- Messages
- 253
RBCForex.ru takes profitable trades, leaves losses for a trader and more
Have you ever wondered if some brokers really only cancel profitable trades and leave the losing ones? Amin El-Hakim doesn't. He has an account with RBCForex.ru. Like many traders, he didn't read the trading rules very closely and got an email warning about trades that violated the rules of the broker. In this case, the broker had a rule against trades that ran for less than 1 minute.
What should happen in a case like this is cancellation of all the trades that were against the rules. Instead, Amin tells the FPA that most of the profitable trades were deleted and most of the losing trades were left. He emailed back some more documents that the broker requested and lengthened the times of his trades to comply with the RBC's rules.
Later, Amin had one great trade that netted him over $1500 in profit. That trade was open for more than 5 minutes. RBC Forex then altered it to reduce the profit to only $45. Amin emailed to ask why and got no reply. He attempted to withdraw his money from the account and got no reply. He asked the FPA for help. Amin and FPA Investigator Ken emailed RBCForex asking for some explanation. There was no reply.
Failure to return money legitimately owed to a trader is the FPA's first definition of scam. RBCForex.ru would not even return the undisputed money in the account. Under the circumstances, we see no choice but to declare this broker to be a scam.
FPA Scam Finding against RBC Forex
FPA Review Page for RBC Forex
Have you ever wondered if some brokers really only cancel profitable trades and leave the losing ones? Amin El-Hakim doesn't. He has an account with RBCForex.ru. Like many traders, he didn't read the trading rules very closely and got an email warning about trades that violated the rules of the broker. In this case, the broker had a rule against trades that ran for less than 1 minute.
What should happen in a case like this is cancellation of all the trades that were against the rules. Instead, Amin tells the FPA that most of the profitable trades were deleted and most of the losing trades were left. He emailed back some more documents that the broker requested and lengthened the times of his trades to comply with the RBC's rules.
Later, Amin had one great trade that netted him over $1500 in profit. That trade was open for more than 5 minutes. RBC Forex then altered it to reduce the profit to only $45. Amin emailed to ask why and got no reply. He attempted to withdraw his money from the account and got no reply. He asked the FPA for help. Amin and FPA Investigator Ken emailed RBCForex asking for some explanation. There was no reply.
Failure to return money legitimately owed to a trader is the FPA's first definition of scam. RBCForex.ru would not even return the undisputed money in the account. Under the circumstances, we see no choice but to declare this broker to be a scam.
FPA Scam Finding against RBC Forex
FPA Review Page for RBC Forex