Problem FastBrokers and FXDD case

[mrf1962]

Hi,

I'm hoping to make a living trading Forex. If and when I become profitable enough to cover monthly expenses on a regular basis, do brokers have issues with traders making regular monthly withdrawals of amounts enough to pay their monthly expenses. That's probably why I have 3 brokers amongst whom I can divide those expenses.

Big companies like FXDD should be able to accommodate those withdrawals without too much problem, right? and without suing or complaining about it?

I hope because I want Forex to be my main source of income.

Your thoughts,
Mrf1962

 

[Raimundas]

I'm hoping to make a living trading Forex.

Before the opening the real account with FXDD, my dreams and intentions has been the same kind like yours, mrf1962. But the reality became like nightmare for me and my father: my profit of ~$3700 turns into the FXDD's claim. Now, the FXDD's claim has grown up to the sum of $672000.00 (see my next post in this thread)...
Are you still hoping to make a living trading Forex with FXDD???

 

[Raimundas]

The additional compensations

A broker suing a trader?

Yes.

How much are they asking for?

The total amount in controversy is approximately $200000.00 plus additional compensations (see attached files 1.png and 2.png ).

Currently, we know the exact amount of those additional compensations. Those are as follows:

1. The cost in both labor time and physical investment to repair the damaged computers including new firewalls, servers, etc. to date is $118000;
2. Legal fees to date are $34000;
3. Loss of goodwill and the impact on our reputation is difficult to calculate, however, several of the defendants are making claims about their successes on websites. FXDD knows that retail investors as well as corporate investors perform due diligence. I estimate the cost in goodwill and reputation to be $500000;
4. FXDD has spent additional time meeting with regulators, state, federal, and international law enforcement, and has incurred travel fees and expense costs of $20000.

 

[Pharaoh]

FXDD needs to sue their own legal team for creating this mess. They are the ones damaging the reputation of the company.

 

[mrf1962]

All this over a profit of about $3700.00. I'm sure that there are other traders that are just as profitable if not more. This is so ridiculous. I hope the courts see that this is a ridiculous case and throw it out. I'm so sorry, Raimundas. My best to you and your father.

 

[claretblue]

All this talk about manipulating prices etc, reminds me of a discussion last year involving the existence of a piece of software from Boston Technologies called Virtual Dealer Plugin. This was specifically designed to allow brokers to CHEAT clients out of their money. I wonder does FXDD use it?

 

[Raimundas]

I would like to encourage you to vote about this issue: Traders' Poll link.

 

[Pharaoh]

I'm glad to see this one is up for a vote. Maybe FXDD will finally realize that attacking their own clients is not a good way to promote their business.

 

[RP1]

FXDD's actions here continue to be idiotic.

 

[antonisk]

FXDD's actions here continue to be idiotic.

The amount that is in play is so small compared to what FXDD makes. The buzz in the forums and the bad reb that FXDD will have at the end of the day isn't worth it. I don't understand them just pay the guy and close his account if you don't want him trading with you , if you have security holes make sure you close them before every trader out-there finds this magic script that manipulates the brokers prices.