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ECNTradeFX scalping allowance and profit reset

Discussion in 'Scam Alerts' started by 4scalpex, Jul 25, 2011.

  1. 4scalpex

    4scalpex Private

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    I would like to contribute a few details about ECNtradeFX.
    I chose this broker for excelent offer favorable terms and conditions such as scalping without restriction on ECN account. So I opened real ECN account.

    Bank wire transfer to my expectations lasted long enough, several times I was informed of the state. I do not know or by chance, but my money was credited to the account when I announced that I asked the bank to investigate the transaction.
    Then I started trading during NFP with my EA.
    After short time my account was blocked, and I got warning that scalping is not permitted and that I have violated internal terms, because my trades take too short time!
    In their terms and conditions there is no evidence about any trading restriction like scalping!!!

    But:
    Experience Clean ECN Market

    CUSTOM-MADE FOR SCALPERS

    The ETF ECN account is made for scalpers and other high-volume traders (CTA's, Fund Managers, Trading groups and Automated Trading systems). With pre-screened prices from more than 13 banks and institutions you can be certain that the price you get is most likely the best available. ECNTradeFX is a STP broker that never interferes with client's trading style, method or strategy, allowing you to be a better trader.


    NO TIME RESTRICTIONS
    Open and close a position in less than a second


    I received a reply from support about violation on my account, because I use scalping and all my profits will be canceled!
    To my surprise I was not just subtraction full profit, but the broker's commission from my deposit too!
    I subsequently got the email offering to open their VIP account where scalping is possible, but with 50K deposit. Keep on mind that their VIP account can be opened from the 20K
    The company ignored my calls for the full payment. For more than a week I'm waiting for my deposit, but it is still not processed.
    I was promised an interview with the manager, but it did not happen, just ignorance on their part. Another questionable issue is the regulation FSP 55161, there is no evidence.
    By doing this I would like to note that the company has cheated me on $ 8000 and they haven't the slightest desire to communicate.
     
    #1 4scalpex, Jul 25, 2011
    Last edited: Jul 26, 2011
  2. 4scalpex

    4scalpex Private

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    email from etf

    I got this email after my account has been blocked.
     

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  3. Pharaoh

    Pharaoh Colonel

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    If they are really ECN, they should welcome scalping. That message alone indicates that their very name is as false as the statements on their website about welcoming scalpers.

    Send them an email letting them know about this thread. Ask them to come here and explain themselves.
     
  4. 4scalpex

    4scalpex Private

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    ECNTradeFX and their regulation on NZ

    Good morning,


    Thanks for your inquiry to the Financial Service Providers Register.


    The Registrar’s position is that only financial service providers with a genuine place of business in New Zealand are required to register on the FSPR (unless they provide licensed services and other legislation requires them to be registered).


    The Registrar does not consider that this company is providing financial services from Suite 3476 24b Moorefield Rd Johnsonville Wellington, as this is a serviced office address. As the company is using a serviced office as the address for your business, a number of other companies (or individuals) will be using the same address as their registered office address and, while that may be legally permissible in some cases for the purposes of New Zealand's Companies Act 1993, such a virtual or serviced office cannot in our view be a current or future place of business when given its ordinary meaning – i.e, the place where a company usually transacts its affairs or its business.


    It therefore appears to the Registrar that the company does not have a genuine business presence in New Zealand at all and the registration has been suppressed.


    Until the company has the right to use the intended serviced office address for its own private purposes (independently from all other persons and as distinct from occasional or transient business) and actually does offer financial services genuinely from that address, then we would not consider such an address to be the company’s place of business.


    Kind regards


    Feedback on our service? Fill in our two-minute customer satisfaction survey.

    Kristy Watson | BizInfo Lead Adviser | Ministry of Economic Development
    Free Phone 0508 266 726 | Fax +64 3 962 2700
    Ministry of Economic Development
     
  5. Laurie Gold

    Laurie Gold Corporal

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    interesting chat

    Hi 4scalpex,
    here is a chat I had with their online support just now;

    System is getting started. [Tuesday, July 26, 2011 4:11:52 PM]

    A representative will be connected, please be patient.

    Sandra enters the chatroom.

    Sandra 4:12:20 PM

    Hello Laurie Gold, my name is Sandra, how may I help you?

    Laurie Gold 4:12:23 PM

    Hello, i would like to know if you accept US clients?

    Sandra 4:13:36 PM

    yes you are welcome

    Laurie Gold 4:14:05 PM

    cool. What leverage do you offer?

    Sandra 4:15:52 PM

    we have diffrent leverage on diffrent account type

    Laurie Gold 4:16:31 PM

    ok. If I funded my account with 5K usd, what leverage would I be offered?

    Sandra 4:18:29 PM

    if you want higheir you can open guaranteed by 5k., and get 1/500

    so you can get 10% welcome bonus at first

    Laurie Gold 4:18:56 PM

    oh nice.

    Sandra 4:19:13 PM

    in your account will be call margin you can get 10%again

    Laurie Gold 4:19:17 PM

    what are the conditions for the welcome bonus?

    ok thanks. Sandra 4:20:09 PM

    you can get 10% welcome bonus on every deposits

    Laurie Gold 4:20:31 PM

    ok but what are the conditions for me to keep the bonus

    Sandra 4:21:41 PM

    but on guaranteed you can get it twice., the bonus is credit you can't
    keep your self this is for power of your trade

    Laurie Gold 4:22:56 PM

    ok. I undersatnd . Some brokers you can keep the bonus after you trade a certain amount of lots

    Sandra 4:23:33 PM

    yes i know, but this is diffrent in our company

    Laurie Gold 4:24:13 PM

    ok no problem. What are the main differences between the ecn account and the guaranteed accout?

