1. This site uses cookies. By continuing to use this site, you are agreeing to our use of cookies. Learn More.

FIGfx.com

Discussion in 'Forex Brokers' started by Administrator, Nov 20, 2009.

  1. Administrator

    Administrator Just Administrator :-)

    Joined:
    Sep 24, 2007
    Messages:
    6,150
    Likes Received:
    522
  2. Javier Keeth

    Javier Keeth FigFx Representative

    Joined:
    Feb 16, 2010
    Messages:
    160
    Likes Received:
    0
    FIGfx Brokers | Complete Review

    Dear ForexPeaceArmy Readers,
    Dear Visitors,

    Please allow me to introduce myself as Javier Keeth, many know me from the live chat platform and many even have called me personally to discuss several matters. I am here to clarify a few matters after i got written permission to post in this thread from this website's owner(s).

    -- First things first:
    Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts. Please consider the information entered in this post, my own personal review of the company i work in, FIG Solutions is not to claim any liability for the educational information made available in this forum post.

    -- FIG Solutions | Quick Overview:
    While FIG Solutions was opened for the public only in June 2009, FIG has been operating privately as a closed hedge-fund since 2007 and only after extensive research of the current market, it was decided to offer the services using the award-winning MT4 platform. Yes, FIG is a new company in the field; Yet, over 30 years of accumulated experience amongst it's team assures leading and innovative solutions for retail traders.

    FIG Solutions Limited Inc. is registered in the State of Delaware USA (Company Reg. #4710069) and operated by FIG Solutions Ltd. - Nicosia, Cyprus (Company Reg. #HE-250941). FIG is an accredited merchant performing online financial transactions mainly using Moneybookers, a FSA regulated service in the UK with license to transact and hold third party funds. As for FIG regulation itself, it has been filed in more than one jurisdiction and procedures to get proper business conduct licenses are going on. For interested people, we would like to mention that most licenses require a minimum of 6 months and can take as long as one year, depending on the level of license required. Please stay tuned for more news about this issue on our main website available at FIGfx Brokers - Forex & CFD Online Trading — Forex & CFD Broker; Micro & Mini Forex Trading Accounts

    -- Trading Platform | Account Types | Platform
    FIG Solutions utilizes the award-winning MT4 platform made by MetaQuotes Software Corp., our servers are distributed over 3 datacenters in the US with cloud-based mirrors in multiple locations. Backup servers are also in place to ensure redundancy of your personal and trading data at all times. FIG Solutions offers micro forex trading accounts for as little as $25, mini accounts for as little as $250, standard accounts for deposits of $2,500 or more and institutional/segregated accounts for $250,000 or more.

    For micro and mini accounts, traders can enjoy a high leverage of up-to 1:500 while standard accounts maximum leverage is 1:200. Institutional accounts are bound to a 1:100 leverage. Of course, FIG Solutions also offers Islamic "swap-free" accounts for interested individuals. FIG spreads are fixed at all times, and are as little as 1 pip for all major currencies.

    For trader's convenience and ease of account operation, a secured GUI platform has been introduced where traders can manage all aspects of their trading account. Edit data, change leverage, monitor trades, deposit & withdraw funds and of course, check affiliate commission reports for IB/Agent accounts.

    -- Scalping | Expert Advisers
    Scalping, is defined differently by each individual trader and can have a different look and feel in each particular case. FIG Solutions allows scalping at all accounts regardless of the account type, manually or using an expert adviser. The corporate dealing policy of FIG Solutions states that all trading strategies are accepted including "not limited to" scalping. A few exceptions exist such as hedging a spot to its own future, arbitrage, and self-rebate. Where a trader opens an IB and a trading account to generate commissions for himself. For more information about your trading strategy please contact our customer support.

    One more thing that is worth mentioning, is the misunderstanding of some "stupid" commercial EA's that are distributed online and promise to make 500% or even more daily. We would strongly recommend traders to use the simple common sense before buying such expert advisers.

    Yes, FIG Solutions allows scalping, again. But when your EA sends 3,000 orders per minute; You can not blame us (or any other broker) for the "Trade context busy" error in such case, or even the instant blocking of your account. This, is not scalping anymore, it looks more like a server-flood. Dear traders, there is NO EA EVER, that will make you a 1000% no matter how fast or how tricky your orders are placed. If they exist, the author won't ever sell you a copy even for half a million dollars.. And why should he :)

    -- Deposits | Withdrawals | Account Verification
    FIG is obligated ethically and legally to comply with financial KYC procedures. We require that all traders identify themselves properly to our backoffice & filing department before conducting business with FIG Solutions. Only because we understand that "time is money", an allowance period is granted for new traders. You can open the account, fund the account and even enter initial trades before uploading your documents. Yet, please do NOT expect a withdrawal to be processed before we get full identification information as requested on our website.

