There are pros and cons with each. However there are different types of brokerages.
Most forex exchanges are bucket shops. You don’t trade on the open market with them, you are basically trading against the exchange. They hope 99% of their clients lose money.
Other exchanges like Stock brokerages they are legit, they route your order to the NYSE and you are buying real shares.
Since crypto is difficult to secure, sometimes buying it on Robinhood is better since it’s more secure than Coinbase with all the sms hacks going on.
Topic: Brokers (Read 153 times)
Hi All
what can you do if a broker closes your trading account?
I woke up this morning to check and my account has been cleaned, can a broker do this without informing you?
Regards
Kevin
what can you do if a broker closes your trading account?
I woke up this morning to check and my account has been cleaned, can a broker do this without informing you?
Regards
Kevin
If that so, let's say all funds are depleted, no money left on the account, unable to contact or so....
You are being scammed.
However, a broker will never close a trading account. If they are legit, check the Terms of Service.
He wasn’t using a crypto exchange. Since he is referring to MT5 it’s usually one of those forex brokers which sometimes include CFDs and crypto to trade. The only way you can trade on those brokers is you deposit fiat and you trade basically a cash basis, so if you buy Bitcoin you never hold any physical Bitcoin, it just settles for cash when you get out.
Problem with many of these brokers is when you make a profit, they usually find ways to get out of paying you. Most common way was they say you took advantage of them when they had lagging quotes. So you bought or sold knowing the true market price when theirs was stuck or lagging behind, so you cheated and they will freeze your account. Nothing you can do really. Sometimes they just close your account and send your deposit back without any actual profits made during trading.
I still ask myself to this date what exactly is the advantage of using a broker to trade cryptocurrencies over an exchange. I have a friend who keep insisting on using brokers even after I suggested to him crypto exchanges.Problem with many of these brokers is when you make a profit, they usually find ways to get out of paying you. Most common way was they say you took advantage of them when they had lagging quotes. So you bought or sold knowing the true market price when theirs was stuck or lagging behind, so you cheated and they will freeze your account. Nothing you can do really. Sometimes they just close your account and send your deposit back without any actual profits made during trading.
What made him to stop using them was when they refused to process is withdrawal.
I have a friend also using broker to deal with her crypto, and when I started giving her options about directly using a crypto exchange, she seemed annoyed. As if I am suggesting a bad option for her and not trusting the broker. So I ended up talking about crypto with her, it is her money and decision anyway. Some people will really stick to what they know. So let them be, and soon they will find out the disadvantage of using such.
He wasn’t using a crypto exchange. Since he is referring to MT5 it’s usually one of those forex brokers which sometimes include CFDs and crypto to trade. The only way you can trade on those brokers is you deposit fiat and you trade basically a cash basis, so if you buy Bitcoin you never hold any physical Bitcoin, it just settles for cash when you get out.
Problem with many of these brokers is when you make a profit, they usually find ways to get out of paying you. Most common way was they say you took advantage of them when they had lagging quotes. So you bought or sold knowing the true market price when theirs was stuck or lagging behind, so you cheated and they will freeze your account. Nothing you can do really. Sometimes they just close your account and send your deposit back without any actual profits made during trading.
I still ask myself to this date what exactly is the advantage of using a broker to trade cryptocurrencies over an exchange. I have a friend who keep insisting on using brokers even after I suggested to him crypto exchanges.Problem with many of these brokers is when you make a profit, they usually find ways to get out of paying you. Most common way was they say you took advantage of them when they had lagging quotes. So you bought or sold knowing the true market price when theirs was stuck or lagging behind, so you cheated and they will freeze your account. Nothing you can do really. Sometimes they just close your account and send your deposit back without any actual profits made during trading.
What made him to stop using them was when they refused to process is withdrawal.
He wasn’t using a crypto exchange. Since he is referring to MT5 it’s usually one of those forex brokers which sometimes include CFDs and crypto to trade. The only way you can trade on those brokers is you deposit fiat and you trade basically a cash basis, so if you buy Bitcoin you never hold any physical Bitcoin, it just settles for cash when you get out.
Problem with many of these brokers is when you make a profit, they usually find ways to get out of paying you. Most common way was they say you took advantage of them when they had lagging quotes. So you bought or sold knowing the true market price when theirs was stuck or lagging behind, so you cheated and they will freeze your account. Nothing you can do really. Sometimes they just close your account and send your deposit back without any actual profits made during trading.
Problem with many of these brokers is when you make a profit, they usually find ways to get out of paying you. Most common way was they say you took advantage of them when they had lagging quotes. So you bought or sold knowing the true market price when theirs was stuck or lagging behind, so you cheated and they will freeze your account. Nothing you can do really. Sometimes they just close your account and send your deposit back without any actual profits made during trading.
This is one of the worst experiences on using centralized exchanges these days, they can do whatever they want to your account, even you don't violate any of their Terms of Service.
My advice is to contact first their support, ask what happened to your account because maybe you violate something.
My advice is to contact first their support, ask what happened to your account because maybe you violate something.
Hi All
what can you do if a broker closes your trading account?
I woke up this morning to check and my account has been cleaned, can a broker do this without informing you?
Regards
Kevin
They should have given you an email about the closure of your account. It's not professional not to send you any reason for the closure. But, upon signing up and it's indicated that they can close your account without any reason, then you don't have anything against them.what can you do if a broker closes your trading account?
