Account Deleted, Funds Gone: A New Broker Tactic to Beware Of?

A trader from Iraq faced a tragic incident on LQH Markets. One fine day, they opened their account, only to find that their account had been deleted, and all funds, including the deposits as well as the profits made, had vanished.

Trader has shared screenshots of their account activity and made a complaining remark-

“My main dashboard account has been deleted completely, and they are not returning the money I deposited, along with the profit I made.”

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As per the trader, they reached out to the broker several times in hopes of getting back their hard-earned amount. However, the broker chose to remain silent and offered no response or explanation for the account deletion or the refusal to release the funds.

The Downside of Trading

This incident exposes a harsh reality of trading markets and brokers: your funds are not always safe. While trading offers profit opportunities, it comes with risks beyond market fluctuations. There might be brokers in the hope of profiting from your accounts who may do such actions deliberately, like deleting your accounts, withholding funds, or vanishing entirely, leaving traders with nothing but huge holes in their pockets.

What Does WikiFX Say?

A quick check on WikiFX for LQH Markets reveals a shaky reputation with the trust score as low as 1.12 out of 10, signalling that it should never be relied upon.

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Furthermore, cases like this one ring a wake-up call for all traders to be cautious of the platform or broker they depend upon while trading.

How to Stay Safe?

Hearing of such adverse incidents, one must become more cautious and protect oneself from such risks by:

• Choosing regulated brokers.
• Researching the brokers and trading platforms and checking reviews to find any patterns of complaints about fund withdrawals or account issues.
• Saving screenshots of account balance, trades, deposits, and any communication with the broker.
• Starting with smaller deposits and keeping full access to trading accounts and wallets to themself only, and not with brokers.
• Making a small withdrawal soon after depositing to confirm that the broker processes payments reliably.
• Avoiding to keep all trading capital with one broker.

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