Trading Loss

amled

Help,

A friend has lost money trading and now owe a considerable sum of money.  the company want the money back but they cannot afford to give the whole amount back - is it possible to come to an agreement of some sort?  Help please

Ayr_Rage

Unless you tell us exactly what type of account is being used and with what company along with how the balance has been allowed to become negative then you won't get decent advice here.

Tell your "friend" to speak to them.

Brie

Short answer - yes it's possible they can come to an arrangement with the company.   How easy it will be to do that is impossible to say without more info.  Sounds like they were investing with borrowed money which is never a good idea but too late to change that as it's in the past.

If you can come back with more info we'll see what advice is available.

Meanwhile I'll move this to the DebtFree Wannabee board as that's a more appropriate place rather than site feedback.

amled

Thanks Brie: Ambassador,



They were trading with their own money and have made a loss.  It is the trading company that they owe the money to.  

What other information would you need and I will get it.

Can you link me to the debtfree wannabee board please?

Regards

amled

Coin Base traded in crypto.  the system asked for information and the way the system works is that you have to repair a mistake on an initial trade - was going to get the finance team to show him how to draw the profits. You have to draw them in a certain way.  He allowed the first protit to go through.  He thought the 2nd one had gone through - but he made the mistake of not allowing the 2nd one to drop into his account.  they then froze the account.  the way to recover the money was through preceding trade.  He was give the information,   Input the wrong info according to the system and hence ended up owing money.  Money was put in via a bank transfer.

Hope this helps Ayr-Rage

Brie

Well if he paid the company money and it's in their accounts then why does he owe anything?  I'm probably missing something crucial here but will admit that I know very little about crypto and don't trust it as so many websites seem to be only set up to scam people.  If this is in fact a scam then they won't be chasing after him too hard to recover anything for fear of being caught doing something illegal.  

Meanwhile - this post is on the debt free wannabe board so you don't need to go looking for it.  If you want to look at other things on the board just click at the top of the page where the board name is.  

eskbanker

amled said:

Coin Base traded in crypto.  the system asked for information and the way the system works is that you have to repair a mistake on an initial trade - was going to get the finance team to show him how to draw the profits. You have to draw them in a certain way.  He allowed the first protit to go through.  He thought the 2nd one had gone through - but he made the mistake of not allowing the 2nd one to drop into his account.  they then froze the account.  the way to recover the money was through preceding trade.  He was give the information,   Input the wrong info according to the system and hence ended up owing money.  Money was put in via a bank transfer.

That all sounds pretty scammy - what was the exact URL he was using?  Did he do this as a result of being cold-called?

booneruk

I'm afraid this does smell very much like a scam. I've used coinbase for years and have never come across a mechanism that would end up with coinbase chasing you for money.

I've done some searching, and making bad trades isn't a way you can end up with a negative balance: https://help.coinbase.com/en/coinbase/trading-and-funding/other/why-does-a-negative-balance-occur--

Unless I'm missing something..

GardenBirdWatcher

Unless he's margin trading or some other sort of complex trading where large market shifts moving against him result in him owing more than his deposit then this sounds like a total scam. 

As asked before, what is the exact URL of the platform he is trading on? And exactly what type of trades was he doing?