BDFX might receive the "scam of the year" award

[Master Yoda]

Again what is the logic to trade with these unregulated firms? Please don't state any regulations of cyprus nzd belize or other island tax havens where they file so not to leave a paper trail, but rather why not trade with somebody that offers more protection like FSA ASIC NFA ect ect? At least ASIC regulated firms might not be the best but you have some recourse these other places will just do what they did to you if you make a profit and kick you out... So out of curiosity why waste time with these easy to see scam brokers like FBS Capital One BDFX and the list goes on unless you enjoy wasting your time???

Never blame the victim...

 

[Amin EL-HAKIM]

I liked Amin gesture of communicating with FPA members to test brokers that they had or are already trading with as Pharaoh mentioned Amin working as a consumer investigator so why not others put their hands with his and help him trade with their "good brokers" to tell us his results later, instead of leaving him alone to search and pick unknown ones. Also, will like Amin to make like a list of all Scam brokers he dealt with and put it in a one thread maybe in this scam folder or any specific one that AsstModerator sees it appropriate.

Anyone who had been reading his different scam folder threads started to have doubts about their brokers

Have a question to you Amin: Had you read this warning on its FPA review page before opening an account with this scam broker??:
https://www.moneysmart.gov.au/scams...ith/unlicensed-companies-list/b/bankdirect-fx

ASIC Warning announced in 15 November 2013, not sure when FPA had posted it on the broker review page.

Dear FXWarriory

I actually have read it before opening the account, and I addressed it in a question you can see upon reading the email history transcript. However, I actually found that the ASIC website has tons of companies as well. I'm sure that if I go through them one by one, I'll find some reputable brokers listed as well. So between the warning and the 5 stars rating on the FPA, I jumped in. I wanted to match them .

 

[Amin EL-HAKIM]

By the way, I was in contact with some senior members on the FPA before opening this thread and I informed them of the situation. They may confirm that I was willing to compromise, since some brokers give you the BS of unavailable prices and such excuses. I was willing to go for a settlement. Even if they would have played dirty games and modify trade entries, in my statement, I have a trade that went on for 2 days with 10 lots and 160 pips gain. How could I fake this? Would anyone call this "arbitrage", ohhh is it "swing arbitrage"? Even if all my trades were executed after 5 minutes from my requested price, substantial gain would have been accumulated. This simply proves that they are pure scam and a bucket shop, and no trades were actually sent to real market. Remember, they have floating spread which widens around volatility and a market execution were they can execute your trade wherever they want. And both spread widening and slippage were present in my trades. For the record, they are connected to PrimeXM, which simply means that if a broker is connected to PrimeXM, it adds no extra comfort as it might not be connected to an LP anyway.
But since they have decided to intimidate and threaten me, I'll make sure no one deals with this broker again. I will give them a special treatment. As I promised them, I will stick to one thread and one post till the end of the month, where I'm still in control of my posts and I can declare the issue resolved, and then, I will complain to Econsumer, post on every forum and review site, and file a law suite.

 

[Pharaoh]

Amin sent me some of the evidence early. BDFX has some major explaining to do.

Never blame the victim...

True. Blaming the victim is pointless. Depending on the gender of the victim and your personal preferences, spanking the victim can sometimes be fun.

 

[FXWarriory]

Dear FXWarriory

I actually have read it before opening the account, and I addressed it in a question you can see upon reading the email history transcript. However, I actually found that the ASIC website has tons of companies as well. I'm sure that if I go through them one by one, I'll find some reputable brokers listed as well. So between the warning and the 5 stars rating on the FPA, I jumped in. I wanted to match them .

I'll never jump over a regulatory warning. I'll start meeting your gesture of corporation by sending you a PM for a broker name you can open a live account with and test to tell me the result later. I believe you'll be able to trade in peace and withdraw your deposit and profits whenever you like.
Inform me if you're ready for the start and how much time you take in testing between brokers to provide you with another name.

I'll be happy to help in this instead blaming like others and seeing you waste your time and money on Scam brokers.

 

[Master Yoda]

True. Blaming the victim is pointless. Depending on the gender of the victim and your personal preferences, spanking the victim can sometimes be fun.

lol

 

[Amin EL-HAKIM]

I'll never jump over a regulatory warning. I'll start meeting your gesture of corporation by sending you a PM for a broker name you can open a live account with and test to tell me the result later. I believe you'll be able to trade in peace and withdraw your deposit and profits whenever you like.
Inform me if you're ready for the start and how much time you take in testing between brokers to provide you with another name.

I'll be happy to help in this instead blaming like others and seeing you waste your time and money on Scam brokers.

