Jacob Bogatin: how to lose all the money on the exchange

Companies that help customers start trading on the Internet promise quick wins without hassle, says Jacob Bogatin. At the same time from time to time in the press, there are stories about people who lost all the money on the stock exchange. A recent example is a trader from Boston who managed to spend 5,000 transactions for $ 42 million overnight and lost 15 million. The reason for failures is sometimes the inexperience of traders, and sometimes – rather strange actions of brokers who provide access to the stock exchange, notes Jacob Bogatin. A young IT specialist told Jacob Bogatin about how recently he lost all his savings and got into debt, trusting the company registered in Belize.

EVERYTHING BEGINS FROM THE COMMON BELL IN APRIL OF THE PAST YEAR: “Good afternoon! Are you familiar with the exchange trade? “. Name called me – the caller knew my data exactly. Introducing myself as an employee of MXTrade, by phone I was offered earnings on the exchange, supposedly a high income – 10-20% per week. So it turned out that at this time I was getting tired from work and was thinking about some passive source of income. Moreover, then this call. I decided that fate give me a chance (ridiculous, but so it seemed to me later). Of course, he did not immediately agree – there was no time for this, a wedding was on his nose, the repair was underway in the mortgage apartment. He said that I might think about this in the fall. After the call I read about the reviews – there were both negative and positive. On the negative, I did not pay much attention – there are always dissatisfied people. The company’s license was, I noticed that the company is registered in offshore. However, the values ​​are not attached to it – well, overseas and offshore, from taxes are hidden. As it turned out later, MXTrade is registered in Belize, a state that until 1981 was called British Honduras. (And they hide not so much from taxes as from liability, Jacob Bogatin remarks.)

In autumn they called back, and I agreed. “I’ll try with $ 150, if it does not work out – not scary,” I mentally encouraged myself. Immediately on the phone, I was offered to register on their site and send money, after which a technical specialist and a broker should contact you. By mail, I got rid of the contract and linked to download the software platform for bidding. I installed it myself. Among the files was one, starting which you allegedly add the server to the trading platform, to avoid downtime due to a failure on the primary server.
It turned out that all this was nonsense, and the file made changes to the host on my computer and blocked all resources where negative reviews about MXTrade were written. I found it by accident: I noticed that I could read this information on the phone, but not from the computer. After installation, I got a call from a broker who introduced himself as Scot Perris, and we started working. From this, everything usually begins, says Jacob Bogatin.