FxCBS claimed to be a Delaware corporation with a Chicago address, but were NOT registered with the NFA.
Now they say they are registered with the Dubai Gold & Commodities Exchange, but are listed as inactive members there.
There is an FPA Traders Court guilty verdict against FxCBS
The FPA advises against placing any funds with this company until all of these can be resolved.
Website is down. Company seems to be out of business.
- Not guilty0
|Case ID||Filed||Case name||Verdict|
|2011-075||2011-09-13||Absolut25 vs. FXCBS.com||guilty|
Join live discussion of FxCBS.com (Fienex) on our forumGo to forums
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Bad Bad Broker. They say regulated in BVI with a license number after claims of dubai and working on others, but what's BVI regulation anyway! They start with low commissions before increasing it by time. The spreads are very low for all pairs compared to most other brokers but adding to it the commissions, will become nearly the same as most brokers. The biggest horrible con is slippage, you can never open a market execution position without some 1 pip slippage and always negative. You cant trade other than pending positions if don't want to see FXCBS eat your gains, not sure what happened was actual slippage but they name it like that to steal your money in hidden ways. The other big myth related to FXCBS was good with Fapturbo. but the truth about that was said by FXCBS account manager when asked him why the robot was making me money and suddenly losses started quickly, exits on different pips than the robot stop loss settings parameters rather than many other strange spikes and spread widens. He answers: Do you believe a robot of 100$ will make you 100K$? Fapturbo is good in advertising only but it doesn't work in real, all the problems and losses was the robot fault, he said. Moreover, what blew my mind was after asked him of Fapturbo website it shows 3 statements updated every 15 minutes, one statement is an FXCBS account and Fapturbo write it's a Real Live Account. FXCBS Account Manager answers: No, that's not a Real Account but a Demo!! Not a Real account but a demo!! Who's the lier, FXCBS, Fapturbo or both? Bottom line: what do you expect from a broker that makes business with a company like the fapturbo guys who had sent FXCBS thousands of clients, for the broker to talk that bad about it!! Was lucky for being able to withdraw my money with no problem, thank god ypa
I had a chat with FXCBS and please read the chat as below. Can anyone give your valuable response for me to decide to go ahead on this. I am seeing that as the low spread is really a key for me. Jack: Hi Welcome Jack! Your request has been directed to the English Desk department. Please wait for our operator to answer your call. Call accepted by operator Italian Support. Currently in room: Italian Support ---- FXCBS is always in a look out for experienced and qualified Sales & Support persons to join our teams in offices around the world. English Speaking and Writing is a must, any other language is a plus. Please send your resume or email us at firstname.lastname@example.org Italian Support: Welcome to FXCBS Live Chat support! How can I help you? Jack: Hi, I used your Demo account and very very happy with the results. Italian Support: I see Italian Support: do you wish to open a live account , sir? Jack: Thought to open up a real account. Jack: But, there is a problem. Italian Support: what is it , sir? Jack: I searched about your company in the internet and the first response itself was not a pleasant one. Jack: Please read http://www.forexpeacearmy.com/public/review/www.fxcbs.com Jack: You haven't responded anything to the claim in their site. DO you accept that there is a mistake at your side Italian Support: we are aware of that Jack: With these kind of the reviews, How can we as the customers can be confident to deal with your company Italian Support: we are a registered broker with BVI (British Virgin Islands) Jack: I thought to place a 10000USD to start with my account and then thought to be cautious. Italian Support: we never claimed we are associated with NFA regulations whatsoever Italian Support: and we do not plan on doing so Jack: In that review it is mentioned as one of your company's representative's email as below: What is your response on that: We regret to inform you that after investigating the discrepancies between your account and the liquidity provider, we concluded that none of your orders was honoured by the bank since the 15th of August 2011. Therefore, the account was rolled back to the same status as was on 14th of August 2011. You may now commence trading on your account. Jack: IT is very chilling Italian Support: that was an issue with our liquidity providers and nothing to do with the broker, sir Jack: simply losing the money and profit in front of the eyes because of your company's mistake, what kind of the confidence we as the customers can get Italian Support: we always reimburse the clients if the case was from our side Italian Support: in terms of funds security we provide segregated accounts Jack: that is fine. Italian Support: this is to ensure that all of our clients funds are safe Jack: But I am more focused on the dealings Italian Support: we've been running since the beginning of 2007 and serving more than 11 000 clients Italian Support: our execution process runs 100 % thru ECN / STP Italian Support: and we like to be as transparent as possible Jack: I never heard the problem as that 'None of your orders were honoured by the bank' Will it be very frequent as these kind of the problems arise? what is your response? Italian Support: it has only happened once and that had to do