I'll appreciate that. Thank you.

 

[Amin EL-HAKIM]

Would anyone be so kind to address the comparison of their calculations and mine mentioned at the end of the email transcript? Bare in mind that the leverage is 400.1 and the account stop out is 0%. Statement, email transcript and account details screenshot are attached in the beginning of the thread. Since that is what they are building their case on. Can anyone confirm that with MT4, whatever you try to do, you can't open positions bigger than your free margin? Like for example you have 5k in your account and 1 lot requires 5k. It's impossible in any way to open 5.1 lots. MT4 is designed to tell you "not enough money" before the order even gets sent to the server.

 

[Amin EL-HAKIM]

A good friend of mine (I don't have the liberty to identify him unless he chooses so), contacted BDFX in an effort to resolve the situation. They answered trying to intimidate him and their answer regarding my case was the same mentioned in the email transcript above. Since they failed to provide an account audit, I did it for them and sent them the following email:

Dear BDFX

I'm contacting you again in good faith since you are still claiming that I abused your system by sending my account in negative margin or balance or whatever you are calling it. That was never the case, and since you failed to do a professional audit, I did it for you. This is just to prove that you were wrong in your calculation. Attached is a trade by trade analysis showing what was mentioned above. I will post this analysis right away in public. It's attached.
Although I'm almost sure that was never the case, but the case is you are not connected to a real LP and you are a market maker. But I'd like to give you a chance to solve this matter. I never breached any of your terms and conditions, which I have downloaded from your website and posted in public. On the other hand, BDFX has breached the terms and conditions which we both have agreed on, referring to the clauses you have breached:

In your TERMS OF USE

Clause 1. With the BankDirectFX Trading Service, the client performs currency trades through BDFX Global Markets Ltd. using the balance of their own client account; the trading activities of the client are therefore executed against a collateral security. The balance of the secured client account consists of the client's provided capital and the current floating profit or loss of the client's outstanding market positions. With the BankDirectFX Trading Service, the client can open a position in which the size of the realised trade exceeds their current client account balance, causing the client to avail of a so-called "leverage" facility which allows a large profit or loss in relation to the opened position to be bound to collateral. BDFX Global Markets Ltd. is the counterparty of clients' Forex transactions. The available collateral of the BankDirectFX Trading Service's client changes thus, if the open position develops positively in regard to the client, their available collateral increases. Similarly, if the opened position develops negatively in regard to the client, their available collateral decreases and there is the risk of losing the whole collateral. If the value of the available collateral of the client falls below the collateral requirements of their open positions, or the then-current valid minimum collateral requirements, all of their open positions are automatically closed at the current market price.

Clause 8. All the complaints regarding to BankDirectFX’s service have to be made in reasonable time after the situation has occurred. Complaints concerning realized trading prices have to be made in 24 hours after the trade has realized due the accurate pricing data is available only limited period of time. Complaint has to be in a written form and it has to be delivered by e-mail to accounts@bdfx.com.
Since the access to accurate data is limited, how did you claim that I abused your system?

In BDFX Risk Disclosure

Clause 7. One Click Trading and Immediate Execution
BankDirectFX's automated order enter system provides immediate transmission of Client's order once Client enters the notional amount and clicks "Buy/Sell". There is no "second look" before transmission, and Market Orders cannot be cancelled. This feature may be different from other trading systems. Client should utilize the Demo Trading System to become familiar with the process before trading online. In case the Client has not received the result of the execution of the previously sent Instruction but decides to repeat the Instruction, the Client shall accept the risk of making two Transactions instead of one.

Clause 8. Live trading
When trading Live, all orders are sent to markets and they will be realized at the best price available. This feature differs from Demo Trading when orders are realized at the price that is defined by Client.

Clause 12. Prices, Margin and Valuations are set by BankDirectFX and may be different from prices reported elsewhere BankDirectFX will provide prices to be used in trading, valuation of Client positions and determination of Margin requirements. Prices from BankDirectFX are independent of prices of other institutions and businesses. Although BankDirectFX expects that these prices will be reasonably related to prices available in the interbank market, prices reported by BankDirectFX may vary.

P.S: The attached analysis was made based on market data provided by BDFX platform and charting.

Best Regards

Amin

Analysis file attached.View attachment 16864

 

[bigdolly]

A good friend of mine (I don't have the liberty to identify him unless he chooses so), contacted BDFX in an effort to resolve the situation. They answered trying to intimidate him and their answer regarding my case was the same mentioned in the email transcript above. Since they failed to provide an account audit, I did it for them and sent them the following email:



Analysis file attached.View attachment 16864

Your trading conditions may be out of tune with their ToS. Note that...