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FigFx Denied My Withdraw of Deposit

Discussion in 'Scam Alerts' started by denore, Jul 2, 2011.

  1. denore

    denore Recruit

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    FigFx robbed my profit and deposit.

    Jun 14th,2011, I opened an account,no:155454,in FigFx.
    Jun 15th, I had deposit 50 usd from LR to A/C :155454.
    Jun 17th, the account was disabled when there is a balance 54.2 usd.

    I requested withdraw my deposit after I revisited figFx web policy which do not permit some EAs (I guess I used an scalplingEA not allowed by FigFx. Though I use the same EA working fine and withdraw smoothly in many brokers and I was impressed that The FigFx open account web page convinced that "... Features full hedging and scalping...." but the fact is not), thus choosing to leave. and later I also recived a mail from FigFx pertaining to my request on Jun 21, 2011:

    "FIG Solutions Limited noreply@figfx.com
    Tue, Jun 21, 2011 at 8:12 AM
    We regret to inform you that withdrawals using the LibertyReserve system will be delayed due to some technical difficulties in accessing the LibertyReserve website.
    We assure you that this technical issue is temporary, and that we have contacted LibertyReserve business relations to get this issue solved as soon as possible.
    We are sorry for this unforeseen delay, looking forward to finish all pending withdrawals by tomorrow evening. "

    I wait for processing withdraw. I did not receive any warnings during whole periods. But, finally I got the account termination mails instead.

    "FIGfx Solutions Limited noreply@figfx.com
    Wed, Jun 22, 2011 at 4:26 PM
    This email is to inform you that your forex trading account opened with FigFX Brokers
    has been permanently terminated due to a violation/incompleteness of your profile's documents.....you were supposed to send us
    your verification documents and signed customer agreement within 7 days of opening your account. ...." where the mail also mentioned:
    "...There will be no refund."

    Is my depoist no refund? I send this question to figFx support but no answer. So I posted it to the FigFx representative's thread on Forexpeacearmy, where the FigFx's representative refused my claim.

    I filed this here to request Forexpeacearmy to help figure it out.
     
  2. Pharaoh

    Pharaoh Colonel

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    Keep bugging them every few days. Also, check their site for alternate methods of withdrawal.
     
  3. Javier Keeth

    Javier Keeth FigFx Representative

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    Hello,

    I can't believe that Pharaoh can give such advises. Bugging us?! Let's hope you are joking. Just in case, I double that and ask you to bug us day after day.. Just be sure that won't help.

    The user above used an expert adviser that is clearly stated to be forbidden in like a 100 different places on our website. And by the way, does any broker allow the pip-arbitrage EA's these days?

    For the sake of being fair, and making this a little helpful, I would recommend the trader above to check the terms he probably never read, and take not of paragraph 4.6

    Again, everybody..
    If you use arbitrage techniques, or any other EA listed in the forbidden list, you will be banned. And you can join the buggers command as Pharaoh recommends :|

    Just read the terms, it's not that hard.
    See what's allowed, what's not.. and join thousands of traders who are taking very good advantage of our system offers. I wonder, I keep wondering, why amongst every 1000 happy traders, there is always someone who guesses he used something illegal !!!

    /me {NOT FOLLOWING}
     
  4. Pharaoh

    Pharaoh Colonel

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    Hee hee!

    Note that I said to bug FIG every few days, not continuously. That was intended to give you time to either fix the LR issue or get a standardized list of alternative withdrawal methods posted without getting an email from every client with a pending LR withdrawal every hour.

    So, assuming an acceptable withdrawal method can be found and he doesn't unleash too large of a swarm of bugs, any thoughts on giving him back his initial deposit?
     
  5. Javier Keeth

    Javier Keeth FigFx Representative

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    Hee Hee you too, how are you doing these days?

    Never mind, I just figured that I read your above comment in some strange way, no offense meant you know.

    Now to business..

    Pharaoh, do you have an idea how much money would it cost a provider to cover/route a trade through STP? Cents you'd say, correct?

    In this particular case, the user managed to open/close 109 trades with a pip average of 1 pip, within less than 6 hours; Of course, using that explicitly forbidden trading technique.

    Why would we want to do the refund?
    Wouldn't that just encourage others to violate every possible rule, simply knowing that they will "in worst case" get their deposit back..!!

    Unfortunately, we will not refund the user. Maybe he will learn to read the terms of his service provider before using that service.. make that forex, hosting, gym club, or whatever. And believe me, that's for his own good.

