Problem FIGfx problem

[RahmanSL]

Me, a respected member of FPA forum?? That’ s such a nice compliment…thank you! : )… although I think some forum members would think otherwise as I am relatively a NEWBIE and have not even traded on a Live account yet. Hopefully, that would change by early next month….i.e. if my trading “strategy” (which most, if not all, of the seasoned traders in this site/forum think is ‘nuts’) works out to my expectation. P/S: Matter of interest, I am still making lots of profits with my strategy….now over usd30k from usd5k.

Now regarding my comment about the problem encountered by stevesmain with FigFX.

It really ilks me to read feeble and unconvincing replies from broker’s representative(s) to their client’s problem. If you read the replies from other well established broker’s representative(s) to some of their client’s problems, you will see and feel their confidence, assertiveness, and authoritativeness in handling these situations as they have faith in their system and they know their system. Some of them even managed to flushed out those “sore loser” traders who were using FPA to exert/extract payments from brokers for their own naive and stupid mistake(s).

We are not out to get brokers here at FPA, and most of us make comment only when we read something not quite right in broker’s representative replies to their client’s problem.

In stevesmain vs FigFX case, perhaps you should read back on your replies.

We all would like to see win-win situations in any disputes as, after all, we are all in the same boat.

Hopefully, with your help, the problem with stevesmain will be resolved for all to see/read in 3-4 days.

 

[Javier Keeth]

At minimum, telling the client (or suspected imposter) that the backoffice was closed and that a connection can only be accepted from the the correct country would have been more polite than just disconnecting.
...
...
I was thinking more of a technical issue than deliberate blockage of a country. Take a few moments off from being indignant and have someone in your IT department take a look at this to be sure. If there is a technical issue and it's ignored, your customers (and potential customers) in India will assume that Fig is blocking them for some reason.

That actually happened, please red the case details again. The customer was told the exact reason why he is not being answered, and what was needed to be done in order to get the desired level of service. He just kept opening new and new chat windows with different names. So he was simply disconnected as operators found him to be ignorant of the given instructions. Finally, operators have people with real problems and real IP's to be helped instead of arguing with this trader.

As for the IT, believe me i personally did contact Live Chat Software for Live Support and Live Help (the chat platform provider) and they assured us that there were no known issues with connections from India. Add to that, we constantly have Indian traders on our sites that never complained.

I am not sure if it is worth mentioning here, but it is a known issue that the chat platform might not work as smooth with the Opera browser.

We all would like to see win-win situations in any disputes as, after all, we are all in the same boat.

Hopefully, with your help, the problem with stevesmain will be resolved for all to see/read in 3-4 days.

Good luck with your account to come, and you strategies. I just saw your replies on other threads and hence came my ranking as a reputable member of the FPA, i like your replies and how to deal with cases.

For the StevesMain case, there is nothing to worry about. We instructed the trader to contact Ken or Gerard from the FPA investigation team and expecting them to contact us within the next 1-2 days.. we will provide them with our version of the case, and the final decision is theirs.

Please understand that it's not me blocking the accounts. There are a million reasons why an account can be blocked, and they are usually blocked from more than one department. I get notified of particular cases, and i come here immediately to offer the needed help. Until now, i have managed to solve 100% of the cases raised, and at all times the traders were satisfied. Please notice that i am here working with the traders, and with the FPA team.. How many other firms are providing dedicated FPA reps. to solve cases by the way?

 

[stevesmain]

updating

Time to let folks know what happened.

The account was disabled due to what they said was a change in their trading policy.

As I did not use EA's as others who are posting are finding out that Fig does not like. There had to be another reason.

The reason given was too many canceled trades.

I found that due to the execution, requotes, it was almost impossible to receive the price when an instant order was placed. Therefore using pending orders was the only choice to be sure one's price was given. The best times for this was at news times.

