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Discuss FIGfx.com

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Confuse

Can anyone answer me, I would like to know whether
FIGfx is a Dealing Desk OR No Dealing Desk Broker?



Thank you :confused:
 
update

Time to let folks know what happened.

The account was disabled due to what they said was a change in their trading policy.

As I did not use EA's as others who are posting are finding out that Fig does not like. There had to be another reason.

The reason given was too many canceled trades.

I found that due to the execution, requotes, it was almost impossible to receive the price when an instant order was placed. Therefore using pending orders was the only choice to be sure one's price was given. The best times for this was at news times.

My sin was to have an "aggressive trading strategy", essentially trading at news times. As I found that the station was slow accepting a pending order if the server had not been alerted to a trade coming, I call this waking up the station, there was a need to set a pending order then cancel it and get ready for the news (both long & short). That resulted in about 3 canceled pending orders for each news trade attempt. For the month of Feb there were about 15 trades and thus about 45 canceled pending orders. For the life of the account the average # of canceled pending orders were about 3 per day. Hardly excessive!

The reality is obvious!

I used a trading strategy that did not allow them to requote and therefore receiving the prices I selected. This resulted in lost profits due to the distance of stop and trailing stops required to exit trades. A cost of doing business.

They threatened to nullify trades made during March on the basis of the vague policy change.

The take it or leave it offer from Fig was to accept 5 pip spreads or take your money and leave.

At first I accepted the wider spreads. Then recently requested and received a withdrawal. With many others having problems I felt it best to take the funds, maybe later they will have things sorted out.

Though the real kicker was a trade that was in limbo at the time of disabling my account. Fig would not modify the trade till the matter got sorted out. At the time of disabling the account the trade had been opened in the journal but not moved to the open trade position on my station, I had selected a trailing stop of 15 pips, there was a profit on the board up to about 60 pips and a trailing stop would have captured 45 of them.

As Fig would not modify the trade to allow a profit the trade retraced and hit my original stop loss. Resulting in about a $100 loss & what with the lost profit of about $450 the total loss to me was about $550. It was Fig's attitude about this trade that was troubling. Even the FPA said that I ought to be able to have something done about this trade! MT4 does not register a trailing stop in the journal until it starts being active. My trading history shows I always used stops and at the very least adjusted them to a no lose position.

The result is total dissatisfaction! There ought to have been no disruption in service! No trade funny business! And an apology for the trouble! Fig changed their policy and notified no one, save changing their web page, till after the fact. Using their no notice statement on the page in question equals poor business practice at the least.

No one in their right mind would not expect the backlash that is happening form this!

Too bad, I was looking for long term trading with FIG.

Note to Javier;
Your new handle is now SPINNER! You have spun a tale just about every were you go, turning what is poor about Fig into a positive. From requotes to complaints stating that your clients were satisfied after they had lost money but were able to get what was left out, there has to be a "million" of them.
 
Time to let folks know what happened.

The account was disabled due to what they said was a change in their trading policy.

As I did not use EA's as others who are posting are finding out that Fig does not like. There had to be another reason.

The reason given was too many canceled trades.

I found that due to the execution, requotes, it was almost impossible to receive the price when an instant order was placed. Therefore using pending orders was the only choice to be sure one's price was given. The best times for this was at news times.

My sin was to have an "aggressive trading strategy", essentially trading at news times. As I found that the station was slow accepting a pending order if the server had not been alerted to a trade coming, I call this waking up the station, there was a need to set a pending order then cancel it and get ready for the news (both long & short). That resulted in about 3 canceled pending orders for each news trade attempt. For the month of Feb there were about 15 trades and thus about 45 canceled pending orders. For the life of the account the average # of canceled pending orders were about 3 per day. Hardly excessive!

The reality is obvious!

I used a trading strategy that did not allow them to requote and therefore receiving the prices I selected. This resulted in lost profits due to the distance of stop and trailing stops required to exit trades. A cost of doing business.

They threatened to nullify trades made during March on the basis of the vague policy change.

The take it or leave it offer from Fig was to accept 5 pip spreads or take your money and leave.

