I did that Pharaoh, and they said they will not give my profits until I trade 60 lots. This was, after I clearly stated that I dont want their bonus amount. I even sent the proof where thier own company representative had confirmed the same at least more than twice...Now they want me to trade at least 60 lots else they will not give me my profits
Fellow traders kindly guide me....Paxforex has cheated me!
- Thread starter Cheth
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FXCobra
Banned for uncivilized conduct
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Paxforex is a fully scam broker, a welcome bonus of 100% says the whole story.
Additionally to question marks & confusion around its regulation at the BVI.
For your case, as I know the basic procedures most brokers follow in bonuses terms and conditions is the client must trade a certain number of lots in a month, if the number was not reached the bonus will be withdrawn by the broker.
That applies for no deposit bonus, welcome bonus, re-deposit bonus or whatever creative bonus name some brokers come out with.
(What was your account type at start? A no deposit or welcome bonus?! Where is the first post of this thread anyway
)
But also the basic says that profits are approved for withdrawal in the welcome bonus case as it will be added to your initial deposit amount.
In the case of no deposit bonus, you'll not be able to withdraw the bonus or profits if you don't reach the bonus specific lots to trade, but you can do that if you deposit money to the no deposit account.
Further, even when you deposit money to that account, some brokers ask you to trade number of lots to be able to withdraw the past and new profits.
I know lot of confusion here, even I got lost writing this post, this is why bonuses goal is mostly to take the client to a one way account explosion since the client will be in a hurry of reaching the required lots and forgets about good trading.
This is also why bonuses are waste of time, risking your account & setting you in a wrong mindset for no real reason but only the broker benefit that looks like this:
"Blow your account, deposit more money with more bonus, blow your account, deposit more with higher bonus(re-deposit bonus) and the cycle continues like that, the only looser the client, and the only winner the scam broker"
Additionally to question marks & confusion around its regulation at the BVI.
For your case, as I know the basic procedures most brokers follow in bonuses terms and conditions is the client must trade a certain number of lots in a month, if the number was not reached the bonus will be withdrawn by the broker.
That applies for no deposit bonus, welcome bonus, re-deposit bonus or whatever creative bonus name some brokers come out with.
(What was your account type at start? A no deposit or welcome bonus?! Where is the first post of this thread anyway
)But also the basic says that profits are approved for withdrawal in the welcome bonus case as it will be added to your initial deposit amount.
In the case of no deposit bonus, you'll not be able to withdraw the bonus or profits if you don't reach the bonus specific lots to trade, but you can do that if you deposit money to the no deposit account.
Further, even when you deposit money to that account, some brokers ask you to trade number of lots to be able to withdraw the past and new profits.
I know lot of confusion here, even I got lost writing this post
, this is why bonuses goal is mostly to take the client to a one way account explosion since the client will be in a hurry of reaching the required lots and forgets about good trading.This is also why bonuses are waste of time, risking your account & setting you in a wrong mindset for no real reason but only the broker benefit that looks like this:
"Blow your account, deposit more money with more bonus, blow your account, deposit more with higher bonus(re-deposit bonus) and the cycle continues like that, the only looser the client, and the only winner the scam broker"
Hi FxCobra - the first post of the thread is at https://www.forexpeacearmy.com/fore...-kindly-guide-me-paxforex-has-cheated-me.html. The one I registered was a standard account and the bonus was a welcome bonus. I agree if it was a "No deposit bonus" where I cannot withdraw the deposit or Even profits until I trade ertain lots. But in my case it was a deposit bonus and hence they can only withhold their bonus in case if I want to withdraw before I complete the volume requirement. Again they have no rights to demand that I trade 60 lots else they will not give my profits!! As you rightly said they are forcing me to enter a wrong mindset. I am sure in a hurry of reaching the goal I might make more mistakes and lose whatever I have in my account. Do you think I should request FPA team to ask the paxforex guys to come here and give an explanation!!
I personally dont think that I will be able to manage to get 60 lots traded. After all this how can I assure myself that they will NOT trick me again when I have made more profits later on....? I don't want my money to be lying with those kind of brokers.....
I personally dont think that I will be able to manage to get 60 lots traded. After all this how can I assure myself that they will NOT trick me again when I have made more profits later on....? I don't want my money to be lying with those kind of brokers.....
BigT1
Sergeant Major
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You knew they would confiscate the bonus for withdrawing before hitting the size requirement, so that is no surprise.
.
By all means you can inform them of your opening this Scam Alert and invite them to address it here if you haven't already done so; but if they are not aware of this yet, you must consider they might harden their position against you for having done so. That choice is yours to make.
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AI
I sent an email telling them that I have opened a thread here and requested them to come here and give an explanation. They replied back saying - we have already explained to you in our previous email (that they cannot give my profits) and I have to trade another 55 lots for them. I guess they want to lock me in until I make a big chunk for the company ...
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BigT1
Sergeant Major
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Pharaoh
Brigadier General
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The policy on their website is clear. They should only cancel the bonus and give you access to all the rest of the money.
This is another reason to:
a. Check out a broker carefully before placing any money with them.
b. Skip the bonuses if you don't know a broker well.
This is another reason to:
a. Check out a broker carefully before placing any money with them.
b. Skip the bonuses if you don't know a broker well.
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