I woke up this morning to check and my account has been cleaned, can a broker do this without informing you?
Regards
Kevin
That's why TOS' are sometimes disappointing if you really don't read that much because they can manipulate and do anything favoring them with anything they do towards your account.
Just wondering. Why would you want to use such brokers, yet we have popular crypto exchanges?
Is it solidinvesting.io or solidinvesting.co
There are warnings about solidinvesting.io
- https://www.fca.org.uk/news/warnings/solid-investing
Both also have very poor trustpilot ratings. I don't think you will get your money back
1. https://www.trustpilot.com/review/solidinvesting.io
2. https://www.trustpilot.com/review/solidinvest.co
after further checks the company is called solidinvesting, I found them on Trustpilot, and it looks like I am not alone, two names keep popping up but when I read the whole pages there he was my broker's name, other investors have successfully got their money back by using certain company's listed on the site so there is hope!!
Which solidinvesting are you referring to?Is it solidinvesting.io or solidinvesting.co
There are warnings about solidinvesting.io
- https://www.fca.org.uk/news/warnings/solid-investing
Both also have very poor trustpilot ratings. I don't think you will get your money back
1. https://www.trustpilot.com/review/solidinvesting.io
2. https://www.trustpilot.com/review/solidinvest.co
after further checks the company is called solidinvesting, I found them on Trustpilot and it looks like I am not alone, two names keep popping up but when I read the whole pages there he was my broker's name, other investors have successfully got their money back by using certain company's listed on the site so there is hope!!
Then maybe they are temporarily having some challenges and you will get your own solution if they are paying people there balance. Be patient and if you can get to the service section you can notify them. It could be the company may be going bankrupt, hacked or something like that, they can inform customers later on the reason of refunding cash. Good luck as you are hopeful to get your funds back.
after further checks the company is called solidinvesting, I found them on Trustpilot and it looks like I am not alone, two names keep popping up but when I read the whole pages there he was my broker's name, other investors have successfully got their money back by using certain company's listed on the site so there is hope!!
Hi All
what can you do if a broker closes your trading account?
I woke up this morning to check and my account has been cleaned, can a broker do this without informing you?
Regards
Kevin
you should know which brokers is legit or not mate before anything else, because not all what you see in the internet is safe especially those who offer cheap commission because what i know most of them are trap.. Unless you make research on it first and you know a lot of traders using it as well because if not its quite skeptical to be honest. I hope its not a scam wherein a bugs or something because there's no way you can recover your funds from it fyi. what can you do if a broker closes your trading account?
I woke up this morning to check and my account has been cleaned, can a broker do this without informing you?
Regards
Kevin
This is unfortunate incident. Maybe your broker is running on scam flagged but you don't know about it. You need to provide the name of the broker . Again get to the support if you can access that I write to them on what is going on, include your login when writing to them I hope you get access to your account again. If this does not work, it could mean they have exitted but provide the name and details of the broker.
Hi All
what can you do if a broker closes your trading account?
I woke up this morning to check and my account has been cleaned, can a broker do this without informing you?
Regards
Kevin
I am so sorry about this. Maybe the platform you have traded on was a scam. When you deposit money on your account on an exchange, they don't belong to you any more. From this moment they belong to this exchange that is why it is suggested not to deposit too much. What is more, this exchange can be hacked so it is really dangerous to store your money on an exchange account. what can you do if a broker closes your trading account?
I woke up this morning to check and my account has been cleaned, can a broker do this without informing you?
Regards
Kevin
when I opened the trading platform, (metatrader5) I noticed my account number had gone so I logged in again and it does not show my money or my bitcoin but it does show on my phone so I do not know whats going on?
Help Please
kevin
Can you check the history of your account? Usually, you can check on your history because all of your activity is written there so if someone withdraws your funds, you will see the address and where the money is transferred. Help Please
kevin
The next thing you can do is contact your broker and ask them what is happening with your account. But if they do not reply to your question, you can not do anything because your money is already gone. It is a lesson for you that you should be careful next time and do not trust a third party that you do not know.
Not your keys Not your coins! Can you tell us the broker you are referring to? Your broker may already be a flagged scam and you didn't know it. Also I suggest you check your trading history to see where things went wrong. It could be an unauthorized trade that caused you to be liquidated.
[/quote]
Highrock holdings are the broker.
when I opened the trading platform, (metatrader5) I noticed my account number had gone so I logged in again and it does not show my money or my bitcoin but it does show on my phone so I do not know whats going on?
Help Please
kevin
Hi All
what can you do if a broker closes your trading account?
I woke up this morning to check and my account has been cleaned, can a broker do this without informing you?
Regards
Kevin
Not your keys Not your coins! Can you tell us the broker you are referring to? Your broker may already be a flagged scam and you didn't know it. Also I suggest you check your trading history to see where things went wrong. It could be an unauthorized trade that caused you to be liquidated. what can you do if a broker closes your trading account?
I woke up this morning to check and my account has been cleaned, can a broker do this without informing you?
Regards
Kevin
Hi All
what can you do if a broker closes your trading account?
I woke up this morning to check and my account has been cleaned, can a broker do this without informing you?
Regards
Kevin
what can you do if a broker closes your trading account?
I woke up this morning to check and my account has been cleaned, can a broker do this without informing you?
Regards
Kevin
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