My sin was to have an "aggressive trading strategy", essentially trading at news times. As I found that the station was slow accepting a pending order if the server had not been alerted to a trade coming, I call this waking up the station, there was a need to set a pending order then cancel it and get ready for the news (both long & short). That resulted in about 3 canceled pending orders for each news trade attempt. For the month of Feb there were about 15 trades and thus about 45 canceled pending orders. For the life of the account the average # of canceled pending orders were about 3 per day. Hardly excessive!

The reality is obvious!

I used a trading strategy that did not allow them to requote and therefore receiving the prices I selected. This resulted in lost profits due to the distance of stop and trailing stops required to exit trades. A cost of doing business.

They threatened to nullify trades made during March on the basis of the vague policy change.

The take it or leave it offer from Fig was to accept 5 pip spreads or take your money and leave.

At first I accepted the wider spreads. Then recently requested and received a withdrawal. With many others having problems I felt it best to take the funds, maybe later they will have things sorted out.

Though the real kicker was a trade that was in limbo at the time of disabling my account. Fig would not modify the trade till the matter got sorted out. At the time of disabling the account the trade had been opened in the journal but not moved to the open trade position on my station, I had selected a trailing stop of 15 pips, there was a profit on the board up to about 60 pips and a trailing stop would have captured 45 of them.

As Fig would not modify the trade to allow a profit the trade retraced and hit my original stop loss. Resulting in about a $100 loss & what with the lost profit of about $450 the total loss to me was about $550. It was Fig's attitude about this trade that was troubling. Even the FPA said that I ought to be able to have something done about this trade! MT4 does not register a trailing stop in the journal until it starts being active. My trading history shows I always used stops and at the very least adjusted them to a no lose position.

The result is total dissatisfaction! There ought to have been no disruption in service! No trade funny business! And an apology for the trouble! Fig changed their policy and notified no one, save changing their web page, till after the fact. Using their no notice statement on the page in question equals poor business practice at the least.

No one in their right mind would not expect the backlash that is happening form this!

Too bad, I was looking for long term trading with FIG.

Note to Javier;
Your new handle is now SPINNER! You have spun a tale just about every were you go, turning what is poor about Fig into a positive. From requotes to complaints stating that your clients were satisfied after they had lost money but were able to get what was left out, there has to be a "million" of them.

 

[J.W STRAUSS]

Scam alerd FIGfx

I reseaved the following message from FIGfx after 3 weeks of sucsesfull trading with them:
Dear Sir/Miss,
We are mailing you to inform you that your withdrawal will be processed withing few hours.
And we would like to ask you something, In fact we are planning to launch our new ECN accounts very soon, so we are trying to collect most of the good EA's like yours to improve our services. So we are asking you if you please can send a copy of your EA with the best configuration from your opinion

And we will be very thankful for your cooperate.

Have a nice day.





--
Best regards,
FIG Solutions Limited Inc.

Trademark of FIG Solutions Limited
● 1521 Concord Pike #301
● Wilmington 19803
● Delaware, USA
● web: FIGfx Brokers - Forex & CFD Online Trading | Online CFD & Forex Trading Broker; Micro & Mini Forex Trading Accounts
● tel: +1.302.295.0959
--
Best regards,
FIG Solutions Limited Inc.

Trademark of FIG Solutions Limited
● 1521 Concord Pike #301
● Wilmington 19803
● Delaware, USA
● web: FIGfx Brokers - Forex & CFD Online Trading | Online CFD & Forex Trading Broker; Micro & Mini Forex Trading Accounts
● tel: +1.302.295.0959
Apon refusal all my accouts have been terminated by them with the following message:



Thank you for trading with FIGfx Brokers.


This email is to inform you that accounts 118776 / 119280 / 113480 has been temporarily disabled for investigation.
One of the accounts, 119280 has open positions so please be kind to reply back with your desired action (hold/close)
or contact our live support anytime to close the positions.

Please be aware!!!!!!!!!!!!!!!!!! No reply to any messages as i try to at lease recover my trading money.

