ProMarkets a Scam or real company?

CharleenB

Hi! I'm new here so please be nice

I potentially think I'm being scammed! I've recently invested a little money into an online trading company called 'Pro Markets' where you invest like £250 initially and they help you to use the 'MetaTrader 5' app that shows you how to invest that money for profit - with currency mainly, then once you invest more, you can trade in Crypto/Crude Oil & Companies etc. it feels like it could be legitimate but also probably not....I'm guessing this is more a Scam than not, but can't find much on the company & reviews are conflicting but indicating scam because people were not able to withdraw their money later down the line.

I'm being called everyday by the 'account manager' at ProMarkets who assures me he doesn't make any profit/commission until I make profits and so is helping me to invest with my active trades by closing them out at the right times etc., and I can withdraw at anytime by request (although I have not tried yet, I have made about £150 profit so far).

Should I close the account, take the money and run? 

Appreciate the guidance!  

cheerfulcat

There is zero question about it, it’s a scam. You’ll almost certainly find that you can’t withdraw your “profits”, or your original deposit.

masonic

CharleenB said:

I have made about £150 profit so far

No you have not. Try and take it out and you'll likely see it and your initial £250 are gone.

Beddie

It's very likely to be a scam, please don't pay any more money to them. Try and withdraw your money, but be prepared to lose it.

dunstonh

I'm being called everyday by the 'account manager' at ProMarkets who assures me he doesn't make any profit/commission until I make profits and so is helping me to invest with my active trades by closing them out at the right times etc., and I can withdraw at anytime by request (although I have not tried yet, I have made about £150 profit so far).

Classic signs....

Should I close the account, take the money and run? 

Yes.  However, I suspect after you try that, you will be back asking why are you are not getting that money.  However, it is not unknown for these schemes to actually pay out small chunks to make you think its real before they then encourage you back with larger amounts.

agent69

Assuming it's the same company, there are reviews on Trustpilot. One investor was told they were making a profit, but when they tried to withdraw their funds they were told no way unless they made further deposits.

eskbanker

CharleenB said:

I'm being called everyday by the 'account manager' at ProMarkets who assures me he doesn't make any profit/commission until I make profits and so is helping me to invest with my active trades by closing them out at the right times etc., and I can withdraw at anytime by request (although I have not tried yet, I have made about £150 profit so far).

Should I close the account, take the money and run? 

As above, worth a try, but expect the tone of the conversations with your 'account manager' to change dramatically - he'll give you a list of reasons why you shouldn't pull out, and will also try some high-pressure selling to try to convince you to invest significantly more, and only after you've resisted all that will you stop receiving the calls (but are still highly unlikely to be reunited with your money....).

mebu60

dunstonh said:

I'm being called everyday by the 'account manager' at ProMarkets who assures me he doesn't make any profit/commission until I make profits and so is helping me to invest with my active trades by closing them out at the right times etc., and I can withdraw at anytime by request (although I have not tried yet, I have made about £150 profit so far).

Classic signs....

Should I close the account, take the money and run? 

Yes.  However, I suspect after you try that, you will be back asking why are you are not getting that money.  However, it is not unknown for these schemes to actually pay out small chunks to make you think its real before they then encourage you back with larger amounts.

Excellent point on second para - one to be wary of / potential to get some money back if make smaller withdrawal.

Eyeful

I have no knowledge of the company. However from what you have posted so far it has all the hallmarks of a scam. How did you find out about them?  Please do not say via Facebook, cold call or email.

1. For a start your are getting calls every day to get you to give them more money.
Honest companies do not do this!

2. Even if they are honest, what you are attempting to is day trading (which is very high risk gambling).
If you want to gamble, buy premium bonds, or national lottery tickets, if you do win, you know you will be paid your winnings. 

3. Try and close your account and get your £250 plus £150 profit out of them. I expect that is when you will start to run into problems & excuses. More than likely there will be charges, taxes or fees that you must pay up front. If you are pay this, it will be followed up with more taxes etc. 

4. Type their website address into each of the following below and see what turns up!
https://check.getsafeonline.org/
https://www.scamadviser.com/
https://www.scam-detector.com/validator/

CharleenB

Thank you all for the responses! I agree and usually not easily led into these things (I see potential in the idea behind it, but this company is clearly not legit, so will back out now!)....I found the company out via what I now realise are false claims on social media.... having done further research.

Someone calling me every day and putting pressure on was the real red flag moment!

I did see those Trust Pilot reviews and some other ones too all saying they invested but cannot withdraw their money. I will try today to withdraw the funds I have or at least some of them and see where I get....I imagine he will try very hard to now allow me to do that, but I will try!! I'll let you know how much I get back...

Appreciate the sanity check all, really

CharleenB

Eyeful said:

I have no knowledge of the company. However from what you have posted so far it has all the hallmarks of a scam. How did you find out about them?  Please do not say via Facebook, cold call or email.

1. For a start your are getting calls every day to get you to give them more money.
Honest companies do not do this!

2. Even if they are honest, what you are attempting to is day trading (which is very high risk gambling).
If you want to gamble, buy premium bonds, or national lottery tickets, if you do win, you know you will be paid your winnings. 

3. Try and close your account and get your £250 plus £150 profit out of them. I expect that is when you will start to run into problems & excuses. More than likely there will be charges, taxes or fees that you must pay up front. If you are pay this, it will be followed up with more taxes etc. 

4. Type their website address into each of the following below and see what turns up!

I checked these sites and most say its 'ok' but not quite right....so instincts still stand to get out!