Up to 800% Profit? No! Forbes Capital Scams many Malaysian Investors

While withdrawal problems do occur from time to time when trading with regulated brokers, they occur more frequently when investors are trading with illegal platforms.

Recently, several Malaysian investors have told WikiFX that they have encountered withdrawal problems, and Forbes Capital is the broker involved in the dispute with them.

Unable to withdraw funds despite paying the required fees

A user reported that he had inadvertently joined a WhatsApp group more than two months ago, where a so-called “professional teacher” shared trading strategies and signals, and dozens of group members often showed screenshots of their profits, echoing the teacher. The user at first just quietly watched them share screenshots, but after two months of looking at them, He was tempted and couldn't help investing. So he privately messaged a few of his groupmates to learn more about the situation. The groupmates all told him that they had made money following the teacher, and even made a lot of money. Then the victim opened an account with Forbes Capital based on their recommendations.

At first, he deposited only RM 35 (about $8) into his account, and it didn't take long for him to make a profit. The previous “teacher” then encouraged the victim to invest more money so that he could make more money, but the victim did not invest as the teacher said. In the meantime, his account continued to make profits of up to RM28,000 (about $6,402), a profit margin of 800%.

But will the “earned” money really go into the investor's pocket？

Forbes informed the victim that had had to top up his accounts with RM 3,000 (about $686) to withdraw the money. At this time, the victim, although suspected that this might be a scam, could not resist the temptation of huge profits and transferred the money to the other party as requested, but still could not withdraw his money. He submitted withdrawal requests for several times, but did not get any response, and finally had to quit the WhatsApp group.

More victims emerged

Another investor from Malaysia also had a similar experience with Forbes Capital. Just like the previous victim, her account was making a profit at first. But after some time, her account was inexplicably banned and she couldn't log in, no matter how she tried. The worst part was that she couldn't get back the RM3,000 principal she deposited.

Currently, Forbes Capital is still falsifying trading records and using them to advertise that investors can make large profits with this broker.

WikiFX reminds you

Forbes Capital is an unregulated and fraudulent broker that has no authority to provide financial services to clients.

To stop users from withdrawing their funds, the fraudulent trading platform often demands various inexplicable fees and threatens not to allow withdrawals without paying them. However, even if the user does pay the fees, the account balance cannot be withdrawn. This is because the funds deposited by the victims are not used for trading, but go directly into the pockets of the scammers. And the so-called “profits” are just some fake figures. Moreover, claiming that money can be withdrawn by paying a fee is just a way to make a final profit.

It is recommended that you check the regulatory status of your broker with WikiFX before investing and choose a regulated broker to reduce the risk of being scammed.