Easy Deposit, Hard Withdraw: Malaysian Investor Exposes Trade Option and its "Trader" as Scam

According to the user, she was contacted by a third party through Telegram. The third party, an operator for clients actually, indicated that it could offer a trading plan for some time and that it could generate significant profits for the investor through the trading platform Trade Option.

The victim agreed to allow the operator to trade on her behalf, transferred the money invested into the designated remittance account, and let it open an account and deposit funds on her behalf. After the account was successfully opened, the victim got the account and password and could log in at any time to view the transactions and account balance.

In the beginning, the user was cautious and invested RM500 (about USD 114) intending to try it out, but after some time, the trader asked her to withdraw her money and said she had earned RM176,515 (about USD 40360)! However, the profit rate was too high to make her feel unreal.

Unsurprisingly, when the victim was about to withdraw her money, she was asked to upload some documents to verify her account and more importantly, to pay a “deposit as a guarantee”. It was only at this point that the investor realized it was a scam.

About Trade Option

Trade Option is a typical fraudulent broker. On its website, it falsely claims to be a company founded in 2009, and it sounds like it has accumulated some experience in the industry. But this is not the case, as the company's website was actually founded in 2022, just a year ago. Moreover, this fraudulent company says that it is located in Indonesia, but there is no local forex regulator in the country. So it is obvious that this broker is providing financial services and products to its clients without any financial license and is not trustworthy.

WikiFX Always Reminds You!

Even experienced professionals cannot answer that every trade they make will be profitable. Investors without any trading experience are even less likely to get rich overnight in the risky market. Fortunately, this time, the victim stepped on the brake in time and did not continue to be tempted by the huge profits, otherwise, the other side would have squeezed the victim's hard-earned money to the point of not having a dime left.