4evermaat
2nd Lieutenant
- Messages
- 2,705
Original FPA Traders Court Submission:
I am submitting the case against: DirectFx.com
My Case is: Almost all the evidence is already in the scam alerts thread. But to summarize:
1) chart prices different than market watch/terminal prices, mainly to cheat clients. The chart price is always 1.3 pips better spread than what the trader will be executed at (0.6 bid, 0.7 ask). This creates instant slippage conditions where the client think the price is favorable, but when they go to trade from the chart or order dialog, they will be presented with a worse price. This is ON TOP of their already wide spreads.
2) withdrawals take longer than both industry avg and their own stated times. And I must contact them several times to 'make sure' they don't forget. It should not take longer than 1 business day for them to process the withdrawal (actually send it) from their end. Instead they wait and hope the client just forgets or will find some reason to claim that a compliance check is needed. Of course they cannot elaborate on what exactly the compliance check consists of.
3) their administrative staff almost exclusively operates out of Chicago, yet they claim Australian regulation. Nothing technically illegal about this....but they do not put forth the extra effort needed to meet Au business hour deadlines. Their problem, not mine or their clients.
4) Do not respond to client complaints with actual evidence. They can take the time to threaten or act childish, but
5) have yet to send a copy of the audited financial report. Their PDS (section 2, page 12 of 68), stated "...To allow you to assess the credit risk of the product, please request in writing a free copy of our audited accounts"
Sounds progressive, correct? Well until you wait several months and see compliance dept has no intention to actually send you anything. What has compliance and inDirectFx staff been busy doing?
New thread in the Scam Alerts Folder:
Review is submitted by 4evermaat on 12/20/16
The company was first contacted about the issue on 05/01/16 the last contact was on 01/01/17
Details: As far as I can tell, DirectFx staff are well aware of the situation, and choose to do nothing about it. I will attach the CEO's [Joe O'Mara] threatening response several months ago, and also the most recent communication a few days ago. If you think the email was rude, you should have been on the phone call (around July 22nd or so 2016, shortly after the email). The CEO I was basically told to go fak myself and that I wasn't wanted as a customer. I told him to just reply to each complaint via email and that he was not allowed to call any member of my household if he cannot do so with some manners. Note that I did not request a callback initially, the CEO called me without appointment. I figured if the CEO was acting like that, it would explain the non-sense answers or no answers at all that I was receiving from the lower level staff.
Jon Martin is a new contact that I have not heard from. Tim Brankin is also a new contact, but was referred to me from another industry contact that has made an attempt to reach out. But he does not have any new information to report, so it is still a dead end.
So what has DirectFx been doing all this time since they were first contacted about these issues?
[multiple choice:]
a) Attempting to disclose who their prime broker or prime of prime is.
b) Make mt4 chart prices in line with market watch prices, to minimize unfair pricing and confusion
c) List who their compliance officers are and how they handle complaints
d) Updating their Product Disclosure Statement (PDS) to remove the specific line that allows [prospective] clients a free copy of their audited financials.
Those who guessed "d)" have been paying attention to the pattern of deception. Quite a brazen bunch.
Company representatives' emails: DirectFx Support <support@directfx.com>
DirectFx Compliance <compliance@directfx.com>
Joe O'Mara CEO <joe.omara@directfx.com>
Jon Martin <john.martin@directfx.com>
Tim Brankin <tim.brankin@directfx.com>
I am submitting the case against: DirectFx.com
My Case is: Almost all the evidence is already in the scam alerts thread. But to summarize:
1) chart prices different than market watch/terminal prices, mainly to cheat clients. The chart price is always 1.3 pips better spread than what the trader will be executed at (0.6 bid, 0.7 ask). This creates instant slippage conditions where the client think the price is favorable, but when they go to trade from the chart or order dialog, they will be presented with a worse price. This is ON TOP of their already wide spreads.
2) withdrawals take longer than both industry avg and their own stated times. And I must contact them several times to 'make sure' they don't forget. It should not take longer than 1 business day for them to process the withdrawal (actually send it) from their end. Instead they wait and hope the client just forgets or will find some reason to claim that a compliance check is needed. Of course they cannot elaborate on what exactly the compliance check consists of.
3) their administrative staff almost exclusively operates out of Chicago, yet they claim Australian regulation. Nothing technically illegal about this....but they do not put forth the extra effort needed to meet Au business hour deadlines. Their problem, not mine or their clients.
4) Do not respond to client complaints with actual evidence. They can take the time to threaten or act childish, but
5) have yet to send a copy of the audited financial report. Their PDS (section 2, page 12 of 68), stated "...To allow you to assess the credit risk of the product, please request in writing a free copy of our audited accounts"
Sounds progressive, correct? Well until you wait several months and see compliance dept has no intention to actually send you anything. What has compliance and inDirectFx staff been busy doing?
New thread in the Scam Alerts Folder:
Review is submitted by 4evermaat on 12/20/16
The company was first contacted about the issue on 05/01/16 the last contact was on 01/01/17
Details: As far as I can tell, DirectFx staff are well aware of the situation, and choose to do nothing about it. I will attach the CEO's [Joe O'Mara] threatening response several months ago, and also the most recent communication a few days ago. If you think the email was rude, you should have been on the phone call (around July 22nd or so 2016, shortly after the email). The CEO I was basically told to go fak myself and that I wasn't wanted as a customer. I told him to just reply to each complaint via email and that he was not allowed to call any member of my household if he cannot do so with some manners. Note that I did not request a callback initially, the CEO called me without appointment. I figured if the CEO was acting like that, it would explain the non-sense answers or no answers at all that I was receiving from the lower level staff.
Jon Martin is a new contact that I have not heard from. Tim Brankin is also a new contact, but was referred to me from another industry contact that has made an attempt to reach out. But he does not have any new information to report, so it is still a dead end.
So what has DirectFx been doing all this time since they were first contacted about these issues?
[multiple choice:]
a) Attempting to disclose who their prime broker or prime of prime is.
b) Make mt4 chart prices in line with market watch prices, to minimize unfair pricing and confusion
c) List who their compliance officers are and how they handle complaints
d) Updating their Product Disclosure Statement (PDS) to remove the specific line that allows [prospective] clients a free copy of their audited financials.
Those who guessed "d)" have been paying attention to the pattern of deception. Quite a brazen bunch.
Company representatives' emails: DirectFx Support <support@directfx.com>
DirectFx Compliance <compliance@directfx.com>
Joe O'Mara CEO <joe.omara@directfx.com>
Jon Martin <john.martin@directfx.com>
Tim Brankin <tim.brankin@directfx.com>
