Is 23Traders a SCAM Authorized Review

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Canadian trader killed himself after 23Traders lost his money

Binary options broker scams have led to an unimaginable case, as a Canadian trader killed himself after 23Traders lost his money. How could this happen? What does the Alberta Securities Commission and the broker have to say about this case?

24 January, AtoZForex – The number of scam cases involving binary options has increased over the recent years. Hence, many financial regulators have started to take action against the binary options industry. As an example, in 2020 the Israeli regulator ISA banned the marketing of binary options and the largest Binary Options license issuing regulator of Europe, CySEC kept on fining broker after broker, the most recent being EUR150,000 BDSwiss settlement.

Meanwhile, EUROPOL is now also looking into binary options. Yet, are the authorities too late? In a recent tragic case it has been reported that a 61-year old binary options trader committed suicide. Frederick Felix Turbide of Edmonton Alberta was the Canadian trader who killed himself after 23Traders lost his life savings.

23Traders was not supposed to accept Mr. Turbide in the first place as an Alberta resident.

The website of 23Traders.com claims that the brand is owned by Hermes Ventures, which is regulated by the VFSC (Vanuatu license) with license number 14536. However, according to the Times of Israel, the broker operates a call center in Israel under the name Markets Giants Ltd. In any case, the broker lacks the authorization to offer its services in Alberta Canada.

Story unfolds: Canadian trader killed himself after 23Traders lost his money

Frederick Felix Turbide

Allegedly, a 23Traders employee named “Julian Wellington” started to communicate with Mr. Turbide on the 6th of December 2020 after his previous contact left the company. In a gradual manner he convinced Mr. Turbide to invest not only his life savings but also the credit for his home and business. Frederick Turbide was told that he was making money and thus was pushed to invest more. Eventually, Mr. Turbide ended up investing over CAD300,000 to multiple Binary Options websites which 2/3 of the sum was with 23Traders. On the 19th of December, Mr. Turbide was unable to access his account.

In response, Julian Wellington told Mr. Turbide revealed the bad news about Euro and other comments. Leading to the 21st of December 2020, when Julian Wellington informed Mr. Turbide that his money was lost. According to a Canadian law-enforcement official, Frederick Turbide committed suicide on the 21st of December 2020. Prior to committing suicide, Mr. Turbide tried to communicate to 23Traders 1 hour before ending his life with the following message:

“I’ve lost my house, my retirement money and my business, damn you. It is now 3:52 PM my time. I am going to take a shower then go to my garage to finish myself off. I am giving you one hour to call me with positive results to put back the money I lost.”

Unable to get an answer from his broker contact left a note to his wife saying that:

“Maria, my love,” Turbide wrote. “I am so, so sorry. I am in the garage dead. Do not go there just call the police… J ulian, Thomas and David at 23Traders have pushed me to my death. ”

‘I want to see these people shut down’

According to his wife, Maria Chaves-Turbide, Frederick Turbide was an entrepreneur and a good family man. Beyond grieving, she and her family wants justice:

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“I want to see these people shut down. I want this scam closed and I want the world to know that they were responsible for taking the love of my life away from me.”

How did ASC and 23Traders respond to the case?

C onsidering that the late Frederick Turbide resided in Edmonton Alberta Canada, AtoZ Forex has reached out to the Alberta Securities Commission (ASC) for their response to the case. The representative of ASC stated the following, when asked about Fred Turbide:

“Unfortunately we cannot provide any comments on the case, as the ASC is not involved. Binary options trading platforms, like 23Traders.com, are not registered to sell securities in Canada and their websites state that their offices are located overseas. Regulation of companies like these falls outside of our jurisdiction.”

When inquiring further; what measures the Alberta Securities Commission is taking to prevent such tragic cases? The ASC representative commented:

“The ASC is aware of multiple websites promoting binary options trading platforms that are soliciting Canadians. We have and will continue to advise Canadian investors to avoid investing in such schemes, even though they are located offshore outside of our jurisdiction.”

When contacting the binary options broker, the following was stated by a representative of 23traders.com:

“We do not disclose any client information to third party entities unless to the client himself and/or his legally authorized guardian. The claims are absolutely false.”

Do you trade Binary Options? Please share your experience with your broker with us too.

Is 23Traders a SCAM? Authorized Review

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FTMO Trading Review: Is this a Scam?

FTMO Trading Review: Is this a Scam?

4 Comments

Last Updated: Jul 22, 2020 @ 10:48 am

Today we are analyzing a service that provides trading tools, education and potential funding for traders that can prove their trading skills, FTMO. The benefit of being part of the community, is that traders can use the company’s capital, while receiving 70% of the profits and not having to pay for any of the losses. The only other Forex trading service we’ve seen with a similar approach, is Earn2Trade.

Owned and operated by FF trader s.r.o with identication number 03136752. They are located at Opletalova 25, 110 00 Prague, Czech Republic, and can be contacted via [email protected], phone +420 773 010 372 or Skype ftmo.com. In the meantime, if you are here looking for real trading solutions that can change your life, this page contains some of the best resources used by professional traders all over the world.

The FTMO website and operators believe that up to 80% of success in trading is devoted to psychology and that their psychologist is here to help you improve your trading results. They have a trading psychologist on board named Nikola Pavlickova, the educated performance psychologist. They believe her lessons are critical to your trading performance. While there is nothing wrong with this, we want to focus on other elements of this trading operation.

