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4xp.com ( Forex Place ) - SCAM

Discussion in 'Scam Alerts' started by abu-hasan, Dec 7, 2010.

  1. abu-hasan

    abu-hasan Recruit

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    4xp.com - SCAM.
    I had a bad experience with 4xp.com. I was trading with them about three months and made a good profit. After that I got e-mail from 4xp.com.
    It says : ``Thanks for your quick response. We have decided to delete your trades as a result of arbitrage. I hope that this will suffice.``
    I asked them to explain what they mean under ``result of arbitrage`` but they did not reply. I traded just one currency pair most of the time. Now I can see that 4xp.com do not like if someone can get profit. My profit was about $ 3200 and they decided to delete those money.
     
    #1 abu-hasan, Dec 7, 2010
    Last edited: Dec 7, 2010
  2. Ramneet

    Ramneet Recruit

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    4xp scam

    There are innovative methods to loot client's hard earned profit. Hard earned because they have to trade against this unethical trader. Even if you manage to make profit, they have all the aces up their sleeves, to frustrate you from taking your money. Dear Abu, quit 4xp immediately and start your trading with good and sincere trading platforms which are plenty. I was with 4xp and after facing problems ( created by 4xp india CMO AXIS) I decided to quit. My money is not refunded for past three months.
    Investment in 4xp is a waste... You can as well throw your money down the drains. That is my personal experience and more of them found in all neutral forums like this one. Ask for your money and stay off from 4xp.
    Ramneet
     
  3. abu-hasan

    abu-hasan Recruit

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    4XP.com - SCAM

    Thank you.
    4XP - SCAM. I decided to quit 4XP.com.
    I already sent them withdrawal request. Just waiting for my money back.
     
  4. Pharaoh

    Pharaoh Colonel

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    If you violate clearly defined trading rules, then the broker has the right to cancel trades.

    Arbitrage seems to be the catch-all phrase to delete perfectly legitimate trading that is too profitable.

    A broker OWES you an explanation if they decide they don't owe you money. If they won't explain exactly why the trades are canceled, then they probably don't have a good reason.

    If you haven't left them a 1 star review, now would be a good time to do it. Make sure to mention how they took your money and wouldn't explain why. That's an instant giant red flag against opening an account with a broker in my book.
     
  5. Ramneet

    Ramneet Recruit

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    4xp scam.... outright cheating

    Dear Abu
    It is sad experience for all those who had joined 4xp and lost their trade, profits, and remaining balance ,if they ask for withdrawal/closure. They have an official customer service representative who does nothing more than lip service and blames clients. I lost my money on closure of my account, while they procrastinate the issue, frustrating me with foolish and stupid demands. Now, they have asked for my bank statement to prove that I have deposited money to trade! Is it perceivable that they allowed me trading without receiving the deposit? Now after providing bank statement, they inform that my statement could have been edited!
    After reading your mail, I felt that nothing worse could ever happen to a client, more than your issue. How much pain and tension you would have undergone to make this profit? It is a shame for the trading community to allow traders like 4xp to co-exist.

    Since you were not quite conversant with 4xp statements and their implied meanings, you are confused. For your convenience , I have provided the meanings for various words and phrases they use: You won’t find them in any dictionary, though.
    1.’ Thanks for your quick response’ : We never expected you to ask for your money so soon. We are shocked.
    2. Decided to delete your trades: we are used to traders losing money. we dont encourage guys making profits. Accordingly, your trades are deleted.
    3. Result of arbitrage: Result of arbitrary decision vested with 4xp.
    4. This will suffice: No more arguments. Shut all your nine holes and keep quiet.
    5. Trying to solve: Trying the client’s patience.
    6. Going an extra mile : This happens when you ask for your money when they go an extra mile in the opposite direction. If you persist, they will cover more miles.
    7. Accounts Manager: Accounts Damager.
    8. Country head : Head of the house and silent spectator.
    9. Dealer desk: spoilsport who interferes with your profitable trade. ( i have undergone this problem while trading with 4xp)
    I sincerely wish that some senior members take cognizance of this broker and his unethical attitudes and take stringent measures to stop this.

    Ramneet
     
  6. PipStar

    PipStar Sergeant

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    I have to disagree with that. What are these trading rules? As long as you are not doing insider trading or trading on clearly identifiable latent prices due to platform malfunction then there are no more rules. I put it to you that many of the rules that bucketshops insert in their terms and conditions are probably illegal and if it went to court (which it never does because of cost) then the court would find it unreasonable, unfair and a restraint of trade.

    Notice how there are no problems with any rules with regulated brokers so that supports my point above. Has anybody been contacted by FXCM, FXDD or FXSol to name a few because they have broken some supposed 'rules'? Clearly not.

    Those brokers who have 'rules' are those bucketshops that create those rules as a means and a reason not to pay. Nothing else.
     
  7. Pharaoh

    Pharaoh Colonel

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    Since the forex market is mostly unregulated, this means brokers can set rules. If the rules are CLEARLY defined and agreed to by both parties, then they must be followed by both parties. The TOS is a contract, and contracts need to be followed.

    For example, if you really want to trade with some bucketshop that says "We reserve the right to cancel all trades that are less than 5 minutes in duration" as part of the TOS that you must agree to, then crying after a bunch of profitable 20 second scalps are canceled is foolish.

    Personally, even though I rarely scalp, I wouldn't trade with a broker that had a rule like this. If you do open an account at a broker with a rule like this, then you need to be aware of that rule and be ready to face consequences if you break it.

    The real problem is brokers that throw up vague rules that can be used to retroactively cancel any trades the broker feels like canceling (and which are 99.99% likely to be net positive for the trader). "Arbitrage" without an ironclad and clear definition is one of the catch-alls that bad brokers misuse to rip off traders.
     
  8. Ramneet

    Ramneet Recruit

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    4xp scam....

    It is pertinent to note that those who are new to forex trading, would not know the difference between a recognized trading platform and bucket shops like 4xp. They would not also know what is scalping and less than 5 minutes trade. Only after they join trade platforms like 4xp, they realize their foolishness. It is then too late to retreat. Either trade and lose or close and lose. No client would go to court which would only drag the issue till the client dies due old age having paid hefty lawyer fees.
    Most of the new traders would only resort to day trading and scalp trading (without even knowing what it means) due to their anxiety to collect any profit which comes their way. If 4xp felt that it was not allowed, then how did it allow the profit to accrue and cancelling all 20 trades? There must be a rule to stop such 'mutually accepted conditions' to favor one side unethically.
    I earnestly call upon all trading community to expose such bucket shops like 4xp who are law unto themselves.
    Ramneet
     
  9. abu-hasan

    abu-hasan Recruit

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    4xp.com - SCAM

    I was trying to withdraw my money. They told me that my money will be transferred to my bank withing 7 days but I am still waiting and waiting. Already 2 months. The 4xp.com manager called me and left me a voice message in many dirty words. I can not type this dirty word here but I recorded this message and I can send this to anyone who are interested.
     
  10. krisse100

    krisse100 Recruit

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    It is true. Impossible get money out. This is illical and this is a criminal activity. 4XP-account.PNG
     
: 4xp, 4xp.com

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