XTB Imposter Scams Malaysian Investor out of RM3,000

A scam syndicate posing as legitimate Forex broker XTB is luring investors into a fraudulent investment scheme. A Malaysian victim mistook the scammer as a genuine firm and was cheated out of RM3,000 due to the scam.

The victim saw an advertisement for "XTB" while searching for information on legitimate brokers and joined the Telegram group "XTB Online Trading".

The administrator, Ahmad Yusuf, was actively promoting an investment product in the group. He said the investment scheme offered by XTB Online Trading was lucrative and suitable for every investor. Within three hours, an RM1,000 capital can generate RM45,000 profit. The more you invest, the more you earn.

Trusting in the legitimate broker (not the scammer), the victim transferred RM1,000 to a bank account as required by the scammer.

A few hours later, the admin falsely claimed that the victim's balance had reached RM45,087 and asked him to pay RM2,000 as a withdrawal fee.

Despite the victim paying the fee, the scammer refused to allow him to withdraw and instead concocted a new excuse to demand further payments.

According to the message records and screenshots provided by the victim, it appears that the company in question is not the authentic Forex trader XTB. Instead, it seems to be a fraudulent syndicate that has misappropriated the name and trademark of the legitimate broker for fraudulent purposes.

How to determine whether a broker is legitimate? When dealing with any broker, whether it's well-known or not, investors should carefully check the company's financial license.

Moreover, Forex and CFDs are highly risky and not suitable for all investors. Therefore, if someone says a financial product is suitable for everyone, it must be a scam.