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We the members of the Scam Investigations Committee of the Forex Peace Army have deliberated on all the evidence available to us and have reached a conclusion. It is our opinion that...
FPA member Simvin opened an account with ForexYard. His initial deposit was $500 and Forex Yard matched this with another $500. Simvin made a decent profit with a low enough leverage to have not “used” any of the $500 bonus. He then applied to withdraw some profits. This triggered some alarms at ForexYard, since withdrawing bonuses requires a mimimum amount of trading. After a quick discussion, the first withdrawal was allowed. When he made a second withdrawal shortly afterwards, things went bad.
ForexYard accussed Simvin of manipulating their deposit bonus system. Simvin accused ForexYard of scam. Accusations went back and forth. Then Simvin brought his case to the FPA. FPA Investigator Gerard joined the conversation and tried to see if he could make sense of the situation.
Gerard was very surprised when the president of ForexYard, Lee More, joined in the conversation. Lee spend a lot of time educating Gerard about some very unethical things some traders have done to abuse bonuses from brokers. In return, Gerard managed to show Lee that Simvin had not done any of these things and had no unethical intentions.
Simvin agreed to publicly state that ForexYard is not a scam and did not intentionally attempt to improperly take money from him. Lee agreed to pay Simvin 100% of all money deposited as well as all profits gained on his trades. Lee also said he would look carefully at the agreements that ForexYard uses for account bonuses to see if the wording could be made a little more clear. This should help prevent any further issues of this type.
We are very please that this case has been successfully resolved.
We extend our thanks to Simvin for being fully cooperative and helpful with his case. We extend our deepest appreciation to Lee More of ForexYard for stepping in on behalf of his company and negotiating in a straightforward fashion. We congratulate FPA Investigator Gerard on a job well done.
We would like to remind all FPA members tnd other forex traders that misunderstandings and miscommunications do happen. Not every problem withdrawing funds is a deliberate attempt at theft. Brokerages also have to deal with the possibility of being scammed by traders. First, contact the company you are dealing with and try to explain the situation. If nothing else works, let the FPA know and we'll try to help. Having an outside party mediate the situation can be very helpful if both sides are willing to negotiate openly and honestly.
Official Resolution of Simvin's complaint against ForexYard
SimVin's Original Complaint
NOTE: While this case was wrapping up, FPA member Wildpips brought up another issue with ForexYard to the FPA's attention. That case appears to be an issue with crediting money to a credit card and an old email address in ForexYard's records. Gerard has put Lee More and Wildpips into direct contact and expects that the issue can now be taken care of quickly.
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FPA member Simvin opened an account with ForexYard. His initial deposit was $500 and Forex Yard matched this with another $500. Simvin made a decent profit with a low enough leverage to have not “used” any of the $500 bonus. He then applied to withdraw some profits. This triggered some alarms at ForexYard, since withdrawing bonuses requires a mimimum amount of trading. After a quick discussion, the first withdrawal was allowed. When he made a second withdrawal shortly afterwards, things went bad.
ForexYard accussed Simvin of manipulating their deposit bonus system. Simvin accused ForexYard of scam. Accusations went back and forth. Then Simvin brought his case to the FPA. FPA Investigator Gerard joined the conversation and tried to see if he could make sense of the situation.
Gerard was very surprised when the president of ForexYard, Lee More, joined in the conversation. Lee spend a lot of time educating Gerard about some very unethical things some traders have done to abuse bonuses from brokers. In return, Gerard managed to show Lee that Simvin had not done any of these things and had no unethical intentions.
Simvin agreed to publicly state that ForexYard is not a scam and did not intentionally attempt to improperly take money from him. Lee agreed to pay Simvin 100% of all money deposited as well as all profits gained on his trades. Lee also said he would look carefully at the agreements that ForexYard uses for account bonuses to see if the wording could be made a little more clear. This should help prevent any further issues of this type.
We are very please that this case has been successfully resolved.
We extend our thanks to Simvin for being fully cooperative and helpful with his case. We extend our deepest appreciation to Lee More of ForexYard for stepping in on behalf of his company and negotiating in a straightforward fashion. We congratulate FPA Investigator Gerard on a job well done.
We would like to remind all FPA members tnd other forex traders that misunderstandings and miscommunications do happen. Not every problem withdrawing funds is a deliberate attempt at theft. Brokerages also have to deal with the possibility of being scammed by traders. First, contact the company you are dealing with and try to explain the situation. If nothing else works, let the FPA know and we'll try to help. Having an outside party mediate the situation can be very helpful if both sides are willing to negotiate openly and honestly.
Official Resolution of Simvin's complaint against ForexYard
SimVin's Original Complaint
NOTE: While this case was wrapping up, FPA member Wildpips brought up another issue with ForexYard to the FPA's attention. That case appears to be an issue with crediting money to a credit card and an old email address in ForexYard's records. Gerard has put Lee More and Wildpips into direct contact and expects that the issue can now be taken care of quickly.
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