 

[J.W STRAUSS]

Fig fx is scamming successfull ea traders!!!

I receave the following e-mail from fig fx after 3 weeks of sucsessful trading:
Hello,
Thank you very much for contacting FIGfx.

Dear Sir/Miss,
We are mailing you to inform you that your withdrawal will be processed withing few hours.
And we would like to ask you something, In fact we are planning to launch our new ECN accounts very soon, so we are trying to collect most of the good EA's like yours to improve our services. So we are asking you if you please can send a copy of your EA "Generate from Gordago" with the best configuration from your opinion

And we will be very thankful for your cooperate.

Have a nice day.

Best regards,
FIG Solutions Limited Inc.

Apon refusal my trading accounts have been terminated by them and i cannot withdraw my funds.The following message have been reseaved:

Hello Mr. Jacobus Willhelmus Strauss,
(OR) Hello Mr. Armand Strauss,


Thank you for trading with FIGfx Brokers.


This email is to inform you that accounts 118776 / 119280 / 113480 has been temporarily disabled for investigation.
One of the accounts, 119280 has open positions so please be kind to reply back with your desired action (hold/close)
or contact our live support anytime to close the positions


The reason for closing my accounts was that The three accounts were registered by myself after consulting them. Two accounts for trading purposes and one for collecting agent commissions from my clients account as agreed by them. i have not reseaved any commisions from fig fx as i have not been trading yet for my client accounts.I have clients that want to invest huge ammounts into my ea.
Why have these accounts been aproved in the first place?

Regards

Kobus Strauss

 

[Javier Keeth]

Mr. Strauss,
Respected Readers,

I was given a chance to read all your emails sent yesterday, and was amazingly shocked by how confident you feel towards your case. Let me assure you that what you believe to be the truth in this issue is anything you want, but the truth.

- You can leave your EA's to yourself, this was also sent by email to you to give you a relieving feeling that your EA's has nothing to do with what's going on. Honestly, we have a few tons of all sorts of EA's including some exclusively authored ones for corporate account management.

So, if you believe the truth lies anywhere near your EA's, please be assured it is not. You have been working with that EA for quiet a while; if the intention was to block you or your EA, we would have blocked you before already withdrawing double your investment.

Ask around, people at the forums here have years of experience with hundreds of brokers of all sorts. When a broker does not like your trading EA's, strategies, level of generated profit, etc.. They block you WITHOUT paying you a dime.. as far as I can see, you have already withdrawn double (or more?) your initial investment.. and still have that much on the account.

Are we done with the #1 point here?
Or was i writing misleading information about the time frames, EA's and withdrawals?

- confirmed - your mentioned accounts were temporarily disabled for investigation.

Reasons:
I can provide you with a list of these.. believe me the mix of reasons is quiet interesting, but to keep things simplified, the official reason for the temp. blocking was:

- two accounts, registered from the same IP, under the same affiliate account (commissions nullified), trading from the same IP, using the same exact EA, using the same enter/exit time, same residential address, same everything, and two different names.

The above mentioned facts are a reason to temporarily block an account, and check what's going on. By the way, do you know what temporarily means?

FIG did not ever mention that your accounts are permanently blocked. Neither did you receive any notification that your EA is prohibited, neither did you receive any message that your profit will not be paid just as well as no body told you that your money is gone.

The email sent was a notification of a temp. blockage, for a review. Which is something we have the full right to do by the way. You were given a chance to hold or close your positions open at one of the accounts, which we never did earlier until the FPA instructed us to give the trader such an option.

As well, you were given the hints/instructions on how to release your funds ASAP. By providing a set of documents needed to prove that there are actually two persons, owning the two accounts.

Instead:
Your reply was a set of curses, shouting, fu**ing, sh**ing, blackmail and threats.. which were by the way forwarded to the FPA instantly, so they can consider that when making their final decision.

Blackmail and threats work with all brokers in the world, except FIG. We have rules, strict and clearly explained rules, that have to be read, understood and followed. Violators are not welcome to trade with FIG, and will be banned again, and again, and again; No exceptions.