    Deposits and Withdrawals are processed daily on a strict schedule. Our backofice starts operating at 09:00 CET and finishes at 17:30 CET (except Saturdays & Sundays). In normal operation regeime, any deposit/withdrawal is processed within just a few minutes. At other cases when promos and bonuses are overloading the work schedule, a delay of 3-4 hours might be encountered. It will really sound stupid to run to some review site and start shouting, SCAM SCAM :D

    Third-party deposits and withdrawals are strictly prohibited. Under no circumstances FIG Solutions is to accept any request for deposit and/or deposit from anyone unless the funding party is identified as the exact account holder. Money laundering takes lots of forms and has a scary legal penatly, FIG Solutions is not willing to take any chances or risks in regards to such legal issues. The minimal doubt in your source/destination of funds will be enough to block your account, and forward your papers to the authorities. (Yes, we did it before)

    -- Requotes | Requotes | Requotes (vs. DEMO accounts)
    Technically, a requote is the default MT4 server answer when the requested price is way too far from the real price being fed to the server from the linked price stream. Price streams can be Tenfore, Currenex, DDE grabbers and even FIX protocol at some cases.

    In most cases, people that complain about requotes do not have any idea what a requote is, and what might be the real cause. In their point of view the broker is always the one to blame. Yes, FIG Solutions platform does generate requotes in seldom cases, and believe me almost all platforms do have requotes, for a reason or another.

    The difference between a real account and a demo account relies simply in the "logic processor" of incoming orders. This is why authors of the "stupid" EA's mentioned above will always show you stats of a demo account, and never for a real account. In a nutshell, any incoming order to a demo account will be simply answered "OK", while in real accounts the price will have to be passed over the price streaming bridge to the real liquidity provider, get a quote from there, compare trader's price with the one from the bridge, then execute the deal. The differnce between these two prices is called the slippage, which is again something everybody asks about, and rarely understand.

    Hint: Read a few lines about slippage, maximum deviation, STP vs. ECN

    -- Google said: don't be Evil
    One more problem that FIG Solutions is facing (i am sure many other brokers also) is the ignorance of common sense by some newbie traders. In 90% of all cases that our customer support team reports, the issue is all based on a misunderstanding of some term mentioned here or there.

    A trader for instance, makes a withdrawal request on Friday at 19:00 and reports FIG Solutions as a scam company because the company never paid him until Tuesday 14:00.. Ok, this is a big delay of course - but did the client contact the customer support? Is their account fully verified? Do they have available funds at all on the account to cover the requested withdrawal? Did they send us the bank details to which we were supposed to perform a withdrawal?

    One more case people can't find a contact phone on our website. We've seen lots of claims that we scammed people and the prove was not having a phone number or an address :)

    Dear Friends, Microsoft™ does not have a phone number.. does that make it a scam company?

    As a company policy, customer support was initially managed by Kayako online support system (Help Desk Software, Customer Service Software and Live Chat Software - Kayako) and was changed to LiveSupport™ live service by (LiveSupport.com). FIG Solutions never did, and probably never will provide support over the phone. If at the end installing an answer machine will solve the problem and end your doubts, we might install one to end the struggle.

    As for the address in Delaware, we would kindly ask you to head to the company registrar of Delaware state and check on the company. You will amazingly notice that the address mentioned and enlisted on our website is the correct address of our company. For your information, almost 99% of all multinational companies and specially forex brokers use virtual office service to get offshore addresses just as the one we have on our website.

    Hint: always try to solve the problem with your broker before shouting they scammed me.. your $5 won't ever make a broker rich :)

    -- Further Information
    I will be checking this page regularly to see if there are any claims, issues, suggestions or comments. Please feel free to post your comments and reviews of the service anytime you see suitable.

    Good luck with your trade.

    -- Thanks
    I would finally like to thank the ForexPeaceArmy.com website owners for the allowed chance to post here publicly. Thank you guys, we appreciate your business.
     
  3. chrised80

    chrised80 Recruit

    Joined:
    Feb 14, 2010
    Messages:
    2
    Likes Received:
    0
    About My Review

    I have sent 4 emails to support@figfx.com, since 11-02-2010 until 14-02-2010 about my disabled affiliates account (104949), but until now I still do not get any reply, and I still cannot login to my affiliates account, why is this happening?. please give me explanation.
    thanks.
     
  4. Javier Keeth

    Javier Keeth FigFx Representative

    Joined:
    Feb 16, 2010
    Messages:
    160
    Likes Received:
    0
    Hello,
    My long review above did not mean to convert this forum post into a case-study arena to discuss client cases. Yes, your account is blocked, and you were the one actually who posted a bad review about us on FPA here without even contacting us at all.

    Go to our website, click the live support button, investigate why was the account blocked (possible self-rebate, prohibited) - then make your conclusion.

    Have a nice day
     
  5. RahmanSL

    RahmanSL Major

    Joined:
    Jan 16, 2010
    Messages:
    2,508
    Likes Received:
    195
    Ok, I like FIGx.com Administrator’s openness about the company. Now, I would like to read more feedbacks before I jot down the company in my short list of potential brokers….sighhhh! looks like more reviews reading & researches are on my schedule. Hope it’s all worth the trouble!
     
