Problem FIGfx refuse to pay my profitmoney

[MichelAnge21]

Ana

I think there are enough regulated Forex firms that would accept you as a client. There are countries where Forex is strictly regulated. Many of those regulated firms are not interested by very small accounts, but there are some that would open an account with you. Also, avoid " market makers " even if they are regulated because they trade against you. A STP or ECN broker does not care if you make a profit: for them, it s the same thing. Avafx is regulated and you can see from the few cases we have at the FPA that market makers hate when you win. They might have certain clauses in their contracts giving them a possibility to contest some trades that they say were " off market " ( false quotes because of a technical problem ).
Go with a regulated STP/ECN broker in a country where the Law is the Law . And check their licence. There is Australia where brokers with the ASIC licence generally accept small accounts. But avoid New Zealand ( loose regulations ) Switzerland make it very complicated to open an account ( notarized copy of the passport ) European Union is fine under MIFID etc etc

Good luck

 

[Braincooler]

About FIGFX

Hi all,

After one week with FIGFX i have gone through some good experiences.
With my new trading system i made 200USD to 900 in 5 days and was very happy.
To begin i was attracted by their 1 pip spreads on all majors.
I had been in a search during the last month for my ultimate brooker, to test my trading system.

My criterias was:
1. As low spreads as possible
2. No lag or acceptable lag when executing my trades
3. Good response from customer service
4. Ability to have huge leverage and also to start with a few hundred bucks
5. Withdrawals should be as easy as depositing

1. For FIGFX number 1 was easy, they have 1 pip on all majors
2. Number 2 was a problem in the beginning, because of the classical lag during volatility hours, i had to execute my trades and terminate them as well, like 10 to 15 times before it was set. Requotes was more normal than not. I asked them about this issue and i had a replay after 3-4 hours from their customer service, suggesting me to change server and after that change requotes and lag was history.
3. Yes, response has so far been very good
4. Yes leverage is up to 500 and to start with 200USD is ok
5. This was a problem for me. I was verified after uploading high resulotion pics of proof of ID and residence. But after reading all threads on FPA, i was worried about the withdrawal thing. Then i emailed them to get a confirmation on that i was good. They replayed that my request was

"Spam/Rejected"

after that they said:
"Please print, sign, scan and fax us the customer agreement to our fax number asap.
Read the terms of service page, paragraph #27"

This made me very unpleasant and i thought(after reading all storys in here) that they will use this sort of hidden paragraph #27 rule to block my account and that they would take all my money.

I sent them one more email, explaining that according to my control panel, i was already approved and verified. then i tried to withdraw 250USD as a test.
After approx. three hours i had a confirmation on that my withdrawal was done.


So my truth about FIGFX, despite all negative feedback in here, is that

- they use MT4
- they have 1 pip fixed spreads on all majors
- they allow sculpingand hedging
- they are also good in withdrawals of money and not just on depositing, as many brookers are.
- all my criterias 1 to 5 of a good brooker is so far met.

Best regards
Bjorn

 

[MichelAnge21]

Hi all,


5. This was a problem for me. I was verified after uploading high resulotion pics of proof of ID and residence. But after reading all threads on FPA, i was worried about the withdrawal thing. Then i emailed them to get a confirmation on that i was good. They replayed that my request was

"Spam/Rejected"

after that they said:
"Please print, sign, scan and fax us the customer agreement to our fax number asap.
Read the terms of service page, paragraph #27"

This made me very unpleasant and i thought(after reading all storys in here) that they will use this sort of hidden paragraph #27 rule to block my account and that they would take all my money.

I sent them one more email, explaining that according to my control panel, i was already approved and verified. then i tried to withdraw 250USD as a test.
After approx. three hours i had a confirmation on that my withdrawal was done.


So my truth about FIGFX, despite all negative feedback in here, is that


Best regards
Bjorn

What I really REALLY dont understand after you have read all the stories here is:....

Why dont you print, sign and fax the $/"&?* customer agreement instead of sending them an email for clarification ?????

Are you BEGGING them to scam you ?

Go to HTTP://www.figfx.com/about/tos.aspx Then 1) PRINT 2) SIGN 3 ) FAX

And " article 27 " is not " hidden " : it s right between articles 26 and 28. Read it. You MUST send a signed copy of THAT document or they will STEAL your money whenever they decide.

