Is Shark traders really bankrupt of its a scam?

JSOP said:
This is very strange as their website is still operating https://sharktraders.com/ and everything still appears live and well. The support email address seems to be correct as it is the same that appeared on their website support@sharktraders.com. But if they are indeed bankrupt, the company would be placed in receivership and an administrator would be usually appointed either by the court or the financial regulator to handle the liquidation and all your account information as well as your banking detail would be all forwarded to the administrator to process the return of the money back to you; it wouldn't be the company themselves who would be handling this. And even if the company is handling the withdrawal request, they wouldn't need you to provide banking details all in an insecure format via email too because they would already have them on file when you made the deposit with them.

I would be more careful in providing banking details over an email to anybody.
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i haven't received any email from the company since i last made this thread. I don't even know how else to contact them.. No organisation to report them to. It's unreal.
 
black_trader said:
i haven't received any email from the company since i last made this thread. I don't even know how else to contact them.. No organisation to report them to. It's unreal.
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Are you able to trade with them if you have already opened an account with them? And if they are a brokerage firm, they are supposed to be regulated by SEC, FINRA, be a member of SIPC, a whole bunch of financial regulatory bodies in USA.

To me, this email sounds fishy.
 
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:mad:these bastards did go bankrupt and i lost a lot of money due to it! heart is broken and so insecure of which broker to trust since then because any of them can go bust anytime!
 
Iamira said:
i was a victim of these shark trader scam!!!!
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Sorry to hear that, the truth is that this has happened many times in the past with other prop firms. It's not like it was back in the heyday of prop trading during the dot com bubble, I'm not sure this stuff is worth the risk these days. I just trade futures now, plenty of leverage there if you want it, lower monthly fees, lower commissions, and 100% payout to your own personal account. All regulated and onshore in the US too, there are a number of firms. Somewhat harder to trade than stocks, but worth it... I'll never put money in a prop firm again, dodged a bullet with this one. The business model appears to be "Give us your money and trust that we won't run off with it, because, well, we said so." No thanks.
 
I hear these kinds of stories from colleagues all the time. Many fall for some "attractive rates" that those prop shops provide forgetting that these firms operate without any licence and can do whatever they want. I learnt my lesson with another prop firm similar to Shark. Even though I never traded with Shark Traders and don't know much about them, they always seemed dodgy to me.
 
i've been trading with a broker called Alaric Securities (https://alarictrader.com/) for over 2 years now. Haven't encountered any issues with trading/money transfers. They provide separate and better rates & leverage if you're a pro or have a group of traders. The payout is 100% cuz they're a licensed broker not a prop firm. Your account is considered a "client account" unlike in prop firms, where your account and money is part of their group.
 
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