BDFX might receive the "scam of the year" award

Amin EL-HAKIM

Master Sergeant
Messages
306
This broker was questionable since day one, and here comes the answer, unless proven otherwise. So I opened an account
with this broker and posed a few questions before booming the account. The following are the questions and answers and
a copy of the email is available in attachments.

To cut the story short, I deposited and started trading to find the execution and spreads amazing. Floating spreads but
very nice. Many trades were around volatility, enduring by that the widened spreads and their execution is a market execution
hence the slippage. Everyone knows that when you're trading with a market execution, you order will be filled or filled, and
you are under the mercy of the market/broker/LP regarding the filling price. Moreover, the slippage was minimum 70% of the
time. I believe my average slippage was around 8 pips. I traded many strategies including after news, technical trades, and
using the famous EA KeltnerPro (KeltnerPro doesn't need my advertising as it's being tested right here on the FPA).
So the account grew and as many of you already know, there were substantial market movement especially on the Euro and Cable
where a 10 lots trade bagged 160 pips in 2 days producing 16k of profit. Anyway, the account jumped over 50k and I noticed
that the leverage was overwhelming (I wasn't using it anyway), so I contacted the in good faith asking them if they were
comfortable that my account had such leverage. In a couple of hours, they answered (attached).

Conclusion: It seems that BDFX considers too much profit account abuse. And their latest reply was offensive and threatening.
Here's a detailed analysis of the account to save time for anyone who wants to analyze the account history, and it shows the risk taken and the drawdowns which proves they are lying in their last reply. Analysis
 

Attachments

  • Gmail - Info.pdf
    280.3 KB · Views: 17
  • Statement.zip
    12.1 KB · Views: 6
  • BDFX_TermsofUse.pdf
    58.5 KB · Views: 5
  • BDFX_RiskDisclosure.pdf
    22.8 KB · Views: 3
  • 100_CreditBonus_Terms.pdf
    43.7 KB · Views: 4
Last edited:

Master Yoda

Captain
Messages
2,929
They can threat as much as they like... :)

It's a good warning for anyone who think to trade with these guys to stay away
 

Amin EL-HAKIM

Master Sergeant
Messages
306
Attached also is a screenshot about account details showing 400:1 leverage and showing the stop-out level.
 

Attachments

  • bdfx.JPG
    bdfx.JPG
    158.3 KB · Views: 10

SCAMBUSTERZ

Banned for uncivilized conduct
Messages
72
Again what is the logic to trade with these unregulated firms? Please don't state any regulations of cyprus nzd belize or other island tax havens where they file so not to leave a paper trail, but rather why not trade with somebody that offers more protection like FSA ASIC NFA ect ect? At least ASIC regulated firms might not be the best but you have some recourse these other places will just do what they did to you if you make a profit and kick you out... So out of curiosity why waste time with these easy to see scam brokers like FBS Capital One BDFX and the list goes on unless you enjoy wasting your time???
 

Amin EL-HAKIM

Master Sergeant
Messages
306
Again what is the logic to trade with these unregulated firms? Please don't state any regulations of cyprus nzd belize or other island tax havens where they file so not to leave a paper trail, but rather why not trade with somebody that offers more protection like FSA ASIC NFA ect ect? At least ASIC regulated firms might not be the best but you have some recourse these other places will just do what they did to you if you make a profit and kick you out... So out of curiosity why waste time with these easy to see scam brokers like FBS Capital One BDFX and the list goes on unless you enjoy wasting your time???

I think we have covered this in an earlier thread where you were gracious enough to call me "mentally handicapped". I wonder why would you be arguing with a mentally handicapped person!!?? I would appreciate your feedback on which broker you are working with so I can try it. But don't bring FXCM and FXSOL as a previous experience wasn't so good. That's if you feel you have enough compassion for a mentally handicapped fellow.
 

Pharaoh

Colonel
Messages
20,181
Before anyone else jumps in on this, Amin has decided to risk his money while knowing that these firms could be dangerous to trade with. He's not a clueless victim who puts in his life savings based on broker lies. Instead, he's acting in the role of a consumer investigator, testing out brokers and seeing what happens. BDFX had a 5.0 star rating - until Amin showed up.
 

FXWarriory

Banned for uncivilized conduct
Messages
373
I liked Amin gesture of communicating with FPA members to test brokers that they had or are already trading with as Pharaoh mentioned Amin working as a consumer investigator so why not others put their hands with his and help him trade with their "good brokers" to tell us his results later, instead of leaving him alone to search and pick unknown ones. Also, will like Amin to make like a list of all Scam brokers he dealt with and put it in a one thread maybe in this scam folder or any specific one that AsstModerator sees it appropriate.

Anyone who had been reading his different scam folder threads started to have doubts about their brokers:D

Have a question to you Amin: Had you read this warning on its FPA review page before opening an account with this scam broker??:
https://www.moneysmart.gov.au/scams...ith/unlicensed-companies-list/b/bankdirect-fx

ASIC Warning announced in 15 November 2013, not sure when FPA had posted it on the broker review page.
 
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