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Accentforex & PAMM scams

Discussion in 'Scam Alerts' started by Scamdetector, Oct 4, 2017.

  1. Scamdetector

    Scamdetector Corporal

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    Recent case - PAMM manager Jordan made more than $2millions loss from 3 GBP/USD trades. As the results, investors are unhappy because the manager did not stick to the rule of stop loss and 10% risk per trade.

    Last week for the trading session from 23/9 to 29/9, Jordan made huge losses and investors were panic. However, Jordan had successful recovered 80% of the losses on Thursday (28/9/2017). However, he placed another two trades on Friday (29/9) and there were floating loss which he intended not to close at loss to meet trading session ends.

    He made request from broker to extend the trading session to another week (i.e. till 6/10/2017) and broker accepted his request. Because of this extension, withdrawals made for that trading session were not able to process and continued to the trading session.

    Yesterday (3/10/2017), the account was on margin call and more than $2millions funds were loss. Investors suffered more than 95% loss in funds.

    In short, Jordan and the broker both are the same person to scam investors. The trading results of Jordan were perfect with average return of 10-15% per month with not more than 20% DD. He successfully got attraction from investors and his account attracted more than $2m funds from $400k when he was unknown or famous.

    This incident is totally same case as the previous PAMM manager - DenT.

    Both DenT and Jordan used the same tactic to scam investors - i.e extended the trading session and the broker allowed such and investors were not able to withdraw.
     
  2. Scamdetector

    Scamdetector Corporal

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    [​IMG]
     
    #2 Scamdetector, Oct 4, 2017
    Last edited: Oct 4, 2017
  3. Scamdetector

    Scamdetector Corporal

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    Chat box conversations.
     

    Attached Files:

  4. Scamdetector

    Scamdetector Corporal

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    In conclusion,

    DO NOT INVEST in any PAMMs offered by Accentforex. You didn't know which managers are part of the scam broker people to scam you from beginning till the end.

    1. DenT
    2. Jordan

    Both were practising the same tactic.

    The broker, even honours all withdrawals since many years but they use this tactic to scam investors.
    How could you allow the manager's request to extend the trading session which has been fixed and thus all withdrawal requests could not be made/process at that end of trading session.

    That is why they allow and hence, delay all withdrawals so they can scam all the funds.
     
  5. FxMaster

    FxMaster Lt. Colonel

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    What is reply from accentforex on this issue?
     
  6. Scamdetector

    Scamdetector Corporal

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    The support answered that the manager has the right to request extension and the broker has the right to honor such request.

    However, it does not state in the term and condition
    http://accentforex.com/investments/for-pamm-managers/
     
  7. FxMaster

    FxMaster Lt. Colonel

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    Did you this link with support and yes then what replied they gave you?
     
  8. Scamdetector

    Scamdetector Corporal

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    No response
     
  9. AccentForex Team

    AccentForex Team accentforex.com Representative

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    Dear FPA and Clients,

    AccentForex keeps track of its reputation.
    Accentforex strictly observes the terms of the Trader Agreement and PAMM Agreement.
    These are the agreements with which each client, registered in AccentForex, is acquainted and accepted.
    http://accentforex.com/for-traders/documents/trader-agreement/
    http://accentforex.com/downloads/PAMM-Agreement_EN.pdf
    Also each Client agrees that he is acquainted with the Risks of Forex Trading. This information is available on our website in free access http://accentforex.com/for-traders/documents/risk-warning, as well as in the footer on every our website page.


    We draw your attention to the fact that the actions of AccentForex on the trader specified in the thread were absolutely legitimate for the following reasons:

    1. According to the Trader Agreement and the PAMM Agreement, a trader has the right, based on his trading or strategy, change the duration of the trading session.
    We want to note that more than half of the PAMM-managers from the PAMM-rating from time to time send such applications.
    As a reason, it is usually indicated the change in the trading strategy or what the trader wants to leave floating trades on the weekend.
    If such requests meet the requirements and rules, they are accepted.

    " 6.1. Rollover is carried out according to the rollover graphic of the specific PAMM-Account.
    Rollover period of the specific PAMM-Account is set by PAMM-Manager and can be shift
    on condition that the interests of all parties in the PAMM system (the trader, investors
    and partners) are taken into account. "

    2. The trader had to warn investors about his decision.
    Based on a detailed consideration of the account - we see such alert on the PAMM-manager's wall. We did not have a single investor of account # 305982 appealed to us and expressed disagreement on this matter.

    3. We accepted several requests for consideration in the Complaints department (about trader losses), but these investors changed their decision after the trader made a profitable trades and they refused their Complaints.
    This event occurred before the trader's application for the trading session extension.

    4. At the time of request consideration for the trading session extension (account #305982), there were open trades in the account of about 10% of the balance. Transactions had a negative balance. Thereby, in the interests of all participants, it was decided to satisfy the request, because at the moment of the end of the trading session, these negative transactions would be automatically closed by the system and all participants of the PAMM-account would suffer losses.

    Kind regards,
    AccentForex Team
     
    #9 AccentForex Team, Oct 5, 2017
    Last edited: Oct 5, 2017
  10. AccentForex Team

    AccentForex Team accentforex.com Representative

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    Dear clients,

    We want to remind you that any self-determined Trader is a client of AccentForex. It has the right to open a Standard account or Pamm account at will.
    Accentforex does not have the right to influence Trader's trade.

    Yours faithfully,
    AccentForex Team
     

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