FX Choice scamming its clients - over 250k profits cancelled

Dolov59

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I have received an email yesterday from FX Choice stating that my account (38353) is under investigation as they
have detected trading activities that abused their trading rules. They have also blocked access to Backoffice and my funds as well.
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After responding to an email and asking for additional details the only answer I have received today was that I have breached clients agreement, concluded fraud and all my profits will be reversed - obviously any kind of proof was not presented:
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So yesterday my account balance was 257 949,77 €

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and today my access to mt5 was blocked as account is disabled and I may only withdraw my initial deposit (luckily access to Backoffice was enabled again, though all profits were cancelled)
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Basically only trading volume on this account indicates that there was some kind of activity.

I have sent an email today asking for details and proofs - they may refer to those terms and cancel profit of any trader anytime - I will keep updating this thread as the situation develops but at this point it just looks like the broker decided to keep the 250k to themselves
 
Two questions:
1) Is 4,860.47 Euro your total deposit to that trading account?
2) When did you started trading with 40.3 to 41.9 lot size trades on a 4,860.47 Euro trading account?

My frank opinion is that you have encountered an arbitrage abnormality in MT4 trading platform where every trade made immediate show profits regardless of whether it's a sell or buy order....meaning you just cannot loss any money.
It's all very fun to "play" with but the "profits" will not be honored by ANY Broker nor is it legally derived.
 
Two questions:
1) Is 4,860.47 Euro your total deposit to that trading account?
2) When did you started trading with 40.3 to 41.9 lot size trades on a 4,860.47 Euro trading account?

My frank opinion is that you have encountered an arbitrage abnormality in MT4 trading platform where every trade made immediate show profits regardless of whether it's a sell or buy order....meaning you just cannot loss any money.
It's all very fun to "play" with but the "profits" will not be honored by ANY Broker nor is it legally derived.
1) - 4 860,47 € was my total deposit, plus I have received 2 bonuses 1 215,11 & 729,07, making total amount of 6 804,65 €.
2) I started trading on 03/12/2020 with 1 lot size, increasing size as account grew
I used MT5 platform for trading, not MT4. Even if it would be arbitrage, I do not think FXChoice prohibits any kind of strategies. Plus, they did not say why they cancelled profits
 
I presume your figures are as follows:
Initial deposit: Euro 4,860.47
1st Bonus: Euro 1,215.11
2nd Bonus: Euro 729.07

Total equity + bonuses in your trading account: Euro 6,804.65

And you traded with 40.3 to 41.9 lot size trades on that size trading account?
AMAZING INDEED because even with just over US$100k trading account, I have never ever traded with a 8 lot size trades.
 
I have received an email yesterday from FX Choice stating that my account (38353) is under investigation as they
have detected trading activities that abused their trading rules. They have also blocked access to Backoffice and my funds as well.
View attachment 62072
After responding to an email and asking for additional details the only answer I have received today was that I have breached clients agreement, concluded fraud and all my profits will be reversed - obviously any kind of proof was not presented:
View attachment 62073

So yesterday my account balance was 257 949,77 €

View attachment 62074

and today my access to mt5 was blocked as account is disabled and I may only withdraw my initial deposit (luckily access to Backoffice was enabled again, though all profits were cancelled)
View attachment 62075

Basically only trading volume on this account indicates that there was some kind of activity.

I have sent an email today asking for details and proofs - they may refer to those terms and cancel profit of any trader anytime - I will keep updating this thread as the situation develops but at this point it just looks like the broker decided to keep the 250k to themselves


We will be happy here if you can attach a detailed trading history, of course you do not need to show your personal data here ..

because I also suspect you are doing arbitrage trading like @RahmanSL said ..

but if our guess is wrong, then we will invite representatives from the company where you are trading ..
 
I presume your figures are as follows:
Initial deposit: Euro 4,860.47
1st Bonus: Euro 1,215.11
2nd Bonus: Euro 729.07

Total equity + bonuses in your trading account: Euro 6,804.65

And you traded with 40.3 to 41.9 lot size trades on that size trading account?
AMAZING INDEED because even with just over US$100k trading account, I have never ever traded with a 8 lot size trades.
I have mentioned in my previous post that I have started to trade only with 1 lot and as my balance grew lot was increased - I will upload my trading history
 
We will be happy here if you can attach a detailed trading history, of course you do not need to show your personal data here ..

because I also suspect you are doing arbitrage trading like @RahmanSL said ..

but if our guess is wrong, then we will invite representatives from the company where you are trading ..
Trading history attached,

In regards to arbitrage trading, that is exactly what the company mentioned in their last reply
Even if that would be arbitrage, but I'm not saying it is, FX Choice does not have any restrictions in relation to trading strategies - nothing is mentioned in T&C.

Furthermore there is a post on their website where they confirm that they allow arbitrage, so I do not see any reason that would allow them to cancel all the profits


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I have mentioned in my previous post that I have started to trade only with 1 lot and as my balance grew lot was increased - I will upload my trading history
From Euro 6,804.65 to Euro 257, 949.77 in how many days?
That could possibly be a world's record if accomplished in mere days and you should write a book and get richer still.
 
And update with last reply from FX Choice from 12/02/2021

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And my reply:

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A screenshot of your trading account starting from Euro 6,804.65 to when that turned into Euro 257, 949.77 will tell us just when the latency Arbitrage abnormality in MT4 trading platform happens and when you probably started trading with large size trades when you realize all your trades, regardless of whether they are buy or sell orders, instantly show a profit.

I had personally experienced that twice in more than 10 years in the forex market and, on the second time, turned my trading account into US$1.23million in matter of just over an hour or so. BUT, though it was FUN to see such easy profits like that, I have read of such abnormality in MT4 trading platform and that the Broker (nor any Broker) will not allow me to keep those huge profits. And no court of law with be on my side either.

All the same, good luck with your pursuit.
 
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