withdrawal issues

By cmcmarkets, from Malaysia, May 30, 2021 at 06:25 PM

I was approached by Teeka Tiwari to start an account following his signal. I wasn’t comfortable as i found this is 4 months old, but he said it is part of after 4 trades of profits, suddenly they stop my account and asked me to top up USD25000 because platform sent me an email said i violated PDT rules which Teeka Tiwari has never pre-informed me at all, and they just freeze my account for 90 days which is ridiculous. I only trade when Teeka Tiwari gives me the signal and he double confirmed every trade. I do not feel comfortable to top up the money and requested for a full withdrawal as i feel being cheated because i had clearly informed him i would start with USD2400 as that is all I have. the account is now USD3197.00. Teeka Tiwari is a very experienced trader and well known. I am just extremely doubtful he is using this website to mislead others.

Answer: Hi cmcmarkets,

We took a closer look at and, unfortunately, this broker seems to be a clone firm of the regulated CMC Markets. 

Clone firms use some or all of the details of a genuine entity, aiming to convince investors they are indeed the authorized company or that they work with them. Fraudsters usually use this tactic when contacting people out of the blue, so you should be especially wary if you have been cold called. They may use the name of the genuine firm, the ‘firm reference number’ (FRN) we have given the authorised firm or other details. Such companies should be avoided at all costs.

Firstly, we couldn’t fine the domain in the FCA register under CMC Markets regulation, which means this broker IS NOT a subsidiary of the CMC Markets. Secondly, you can see that the website is literally cloned and all the information is copied from CMC Markets website. Another thing is the discrepancy between contact phone numbers. Since is based in the UK they should have UK phone number, but instead there is a number with either US code or an offshore country code.

In your case we would advise to at least try to withdraw your initial withdrawal without profits and stop trading and investing more. Also, report about this issue to your local authority or the FCA.

Leave a Reply

Your email address will not be published.

* code