 

[Braincooler]

What I really REALLY dont understand after you have read all the stories here is:....

Why dont you print, sign and fax the $/"&?* customer agreement instead of sending them an email for clarification ?????

Are you BEGGING them to scam you ?

Go to HTTP://www.figfx.com/about/tos.aspx Then 1) PRINT 2) SIGN 3 ) FAX

And " article 27 " is not " hidden " : it s right between articles 26 and 28. Read it. You MUST send a signed copy of THAT document or they will STEAL your money whenever they decide.

@MichelAnge21: Its hidden in a sense of that they does not communicate it clearly. And i am not alone in this experience.
After reading this below, i assume all your questions to me should be answered:

"In order to verify your forex trading account and get full control of your account data, your account must be verified.

To verify your account, please send us the following two documents:

1- A high-quality copy of your national passport (OR) national ID.
This documents is supposed to have your name exactly as it appears on
your account; Your photo; A valid serial number issued by a government
agency and an official governmental stamp/seal.
Note> Driver's license issued in some countries <might> be accepted, other might not.

2- Address Verification
This document can be a bank statement, or a recent utility bill not
older than 45 days. This document must have your name exactly as it
appears on your account; Your full residential address exactly as
submitted upon registration, and (ANY OF) the following:
2.a) Issuing Authority Seal/Stamp2.b) Your Passport/ID Number2.c) Your registered phone number
Please notice that the following documents will not be accepted:
Cellphone billBroadband billOnline Generated Statements
The account verification procedure is done fully online without any
manual interaction, please follow the following steps for the most quick
way to bypass the verification procedure:
Login to your account at https://secure.figfx.com/ Click Account VErification from the side menuClick upload in section one, to upload your ID or PassportClick upload in section two, to upload your address verification
The estimated time to get verified is 48 hours. There is no need to
send any emails or open a support ticket, an email will be delivered
automatically to your email address upon approval, or rejection of any
submitted documents.

IMPORTANT NOTICE:
------------------------------
You can deposit and trade without being verified; Account verification MUST be completed before requesting your first withdrawal.
You can always check your accounts verification status by logging into your trader's secure cabinet."

If you understand this in any other way, then that this is what they require from customers to be approved. Then i think you prefer to focus on problems and not solutions.
If so, change to my club - you are most welcome ;-)

Regards
Bjorn

 

[MichelAnge21]

Bjorn

I suppose that you have read the documents and article 27 by now.

If you dont send that contract within 8 days of opening your account, they will simply steal your money saying that your contract was made invalid by your own fault.

It is true that, when you open your account, your attention is not directed toward the TOS contract because THAT IS HOW THEY MAKE MONEY. They know that maybe 50% of the people will not see the contract and its article 27.

For them, it is a good part of their profits. I think that you unfortunately lost precious days sending that email for information....

The other people in this thread who complained about not being able to get their money sent exactly the same proofs of identity and proofs of residence as you did and they were " approved " just like you. Now, if you want, accuse THEM of " focusing on problems instead of solutions " . MAN, THEIR MONEY WAS STOLEN. IT S PROBLEMATIC ENOUGH.

Now, if you insist to be scammed, I think that you are a consenting adult and it is not my problem. Just, please dont come back in 3 months yelling " Rape ! ".

 

[Braincooler]

Bjorn

I suppose that you have read the documents and article 27 by now.

If you dont send that contract within 8 days of opening your account, they will simply steal your money saying that your contract was made invalid by your own fault.

It is true that, when you open your account, your attention is not directed toward the TOS contract because THAT IS HOW THEY MAKE MONEY. They know that maybe 50% of the people will not see the contract and its article 27.

For them, it is a good part of their profits. I think that you unfortunately lost precious days sending that email for information....

The other people in this thread who complained about not being able to get their money sent exactly the same proofs of identity and proofs of residence as you did and they were " approved " just like you. Now, if you want, accuse THEM of " focusing on problems instead of solutions " . MAN, THEIR MONEY WAS STOLEN. IT S PROBLEMATIC ENOUGH.

Now, if you insist to be scammed, I think that you are a consenting adult and it is not my problem. Just, please dont come back in 3 months yelling " Rape ! ".

MichelAnge21:

ok i hear you - maybe this is true what you say and i thank you for that. Thing is that i submitted a withdrawal request that was approved after 3 hours. This i also important information about this brooker.