At first I accepted the wider spreads. Then recently requested and received a withdrawal. With many others having problems I felt it best to take the funds, maybe later they will have things sorted out.

Though the real kicker was a trade that was in limbo at the time of disabling my account. Fig would not modify the trade till the matter got sorted out. At the time of disabling the account the trade had been opened in the journal but not moved to the open trade position on my station, I had selected a trailing stop of 15 pips, there was a profit on the board up to about 60 pips and a trailing stop would have captured 45 of them.

As Fig would not modify the trade to allow a profit the trade retraced and hit my original stop loss. Resulting in about a $100 loss & what with the lost profit of about $450 the total loss to me was about $550. It was Fig's attitude about this trade that was troubling. Even the FPA said that I ought to be able to have something done about this trade! MT4 does not register a trailing stop in the journal until it starts being active. My trading history shows I always used stops and at the very least adjusted them to a no lose position.

The result is total dissatisfaction! There ought to have been no disruption in service! No trade funny business! And an apology for the trouble! Fig changed their policy and notified no one, save changing their web page, till after the fact. Using their no notice statement on the page in question equals poor business practice at the least.

No one in their right mind would not expect the backlash that is happening form this!

Too bad, I was looking for long term trading with FIG.

Note to Javier;
Your new handle is now SPINNER! You have spun a tale just about every were you go, turning what is poor about Fig into a positive. From requotes to complaints stating that your clients were satisfied after they had lost money but were able to get what was left out, there has to be a "million" of them.

I wouldnt waste 1 more second with funds in that Brokerage Stevesmain. Sounds like they dont like clients to actually profit. Thats a warning sign -IMO. There are many decent Brokers that DONT change their trading policy on a whim. Lets see how Mr J. spins this "news"? I know I cant wait-lol.
 
Taking a look at our FPA reviews page leaves me no chance but to laugh out loud.
You're not the only one who's laughing. I am too, because you are funny... like a clown. Please keep up the good work here.

On the days that you don't write, I like to read your scalping policies page for a good laugh.


To all FIG Fx clients: Withdraw all of your funds and move on to a reputable broker.

To those who have been scammed (e.g. earned profits canceled), I suggest you band together and take action against FIG Fx.
 
Can anyone answer me, I would like to know whether
FIGfx is a Dealing Desk OR No Dealing Desk Broker?



Thank you :confused:
I agree with Javier that many of the review and thread posts are so funny (as are Javier's own posts), with the one above being a good example.
 
A new month and a new promo from Fig!

They want you to trade and if you loose all your money they will give a bit more to keep you going!

Hey I have an idea, why not stop fiddling with the policy's and you would still have those who have stopped or closed there accounts, still trading!
 
I just quit Figfx

Hello,

I was using Figfx service for 3 weeks. They work on four decimals, and not five, they have quite big spread and swaps.

I had trouble with activating the account, took 3 days altogether...I did not enjoy the trading because I like if pips going up and down, and there was nothing to enjoy about staring on 4 decimals..

The bonus is a good thing, but takes long to get it...

I withdraw my initial deposit and made an extra dollar huh...I got it on moneybookers without problem.

At least I did not blow up the account.

Bambura
 
FigFX

Opening an account is entirely online. Quick and simple, as well as funding if one uses online firms. A bonus was applied instantly!
There back office is not open 24/7, Almost 2/7, And almost not connect. e-mail is no answer.

I use original EA and blocked. They said remove these trade,

I got e-mail
---------------------------------------
Dear Mr.XXX XXX,
We are sending this email to you to inform you that we just blocked your account to check and review your EA, Don't worry your funds are in safe.

But we are asking you to send a copy of that EA to this email to check it faster and re-enable your account as soon as possible.
------------------------------------

Live support (I try 3days to connect)
Live 0perator:
I mentioned, "most probably".
This is why we asked for your EA, to analyze how it works. And from what i see on our ticketing system, the risk management department is not accepting this EA. You will be informed by email accordingly.
Live 0perator:
Have a nice day

This is my blog with screen shot in Japanese.
FX¼«Æ°ÇäÇãʪ¸ì FigFX¤ò»È¤Ã¤Æ¤Ï¤¤¤±¤Þ¤»¤ó¡£
 
account 111487

Dear Figfx:

I've been trading with figfx since march 10th.