with the banks , sir Jack: So, can you please tell me, How do I know that my dealings are actually happening or not? Jack: If I see some 10000$ profit and at the end if you say that 'None of your orders were honoured by the bank' what to do? Italian Support: im not sure what do you mean by that? Jack: That is my real worry Italian Support: sir for the 3rd time this has to do with the liquidity providers and frankly speaking it has only happened once Jack: So, all the orders from that particular customer on different dates all were cancelled and you are saying that that happened only once? Italian Support: the client was using an Expert Advisor that was sending too many orders which caused a lot of traffic , wich could easily affect other clients trading and that exactluy what caused the issue Italian Support: also we are a non dealing desk broker Jack: Oh....that is a good answer. By the way, I need to use an EA, so I can expect the same kind of the problem? correct? Italian Support: we do not have access to our clients orders or modify anything Italian Support: just make sure your EA is well set up Italian Support: we usually welcome all kinds of EAs Italian Support: we are even recommended by some of the world leaders Expert Advisors such as Fap Turbo and Quantum Italian Support: due to our low spreads Jack: Ok. I am getting little confidence here. I am planning to use FapTurbo Italian Support: sure Jack: I am just wondering will FapTurbo cause the kind of the problem we talked earlier? Italian Support: not at all , sir Italian Support: the EA the client was using was created by the client him self Italian Support: seems like it was not very well built Jack: Now I am able to understand Italian Support: we had to stop it so it will not cause server difficulties Jack: Can you please explain about this as the reply to those reviews. See, 1000s could read those reviews and go away from not even do a live chat Jack: So, you can give assurance, If I use FapTurbo - unless otherwise there is a glitch in the FapTurbo software itself, the above kind of the problems won't happen. I am trying to get more confidence, that is all. Italian Support: we will make sure we do, usually clients come on chat even though the reviews on forexpeacearmy Italian Support: surely should not happen Italian Support: when you install the Fap Turbo I suggest you speak to a Fap Turbo representative to help you configure it Italian Support: for your own benefit Jack: Sure. Thanks for that. I feel as I can go ahead with your company to start up a LIVE account. I will have a look in your site to get more information on that. Thanks very much for being very patient and very polite in answering all my questions and doubts. Italian Support: no problem at all , sir Italian Support: please feel free to get in touch with us again in case you need more assistance! Jack: Can I use this chat information to post as my review in the internet? Italian Support: sure you can Jack: It is a positive one. Jack: Ok. Thanks very much. See you again. Italian Support: please go ahead Italian Support: welcome, sir Italian Support: Thank you for contacting FXCBS, have a great day!
Dear Sir or Madam! I was tricked by the company FXCBS. They didn’t pay me the profit from two accounts in a overall amount of 115,283.00 € From the first account 2212905 - replenishment 7985 € - profit 44,018 € From the second account 2214047- replenishment 26,946 € - profit 36,264 € When I got a good profit from the automated trading, they blocked my account and set it back to the initial amount, saying that the deal was not transmitted to the inter-bank Company`s Notice Message from the company __________________________________________ Von FXCBS Accounts Dept. email@example.com über smtp.com An firstname.lastname@example.org (Ja, das ist Ihre Adresse.) Weitere Informationen Datum 23. August 2011 17:57 Betreff FXCBS - Important Notice Signiert durch smtp.com Diese Nachricht ist vor allem aufgrund Ihrer Beteiligung an dieser Konversation wichtig. Details ausblenden 23. Aug. Dear Knoradi Waldemar, We regret to inform you that after investigating the discrepancies between your account and the liquidity provider, we concluded that none of your orders was honoured by the bank since the 15th of August 2011. Therefore, the account was rolled back to the same status as was on 14th of August 2011. You may now commence trading on your account. We wish you successful trading. Kind Regards, FXCBS Accounts Dept. email@example.com FXCBS|Fienex Group __________________________________________ And the most suspicious and rude thing from their side was, that they cancelled all my deals, which I traded manually in 25 lots, where I should have made a huge profit. They didn’t give me any explanations, why they cancelled them. How is it possible that the manually traded deals are not transmitted to the inter-bank? It is absurd. I wrote them by email, by skype, but I didn’t get any answer. They are just ignoring me. My notice per email: __________________________________________ Von Waldemar Konradi firstname.lastname@example.org An email@example.com; firstname.lastname@example.org Datum 25. August 2011 15:55 Betreff Fwd: FXCBS - 2212905 Account Information Gesendet von googlemail.com Diese Nachricht ist vor allem wichtig, da sie direkt an Sie gesendet wurde. Details ausblenden 25. Aug. Ladies and Gentlemen, I send you all the reports from the 4/08/11 and would ask that hotem would you give to report missing money from the account .......... Friday was a total and now another. Revoked all the manual trades that I gain by selling a good advantage, and in return received cheap letter from you about the cancellation. Tak works ECN or