Discuss FIGfx.com

[ernest8fingers]

I dont like the tone of your post

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

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.

I dont like the tone of this post. Its as if Mr. Keeth is saying no matter what concerns a prospective client might have-go back and read our website and dont bother us with "silly" questions? I have definite reservations about a "new" Forex brokerage-and one that allows you to open an account(and possibly lose that account) w/o proper documentation(this is fast becoming the Forex "norm"). I also dont like that they do not have telephone support. That is NOT normal in any business anywhere on the planet. Its wait and see(prove yourselves 1st-with deeds not words) for me.

 

[PipStar]

Why would you want to open an account with a broker like that in the first place? You have no chance of a fair resolution if they decide not to pay you because you have supposedly broken their 'rules'. The biggest rule you can break there is probably that you have made profits. And with the attitude they have shown on here, I would not waste my time with them.

 

[Javier Keeth]

Thank you PipStar,

A very convincing contribution. Thank you.

If you'd read your own post again, you will notice how it was perfectly constructed with logic in mind, and a solid proof of a particular case.

No no, it does not reflect that someone paid you to write it at all, did i even say that?

My friend, go get a life somewhere else. People like yourself have a name on the internet, PM me if you'd like to know how you are called. Or wait for people to tell you publicly

 

[ernest8fingers]

we know the name

Keeth-we have a name for Brokerage reps that do nothing but belittle and call everyone names - its "SWISS-ADVISOR" !

 

[Javier Keeth]

Keeth-we have a name for Brokerage reps that do nothing but belittle and call everyone names - its "SWISS-ADVISOR" !

Mr. ernest8fingers,

Thank you for the information, much appreciated.
This thread was meant to be a place where firm reps. and clients, traders, visitors to share a word and/or solve a stuck issue. Not to make conflicts that we both can live without.

If you have any problem, issue, comment, suggestion or question regarding FIGfx, please feel free to list. Otherwise, please be kind to leave this thread and give people the chance to express themselves. I can see no value in any of your posts. If you have a useful word, say it. If not, save it.

People, like yourself that visit forum threads leaving useless messages and accusations do also have a name by the way.

Good luck, and sorry everybody for the off-topic.

 

[FIGFx Client 101140]

Please see this post about my experience today, titled "FIG FX took back 400 USD of my interest earnings": https://www.forexpeacearmy.com/fore...k-400-usd-my-interest-earnings.html#post31161

 

[ernest8fingers]

Good work FIGFx Client 101140 on exposing this companies "monkey business".
It appears Keeth is not used to dealing with an intelligent/experienced Trader?
Now, this "business", has involved the AsstModerator and the Scam Investigations Com. I hope Mr Keeth realizes the audience he has exposed his company to is fairly large. We are all waiting for the outcome(the return of the $402. that was "adjusted" out of your account). Trading Forex is hard enough without the added stress of never knowing how your broker will treat your account.

 

[Dec]

Execution Problems

Hi Keeth, I'm a professional trader and after looking at and trading with several companies, I picked your company because it seems to have all the best qualities. I've only been trading for a short time and you guys have been great. I have a few concerns though about execution:

1. Execution is incredibly slow in the real account. Often I get more than a few requotes on each round turn. Most times the quotes that I get are not even near the current price, even in a slow market.

2. Entering and exiting trades I always seem to get the worst price out of the range. There was even a couple of times last night in the asian market in which I was exited on prices that wasn't even in the bar's range?

3. Even when I set a take profit and it's hit my price, my order takes extremely long to close out. Often times piercing through the price by several pips and remaining that way for 10-40 seconds.

These issues are making my trading experience somewhat undesirable. I was hoping to be with your company for a while. Is there any way you can look into these issues for me. Perhaps I'm doing something wrong. (On a bad server, etc.) Client 109208. Thank you.

 

[cash4u2]

Even when I set a take profit and it's hit my price, my order takes extremely long to close out. Often times piercing through the price by several pips and remaining that way for 10-40 seconds.

This happens to me most of the time, and and a lot of trades get closed with a loss, although the closing has been started while in profit. This is the worst execution performance, I have ever come to notice. Seems like the "1 pip" brokers are all cheating their customers, without exception! They let you profit on demo accounts and make you lose on real accounts!

 

[Javier Keeth]

Hello Everybody,

Dec:
Slow executions happen, i can not claim having the fastest servers around even though we are have added a few additional MT data centers. As for the quotes you got which are wrong, email our support with the ticket number and the position will get fixed.

In general, there can be some delays in executing orders, and usually honest traders are the ones who suffer from such problems. We are aware of the problem, and have been trying to solve it and we will solve it. If you are interested what causes a 10 seconds delay, try taking a look at the following scenario:

Let's face a fact that over 80% of traders are using EA's. Some EA's like FAPTurbo, which is used by hundreds of traders will send an order simultaneously from the hundred accounts when the market moves more than 3-4 pips at once or a certain pattern is detected.

The MT4 queue gets filled with a hundred 0.01 trades, entering, exiting, modifying in the exact same time.. You, in the other hand will have to wait a valuable 10 seconds until your order's turn comes.. Resulting usually in one/two things: a) the delay itself b) a bad price 10 seconds old, aka requote

Please notice that MT4 OR is a FIFO process. (Not the NFA FIFO, a technical FIFO execution prospect). Sometimes, and you can ask anyone from within a dealing room how that looks... and with no prior notice, the queue gets filled with 200-300 buy/sell/close orders by EA's running on VPS accounts.. if your order is stuck there in that long list.. you're delayed.

FIG has started filtering some EA's out to take-off some load of our servers. But again, we can not forbid people from using EA's in general. I am not sure if you are being the victim of these EA's that abuse our server, but certainly the problem exists and we are constantly trying to solve it.

PS> Please re-check your account number, the account number you entered is a demo account.

Finally, please contact our support email with your account number.. I am interested in the cases where you got quotes off the real charts, i would like to take a look at those if possible.

cash4u2
Comparing DEMO and REAL order execution is a very newbie mistake that people still make. This is one things you should NEVER do, not with FIG, not with any other broker.

Demo, is a "SAY YES" environment. There is no logic in OE there and it is not compared or even validated against any source. The demo server just says "OK" to any order you send. You should never expect a real account to act like a demo one, no matter what broker you use.

Have a nice day