    For traders that read the terms, FIG is very-well known to be a very pleasant broker in all possible terms. People just love our services. From fast servers, to great execution to same-day withdrawals to mention a few..

    As for the other 'hunters', FIG will continue to be a very strict broker, with strict rules, very intensive verification methods and of course, bans when required.

    And yes, about that part you ignored of my last reply Pharaoh, ...
    I Wonder, I keep wondering, why amongst every 1000 happy traders, there is always someone who "guesses" he's done something illegal??!!

    Best wishes \ Javier
     
  6. Sylvie O.

    Sylvie O. Sergeant

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    I would be afraid of using an EA that goes crazy like that. This kind of EA can make or LOSE money in no time ! There are plenty of EAs in the FOREX world.The agressive ones are not necessarly the best ones. I've tried many EAs and lost money with MOST of them. Now I'm looking for EAs that don't trade very often but make steady money.

    Thanks to FPA because I can see the results of many EAs.
     
    #6 Sylvie O., Jul 6, 2011
    Last edited: Jul 6, 2011
  7. Scott Shuttleworth

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    Since Figfx seems to have a policy regarding your type of trading I would say its fair for them to keep your profits.

    Your deposit however is a different matter

    Withholding a clients deposit is, as I believe, the first defintion of a scam at forexpeacearmy.

    Give them a reasonable timeframe to give you back your deposit, if they do not comply then I'd advise you to contact the regulator to lodge a complaint. Luckily you only depositted a small amount, but its not worth spending any money to retrieve the deposit.

    Make sure u go back to the brokers TnC's and read them carefully as this is what they'll come at you with. I would be surprised if there really is a paragraph saying 'if you do not send us XYZ form or if you trade in X manner, your deposit will be forfeit to us'. If there was this paragraph I'd strongly advise anyone not to continue using this broker, think how many other traps are in that contract.

    Hopefully a FPA rep can assist you further, the company may be a little more hospitable when there are others involved.

    In future I'd recommend you always ask a broker directly if they allow your form of trading and read the TnC's carefully. The word barf is annoying but its more annoying to lose your account.
     
  8. Pharaoh

    Pharaoh Colonel

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    It all depends on the TOS. If those clearly lay out the rules and warn that breaking certain rules can result in total forfeiture of the account balance, then someone who violates those rules could be facing total loss Overall, I'd find that to be a little harsh and would personally recommend locking the account and re-explaining the rules to the client.

    Here's an idea for new clients. Instead of just clicking a checkbox saying that they've read the TOS and faxing in a signed page from it, require them to go through and agree to each major part one at a time. The parts where the major rules are that could result in an account being shut down, trades being canceled, or even the whole balance forfeited should be in Large, bold, red letters to make certain that no one can later say they didn't see those rules and "might have done something illegal".

    One other though. If trades are really STP, then why would it matter if a trade was closed in 2 seconds for 1 pip or 1 hour for 20 pips. The costs would be covered in the spread. A true STP or ECN broker should want the client to make as many trades as possible, since this will be generating revenue for the broker.

    The only real issued I could see is that some EAs might overload the server with orders, thus causing increased slippage and requotes for everyone. If the overload is critical, lock the account and then send a note. If the overload is only at an annoying level, but hasn't yet become dangerous, I'd say to send a note and give them 24 hours to shut the EA down before locking the account.
     
  9. Laurie Gold

    Laurie Gold Corporal

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    Keeping deposit is crazy

    Some interesting points here;

    If Figfx is an STP, and make their money from the spread, why do they care how many orders are placed? doesn't quite make sense.

    deleting profit from using an unauthorized trading practice, in this case an ea, I think is always questionable. The way I see it, the broker supplies you with a trading platform w/ price quotes and you act upon them, if there is a problem the broker should fix the software. A lot of brokers prevent the use of ea's by either locking them out or they cause an error (MT4 error codes 129,130 and 136 come to mind). So clearly there is a way for Brokers to program their platforms to prevent the trading that they prohibit. This would eliminate the problem altogether.

    Finally, I can not see any justification, under any circumstances where a Broker can keep a client's deposit. However, assuming arguendo, there were a situation where keeping a client's deposit was justified, I would think several (minimum of 3) warning letters to the client would be in order.

    Personally, I would never trade with a company that has the ability to keep my deposit because "they determined" that my trading strategy didn't fit there business model.
     
  10. Sylvie O.

    Sylvie O. Sergeant

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    Hi denore,

    Since Mr Keeth refuses to refund your deposit, you should file a case and people will vote on that.
     
: figfx, figfx.com

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