Challenges with withdrawal from investment account

By Thuthukani Cyril Zikalala, from South Africa, November 1, 2020 at 09:29 AM

Broker wants payment of COT fees before my money can be deposited in my bank account. This was never disclosed when I registered and when I enquired about any fees, I was told there were none. It seems now I’ve lost even my deposit because I couldn’t afford the fees required and I cannot withdraw a lesser amount while the initial withdrawal is pending.

Answer: Hi Thuthukani Cyril Zikalala,

AlgoTradingOptions broker does not provide any information about its regulation. It claims to be located in the US, however, we haven’t found any information in the register of the US regulators. There is also no information or reviews about this broker in the net, which is another red flag for the potential traders. It is difficult to deal with unregulated brokers as they are not overseen by any reputable authority.

In your case, unfortunately, there is a very small chance of getting your investments back. You can try and report about this issue to your local financial authorities.


Leave a Reply

Your email address will not be published.

* code