Scammed by FXGM ZA https://www.fxgm.co.za/
I have been scammed by this company https://www.fxgm.co.za/
FXGM SOUTH AFRICA (PTY) LIMITED is a company incorporated and registered under the Laws of South Africa, licensed and authorised as a Financial Service Provider (FSP) by the South Africa Financial Sector Conduct Authority (FSCA, South Africa) ( www.fsca.co.za ), under FSP authorisation no. 50202
We have checked the information provided on the broker’s website and it looks legit. The brokers information about regulation can be found in the register of the FSCA regulator.
If you have any issues with this broker we would recommend to report to FSCA. Since FXGM ZA is overseen by reputable authority, they will help you, especially in case you lost your investment, as it should have been protected too.
I have invested R10K with a company that is called: FXGM ZA MT4 Trade.
It started with discussions with a lady from the company by the name Magda Wierycka, she assured that investing with her company is absolutely safe etc and the no requirements for withdrawal whatsoever.
We started by depositing R10K to buy a percentage of a Bitcoin on the company Binance page .. the seller was a lady called: Mpho Dagada .. we deposited R10K in Dagada ABSA account, but Dagada never released the relevant asset value to us, we wrote to her on her email address, on her phone but no response whatsoever.
At the mean time my partner and without knowing decided he too want to buy, so he did the same I and again with Mpho Dagada and deposited another R10K .. however, Dagada released any asset, never responded, never communicated with us. I asked my partner to call the funds back – we filled the necessary application forms and submitted same to the bank. We are still waiting for the bank to return the funds back to us.
I asked Magda, why do you allow a none responsive seller to be on your system, in fact the phone number of the seller on calling it few times appears to not exist at all and probably the same with her email address.
Magda suggested that she would give us an account at Capitec Bank where we are to deposit the R10K and send her proof of payment, once payment is cleared then we will be on the trade immediately.
The trade would be on 4 day level where a R10K would earn us R60K – the trader will deduct 10% and the balance of the profit is ours.
The amount reflected in the Capitec account the following afternoon and our trade started. 3 days later our profit was $3500.
Magda send a message informing me that I need to withdraw our profit and then re deposit the investment amount we decide for the next investment.
I must admit it was very exciting to see R10K generate R54K in just 3 days. So, we opened our page and filled in our bank details, on pushing the submit button, a new small screen popped up telling me that I have to obtain something they call: Tax Code and I must write to the support team.
I informed Magda about this issue and she said: sorry about the inconvenience but this is a must and I have to write to the support team.
I wrote to the support team who wrote back to me telling me that I have to pay R15K to get this Tax Code.
Magda apologised for the inconvenience and said this is a rule, if I don’t deposit this amount the. I won’t be able to withdraw the profit.
My questions are:
1. What is this Tax Code and is it legitimate request and pre requisite for any withdrawal ???
2. If this is scam, how can I recover my investment capital ????.
Hi FXGM ZA they scam me too why people are so gruel
hello, i deposited with them and they said 100% loss coverage up to 300$ per trade for 10 trades. now when the trade was -290 and my third protected trade. Their system entered an exact opposite trade and i couldnt close either of them. i am told i have to deposit more money in order to close the trades. this is unfair as i dont have any extra cash. this will cause a problem as my remaining protected trade options also disappeared.
what must i do now? money will basically keep getting deducted untill the commission eats everything away.