Based on your level of conducting business shown in your emails, and the ethics you value in your personal life when dealing with respected companies; Our final decision was to permanently block your accounts until:

• - Compose a professional email, expressing your apologies for the support team handling your request for using rude words in reply to the professional notification sent to you.
• - Removing all negative reviews posted at dailyforex.com, forexpeacearmy.com as well as editing your claim thread above as well as https://www.forexpeacearmy.com/forex-forum/scam-alerts-folder/10357-fig-fx-scam-brokers.html
• - Replying to this post in a way that clarifies the facts to readers.
• - Provide us with the requested documents within 5 business days.

Unless you are ready to do the four mentioned steps above, please feel free to continue shouting, threatening, blackmailing and posting bad reviews online. That will only confirm who you really are, and how you were thought to do business.

Thank you everybody for your time reading this thread.

Please notice that FIG will not get into any correspondence in regards to this case until the list of four point above has been fulfilled.

 

[yazzy]

Javier Keeth,

(Is it deliberated that you chose to answer Strauss's post from another thread, https://www.forexpeacearmy.com/forex-forum/forex-brokers/7590-figfx-com-6.html#post38380, in this thread even though the other one has more details about his complaints? ) deleted

we have a few tons of all sorts of EA's

How did you manage to acquire them? By pleading as you did with Strauss? quoted from the other thread

And we would like to ask you something, In fact we are planning to launch our new ECN accounts very soon, so we are trying to collect most of the good EA's like yours to improve our services. So we are asking you if you please can send a copy of your EA "Generate from Gordago" with the best configuration from your opinion

was it lucky for those clients that they agreed to your pleading?

two accounts, registered from the same IP, under the same affiliate account (commissions nullified), trading from the same IP, using the same exact EA, using the same enter/exit time, same residential address, same everything, and two different names.

Is there a rule to disallow more than one account from the same residential address? Most households do have more than 1 person living in it. FigFx quite happily allows them to register & trade. Should I be cynical to think that you would leave those accounts alone if they do not win? If they happen to be successful (like in this case and ChanhD's) then you pull out the 'never-specified' rule about "same IP, using the same exact EA, using the same enter/exit time, same residential address, same everything". Of course, you happily forget the logic that if the same EA is run in these 2 accounts then they will have same enter/exit time.

Our final decision was to permanently block your accounts until: ...

Is there a rule to permanently block client's accounts if they "using rude words", "negative reviews", etc.? I would have thought only your last excuse ("Provide us with the requested documents within 5 business days.") might just have some validity. But again, where was the rule disallowing 2 people sharing the same house using the same EA? Or do you just invent it when it suits you?

 

[Pharaoh]

Mr. Strauss,

Based on your level of conducting business shown in your emails, and the ethics you value in your personal life when dealing with respected companies; Our final decision was to permanently block your accounts until:

• - Compose a professional email, expressing your apologies for the support team handling your request for using rude words in reply to the professional notification sent to you.
• - Removing all negative reviews posted at dailyforex.com, forexpeacearmy.com as well as editing your claim thread above as well as https://www.forexpeacearmy.com/forex-forum/scam-alerts-folder/10357-fig-fx-scam-brokers.html
• - Replying to this post in a way that clarifies the facts to readers.
• - Provide us with the requested documents within 5 business days.

Unless you are ready to do the four mentioned steps above, please feel free to continue shouting, threatening, blackmailing and posting bad reviews online. That will only confirm who you really are, and how you were thought to do business.

Thank you everybody for your time reading this thread.

Please notice that FIG will not get into any correspondence in regards to this case until the list of four point above has been fulfilled.

Javier,

Are you saying that you won't let him trade until he does the above or are you saying that you won't give him access to his money?

