Scam Broker GH Prime Baited Investor with “Bonus”

Victim:Mr. Yin (from Malaysia)

Exposed broker:GH Prime

Cause of complaint: withdrawal failure

Lost fund: US$10,000

Event recap

Mr. Yin first learned about GH Prime Ltd, a Hong Kong trading company, in early April by participating in a gold trading contest they hosted. After the event an agent of the company named Ailsa found him and offered him US$1,000 bonus as a reward for his participation. So Mr. Yin gladly accepted the bonus and opened an account at GH Prime platform.

A “US$1,000 bonus” for participants

However, according to the broker‘s rules, Mr. Yin must complete at least 5 trading transactions on the platform with no less than 1 lot each time, before he can really access the bonus, which alone was not going to sustain his trading activities. In order to pocket this “bonus”, Mr. Yin followed the broker’s instructions and deposited US$1,000 and entrusted the fund to the brokers analyst.

Requirements of withdrawing the bonus

Much to Mr. Yins delight, his account was profitable in the first few days, and two weeks later, he was enticed by the analyst and entered a 1-month trading contract with a US$10,000 investment.

Mr. Yins deposit record

When the contract term ended on May 22nd, the analyst told Mr. Yin that his account balance had grew from US$10,000 to US$145,048, gaining over US$130,000 of profits. As previously set out in the contract, Mr. Yin can claim all the profits besides the commission he should pay the analyst.

Mr. Yins MT4 account balance

But when Mr. Yin contacted the broker to claim his profits, he was demanded to pay an addition US$41,864 as the analyst‘s commission before he can terminate the contract and withdraw the money. Mr. Yin explained to the broker that he didn’t have additional fund for the payment and asked to deduct the commission from his account balance, but the broker rejected his proposal.

Worried that the broker might by simply trying to extort more money from him, Mr. Yin tried to apply for a withdrawal as soon as possible, but GH Prime turned down his application several times, saying that “withdrawal is not allowed during the term of the contract”.

Mr. Yins withdrawal records

Pretty soon, Mr. Yin found that he was no longer able to log in his MT4 account.

Later he found the broker had suspended his account for “failure to fulfil the contract”, and when Mr. Yin again pressed about his US$10,000 principal, the customer service kept on postponing his withdrawal request, offering no concrete solution or explanation.

Mr. Yins conversation with the customer service

Mr. Yin told WikiFX that not checking the broker‘s background and qualifications before making a deposit was the worst mistake he made. Had he realized the significance of verifying GH Prime’s information and claims through a reliable source, he wouldn‘t have suffered such great losses. Per checking WikiFX App, GH Prime is an illegal broker with suspected-cloned license, rated at just 1.15 and without valid regulation. Investors should minimize the risks by always checking a broker’s compliance before making an investment.

GH Prime got only 1.15 on WikiFX App

So far, WikiFX App has included profiles of more than 18,000 forex brokers around the world, while integrating broker information query, exposure, news feed and other functions, and protecting investors fund safety in forex trading. Click here to download and make an exposure → https://bit.ly/3ajawKO