Trade Nation Name Used in Forex Scam: Withdrawals Blocked

In accounts that reach users in Türkiye under the Trade Nation name, the leading problem is that the deposited money and the balance shown on the screen cannot be withdrawn. The picture described in the reports is as follows: the account is moved from one trading screen to another, a withdrawal request is closed with the answer that it was "sent" to a crypto wallet, and adding new money to the account is made a condition for releasing the funds.

🔍 The Trade Nation Name and How Contact Is Made in Türkiye

The Trade Nation brand presents itself as being of United Kingdom origin and is known abroad by the domain tradenation.com. In contact with users in Türkiye, however, numbers with the +248 area code (Seychelles) and WhatsApp conversations stand out. The Web Trader panel and the "payment" made through a crypto wallet, as described in the reports, do not match the known way a regulated brokerage firm works; for this reason the possibility that some accounts are run using the brand name should not be ruled out.

Whatever the structure, the decisive point does not change: offering leveraged trading services to people resident in Türkiye requires SPK permission, and no such permission exists for accounts offered under this name.

🕵️ Reported Methods and Hidden Rules

The following steps recur in user accounts:

⛔ Withdrawal Block, the "Fake Coin" Payment and the Top-Up Requirement

In current reports the scheme has gone one step further. The account is first transferred from MetaTrader 5 to a Web Trader panel, and then a block is applied without any written notice or e-mail being sent to the account. Although a significant balance appears in the account, the withdrawal request does not go through.

For part of the withdrawal request, the answer given is that "the amount was sent to your Trust Wallet wallet"; however, it turns out that the asset that reached the wallet is a token with no market counterpart, and its value appears close to zero. To release the balance, the account is required to be "completed" up to a certain higher level, that is, new money must be deposited. Even when the support line is approached in writing, no reply is received, and the same problem is seen to be raised by different users.

⚖️ SPK Authorisation and the Legal Position

The accounts offered to users in Türkiye under the Trade Nation name are not authorised in Türkiye by the Capital Markets Board (SPK). The existence of a licence from a regulator abroad does not make it lawful to offer unauthorised leveraged trading services to people resident in Türkiye; authorised firms appear with their full titles in the SPK list of authorised brokerage firms. SPK Decision No. 8/297 of 24 February 2017 also treats acting as an intermediary between people in Türkiye and firms abroad in leveraged trading as unauthorised activity.

Demanding a new payment in return for opening up a withdrawal is a scheme assessed under the qualified fraud provisions of the Turkish Penal Code.

🔗 Other Platforms Using the Same Method

Moving the account to a Web Trader panel and tying the withdrawal to a "top-up" requirement is not unique to this name. We have previously covered other operations and methods following the same steps:

🧭 The Legal Process for a Victim

1. Establishing the situation: Setting out through which channel the payments went and into whose account; the general framework of the route a victim follows is described in the process guide for forex victims.
2. Authorisation check: Documenting the authorisation status in Türkiye of the structure on the other side through an SPK licence checkTR.
3. Tracing the money: Carrying out an asset investigationTR for the amounts that went to crypto wallets and intermediary accounts.
4. Claim for return: Claiming back the transferred money, because of the invalid account relationship, under the provisions on restitution and unjust enrichmentTR.

For detailed information and legal support, you can contact Savun Law & Consultancy.

❓ Frequently Asked Questions