Unscrupulous Roinvesting Blocked Investor’s €30,000 Withdrawal

Exposed broker: Roinvesting(belongs to the same company with GMO Trading)

Regulatory status: unregulated

Complained by: an anonymous investor

Cause of complaint: investor cannot withdraw money

Though investors have raised their awareness against forex scams after more and more illegal platforms are exposed, the scam brokers keep coming up with new tricks to defraud investors.

Recently, WikiFX received a complaint message from a Cypriot investor. Having signed up and made deposit at GMO Trading ran by the broker Royal Forex, the investor found his account suddenly transferred to Roinvesting, another trading platform owned by the same company.

As the latter has no valid regulation, investor has not been able to completely withdraw his funds to date.

Event recap

According to the investor, he signed up at GMO Trading during December last year.

He benefited from the great volatility of the forex market at the turn of the year and made considerable gains through trading. It was during this time that investor noticed that GMO Trading's website (www.gmotrading.com) had been redirected to the page of Roinvesting. As the content of the redirected website remained unchanged, and the investor was profiting, he didn't pay much attention to the change of the title.

But what happened next threw a damper on the investor. On February 26th, 2020, the platform abruptly canceled all transactions of the investor for alleged violation of the platform's regulations in trading, while sending him a detail explanation of this so-called violation. Yet the explanations didn't sound very convincing. And after the investor argued over these reasons provided by the broker bit by bit, he received no further reply about the matter from the broker.

Up till now, apart from his initial deposit which the broker agreed to refund, the investor has as much as €29,000 of profit unavailable at the platform.

The explanation of the broker and investor's argument

Part of the investors trading records

About Roinvesting

Through investigation, WikiFX found that the website www.gmotrading.com is redirected to the page of Roinvesting. Why do domain names of both platforms lead to the same website？And how is Roinvesting able to run its website under the name of GMO Trading？ Previous investigation suggests GMO Trading is under valid regulation while Roinvesting is not, and with all these irregularities, we suspect that Roinvesting is no more than a scam broker who engages in illegal practices under the cover of GMO Trading and defrauds investors by exploiting the information gap.

Conclusion

Though forex investment scams are constantly being exposed, the illegal brokers are also becoming more sophisticated in their tricks. Therefore, investors need to stay alert and check a broker‘s profile on WikiFX App to ensure it’s truly compliant and credible. If you feel you are being scammed, keep key evidences and contact WikiFX for assistance to recover your money.