How I Was Scammed by Broker Spring, TWICE!

Nowadays, there has been an increasing number of illegal forex brokers with tricky traps. Recently, WikiFX received a complaint from a Japanese investor against the illegal broker Spring.

Springs rating on the WikiFX App

Investors Monologue

Just like anybody else, I met a “girl” on Tinder last summer. She said that she wanted to make friends with me. Later, she told me what she was doing in her free time - Forex trading. She asked me to install Meta Trader 4 and try the demo account of MyanmarFinancial. I did so for one month. Later, she persuaded me to open a real account to start trading.

Investors demo account

After one month of trading, I wanted to withdraw my profit. But she asked me to trade once more, and it was a total loss. I LOST 30,000 US dollars. A few weeks after that, the broker changed its name to SunlaidealFE Markets. I asked her what happened. She said that the broker was upgrading. Stupidly I believed that!

Investors partial trading history

I didn't realize it was a scam until that Christmas campaign. On the first day of December 2020, a WhatsApp message came in. It said that there was a Christmas campaign held by Sunlaideal FE Markets. Whoever deposited some amount of money and waited for a month would get a bonus.

Sunlaideal FE Markets - Christmas Campaign

My “friend” said she wanted to help me get a bonus to recover my loss. She made a $40,000 deposit for me, and I made $10,000. So in total I had $50,000 in my trading account. I was supposed to have a $50,000 bonus at the end of the month, but my account was BLOCKED when I wanted to withdraw them. Soon, the broker changed its name again to Springand changed its domain to Meta Trader 5.

Investors account was blocked

Summary

As per investigation, the broker Spring was registered in China and has been in business for less than a year. Currently unregulated, the broker is rated at 1.01 on the WikiFX App and is substantially risky. Please stay away!

Investors may visit the WikiFX App or the official website https://bit.ly/wikifxIN to check more exposures of illegal brokers, and you may also report illegal brokers by contacting us at wikifx@wikifx.com. Together, we can improve the forex environment by nipping illegal brokers in the bud.