Illegal brokers often act like rats underground and escape when exposed. However, ExtrandCap is not one of them. Two complaints to ExtrendCap were submitted to BrokersView within only 5 days.
This arrogant and illegal company not only did not restrain itself after being exposed but even dared to threaten the victim. And this broker even asked its client to pay up to 20% "tax".
Complaint? No tax? Then you won't have the funds back
While most scammers dodge investors when withdrawal requests are submitted, ExtrendCap dared to threaten its investors.
Nguyen was a client of the broker but is now disappointed with it. She made 110,000 USD deposit to this broker and made some trades, but couldn't withdraw. She actively looked for ways to get her money back and protect her rights - emailing MT5 and writing reviews on Forex forums. But the company thought she was causing trouble and said that if she didn't withdraw the complaints, it "can assure you that you will not be able to get back a penny". How dare!
Moreover, another investor of ExtrendCap also submitted a complaint, accusing the broker of being a scammer. Because this investor was also facing problems with the funds being held by ExtrendCap and not being able to withdraw.
The fraudster asked this victim to pay 20% personal income tax, which is a common trick that Forex scammers often use.
ExtrendCap (www.extrendcap.com) was exposed by BrokersView in September this year.
According to its website and the broker information in MT5, the broker claimed to be owned by Extrend Cap International Pty Ltd and located in Australia.
As a forex investor, you must check the AFSL information of an Australian broker and confirm the broker is regulated by ASIC. Then you can consider trading with it. Otherwise, your funds may fall into a scammer's hands.