In recent months, our office has received many complaints about evaporation of investments in CFDs through brokers that have recently been active on the Dutch market, which focus on Dutch consumers.

New labels, but the same method

The parties that have become active on the Dutch market in recent months are:

  • Tradedwell ( ), a label of iTrade Global (Cy) Ltd.
  • IGMFX ( ), a label of IGM Forex Ltd
  • Phoenix Markets ( ), a label of WGM Services Ltd
  • T1 Markets ( ), a label of General Capital Brokers Ltd
  • Tradeo ( ), a label of UR Trade Fix Ltd.

If you have done business with one of these CFD brokers, and if you recognize one or more of the following facts, you stand a chance of compensation, and it makes sense to contact us:

  • After losing your investment, you got a new account manager who would help you recoup the lost money (recovery program)
  • You were pressured in the last phase to borrow money because you could no longer invest
  • You have been told that the broker is under control or is registered with the AFM
  • You had to show how high Your assets are because of “anti-money laundering rules” when in fact they wanted to know in that way what your maximum investment was, or what you can get out of it
  • You were given a professional account or another special type of account (“silver”, “diamond”) that you did not ask for, while you did not meet the criteria
  • You have been pressured several times to top up when trades developed negative
  • You were unexpectedly confronted with costs such as swaps for which you had to pay again
  • You have received abnormal calls advising you what to do, but you did not understand the products in which you invested
  • The first contact was made through a fake advertisement with a famous person
  • It has been said that loss would be limited by “stop loss” but those have not been used
  • You have been promised that your account will be monitored but in fact the deposit has been lost

Recent case law

The position of the CFD brokers is that lawsuits over the investment losses in Cyprus should be brought. That is not correct: in 2020 a number of important decisions were made by Dutch courts, all of which have declared themselves competent . So you don’t have to go to Cyprus. In 2021, the first substantive statements will be made known about the working method of the CFD brokers. The brokers have been ordered to repay the evaporated investment to the duped investor because of unfair trading practices. It is therefore possible to reclaim your investment from the Dutch court.


  • Be alert to emails with links. These links may contain viruses.
  • Is your account still active? Realize that you are in a tunnel. If you invest even more, your loss will be even greater. Don’t be pressured. Cut contact.
  • Do not work with (foreign) companies or persons who promise to help you get your money back. That too is part of the scam.
  • Do you still have telephone contact where you are being pressured to make additional deposits? Record the conversation.
  • Note the names of the account managers. Ask for last names and see if these people can be found on social media. Check whether these are real profiles or fake ones, for example by asking a common connection how he or she knows this person.
  • Never sign a “settlement agreement” with a small fee just like that, because that would give up your right to a higher fee.
  • Do not doubt yourself and do not be ashamed of what has happened, you are the victim of a very sophisticated and cunningly executed ploy designed to take your money.

posted by Marius Hupkes