Problem FIGfx problem

[priyant]

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

As usual broker, too many reasons but without evidence...

I've asked IB, what a mistake with my acct. but he said only figfx that knows, and he also informed there are 70 acct. that you will not pay withdrawal requests... maybe I'm the first to complain

So let's act like a professional, please provide evidence for the accusation that you are saying through my IB,

PS. I keep all chat archived with my IB

Regards

 

[Pharaoh]

Since there are supposed to be several accounts making simultaneous trades, could Fig give info on this?

I can think of several legitimate explanations. All the accounts could be using the same EA, be subscribed to the same automatically placed signals, or be using the same account manager. If the trades are the same, but have slight variations in the time of entry, all of them could be in the same trading room.

Identical trades in the same direction should not qualify as "bonus abuse" automatically. Massively over-leveraged trades in opposite directions would be a sign of abuse. If there's a big move, one account gets a margin call and the other gets much higher profits than if there were no bonus.

Since there's already an IB involved that you've cleared of any form of self-referral, the only other way this could be abuse of a bonus is if there is solid evidence that the accounts really only belong to one person. Identical trades alone fail to meet this test.

BTW - As far as I know, all legit brokers (and quite a few less than legit ones) do refund the initial deposit in cases where the broker claims abuse. Telling a profitable trader "We don't like you. We will refund your initial deposit and call it even." isn't good enough. If there's evidence of a true attempt to scam a broker, returning the initial deposit is the right thing to do. If there isn't solid evidence, then keeping profits is theft.

I'd love to see the actual evidence and how you feel it qualifies as abuse.

 

[Javier Keeth]

Since there's already an IB involved that you've cleared of any form of self-referral, the only other way this could be abuse of a bonus is if there is solid evidence that the accounts really only belong to one person. Identical trades alone fail to meet this test.

$479 were credited back to trader's account.
Please login and submit a withdrawal request to claim your money.

We would expect the trader to edit/remove/update his sumitted reviews, posts, threads with inappropriate words in red submitted all over the forum.

Thanks Pharaoh

 

[priyant]

I've received 481 usd in my webmoney account, I want to say thank you to Pharaoh, ernest8fingers and PipStar for the good words also clem699 for the advice...

I hope figfx would be more wise in the next decision-making

God bless FPA

 

[ernest8fingers]

I've received 481 usd in my webmoney account, I want to say thank you to Pharaoh, ernest8fingers and PipStar for the good words also clem699 for the advice...

I hope figfx would be more wise in the next decision-making

God bless FPA

Your welcome! Enjoy your victory-your account survives to trade another day(this is ,in fact, what all Brokers should want anyway.)

 

[aboothahir]

FIGFx is not processing withdrawal - Scary situation - Scam Scam Scam

i have opened an account in the month of december and funded 1000 usd via wire transfer from india. I tried to trade with them, but from january it's very difficult to close a position. it takes almost a minute to close a position which ends up in loss. Now my account has only 718 usd. So i decided withdraw the balance money. I don't find an option in their cabinet to fill my bank details for wire transfer. So i have placed a withdrawal request via Liberty Reserve. I got no response from them. So i mailed them and go two different replies which are contrast to each other. Find both the replies below:


1st Reply:

Hello Mr. Aboo,

Thank you for contacting FIGfx Brokers.

Please, make sure you contact support@figfx.com email address ONLY. There is no need to send a dozen copies to all inboxes as this will only delay your transaction between departments.

Unfortunately, FIG Solutions has stopped accepting and sending direct bank wires to India, because of international business restrictions in regards to the Mumbai attacks.

To process your withdrawal, we will have to ask you for a LibertyReserve, WebMoney or Moneybookers account to send your money to. Please respond to this email with the desired destination for your withdrawal when you see fit.

Sorry for the inconvenience & Have a nice day






Seeing the first reply i again placed a request in Liberty Reserve.


Immediately i got the second reply which is mentioned below:

2nd Reply:


Hello,
Please send your bank details to backoffice@figfx.com
Regards





The first reply says they cannot send the money via bank. The second reply asks for bank details... Which one to believe? This is dubious. So i sent both the details to them via mail. Sent them bank details as well as Liberty Reserve details. I also filled the wire withdrawal form and sent them.




Till now they didn't respond.


