1. This site uses cookies. By continuing to use this site, you are agreeing to our use of cookies. Learn More.
  1. Scam Investigations Committee

    Mar 2, 2008
    Likes Received:

    We the members of the Scam Investigations Committee of the Forex Peace Army have deliberated on all the evidence available to us and have reached a conclusion. It is our opinion that...

    FPA member Aussie2010 complained to the FPA on June 3rd, 2010 about problems he was having getting a refund from DragonPips.com.. Based on promises of great performance, he had purchased three copies of their expert advisor software. Aussie2010's showed Dragon Pips that forward testing took a demo account from $10,000 down to 5 087.79 using standard settings. He then reports that the people behind Dragon Pips cut off all contact.

    Between vacations and other cases, there wasn't an investigator available. The FPA Forums Team volunteered to pitch in and handled the negotiations. DragonPips had advertised in the FPA's forums to start a sales thread in the FPA's Classified Ads. The Forums Team tried contacting the company through the address their forums account was registered with. That yahoo.com email account was no longer functioning. Aussie2010 provided a different address that worked.

    DragonPips wrote back and said that since there were multiple purchases, more testing had to be done on a second account. They also claimed that the original tests were not done on a VPS. The original guarantee did not appear to mention any VPS requirements Aussie2010 provided receipts to show that he had purchased VPS services for testing. The Forums Team advised Aussie2010 to test a 2 more accounts so there could be no more excuses.

    After testing following the original settings, Aussie2010 reported losses again on both new accounts. This time DragonPips claimed that he should have used new settings. No mention had been made of any new settings.

    The FPA Forums Team informed DragonPips that all their original requirements had been met. A deadline was set for a reply. After the people at DragonPips didn't meet that deadline, another deadline was set before the case would be referred to the Scam Investigations Committee for a vote. The silence from Dragon Pips has left us with no choice.

    Failure to return money legitimately owed to traders is the FPA's first definition of scam. In this case, we believe that DragonPips.com has failed to honor their refund policy and has withheld money owed to Aussie2010.

    Under these circumstances, DragonPips.com has forced us to declare it to be a scam. We offer DragonPips the opportunity to have this scam finding lifted by meeting these requirements. First DragonPips must immediately refund Aussie2010 for his purchases. Second, DragonPips must publicly promise to honor its refund policy for any further cases that come to up.

    DragonPips.com is hereby blacklisted by the Forex Peace Army. We urge traders not to do business with this company or any company related to it. If you had an issue with getting a refund from DragonPips, please use the discussion thread for this scam finding to share your story. We urge all victims to complain to whatever payment processor they used.

    We wish thank FPA Investigator the FPA Forums Team for their efforts on this case. We extend our regrets to FPA member Aussie2010 as well as for any other clients of DragonPips who could not get refunds.

    Discussion thread for this Scam Finding against Dragon Pips

    Aussie2010's Original complaint against DragonPips

    DragonPips advertising in the FPA's Classified Ads

    FPA Review Page for DragonPips.com
    #1 Scam Investigations Committee, Aug 24, 2010
    Last edited: Aug 24, 2010

Share This Page