools such as EA has made trading more convenient, it still takes much time to become well-versed in forex. Investors need to stay alert while seeking expertise from professionals to avoid falling victim to scams.

Conclusions

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