kamranshehzad : the best cure for you is ignoring you. Sue us. If you're interested enough to learn, continue reading.
If i believe i know who you are, then your account number is 1*210*.. and I'll talk about it a little.
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No, your brokers is not evil.
Scenario:
I get an email from the FPA administration about some complains on the forums, they required that I check and see whats wrong. Guess what, its a smart user again who for some reason, was banned. Ooops, It's the 7 days thing.
Backoffice Automation:
While i am not supposed to talk about this, but lt that be. Maybe if you, the end users get a better sneak on how things work, we brokers will have less problems.
- Law & Order:
Instead of having 100 employees lurking around with documents and stamps, we are using a very sophisticated CRM system (see: teamwox . com) that runs big portions of the companies administration work.
We have everything in
order, pre-defined work procedures that we implemented in our system to operate everything, in a pre-defined set of
laws/filters.
- Logic in planning the business
In a trader->broker relationship point of view, the trader in a brokers life is like an entity in programming code. A block of things; This begins when the trader opens an account (aka, enters the system), or leave the broker (either stopout, or withdrawal of profit).
Does that make login for you? For me, it does.
When you open an account with your broker.. you either make money, and withdraw profits.. or your initial deposit is stopped out.
When you open an account with FigFX, you will notice that all our account opening procedures are automated. Your account access keys and online control panel is are ready accessible in minutes. Let's see how we planned our business model/operation for a traders life.
Below is an overview of "the life of X" in the FigFX system: (X=1*210*)
Account X, opened their account on our website 2011.01.28 and was automatically placed in the "
potential_leads", they have access to the site, can check it, read docs, investigate possibilities, check modules of website, etc.. Of course, a trader can decide to just leave this company (account gets archived if not used for 45 days), or decides to make a deposit and trade. This is logic, right?
User X made over a 1000 hit-views of the website pages between 2011.01.28, and 2011.02.11, when he decided to make a deposit.
Good, we have a new trader that has "probably" read the terms of service once, and agreed at least "once more" when they opened the account and activated it. Wait, do you really open an account with your broker without reading what they do or how they do it? Maybe they are stating clearly that we're gonna kill you or something
As long as trader X trades, --
no matters if they win a million or loose such-- will make money
for FIG.
Brokers these days just route your trades to higher-level financial institutions, banks in what you might have known as "bridges".
Each time you buy anything or sell anything, your broker makes money from spreads. Its good for your broker to have you as a trader, as you are actually making them money.
Does this sound logic to you?
What other business secrets should I be revealing for people to use their common sense in evaluating things.
Anyway, Trader X was moved by our CRM to group "
SWAP". Of course, special rules here apply as this user is Muslim, so he automatically gets "
Swap-Free", which is where is re-moved, again automatically.
For us as a broker, this user remains a source of income, until he finally moved to group "
ex-clients", which is where stopped-out accounts are moved, they never come back.. or end in group "
pendingwithdrawal". Which is where a trader is moved (with same trading rights, but visible to backoffice).
Trader X, was previously moved to the "
ex-clients" group twice before as he was stopped-out a few times. He made additional deposits, and of course was automatically returned to his defined group "
SwapFree".
The backoffice until this point never knew there is a member in the system called Trader X.
They start seeing him when a trader request a withdrawal and gets moved to "pendingwithdrawal", which continue to appear on the backoffice's MT4 manager window.
PS> Personal verification documents are submitted automatically from website, verification is done in the backoffice but at a lower level. Traders can also send their documents by email to
backoffice@figfx.com if they face difficulties using the online interface. Just mention your account number,
please!
When the backoffice assistant starts seeing account on his manager, he starts with his CRM work to prepare the money transfer at 17:30. The backoffice assistant checks users submitted documents approved earlier, checks available balance, checks bonus eligibility against promotions table, checks contracts, checks for any open cases or issues at CRM, then starts a ticket to the "accounting" assistant, that will simply perform the payment out. Yes btw, we have a schedule for withdrawals which take place between 17:30 and 18:30 CET (Mon.-Fri)
Trader X decided to make a withdrawal on 2011.05.01 and so he popped-up on the backoffice's processing list.
- Is he verified? Yes.
- Did we get documents? Yes
- Does he have enough balance? Yes
- Does he have any open cases? No
- Check Acceptance of terms of service?
Yes "how many times did that happen?"
- Question: Where shall the backoffice file your withdrawal paper if you do not even have an open file in our company? Have you signed and sent us the customer agreement? Do we/you even have any signed paper that proves you are our client? Have you even sent us your bank information?
probably you never did!
The backoffice assistant has to either forward the request for accounting to process, or compliance department/manager where the case is checked against the general terms of service which is supposed to govern the relationship between us brokers, and you trader.
We used to ban accounts earlier at random times, just as the account is found violating Part #27. After long debates and discussions with the FPA themselves, they've helped us determine each and every single line of text in that terms of service page.. It was fully constructed based on our company's and the FPA's versions of what we both is best for the trader in the first place.
Now, we even automated this procedure to solve the timing problem.
The compliance officer reviews every case by itself and takes a decision. Sometimes banned EA's, sometimes multiple managed accounts, sometimes self rebate gimmicks from smart affiliates, sometimes intrusion packets detection, many many reasons..
This particular case matches a filter that moves the account to group "tos_27", which is maintained/run by a customized MT4 plugin. The plugin does exactly what that TOS part says; it automatically liquidates all open positions, determine trader's initial deposit (total deposits since account opening OR since last withdrawal/stopout), forwards the account for immediate payout, and moves the account to group "
blacklist".
This guarantees that the case is always solved in the same exact manner, timing and order. This guarantees we will have less people complaining that we closed their positions at best rates 'for us'
Trader X, unfortunately, did the following:
- Opened an account, accepted terms (probably never read)
- Spent a 1000 page hits playing around the website during 14 days.. never saw any terms
- Made a deposit, took bonus (read TOS again), traded, was stopped out, and again, and again.. for 2 months.
- Now complains, I never saw any terms or documents, I know nothing, fig is a scammer.
Well, my friend, some people along the past 2-3 years have complained a lot of how strict I am when it comes to communicating.. Maybe that's because I am mainly a programmer used to knowing that rules simply need to apply.
When coding, you set a rule once and it keeps running for ages.. when you do this with people, you will always find someone who either did not know, or did not read, or did not understand, or even forgotten about that and complain they had no reminders.
I have wrote like a million times earlier, use come common sense.
Read the terms, know the scalping policies before you fire your bot, read our withdrawal schedule posted over a 100 places instead of writing 22 emails in 50 minutes (where is my money?) !!! come on !!!
Trader X, why do you think of over 60,000 traders, only 2 or 3 face such problems let's say monthly?
Because the 59,990 are fools maybe? Maybe because those 2-3 are simply careless?
Our business is set to semi-auto-pilot that is very well documented, in code just as in-public. Do not expect a computer-programmed filtration system to obey to something like "i forgot, or i never knew". You think you're scammed? good, visit your lawyer. :|
Enough said, sorry readers, Im actually a cool guy, sometimes i just get pissed of such false claims.
Good luck everybody - trade smarter; trade with FigFX (hahaha
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