broker. But do not tolco with my accounts but still with two. Yours Konradi Waldemar __________________________________________ It was the only response from them. The remaining letters are not answered. ANSWER: Von FXCBS Finance Dept. email@example.com über smtp.com An firstname.lastname@example.org Datum 24. August 2011 12:21 Betreff RE: Konradi Waldemar 2212905 Signiert durch smtp.com Details ausblenden 24. Aug. Dear Sir, Greetings!! Current balance in your account 2212905 is EUR 7,254.06 Please confirm your withdrawal amount enabling us to proceed with the request. Kindly feel free to email if incase of any query. We will be pleased to be of any further assistance to you. Assuring you our Best and Personalized Services. Wishing you a great day ahead. Thanking you and with kind regards, FXCBS Finance Dept. email@example.com Fienex Group __________________________________________ I appeal to all those who would like to work with them. Avoid those crooks, it concerns especially the people who want to make a good profit. They will put all their efforts in order not to let you through to the inter-bank when you start losing your money. Those crooks should be punished, they have nothing to do on this market. Because it is a an arrogant, greedy and rude broker, which is trying to do everything to cheat you. I hope they will get what they deserve. I attach all the evidences. Best regards Waldemar
Issue escalated to Traders Court Absolut25 vs. FXCBS.com | GUILTY
WARNING scams and SWINDLERS I filled up an account with 3900 €. The first week so far set up the robot, it has lost more than 50% of the deposit, but then when set up, then went to a good profit and at the end of the second week of FXCBS blocked the trading account and then completely wiped out all the deals that were after August 14. In this email write all that without erase any explanation or warning. http://www.forexpeacearmy.com/forex-forum/scam-alerts-folder/16904-fxcbs-fienex-group-scam.html
The spread is very tight, the online client service is also excellent, Deposit and withdraw are both easy and fast
Dan, that was shocking, an absolutely shocking transcript. I feel for you. And all that insincere "sir" business at the end of each sentence. Trust me I will never go there.
Honestly speaking. The only good for this broker is ECN with low spread. Guy, if you like scalping and use FAP turbo than you go for it but trade only money that you afford to lose. However, I remind you as below that it been complained by traders on FPA. 1. Horrible support. 2. stop loss not work. 3. Slow withdrawal. 4. Not regurated DGCX. Not regurated = no segregated of account = money not secure If fxcbs want to scam you than it easy than a piece of cake. Good Lucky.
Never had issue, think very good broker, requested for withdraw got money within week Baraj
Horrible experience with them. Resulted in about $1000.00 USD loss for me. Here it goes.. Chat Session: Dan: I have an open order protected iwth a stoploss. It is now 50 pips past my stoploss and my trade is not closed. What is that all about? Welcome Dan! Your request has been directed to the English Desk department. Please wait for our operator to answer your call. Call accepted by operator Italian Support. Currently in room: Dan, Italian Support. Italian Support: Welcome to FXCBS Live Chat support! Italian Support: hello, sir Italian Support: is this on Demo or Real account? Dan: Real Italian Support: may I please have you Live account number to check? Dan: 3***** Italian Support: just a minute, please Italian Support: may I have the ticket number, please? Dan: 821488 Italian Support: sir, the execution type is "By Market", i.e. your orders will be executed at the Market Price at the moment they reach the trading server, and that is not necessarily the exact same price you requested. We don't guarantee the execution orders, since the execution type is By Market and there must be enough liquidity to fill your orders at your price. Italian Support: but let me check it with our technical support now Italian Support: please bear with me Dan: I understand the "By Market", but it's been 30 minutes now and you can't find a seller to close my trade? What good is your service? Italian Support: just a minute, please Italian Support: im checking for you Italian Support: sir you should know that the stop loss must match the the exact price placed accordingly Italian Support: sir, was this trade taken manually or using an EA (Expert Advisor)? Dan: manually Dan: I placed the stoploss right after I entered the trade Dan: are you going to try and explain to me that this is my fault? Dan: obviously there is an error with your software, or else you don't deserve to earn my (or anyone elses) money Italian Support: sir, I'm not saying this is your fault at all Italian Support: but if you have noticed the market today was in a very volatile situation, usually there in no enough liquidity at that time Italian Support: what pair was that, sir? Dan: I have several live accounts with other brokers, none of them had any trouble closing out my stoploss. I think the conclusion is that fxcbs can't fulfill the service that they promote Italian Support: we are getting feeds from more than 15 banks and 3 prime brokers and this is more than enough to fulfill orders Italian Support: compared to other brokers Dan: would you trust the safety of your money and stay with your broker if this happened to one of your orders?? Italian Support: well ,frankly speaking and as base don my experience our aggregation system is quite strong, and I understand very well when there could be no enough liquidity in the market Italian Support: especially in volatile markets like today Italian Support: I