Trader Scammed by Coinage Trading after Gaining Profits on Their Initial Deposit

Coinage Trading is one broker that has had several traders wishing that they had not engaged with it because of withdrawal issues.

Client asked to deposit an additional $20,105 to Withdraw Funds

Here is a case of one Coinage Trading client that was asked to pay more money as commission for their withdrawal request.

This case was reported on a forex trader‘s forum on Facebook. The trader who is identified as ’Pam Lee claimed that her Coinage Trading account was locked when she wanted to withdraw her profits. This incident happened after she had deposited $20,000 with Coinage Trading as an initial investment. After two weeks the account, which was being handled by an account manager by the name of Valerie, had accumulated profits of about $100,500. When it became clear she could not withdraw her profits, she tried to withdraw her initial investment but it was also unsuccessful. After all this Coinage Trading then sent her an email asking her to deposit an extra $20,105 as commission to enable her to withdraw the funds.

She noticed that something was amiss and so she proceeded to file a complaint with the Federal Trade Commission (FTC) AND Internet Crime Complaint Center (IC3) in the USA but at the writing of this article, there has been no response yet.

The sudden change of policy did not make sense to her because at the time she was joining Coinage Trading, the policy was that she could pay the commission from her profits to the account manager. But two weeks later the company out of nowhere changed its policy on this. She was required to pay the commission before she could access the funds in her account.

The only hope was to turn to fellow traders for advice. She narrated her story to the group admins hoping to get assistance but as at the writing of this article nothing substantial was offered to her. The admins just promised to help and no member seemed interested in helping her.

What Should You Pay Attention to Avoid the Scam？

Many other traders may have the same experience of the above trader. We would like to caution everyone out there from engaging with such brokers in the market.

Here are several things to consider before engaging.

First, when the deal is too good youd better to think twice because it is most certainly a scam. An investment of $20,000 to $105,000 in two weeks without knowing how the money was traded to such profits is a red flag.

Secondly, check the rating and reviews of the broker you are about to engage. This will help you a lot in noticing if there are any scrupulous activities they have been involved in before.

Thirdly, avoid engaging with social media accounts that claim to be account managers. It is so hard to verify the credibility of their claims.

Beware and stay safe.