  6. stevesmain

    stevesmain Sergeant

    Joined:
    Jan 30, 2009
    Messages:
    227
    Likes Received:
    22
    straight up

    It seems the Fig boys are going about their business in a straight up fashion.
    Which is good to see, if one wants their business partner to actually stay in business for the long term.
    I received my first withdrawal in a timely manor, within the time frame mentioned here considering an end of day and weekend was involved.
    Alas dealing with clientel can be taxing, so your interest in customer service is welcome. Yet it does not hurt to go the xtra mile to help even a newbie out.
    Try to have the staff there for when the chat room says online, it can be frustrating to have a no answer to a chat session that should be open.
    Will continue watching the execution times and comment further at a later date.
     
  7. ws2010

    ws2010 Recruit

    Joined:
    Feb 17, 2010
    Messages:
    2
    Likes Received:
    0
    First withdrawal on figfx

    dear team figfx,

    I still believe that sooner or later figfx will be best favorite broker, i love this broker... two thumb up ... :)

    btw, i'm account fully verified --cut----
    on Friday 12 feb 2010 i makes a withdrawal request(moneybooker) ---cut---
    but unfortunately I'm not receiving money...

    i known since fenomenal bonus 100%, figfx is very busy

    Would you mind checking it, please ??

    best regards
    ws2010
     
    #7 ws2010, Feb 17, 2010
    Last edited: Feb 18, 2010
  8. Javier Keeth

    Javier Keeth FigFx Representative

    Joined:
    Feb 16, 2010
    Messages:
    160
    Likes Received:
    0
    Recap of trader's comments & suggestions

    Hello Dear Readers & Traders,

    RahmanSL: Thank you for following up. We appreciate your business and review. When will we start seeing your activity as an affiliate? We know you have been making some good work with other brokers earlier :p

    stevesmain: I wont even try to convince you you're wrong cause you're not. Yes, our chat is sometimes unreachable. This is a very uncommon case, but it happens.

    Talking business terms, FIG needs double "if not more" the number of available agents at the time. Assuming one agent for each 500 clients, we will need like 2 new agents every week :) Ad to that the silly fact that over 70% of the questions look like "are your spreads fixed?" or "is my account mini or micro?"... lazy people make the job of support operators very miserable :D If they all just flipped our website pages before asking questions like... i sware we got a client that asked once after 27 minutes of chat about details.. the final question was.. so you work in forex, right? :D

    As far as i know, there is another support/call center being prepared in eastern europe that shall start operating very soon to serve French, German and Italian speakers.

    ws2010: Dear trader, dear friend..
    Please, let me start by asking for apologies for the delay; There is nothing wrong in confessing a mistake, and i do confess that your withdrawal was lost amongst the constantly-increasing pending transactions our backoffice processes. I assure you that it has been given top-priority and will be processed today just as soon as the backoffice starts operation.

    Please notice that:
    FPA forum, this thread, is not the proper place to publicly show your account number, withdrawal amount, agent id and even name. Did you get a written/verbal/ethical permission of the listed IB above to list his name and account number on this public forum?

    Again, this is not a place to solve your problems. Please, everybody, be kind to address your emails to our support@ email address. It will be very wise to state your full name, account number and a proper subject instead of sending one line emails that simply say were is my wd?

    Genius of the Day
    We got another Genius in our system :)

    Mr. S*** R***** K*** from Germany, managed to modify the strictly prohibited Genius EA in someway and launched it on our platform for over around 10 hours. Below are come numbers about the case, which we would like to hear your thoughts about..

    Start Balance: $38
    10 Hours of Genius EA Madness: $9,252
    Profit in 10 Hours: %25,000 :sick:

    Account was blocked, owner is welcome to ask for his $38 refund at anytime. We will not enter into any correspondence regarding this case.

    To be sure you do not make the same mistake, thinking you followed all rules and FIG scammed you after all, please make sure you read this page:
    Scalping Policies — FIGfx Brokers - Forex & CFD Online Trading — Forex & CFD Broker; Micro & Mini Forex Trading Accounts

    "Please notice that 4xGreed, Genius and all other arbitrage EA’s are strictly prohibited and will result in your account being banned, with no refunds. Aggressive EA’s that send tens/hundreds of orders per minute are also prohibited for violating the fair-use policy of our trading servers."
     
  9. chrised80

    chrised80 Recruit

    Joined:
    Feb 14, 2010
    Messages:
    2
    Likes Received:
    0
    Clarification about my affiliates account

    I have contact FigFX customer support and they had helped me to activated my account again. I want to apologies for my previous review about FigFX.
    Thank you for your wonderful assistance FigFX.
    Good luck to FigFX.
     
  10. ws2010

    ws2010 Recruit

    Joined:
    Feb 17, 2010
    Messages:
    2
    Likes Received:
    0
    Update - First withdrawal on figfx

    dear team figfx,

    yess sirr.. ..
    i already recieved the money and alose update/edit anything about no account and ib account

    case closed.. :)

    regards
    ws2010
     
: figfx.com

Share This Page