Beware of this newly trending trap wherein you get a call from this trading firms (it was Niftypro in my case). Their executive will call you and sweet talk you about how trading future and options is beneficial and how one can earn passive income to help better your financial situation. This is where a novice with no in-depth knowledge of the stock market false pray to their gimmick.
They will first ask you to open a demat account and transfer a certain amount into the account and then they will give you one free trade (demo), But obviously, you will gain anywhere between two to three thousand rupees (as per the capital invested) with just one trade and within an hour. Impressed with the profits made within such short span anyone would want to go for more. Here's where their game begins. For more such profit they will ask you to pay Rs.5, 000 as their registration fees, and will ask for 50% from unrealised profits made from new trades. Excited with readily available inputs of the market and believing the false promise, and to further pay ONLY from the profits made through online trade one finds it lucrative and without giving much thought readily pays the registration fees. Next, instead of giving a profitable trade these monsters will on purpose give a false trade and trap you.
Now that you are in losses they will very politely convince you that profit and loss are part and parcel of the stock market. But this time they won't just stop here. These people will shamelessly ask for more money to help you out of your debt. They asked to pay Rs.10, 000 at once and promised will not charge anything for the next two months. Being a homemaker and having limited money in my savings account (not to forget to maintain the Rs.10, 000 bal and after incurring losses cause of the insensible trade given) it was next to impossible to pay them whatever was left.
And give away that little money left... then what are you left to trade with? Being fully aware of your financial situation they will still demand for their fees and blatantly refuse you to help recover the losses. Their job is done. They got what they wanted and are on the hunt for new fools.
In between all this, they will take your consent on their website that the registration fees are not refundable and they are not obligated for any losses incurred by the customers.
Customers on the other hand have incurred huge losses and are unable to pay the amount demanded. As a result, they will either not give you a trade or will give you a false trade because of which the entire balance (whatever left) in your bank account gets wiped off in just a day or two.
So, guys please don't believe in such calls and fall for this trap.
Please do some research before investing your money. And save your hard-earned money been wasted on such frauds.
