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Read our Borsen Verein Menger review to see why we do not recommend this broker for trading. Just to clear doubts, this is a bv-menger.com. If you have any questions or need advice about the withdrawal process, feel free to contact us at [email protected]. Who are they? After taking a look at their website, it shows that they do not fall under any regulating agency. That is a MAJOR RED FLAG!! That should be enough for you NOT to invest with them. And they also work with websites that offer “Automated trading software” which is another red flag, as these kinds of websites are notoriously famous for scamming schemes. So Borsen Verein Menger is just another unregulated forex broker, which means the customers are not protected, and it is highly likely they will get away with your hard-earned money and there will be no regulating agency to hold them responsible. In today’s forex market flooded with scam brokers, traders must tread every online financial trading company carefully. You must be particularly aware of shady brokerage firms like Borsen Verein Menger that are anonymous, do not hold any trading credentials, and provide poor services based on deception. If you have come across the Borsen Verein Menger broker, you will soon realize how fraudulent this company is. So, continue with our Borsen Verein Menger review for more information about this investment scam. On top of that, we seriously recommend you not invest in the fake brokers BCH Advance, iToroStocks, and WiseFXPro. Do not trade with these unlicensed brokers if you want to save your money! Broker status: Unregulated Broker Regulated by: Unlicensed Scam Brokerage Blacklisted as a Scam by: N/A Owned by: N/A Headquarters Country: Australia Foundation year: 2022 Supported Platforms: Web Trader Minimum Deposit: 2,500 USD Cryptocurrencies: Yes (Bitcoin, Litecoin, Ripple) Types of Assets: Cryptocurrencies, Forex Maximum Leverage: 1:100 Free Demo Account: No Accepts US clients: No How does it work? Usually, unregulated forex brokers work in the following way. They will call people to persuade them to make the initial minimum deposit while trying any conceivable method in order to make that happen. They will offer deals that sound too good to be true like we will double your initial deposit or you will make $100 per day easily. Please don’t fall for anything they say It is a SCAM!!! After making the initial deposit, people get transferred to a smarter scammer, called a “retention agent”, who will try to get more money out of you. Withdrawing funds You should submit a withdrawal request ASAP because your funds are never safe with an unregulated broker. And here is when things get tricky. If you want to withdraw your money and it does not matter if you have profits or not, they will delay the withdrawal process for months. If they delay it for six months, you won’t be able to file a chargeback anymore and your money is gone for good. It does not matter how often you remind them or insist on withdrawing your money, you will NOT get them back. And if you signed the Managed Account Agreement or MAA, which is basically authorizing them to do anything they want on your account, they will lose all your funds so there won’t be anything to request anymore. How to get your money back? If you already deposited your money with them and they refuse to give your money back, which is very likely to happen, don’t worry, it might be a way or two to get your money back. First of all, you need to keep the emails as proof that you have been requesting the money back from them but they don’t give it to you, or they delay the process for too long, with the intention of not refunding your money. The first thing you should do is perform a chargeback! And you should do this right away! Contact your bank or credit card provider and explain how you were deceived into depositing for a trading company that is not regulated and refuses to give your money back. This is the simplest way of getting your money back and is also the way that hurts them the most. Because if there are many chargebacks performed, it will destroy their relationship with the payment service providers. If you haven’t done this before or you are not sure where to start or how to present your case to your bank or credit card company, we can assist you in preparing your chargeback case. Contact us at [email protected] but do not let your broker know if you have read this article or are in contact with us.