I am not interested in giving them only negative or positive feedback, i just want to report that SO FAR - SO GOOD
This is the truth but maybe they will use this paragraph 27 later on. I will send in this agreement and after that get a confirmation if im good or not.

How does that sound to you MichelAnge21?

 

[MichelAnge21]

MichelAnge21:

ok i hear you - maybe this is true what you say and i thank you for that. Thing is that i submitted a withdrawal request that was approved after 3 hours. This i also important information about this brooker.

I am not interested in giving them only negative or positive feedback, i just want to report that SO FAR - SO GOOD
This is the truth but maybe they will use this paragraph 27 later on. I will send in this agreement and after that get a confirmation if im good or not.

How does that sound to you MichelAnge21?

Wise decision and get an email confirming that they received the contract.

 

[Braincooler]

Wise decision and get an email confirming that they received the contract.

Michel, even if they would receive the contract, they could always say afterwards that:
- Yes We have received the contract but it was to late.

And then my money could be lost..

Therefore my idea was to get an e-mail confirmaton on that everythings allright and that im good. That kind of confirmation would in Swedish law overrule that paragraph 27 rule. But i do not know if it would be the same outside sweden?
Would it just be more of a moral end ethics question in my favor?

If Mr Javier Keeth reads this, it would be nice to have his comments. :cute:

Regards
Bjorn

 

[MichelAnge21]

Bjorn

Clause 27 would be deemed invalid in all countries were consumers rights are protected because Figfx do not send a reminder or a warning to their clients in any way within the 8 days. They do not block the account after 8 days also: they just wait for a good time to confiscate all the profits. Also, they are the only broker that I know with such clause. Electronic contracts are legal and it is enough to click a " I have read and I agree " button. You never need to send a signed contract except with Figfx. The simple fact that Figfx accept clients orders and money after 8 days makes their clause 27 invalid. It s just a trap by crooks to steal money.

I can tell you that, in Canada, where I live, any court of Law would call figfx s actions illegal and they would have to reimburse all the money they confiscated. Some criminal prosecution for fraud could also be considered if they were too stubborn and refused to repay promptly,The problem is: " How would you drag them into a court ? "

Now, their official address is in the Seychelles....what are you going to do if you have a legal problem with " clause 27 " at some time in the future ? You re going to take an airplane to the Seychelles and try to hire a lawyer there ? The Seychelles is a country of 85 000 people...
What are the laws in the Seychelles ? Are they like in Sweden or Canada ? Would you even TRY to do something in the Seychelles if your loss is only hundreds or even thousands ? I would nt do anything unless my loss was at least 30 000 because the costs with lawyers, travel expense etc would be more than my loss.

On top of that, they are not REALLY in the Seychelles. Nobody knows where to find them to sue them. If you like them as broker, keep them, but ask for regular withdrawals. Never leave a big amount in your account. And ask them to confirm in writing that they extend the 8 days deadline for you. If you have been with them 20 days, ask for an email saying " In respect to clause 27, we extend the 8 days period to 30 days for Bjorn " or something like that.

 

[Braincooler]

Michel,

Thank you for sharing your experience with FIGFX, i dont know your story, but i do feel you have gone through some rounds with them.

As i see it, they are small, maybe a one man show, they are not regulated but still they should have some interest of taking care of their customers.
Not regulated means they can make their own rules, sort of, but still they need to listen to customers requests.

Before depositing more money i will do as you recommend, i will wait for their confirmation on that withdrawal is as easy as depositing money.

Overall so far, i've experienced FIGFX as a very good brooker.

Lowest spreads
Fast respons from customer service
Fast depositing and withdrawal
Requote problem solved after FIGFX mail suggesting me to change server

I'm a sculper and my trades as an average is not more then 10 minutes. FIGFX seems so far to be the right choice for me, but i do follow these threads and ofcourse they mean something to me.

I also want to thank FPA for this tremendous site, its really needed for all retail users.


Happy trading to all and me


P.S I cant find any space for signing the agreement. I often sign papers like this, but i have always been able to find where to sign.
This is the link i have found, is it the same as your Michel?
http://www.figfx.com/about/tos.aspx

And i also found this one and it does not contain paragraph 27.
http://www.100forexbrokers.com/mfiles/docs/Customer_Service_Agreement_Figfx.pdf

Confusing, could anyone help me out?

Best regards
Bjorn