FTMO Trading Review

The main reason for signing up with the FTMO trading course is for the tools and the funding. In order to receive funding, traders first have to prove their trading skill, by completing a 30 day simulated trading accounts challenge. During this challenge the trader has to meet certain risk management objectives, but the trading style is completely up to each individual and there are no additional limitations on the instruments or position sizes that are traded. The trading performance is always measured based on the “trading objectives.”

Trading Psychologist consultations, free for all FTMO Traders

The trading operation is providing free psychological training for their traders. Is revenge trading, over-trading or FOMO hurting your trading? No problem. Their performance psychologist helps traders to overcome their weaknesses and maximise their strengths. Thanks to regular consultations they can identify problems and consequently eliminate them. They believe that by offering these lessons for free, they will help the community to improve performance and life in general.

�� Want to make money automatically with Bitcoin and Cryptocurrencies without the risk of trading yourself? Are you ready for self-custody of your investment funds? Do you like the sound of regular consistent results and profitable performance? Tired of the forex and crypto scams, false promises and games out there designed to separate you from your hard earned funds? Stop everything! ETBOT is for you! With the ETBOT software, only YOU are in control of your investment funds. The software works using API Key connections that only YOU set up and control. The ETBOT service and mother company EndoTech has been making investors hundreds of percent a year in proven gains since 2020! They use the volatility of the Crypto market to trade long and short using breakout techniques and strategies powered by real Artificial Intelligence. This year so far ETBOT has made over 75% for clients since January 1st, 2020 . If you are ready to leave the trading to the professionals and upgrade your monthly income, now is the time, head to ETBOT now and buy your subscription to get started. PS: ETBOT is a Profitable Forex/Crypto Trading Bot. 100% Verified and Recommended by Valforex.com.

The Funding Process

The objectives consists of the minimum trading days, positive days, maximum daily loss, maximum loss and overall profit target. In order to successfully pass the challenge traders have to meet these objectives. If an objective is not achieved, the trader fails the Forex trading course, and forfeits the €155-€540 challenge fee.

To be more specific, let’s look at the $10,000 initial capital objectives. In order to pass this challenge, traders need to trade for a minimum of 10 days during a 30 day period, with 50% of the days showing positive returns. Traders also have to keep their maximum daily loss below $500, the maximum loss on the account below $1000 and hit a profit target of $1000 over the course of the month.

Breakdown of FTMO

  • Type: Forex Funding, Tools & Education
  • Price: €155-€540
  • Tools: 5
  • Compatibility: MT4, MT5, cTrader

Despite the fact that traders complete the challenge on a demo account, the FTMO group charges a challenge fee which ranges between €155-€540, depending on the initial capital chosen. $10,000 initial capital costs €155, $25,000 initial capital costs €250, $50,000 initial capital costs €345 and $100,000 initial capital costs €540. The amount of funding the trader gets is in direct correlation with the initial capital they choose. So, if it trader chooses $100,000 initial capital, that’s the amount of funding they look to gain if they successfully passed the challenge.

If you don’t succeed, FTMO takes the money, and you can try again. It’s a pretty solid business model, considering that most Forex traders are unsuccessful, and even though the trading objectives don’t seem difficult at first glance, they certainly are.

FTMO Tools, Education & Training

The FTMO challenge wants the traders the take part in their Forex funded programs to succeed, because the more successful clients they accrue, the more money they make. In order to help traders succeed in the challenge, they have included a handful of different tools built to help traders better analyze their approach, and make the necessary adjustments in order to meet the trading objectives.

The program comes with an Account MetriX tool which is “an innovative and unique web application,” used for monitoring progress. This tool doesn’t look that in depth, and isn’t something you can’t get from a normal Myfxbook account upload. There is also a statistical application, which does different mathematical calculations to help traders make better entry and exit decisions. The next tool is a mentor app, which is built specifically to enforce rules and risk limits. Then, there is a trading journal to help traders report their wins and losses. Lastly, is the account analysis tool which is built to help traders take a close “unbiased look at their trading results.”

None of the tools seem overly impressive, but it is an important fact to recognize that the developers of this Forex funding program does want their clients to pass their challenge.

Client Feedback on FTMO services

There isn’t too much in terms of client feedback at this point in time. What I’m most interested in, is finding some traders that have successfully completed the challenge and are now funded, but there is really no verifiable proof of this. There is a thread on Forex Factory, but despite going through many of the pages, I haven’t had much luck in finding many real traders with their funding program.

Our best advice for you

Despite doing a fair bit of analysis and research, we still sit on the fence when it comes to the FTMO challenge. In order to know if this is a viable Forex funding process, we need to see more real clients that have successfully passed through the challenge. There are a few comments being made in the forums, but we would like to see verifiable proof in terms of Myfxbook accounts or something similar. Meanwhile, we still believe that these products win hands down. If you’re serious about trading, try them.

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    BINARIUM

    Top Broker!
    Best Choice For Beginners!
    Free Trading Education!
    Free Demo Account!
    Big Sign-up Bonus!

  • BINOMO
    BINOMO

    Perfect For Experienced Traders!

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