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FIGFX a Modern SCAMMER

Discussion in 'Scam Alerts' started by FxTrader61, Jan 27, 2012.

  1. FxTrader61

    FxTrader61 Private

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    Hey Guys,

    I am here to introduce a big SCAM broker : FigFx.com,
    they found a new way in forex market to legally SCAM their clients,
    I Congratulate them, they are intelligent in this way

    What am I speaking about? It is called Paragraph #27,

    The story is : the FigFx.com has a paragraph in their Terms and Conditions that says :

    "FIG Solutions must receive an original signed copy of the entire Customer Account Application and Customer within seven (7) days of completion of the online Customer Account Application. If FIG Solutions does not receive the Customer Account Application and Customer Agreement with original signatures, FIG Solutions reserves the right to liquidate any Open Positions in the Account and to close the Account. In such cases, the client will be eligible for a full refund of his invested capital within 14 business days as of the date of account closure."

    and it is just here and you can not find any notification about this anywhere else in
    their account information email or in verification section of their member area, now you
    can easily guess what will happen: most of clients never read the TOS ( because they
    knew brokers TOS is usually the same otherwise they inform us about that) so they do not
    send this documents to the broker so figfx may close their account legally,

    But if you are a looser trader don't be worry this paragraph is not for you, you can
    continue your loosing and FigFx helps you in this way by adding you %100 bonus and
    there is no matter if you never send this documents.

    but if you are a winner trader unfortunately I must say this is for you and you never
    can see your profits in your hand, FigFx will remove them easily.

    Don't you congratulate FigFx for their intelligence in SCAMMING ?;)

    The questions are :

    1- If FigFx is not SCAM and really there is a need for this signed agreement, why they
    do not notify for this anywhere else?
    2- If there is a need for this, why in the verification section of their website they don't
    ask client to send this too?
    3- why if a client is looser there is never any need for this and he can continue as long as he wish?
    4- why after 7 days they close client account? they can disable his account and
    ask him for this document!?!!

    Dear traders, if you are a winner trader or willing to be, stay away from this broker
    because a broker with such a rule always is ready to do something with your profit.

    I have currently a $2500 account with FigFx and they closed my account,
    no matter they will pay me or not this paragraph is a way for Scamming traders
    and they should change their way, I don't like other traders face this issue like me.

    Regards,
     
  2. stevesmain

    stevesmain Sergeant

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    The time frame is interesting in that most postal systems will have a problem getting international mail to them on time! 7 days is hardly long enough.

    To courier the forms could get expensive for small amount start up traders.

    If they want steady traders then they would no doubt notify their clients of this important feature!

    Documentation is an easy fix, an auto notification of this requirement is a must. All fig has to do is contact their client to request this & let them know that they will not be able to withdraw profits till they receive the paper work ( which is unusual as few brokers require this, emailing the important pages is enough for other brokers ). Perhaps they have an investment in a paper manufacturer or need more paper to store?

    Like you mentioned all they have to do is suspend an acct. pending the documents. So this way of doing business is highly suspicious.

    Did you look into the broker review page before you opened your acct.? Might have been a red flag for you!
     
  3. FxTrader61

    FxTrader61 Private

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    Another innovation from FigFx in SCAMMING :

    "Posting any public material will be considered as an additional violation as per our same terms of service agreement (Paragraph #17).

    To make sure you will not do the posting, I have put your pending withdrawal of your initial deposit on-hold for 180 days. If you do not post any public material within the next 180 days, feel free to re-open this ticket and ask for your withdrawal.
    "

    ;):p:confused:
     
  4. stevesmain

    stevesmain Sergeant

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    A draconian measure for sure!

    Any broker that puts these types of terms & conditions in their agreement is waving the red flag on top of a mountain for all to see!

    Can the FPA place a huge warning at the top of the broker review for this company?

    How does one spell Gestapo?
     
    #4 stevesmain, Jan 27, 2012
    Last edited: Jan 27, 2012
  5. alvin050

    alvin050 Private, 1st Class

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    Definitely warrants a bold warning in their broker review page. FPA pls comment, thank you!
     
  6. Pharaoh

    Pharaoh Colonel

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    Oooohh... That does seem to be over the top. I wonder if Javier would care to join the conversation?
     