I sent them several mails and they never responded. Even in the live chat, they are very clever. They are not connecting to me if connect them from india. I was trying their chat help for two days and it was not connecting. Suddenly i got an idea to connect them from my Virtual Private Server in US.


When i tried from VPS in US they connected. First time they asked for my account number and i gave my account number 102994.

Immediately they replied saying this account does not belong to the location you are connected from and immediately terminated the chat session.


Then second time i connected them from vps. I asked why i am unable to connect from india? They said they are accessible all over the world. I said iam unable to connect from india. Again they terminated the session.


Then third time i connected them and said how would be u process the withdrawal? They said it would be the same mode as deposit. I said i deposited via wire transfer and how can i withdraw now? They terminated the session and went.


Again i tried to connect them from VPS. They said i need to connect to them only from India.

But if i try to connect them from india, its not getting connected.


Now they also stopped responding mails too....


I have referred two of my friends with ac number 106166(Murugesan) and 107190(Nizarudeen) to figfx.com and their case is also similar. The withdrawal is still not yet procesed.


I am very scared. Please help me to get back my funds....

 

[Pharaoh]

Yo Javier! Can you get the customer service wire's uncrossed for this trader?

 

[Javier Keeth]

Yo Javier! Can you get the customer service wire's uncrossed for this trader?

Hello Pharaoh, Readers,

Sorry for being late on this one, i did not get the notification in time.

I tried to trade with them

Yeah, you of course did. Shall i attach a log of how your EA was sending over 40 trades per second for a whole day? I am sure some fans here will love analyzing that. I hope, you did not expect all 40 trades/sec. to be fulfilled as you requested, if each is to be executed in half a second, you'd have needed 20 seconds for the last one. An absolute madness situation.

but from january it's very difficult to close a position. it takes almost a minute to close a position which ends up in loss.

The default global timeout for any operation in the MT platform is 30 seconds, so that's a first inaccurate accusation.

So i have placed a withdrawal request via Liberty Reserve. I got no response from them.

We did get your email on Thu, Mar 4, 2010 at 3:58 PM -- And I, got this particular email and did personally respond in a promptly and very quickly; and in a very good description of what to do, and when to expect action. My mailbox just informed me that my email was sent and delivered on Thu, Mar 4, 2010 at 4:05 PM -- That's seven minutes later.. Was that not fast enough? So that's a second inaccurate accusation.

The reply, why LibertyReserve or MoneyBookers?
In Early February, we had a case with an Indian trader from Chennai who sent us a wire transfer which was not received for over 26 days. After that period, we learned that some banks in India are investigating money sent to particular countries because of international business restrictions in regards to the Mumbai attacks. To avoid problems in the money being sent back, we started migrating all our Indian clients to Moneybookers OR LibertyReserver, whatever their choice was.

India vs. VPS
For the safety of your own funds, you should only thank us for not allowing any suspicious connections regarding your account. How are you expecting us to talk about a money withdrawal to someone from Chandler, AZ asking for a withdrawal from an Indian's trading account? Should we have processed that?
Common sense people, common sense

Friends: Murugesan and Nizarudeen
Same issue, we are waiting for them to supply us with a Moneybookers/LR destination accounts for their withdrawals. Please do not worry about them, they're just fine.

I am very scared. Please help me to get back my funds

You do not need to ask anybody for help, please check your inbox again and notice the two emails sent to you today asking for your moneybookers/lr account. All you were asked to do is provide some coordinated for the withdrawal to be processed.

Note for Pharaoh
I am not sure if you are with the FPA's team or not, but if you are please be kind to drop me a PM if you notice any such cases. Thanks in advance for your cooperation.

Note for aboothahir
Was it hard opening a new thread? Or is the FPA scamming people by hiding the new thread icon maybe?

Note for Myself
When will the forex field be finally free of lame newbies?! When will people judge particular cases taking facts in their judgment formula? Maybe it's better to get a faster $20 internet connection than using a telex line and claiming brokers are slow? I bet brokerage firm workers miss those days when dealing was with traders, not freebie hunters.

EOF>>

 

[Javier Keeth]

Update: processed.

 

[AsstModerator]

On behalf of the FPA, I'm glad that Javier Keeth is here. It looks like a lot of these complaints are getting taken care of.