A broker has every right to not allow what they consider to be a rude or abusive client to conduct business there. Do you submit that a broker has the right to withhold money that belongs to a client because you feel the client was rude or abusive? If so, what;s next, determining "damages" from "hostile acts" that conveniently equal either all profits or the entire account balance like the scammers at ForexGen?

If the latter, does this mean that I can't say nasty things about my bank (deservedly so or not) because they might decide not to let me withdraw MY money? If a bank did this, I'd have them up on Federal charges before they could finish telling me about this criminal plan. If the former, just close the guy's accounts, send him his money, and ignore him. If you think you've got a libel case against him, pursue that independently of any money you may owe him.

 

[J.W STRAUSS]

Fig fx scamming ea traders

It is obvious that fig fx is trying to cover themselves with this unacceptable reply.
1.I have written proof of numerous e-mail messages sent to them with a request to close my accounts. A period of 24 hours were given to them prior to me reporting them.
2.The 2 accounts that I have been trading with are both in my name. My EA is running a low and medium risk account from my server, accounts of which have been approved by fig fx and no other documentation were required !
My EA could not execute trades in the one account as fig fx changed the account from a mini to a standard account without my premision.
My EA in these two accounts is based on executing high risk in the one account and low risk in the other account.
3.My history in these 2 accounts will proof these facts.
4.All required documentation regarding my identity were submitted on opening my accounts.
5.I have to date received NO commission paid out to myself.
6.The first e-mail from fig fx, after refusing to give them my EA, was that my accounts were closed for investigation.
7. I'm not sure that fig fx know what TEMPORARILY means as this has caused me losing business for a week - to me not exactly TEMPORARILY. This is unacceptable and will not be tolerated.

 

[ChanhD]

FPA please help

This is to reply to Javier Keeth's from the other thread that I hope you do not mind I repost here https://www.forexpeacearmy.com/forex-forum/forex-brokers/7590-figfx-com-6.html#post38290

Do you have a problem with your English?
Didn't I mention clearly above that all profits will be paid?
No wonder you had problems reading the terms of the our provided service.. This is usually where all problems start. Hit F5 to refresh the page and read my previous page again, you will notice new lines describing that the accounts are free to get their money including profits.

Is this your way to do business and defend yourself? Just because I am not a native English speaker, does it allow you to use that fact to ridicule me? That's a new low for a "FigFx Representative".

Contrarily to what you thought, I understood perfectly what you wrote, but maybe you did not read carefully mine. I know, and fully expect, that FigFx will send the fund back to my clients if & when they withdraw. What I meant by "scam to steal profit from your traders/affiliates" was that the money I earned as commission by legally referring traders to FigFx has been stolen by you when you decided, based on very flaky logic & evidence, that I self-rebated.

Yes sure, when 4 accounts on a cheap VPS send a dozen orders per second, It would be a bad idea to expect a better service.

Again, you deliberately used wrong data to defend your argument. First, there are only 3 accounts trading under my affiliate, and in fact one of them did not use the same EA as she had joined my affiliate one day before you blocked my account, and she only traded 2 trades manually. Second, the EA that other 2 traders used never issued a dozen orders per second as you claimed. My clients have advised me that they traded about maximum 40 trades per day. That works out to just under 2 trades per hour, not a dozen per second as you claimed. You have their trading records and know full well of these data, but you decided to twist them to make your argument. That's another low.

Ah so you are about your own commissions here?
No sir, we'll pass on paying that. And you can think whatever you want to think.. When there is a policy, everybody has to follow. no exceptions.

Of course I am, as I am entitled to, after my own commission. I have referred my clients to FigFx, never self-rebated (I do not have a trading account with FigFx), then why can't I get my commission as had been agreed legally by FigFx when I signed the contract?

Again, I formally ask for FPA to resolve this blatant abuse of power by FigFx in freezing my affiliate account, prevent me from withdrawing my commission. I would appreciate a reply from FPA whether FPA can help. I am quite happy for FPA to acquire all relevant documents from FigFx to help you coming to a decision. Thank you FPA.