You have the lowest spread of major currencies, great!

However, I had submitted withdraw request on my account yesterday for 700 dollars, while my account have 1002 dollars. The request isn't dealt yet.

I understand that you are busy, so will you check this for me and hurry the process up?

I believe Figfx will be better and better, and I'm looking forward to hear from you soon.
 
Hello Fellow Traders & Friends,

I am sorry for being away for long, but if this only means something (at least for me), it means that i managed to run over 40 days without having any complaint here or there.. FIG is having good times, and seems that most of problems that were appearing earlier are now finally solved.

hailongsong:
Yes sure, no worries. Your withdrawal came Friday a little late and of course, Saturday & Sunday are weekdays where no one works in the backoffice. Please, update us if you do not get your withdrawal by the end of tday (Monday).

Bambura:
Thank you for your comment. FIG have been having too much problems already with scalpers even though we have four decimals, can you imagine what would have happened if we used five :)

Five digits is of course great, it gives traders a more convenient trading opportunity to grab some more pips theoretically. Yet, it will be very hard for FIG to offer 5 decimals and still offer the scalping features currently offered.

I have only one note on your comment where you commented about spreads. I really do not see how can 1 pip spreads be called big, maybe you meant something else? As for swaps, you should have contacted us for a swap-free account, it is available and all it needed is just a request to our backoffice. Maybe next time.

I've also noticed a few 1-star ratings on FIG's review page offered by the FPA. Here are a few comments about them:

- Review by fxnomonogatari, Japan
This user managed to withdraw over $6K of profits from a $3K account. The profits were generated by a forbidden EA that is clearly stated on our scalping policies page. The traders thought that changing the comment of his EA will be a good cheat.

Ok, i agree that FIG was cheated a quite a while and did pay the trader money that he cheated to earn. But anyhow, a more detailed analysis of the used EA revealed that the EA is nothing but ForexShocker, which is strictly forbidden and clearly stated as such. -- Next time my friend, or try cheating in other places.

- Review by Yosi Ronadi, Indonesia
This one is simply great, appreciations for your honesty dear Yosi, really.
Please, take a look at this image submitted by the user as a proof that FIG scammed him..

[ http://i39.tinypic.com/f9un4.jpg ]

The user did not even have enough time to hide the accounts appearing in the navigator panel at your left. It is clear and obvious now that FIG did just the correct thing for such smart users.

Yosi, opened three accounts under his own affiliate account and was taking meanless high volume trades to cheat our 100% bonus by finishing the minimum lots required and withdraw the bonus money for free.

As stated on our affiliate/ib page, and as instructed by the FPA Investigation team, we clearly state that managing multiple accounts under your own affiliate account is strictly forbidden as this is called asset management, and not introducing brokerage.

Mr. Yosi,
You traded with FIG for over 6 months, and you were paid each and every time you made money, your earlier reviews state that so don't deny it. Just as you started being smart by opening multiple accounts and cheating - you were banned. I am sorry, but you deserved it. FIG does not welcome cheaters of any kind, and will keep banning all accounts that cheat, or even try to.

---

Dear Friends,

While the FPA is a wonderful place for traders to communicate with their brokers. There are still a few places where the FPA is leaving brokers behind, giving lame traders and cheaters more ability to throw their accusations on brokers as if they were devils.

Since April 1st, when the 100% bonus and cash back started - FIG managed to serve over 8,000 new clients from 100 countries, and as you can see not even a single dispute or claim filed.

Then appears one or two persons to leave such bad reviews of what they think was a conspiracy by the broker to eat their money and make the impact on the brokers reputation. We would really like to see the FPA finding a way to reward brokers, unless of just giving more space for lamers to point their fingers in all directions.

Finally, we would like to thank the masses out there for their trust and clean business conduct with FIGfx Brokers. FIG will continue to serve you transparently and with maximum efficiency.

Please take another look at www.figFX.com to checkout our latest 100% bonus started May 1st, with FIGfx you are always a winner.

Have a nice day
 
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