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FIGfx problem

Discussion in 'Scam Alerts' started by priyant, Mar 2, 2010.

  1. priyant

    priyant Recruit

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    I am a client with FIGfx, a Non Regulated forex broker, operating in Wilmington, USA.
    Initially I opened a mini trading account number 110190, I have made deposit $250 and got 100% bonus promotion in that account. all just fine until the time I made withdrawal request problems come, they canceled all my profit and only return my deposit. through my IB they said:
    "This account open his account and entered the market and close the positions exactly at the same time with 110053, 110062 and 110067"
    This is very ridiculous, nothing traders will trading like that even newbie. I hope FPA can help me investigate this company.

    sorry for my bad english
    thank you

    PS: All trade history and jurnal has been sent to FPA

    Here is my Account history

    Before
    [​IMG]

    After
    [​IMG]
     
    #1 priyant, Mar 2, 2010
    Last edited: Mar 3, 2010
  2. PipStar

    PipStar Sergeant

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    What does it matter to them that trades were open and closed simultaneouly with trades in other account? It's none of FIGFX business.

    There have been many bad reports about this broker so traders beware.
     
  3. priyant

    priyant Recruit

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    I just told figfx about my review and they said "FPA will remove it, good job and have a nice day"
    so now I just hope justice will be provided by FPA. I allow FPA to show up all my Attachments. Thx
     
  4. Javier Keeth

    Javier Keeth FigFx Representative

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    Official Case Review

    Hello,

    Priyant:
    Before shouting SCAM, please make sure you:
    - contact the broker, to find out what happened.
    - make sure you real bonus rules.
    - contact your IB, who was properly informed of the case, and agreed on the solution to your case.

    PipStar:
    Good evening to you too :p

    Official Case Reply:
    The mentioned account, used our 100% free bonus to open multiple accounts, and cheat the trades. The Introducing Broker (duyduyfx.com :: About) was informed, and the client was banned with a full refund the initial capital, of course without the free bonus money.

    Please notice that:
    On Valentine’s Day 100% Welcome Bonus — FIGfx Brokers - Forex & CFD Online Trading — Forex & CFD Broker; Micro & Mini Forex Trading Accounts - it says:

    Any dispute or situation not covered by these Promotion Terms will be resolved by our management in a manner it deems to be the fairest to all concerned. That decision shall be final and/or binding on all entrants. No correspondence will be entered into.

    After engaging, and cheating, and getting an agreed decision from your IB, there is almost zero right for you to post complaints.

    By the way, please notice that quiet a good amount of information can identify multiple user registrations in addition to the IP that people try to change. Same bonus cheats happened with InstaForex, Prime4X and other brokers as our local IB's reported. How strange!! it's even the same names appearing in the list with all. :)

    Please read the articles below for a better understanding:

    We strongly believe FPA actually needs a place were brokers can alert each others on cheater and scammer traders, like yourself in this case.

    Have a nice day
     
  5. ernest8fingers

    ernest8fingers Master Sergeant

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    Mr Keeth whats going on?

    Keeth-you are gonna earn your money here. Seems every week now we FPA members are hearing more and more about your companies "practices"- We have another saying about Brokers that dont pay withdrawal requests or delete profits -"Deposit Only Brokerage"- If your one of these(and I have said this before) you came to the WRONG forum. Now please handle the growing list of dissatisfied clients?
     
  6. priyant

    priyant Recruit

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    Hello Mr Keeth,
    About my IB, he has committed to neutral since he not yet see the evidences, So no need too much talk... just provide your evidences and let all forum members see...
     
    #6 priyant, Mar 3, 2010
    Last edited: Mar 5, 2010
  7. priyant

    priyant Recruit

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    just asking

    ====================deleted====================
     
    #7 priyant, Mar 3, 2010
    Last edited: Mar 5, 2010
  8. clem699

    clem699 Sergeant

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    Despite repeated warnings to traders not to be carried away by bonus promises for account opening,many people still go ahead and give their money without proper assessment of a company.In fact,i believe that one of the problems being experienced by traders are created by themselves.For the mere fact that a company is not regulated is enough reason to stay away.Secondly,how on earth will you expect to open a 250usd account and get 100% bonus just like that,i know terrible conditions are usually attached to such bonuses.Thirdly,there seems to be lack of communication between you and your IB who should know better and advise you accordingly but it seems he is just a businessman or let me say an agent for figfx.

    Forex is not a quick reach venture,due diligence,hard work and realistic target is needed.As a trader,you should be very careful in releasing your hard earned money just to any company.Even well capitalized and regulated brokers could be terrible some times talk less of unregulated ones like Figfx that has no identity.
     
    #8 clem699, Mar 3, 2010
    Last edited: Mar 3, 2010
  9. Pharaoh

    Pharaoh Colonel

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    I think Fig may want to check this one closely. It's always a possibility that any sort of "abuse" may be originating with the IB and not with the individual users.
     
  10. Javier Keeth

    Javier Keeth FigFx Representative

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    Hello Pharaoh,

    Interesting, would you be kind enlightening me in a PM maybe? We would only be happy to offer any possible help.

    As for the current status of the case, for FIG the case is closed, a cheater caught and blocked, initial deposit refunded. But, if you have any lead or idea that might reveal a different prospect, we will be just glad to cooperate.

    Let me mention that the IB involved in this case, is a reliable partner of FIG since Jun2 2009. They introduced over a hundreds of clients from their area, and did mention by the way that the same technique of bonus cheating was used to manipulate accounts with InstaForex, Prime4x and other brokers conducting business in the same area.

    Before we took our decision to ban the account, we actually gathered enough information of similar cases with different brokers from IB's, and FPA threads. The majority of cases never ended in any sort of refund. FIG decided to do what others did, by banning the account, but we also refunded the trader his initial deposit to avoid any further conflicts.

    Greetings again, have a nice day
    Thanks for your contribution
     

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