Many people have made money on forex, but unfortunately, there are also a multiplicity of scams intended to take advantage of people who want to make money quickly. A common problem is the scammers refuse to allow clients to withdraw their money. This is what is known as a forex withdrawal scam. Besides, when searching with the broker's name on Internet, clients may also find that the broker runs with no license.
Recently, BrokersView learned that many investors have fallen victims to such a scam operated by the forex broker Hamilton Club, where they could not get back their money.
Unable to Withdraw
One client posted that he could not withdraw his money from Hamilton Club. He can not withdraw his funds since January last year, and customer service was non-responsive. The chat line has reps that were trained for very basic answers and they were not really there to help him. The only person he had a chance to talk to was a girl in Russia. The girl told him to wait because she was on vacation when she received his call. After she returned from a vacation, he has been trying to reach her practically every day and every time, but the result was she withdrew half of his money to her Yandex account supposedly that would help to transfer the funds easier to his bank account. He found the girl's behavior was horrible, so he sent an email to explain his situation to the broker's support team, but finally, he still got no help and can't withdraw his money.
(screeshot from the investor)
Operate Without any Regulatory License
Hamilton Club claims to have "Regulations Certificate" on its homepage, but there is no regulatory information about Hamilton Club can be found on its "Regulations Certificate", as well as on any other financial regulators' websites. That means investors' funds in this broker is unsafe and cannot be protected by any laws.
Besides, what surprised us is that Hamilton presents itself as a Scottish brokerage, which is quite funny, as it appears to have its origins in Russia, and is registered on the offshore island - Saint Vincent and the Grenadines(SVG). When checking on SVG Financial Services Authority (FSA) with the claimed registration number, we found a result, which means the broker is only registered in SVG FSA. However, SVG does not oversee forex trading and thus we may safely conclude that the brokerage is not regulated. That said, it runs without any regulatory license.
All of these show that Hamilton Club is a scam.
Most brokers operating without legit licenses are engaged in foul play. Therefore, BrokersView strongly advice you to avoid the broker and find yourself a legit and properly regulated broker.