GlobalTradersFunding Scam: $300,000+ of Withdrawals that never got processed

Prop firm space is getting bigger and bigger day by day, whether it comes to trading communities or prop firm, Everyday we're hearing about new prop firms showing up with exciting new features. Sometimes these prop firms also offer great discount and giveaways but sometimes some prop firms do not have good intentions and today we are going to put light on the case study of GlobalTradersFunding, How they scammed traders out for more than $300000, What Red Flags we should look for and learn from this.

Let’s Talk About GlobalTradersFunding

GlobalTradersFunding was based in United Kingdom under the company registration number 14730206 and also had an official mail as [email protected].

GlobalTradersFunding started as a normal every trustworthy energized prop firm with great offers and giveaways and much more. 

Now let’s talk about where the prop firm started heading in a bad direction.

Bi-weekly Withdrawal Issues :- 

For the starters, GlobalTradersFunding announced their Bi-Weekly Withdrawal process and assured traders that their withdrawal requests would be processed within 14-28 Days. However this straightforward process started to raised concern between traders when they were encountering delays and inconsistency in the withdrawal. This led to traders being suspicious about the firm.

The Lamborghini Giveaway :- 

This suspicion kept on getting more clearer when a prop firm like GlobalTradersFunding started promotion of Lamborghini Giveaway. This just seems unreal for a newly launched prop firm to offer such a giveaway and added more suspicion as not even the most wealthiest or bigger prop firms offer this kind of giveaways.

New Broker Migration :- 

Right after that when GlobalTradersFunding had successfully made traders to stay enough suspicious about this firm, GlobalTradersFunding also came up with a new plan of migrating to a new broker. Traders were only informed that they would receive their new credentials for their accounts within 24-48 hours of purchase and new account creation was stopped. This is the point where people understood that something is definitely wrong with this prop firm as many traders never received their credentials and any sort of communication was cut off afterwards.

Blocked All Communication Methods :- 

As there were already doubts and traders who were trading with GlobalTradersFunding was also got a big hit when those traders tried to communicate with the company staff. Instead of answering the raised concerns and questions, GlobalTradersFunding simply deleted their communication channels from social media and Traders who went to talk to them on Twitter simply got blocked by the company.

The Final Act of being hacked and vanished Funds :- 

While all of this controversy was happening, GlobalTradersFunding showed up with just one announcement which was also not a good one. GlobalTradersFuding announced that their system has been hacked and those thieves stole all the funds from their system which was over $300,000 in total. This announcement was very easy for GlobalTradersFunding to make but the whole community and traders who were funded with them were extremely disappointed as they all saw through this lie and left everyone to not just trust any prop firm that has just started.

Conclusion 

The whole story of GlobalTradersFunding served a really well example of how much risk is involved with online trading and how important it is to do our research before investing our money in a prop firm. A lot of time, we can be attracted towards quick gains but not every prop firm wants the best for you and GlobalTradersFunding was a really great example for it.