  7. Javier Keeth

    Javier Keeth FigFx Representative

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    FxTrader61:
    Your story is just as good as you described it, you almost got me standing to your side against the evils. Yet if you do ask yourself what really happened, you'll soon discover that you were experimenting your lying styles here, nothing more.

    stevesmain:
    In another thread we both joined earlier, I actually followed your comments and replies as they appeared to be authentic. Here, you just showed us how a simple baseless accusation can drive you long where the road takes.

    How nice it would have been to see you making a much more useful comment, specially that the user gave you a hint where to look. He mentioned Paragraph #17 for example, have you even looked there? Don't you think commenting something you did not even see/read will affect your credibility?

    ps> 7 days being tight is noted, thank you.

    I quote:
    "Customer will not publish, distribute, or otherwise make information available to third parties any information derived from or relating to the Trading System(s) or Customer's own Account unless authorized in written by FIG Solutions Limited Director.; By doing so, Customer denies any right to access or manage the account in question. Customer as well declares the accounts in question VOID as of the moment such distribution or account data was made public. Customer will not copy, modify, de-compile, reverse engineer, and make derivative works of the Trading System(s) or in the manner in which it operates. Customer agrees to submit an internal support ticket and give a six (6) business days time span for FIG Solutions Limited to provide an initial solution to his issue before Customer addresses such an issue in public forums, discussion boards, review websites and/or any other online resources. Posting any account related issues, reviews, opinions of FIG Solutions Limited online and/or at public-domain before FIGFX has 6 business days to try to resolve the issue is considered a violation of this terms of service agreement and will result in banning the Customer's account (See: P# 4.6) "

    Now, I suggest you ask the user to stop lying to himself and people here, and be a man to show what exactly he wrote us when we actually alerted him about his missing documents. In reply to what he wrote, he got the answer described in thread-post #3 above.

    Pharaoh:
    To remind you, our TOS was authored with the help of the FPA team itself earlier in 2008/2009.. Each and every single entry there was negotiated between the involved parties and was approved as by our lawyer and by the FPA's administration team.

    To remind you also, we used to have a 1000 monthly cases in 2008 which were constantly opened by unhappy people. After adding Paragraph #17, people started using the support forums first, and 99% of those cases never even reach the FPA anymore, people just get the help they require/deserve and everything is finished before it even starts.

    Forgive me, one more reminder for you.. I have posted a large scam case from Iran around 1.5 years ago which was all built around unverified accounts, identity theft and possible money laundry. Please, at least do not hold us guilty for trying to be extra cautious with some 'bad karma' traders.

    FxTrader61:
    - Contact your lawyer, ask for some consultation.
    - Feel free to contact me anytime you are ready to tell/admit what really happened and show your unethical threats upon alerting you about your missing documents. Maybe then we'll have what to discuss.

    Have a nice day
     
  8. stevesmain

    stevesmain Sergeant

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    Thank you for the quote in your tos, your client was not lying here!

    Javier you are the best!... AT MISDIRECTING THE POINT

    The point here being that Fig actually has a clause in their tos about the time frame for the full document to be sent to them, at that it is so tight to the opening of an account. Most brokers do not require this, all they need is a scanned copy of the appropriate signed pages and not the full document, very rare that the full document need be sent.

    By the way do you treat losing clients the same way?

    The next point in the tos about muzzling your clients. Your customer service must be pretty bad that you need include that in your tos.

    I have a suggestion, improve your service and there will be no need for these restrictive clauses.
     
  9. Javier Keeth

    Javier Keeth FigFx Representative

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    Sure, that's the TOS.
    You, can stick to your 'other brokers' that do not require this.
    There's no banner with "a man holding a stick" on our homepage saying "agree or we'll beat you!"

    {N-F}
     
  10. stevesmain

    stevesmain Sergeant

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    J

    That is the point!
    There is the golden rule; He who has the gold makes the rules.
    In this case it is their business and one can abide by the rules or move on.

    Let's have the FPA set a warning at the top of the broker review page for fig that they have repressive tos terms that are unique to them and have caused trouble for traders!
    I am sure fig won't mind this! It may save them even more bad posts.

    Many "other brokers" have not caused the problems fig has created. So is it better to use a broker that does not create problems for their clients? Or one that has a long history into the "1000's" at times of dealing poorly with their clients.
     

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