would not trade in such cases Italian Support: anyhow, we sincerely apologize for the inconvenience, sir Dan: at the moment in time when it reached my stoploss level, yes, I understand. But what about now? It's 45 minutes past the event. What is your software logic now - liquidate at first moment, or do nothing?? Italian Support: our server was reallocated several weeks ago just to improve the execution orders, sir Dan: my losses are still mounting Italian Support: the server is fast enough to liquidate unless as explained there was no enough liquidity Italian Support: what do you mean, sir Dan: my order is still open Italian Support: are you at least able to close you position from you side, sir? Italian Support: *are Dan: yes, of course. I want fxcbs to honor the original level of my stoploss and close the trade for me as I had instructed fxcbs to do by setting a stoploss which they STILL have not acted on Italian Support: would you like us to close that position for you, sir Dan: at my stoploss level, yes. Italian Support: if it has passed then we cannot do anything, sir Dan: you can close it out, and credit my account. Italian Support: as explained the order at that stop loss specified set by you was not executed due to not enough liquidity in the market Italian Support: are you able to close it from you side? Dan: you still havne't answered my question - why hasn't my order been closed out yet? surely there is enough liquidity in the last hour to close the trade, once it goes past the stoploss it becomes a market order. Italian Support: it has not closed because right now it has passed the stop loss, sir Dan: again, YES I can close the trade. My question is why hasn't it been closed automatically within the last hour? once it passes the stoploss it becomes a AT MARKET order Italian Support: so of course it won't be closed until you decide to close it manually or set up a new stop loss Italian Support: what pair what that,sir? Italian Support: just to check Dan: what does it matter? I gave you the account number, the ticket number??? it's the EUR/USD Italian Support: it matters as you can see the time the market reacted against you it was in a very fast movement, in this case you stop loss was not triggered so it caused your stop loss not to close the position Italian Support: in very volatile cases and when there is no enough liquidity the order would not be able to close Dan: I will be withdrawing my money and closing my account Dan: if what you say is the truth, you should NOT ALLOW STOPLOSSES TO BE PLACED Italian Support: let us be logic here Italian Support: just a minute, please Dan: because you cannot honor them as they are meant to be Italian Support: please bear with me a minute, sir Italian Support: let me see what I can do Dan: you should have invented an new trading order, because what I placed was surely not a stoploss Italian Support: please bear with me. Im talking to the management Italian Support: sir, we are trying to investigate, I appreciate your patience Italian Support: sir, we have fully checked your Live Account and specifically your order # 821488, we have found no problem with the software, real server as well as with your platform. Everything is smoothly running from our side, sir Dan: except that the price is 140 pips beyond my "stoploss" order Italian Support: but anyway, we make sure this does not happen again even though it was not some error from our system, this I can assure you, sir Italian Support: our server is already designed to offer you the best Bid and Ask Dan: how will you make sure it doesnt happen again? I'd love to hear it Italian Support: we will check again and try to find out what a possible reason that made your order not close, otherwise as I have explained there was no enough liquidity in the market so it was not triggered. We do not guarantee stop losses if there was no enough liquidity, sir Italian Support: but I guarantee you, that with a Market Maker this could happen worse Italian Support: we are an ECN/STP + Non Dealing Desk Dan: worse than a 140 pip loss to my account?? Are you kidding? Italian Support: sir, if the price has passed your stop loss then the only way is closing it manually in order not to let the loss grow Dan: I understand ECN, but if the price exceeds the stoploss price, I would think your server would attempt to liquidate at the first bartered price - ANY PRICE - NOT SIMPLY IGNORE THE CUSTOMERS ORDER Italian Support: I'm sorry, sir Italian Support: I have tried to explain the situation to you in all possible ways Dan: tht is what a stoploss is, again - you cannot call what I placed a stoploss Dan: I understand what you are saying, I am saying that you cant call it a stoploss Italian Support: well, I surely understand the situation, anyone would be very mad at this, but there are trading conditions, sir Italian Support: and honestly we are really sorry for this, sir Italian Support: truly sorry Italian Support: we wish you a happy trading in the future and so you may cover this loss Italian Support: Is there anything else that I can help you with today? Dan: No, that's quite enough. I will be closing my account at the end of the week Italian Support: I have done all my best to assist you, sir Italian Support: Thank you for contacting FXCBS, have a great day!
The best broker ever!! I've been with them for around 1 year and so far no problem at all :) I feel very glad I have found this Broker! My trades were smoothly executed with no slippage or re quotes, Spreads as low as 0 pips. Review Moderation Team Note: 5 Star rating removed. This review was left from the same location that the FXCBS Finance Department has posted from. The FPA does not appreciate review spam.