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Elite Financials

Discussion in 'Scam Alerts' started by mike1, Feb 18, 2010.

  1. mike1

    mike1 Recruit

    Joined:
    Feb 18, 2010
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    Because of the good performance of ELITE Fin.on FPA demo acct and their guarantee to compansate losses
    up to 25%, I opened an account on Jan.26 with the only broker what they work with, Tadawul FX.
    Tadawul FX widened the spread on demand of Elite from the usual 3 to 5 pips.
    Elite get to the normal 1 pip commission of an IB additional 2 pips per traded lot.
    No it is clear to see, why they are trading huge lot sizes. 20 lots means 600$ commission per trade.
    I got no information about this spread widening.
    I thought, if they are trading the demo acct. with a balance of about 236.000 $ with 20 lots, they will probably
    trade my 50.000$ acct. with 4 to 5 lots. I personally would never trade with such a high risk, but with their guarantee I felt save.
    They started trading with 5 lots and increased it on Feb 28 to 10 lots.
    On Feb 3 the balance was down about 3100 $ and one new long trade with 9,95 lots GBP/USD was opened @ 1,5772. On Feb 8 the equity was down about 29.200$. Nearly 60% loss and no limit!
    Fortunately the trend reversed and the trade closed with profit.
    If GBP/USD would have dropped another 210 pips, the whole account would have been depleted in only one trade.
    This is what they call a proper risk management.
    Accordingly to their compensation guarantee they should have refunded the 3.100 $ loss within 3 days,
    also latest on Feb 6.
    Because they did not, I requested the refund on Feb 16. As they did not answer, I could only revoce the
    Power of Attorney on Feb 17. After this they answered to my mails.
    They said they would have a very good trading plan and I would not have to be concerned.
    Think by yourself, would a good trading plan accept unlimited losses?
    I am quite sure in the worst case scenario they would not be willing and able to compensate the promised 25%.
    Then I did some research and found some interesting:
    I requested several times a phonenumber. First they said I could contact them with Yahoo Messenger.
    Because I insisted on a real phone# , they gave me 2 private mobilphone numbers. One in Dubai, the other one
    in Pakistan.
    They have no landline phone or Fax.
    Their FAX is registered anonym as GLOBAL FAX in Pennsylvania USA.
    The company is not to find in any directory of the UNITED ARAB EMIRATES.
    When I asked the Chamber of Commerce in Dubai, there was no knowledge about.
    I guess this company are just a few people who work from home anywhere in USA or Eastern Europe.
    The name Sofia Bajwa seems for me to come from Eastern Europe.
    I think they are some young people without having any trading experience and own money, who think they can
    beat the Forex market with a selfmade system and the money of unexperienced customers. And because they
    do not have a license for USA, they claim to be located in Dubai.
    Maybe I am wrong, but decide by yourself.
    After many hard complaints, they refunded today 2.435,42 €, because my account currencie is EURO.
    If you are ready to take unlimited risk with a worthless guarantee ( they told me today, the guarantee is only for closed trades), you can give them a try.
    I think FPA should check this company accurately.
    If needed; I will send my account statement and all correspondence.
     

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