    Sandra 4:24:49 PM

    the diffrent in our service on execution and rate in our type account on Guaranteed and VIP is best our service

    Laurie Gold 4:25:54 PM

    is that listed on the site somewhere?

    Sandra 4:27:14 PM

    no you can see every thing on our website and if you want any information you can contact info@ecntradefx.com

    Laurie Gold 4:28:02 PM

    do you allow scalping in your ecn account?

    Sandra 4:29:38 PM

    if is not cheat yes allowed

    Laurie Gold 4:30:22 PM

    can you clarify that. I know the site says you can open and close positions in less than a second

    Sandra 4:32:18 PM

    yes scalping beetwin 2-10 minutes are allowed but some traders do cheat on his account and have some EAs go traffice server so higheir

    I'm scalper and i open about 20 position on day but the scalping way is about 3-5 minutes and this is welcome but cheting is allowed on VIP accounts

    Laurie Gold 4:34:23 PM

    ok so you can't have an ea flooding the server with orders, I undersatnd that but could I open and close a trade in less than a minute. I only take 2-3 trades a day

    Sandra 4:36:14 PM

    no you should open VIP account but if you want we can test in on guaranteed and if we have any problem your money come back

    Laurie Gold 4:37:38 PM

    I am a little concerned because I was considering opening an account but there is a post of Forex Peacr Army that your company deleted a trader's profit's for scalping. Is that true?

    Sandra 4:38:51 PM

    No they aren't scalping method, their method is cheat and this is just on VIP allowed

    Laurie Gold 4:39:55 PM

    I don't understand what you mean by "cheat". If I open a trade and close the trade quickly and make a profit, how is that cheating?

    Sandra 4:40:07 PM

    but we have more scalpers worked with us and we haven't any problem but position on less than second is cheat and the server choose these methods and trading the positions are maked under 2 minutes are cheat in our company policy

    Laurie Gold 4:41:22 PM

    So I guess you should change the website and not mis-advertise saying trades can close positions in less than 1 second, don't you agree?

    Sandra 4:42:19 PM

    No sir this is for VIP accounts

    on VIP clients can get 2 offer from us like fix spraeds or low fix
    and they can get our best service

    Laurie Gold 4:43:32 PM

    but your website doesn't make that distinction and if you are a true ECN what should it matter?

    Sandra 4:45:19 PM

    in ECN market scalping are allowed and we have more scalpers but we have some policy about cheat and this is not allowed and this is our company policy

    Laurie Gold 4:46:13 PM

    What do you mean by "cheat"?

    Sandra 4:47:04 PM

    i told you trade with EAs under 2 minutes,

    Laurie Gold 4:47:31 PM

    ok thanks for the information. bye now

    Sandra 4:47:40 PM

    because we have fast execution and no sllipages

    thank you
    ________________________________


    I think these guys should explain this policy?
     
  6. Pharaoh

    Pharaoh Colonel

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    Under 2 minutes is cheating = market maker/bucket shop.

    Sounds like their website is very deceptive.

    The ONLY reason a true ECN should have an issue is if an EA floods the server with orders or order changes. If that happens, they would block the account, not take the profits.
     
  7. 4scalpex

    4scalpex Private

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    Hi,

    I still waiting for my initial deposit, processed 25/7

    Be aware on ECNtradeFX.

    This is chat from 22/7


    daniel 12:25:03
    I resent withdrawal form again to your dept

    Check it out, please


    Maiko Jividze 12:26:21
    yes sir i will try to help you in this way
    daniel 12:27:05
    thank you
    Maiko Jividze 12:44:15
    are you here sir?
    daniel 12:57:02
    yes
    Maiko Jividze 12:58:16
    your withdrawal form is sent and you will receive your money next week
    daniel 12:58:41
    ok, I will wait

    thank you for your help
     
  8. Pharaoh

    Pharaoh Colonel

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    If the money doesn't arrive by next week, make sure to let everyone know. At that point, you should ask your bank about how to file fraud charges against them.
     
  9. Laurie Gold

    Laurie Gold Corporal

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    fraud charges

    Hey Pharaoh,

    Not to get off-topic here but, do you know under what circumstances you can file wire fraud charges. I tried to file a wire fraud charge against Intelfx, since I funded my account via wire, and my bank informed me that a party not-delivering on their end is not wire fraud. Is that accurate?

    Moreover, they told me that if I would have used my debit card, I would have had more protection. Your thoughts?
     
  10. Pharaoh

    Pharaoh Colonel

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    Wow. I would assume that asking someone to wire money into a trading account with no intent of every wiring the client's money back would qualify as fraud.

    Most likely, your local bank doesn't want to be bothered, since this could lead to a long and difficult investigation. Credit and Debit cards usually link through one of the major card services (Visa, MasterCard, etc.) that have their own rules designed to make recovery of disputed funds more consumer friendly.

    If you are in a situation like this and the bank can't/won't help, try having a friendly chat with a police officer. It may be outside the local cop's jurisdiction, but a police officer should have some idea of what agency to contact.
     

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