Atom8 Scammed Me Out Of $80K in Swaps

forextraderx

Recruit
Messages
6
Dear FPA

I am writing to you after now 2 months from my initial complaint against Mr David Andrews, the Atom8 CEO. We have also complained to the FCA Ombudsman and are awaiting a conclusion to this absurd matter.

We want the Trading community to be weary of the innocent charm of Mr David Andrews. He attempts to lure clients with his JP Morgan "lawyer" background, but in fact is a breed of the complete opposite. Be cautious when considering this Broker as your home.

We have not heard back from Mr Andrews in 2 months and we strongly invite him to give his comments, instead of avoiding the FACTS!

A little more about what we suffered. Well, our Account was used for Hedging and we were holding many UJ (mainly) shorts and longs. Our biggest position was 200 lots and over time our account's swap mark ups were getting insane! Longs were being underpaid by around 350% and Shorts were being overcharged by around 200%.

After heavy investigation, we found that the average long position swap on USDJPY at the time of our trading was 1.49 USD paid per 1 lot held overnight. We were getting charged $0.50 (average) for every 1 lot held and on a 200 lot position held for around 80 days accumulated to around $30,000 of overcharged swap. This went on and on and on, racking up a whopping overcharge and underpayment of $80,000.

If you observe the current charges on the Atom8 MT4, they show completely different rates to that we were charged. The current Demo rates are more in tune with the rates from our investigations (the average broker swap rate for the majors). So why were we targeted? Did Mr David Andrews see us as an easy target? FPA readers, is this fair treatment? Why does Mr David Andrews dodge our questions and ignore us? Why can he not provide us with our Trading Statement to show swap mark ups deducted?

We believe we were singled out and not treated fairly. Typical antics of a B Book (unregulated) broker, not that of a "Pure ECN" David Andrews Atom8.

Also, David Andrews also refused to provide us with a copy of our Trading Statement, showing the exact swap commission or mark-up he took.

We hope the sanity of the Ombudsman prevails in this case and that the $80,000 is rightfully returned back to our Account.

Regards
Daniel
 

FxMaster

Lt. Colonel
Messages
9,549
Dear FPA

I am writing to you after now 2 months from my initial complaint against Mr David Andrews, the Atom8 CEO. We have also complained to the FCA Ombudsman and are awaiting a conclusion to this absurd matter.

We want the Trading community to be weary of the innocent charm of Mr David Andrews. He attempts to lure clients with his JP Morgan "lawyer" background, but in fact is a breed of the complete opposite. Be cautious when considering this Broker as your home.

We have not heard back from Mr Andrews in 2 months and we strongly invite him to give his comments, instead of avoiding the FACTS!

A little more about what we suffered. Well, our Account was used for Hedging and we were holding many UJ (mainly) shorts and longs. Our biggest position was 200 lots and over time our account's swap mark ups were getting insane! Longs were being underpaid by around 350% and Shorts were being overcharged by around 200%.

After heavy investigation, we found that the average long position swap on USDJPY at the time of our trading was 1.49 USD paid per 1 lot held overnight. We were getting charged $0.50 (average) for every 1 lot held and on a 200 lot position held for around 80 days accumulated to around $30,000 of overcharged swap. This went on and on and on, racking up a whopping overcharge and underpayment of $80,000.

If you observe the current charges on the Atom8 MT4, they show completely different rates to that we were charged. The current Demo rates are more in tune with the rates from our investigations (the average broker swap rate for the majors). So why were we targeted? Did Mr David Andrews see us as an easy target? FPA readers, is this fair treatment? Why does Mr David Andrews dodge our questions and ignore us? Why can he not provide us with our Trading Statement to show swap mark ups deducted?

We believe we were singled out and not treated fairly. Typical antics of a B Book (unregulated) broker, not that of a "Pure ECN" David Andrews Atom8.

Also, David Andrews also refused to provide us with a copy of our Trading Statement, showing the exact swap commission or mark-up he took.

We hope the sanity of the Ombudsman prevails in this case and that the $80,000 is rightfully returned back to our Account.

Regards
Daniel
Two steps that you must follow

1st - Invite them to join this thread via email (Send email to every possible address).

2nd - Go to their website and invite them to here via Live Chat

If they failed to answer here then write me back so I can give you more suggestions
 

forextraderx

Recruit
Messages
6
Gents, still no response from David Andrews at Atom8. We will write our review in the thread mentioned. It is getting past the point of stupidity, why an FCA company owner cannot respond to our complaint. I don't know what's going on!?
 

Pharaoh

Colonel
Messages
19,964
There's no harm in seeking redress via 2 methods. Also, by the time the Ombudsman finishes, the chargeback deadline may be long past.
 
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