FIGfx SCAM Alert

ruseneca

Master Sergeant
Messages
348
It is nice to be a member of Forexpeacearmy. Unluckily my first post concerns a Fraud activity.

On Friday, 11.11.2011, I opened account with FIGfx and deposit it with $18 via LibertyReserve. Unfortunately it was credited with my deposit today.
Here are the details of the deposit:
Batch: 76235786
To Acc: U9419640 (FIG Solutions)
Amount: $18

After I started my trading, all orders were executed with a delay. Here, I can say that their statements...
- No Dealing Desk / No Virtual Dealers
- Instant STP order execution & Guaranteed Fills
...could not be true!!!

Here is a part of the log file...Just look at the time required to open an order.
MT4 Log file said:
09:55:47 '305827': instant order buy 5.00 EURUSD at 1.3740 sl: 0.0000 tp: 0.0000
09:55:48 '305827': request was accepted by server
09:55:48 '305827': request in process
09:56:03 '305827': order was opened : #4971150 buy 5.00 EURUSD at 1.3740 sl: 0.0000 tp: 0.0000
The reason I opened an account with them was to try a new strategy and their spread seemed to me reasonable for such strategy. That's why I made a deposit without checking their status, regulation etc.

The real problem came when my account reached a stop out because of this "instant" execution which, in fact, is slower than a dealing desk broker where brokers accept an order within 5 seconds.
Disregarding the stop out, my account balance is 500 cents, e.g. $5
When I tried to withdraw them, I could not because the minimum was $25.
Tell me a broker, who have put a restriction for minimum withdrawal amount. As I know, I have made a deposit and I could do whatever I want with my money.
After checking their regulation, I must say, I could not find such because they are NOT regulated.

In the end, after submiting a ticket to their support, I told them that I'm not going to recommend FIGfx to anyone. I received the following answer:

- Please do NOT recommend figfx to anyone, nobody actually asked you to by the way.
Thank you & Have a nice day
As you can see, FIGfx is more a "Casino" than a "Broker". You just make a deposit and never see it again!
 

Javier Keeth

FigFx Representative
Messages
160
Hello,

- Deposit on Friday after business hours ALWAYS gets credited the next business day, Monday in your case.
I bet a buck you never read it, you never noticed it, you never realized it even until now.
No doubt here, as these are the characteristics of a problematic trader (freebie hunter). You shout, you complain, then you find out (if you ever do) that there are rules for this world to go by. Why did you consider yourself an exception, nobody knows.

- Virtual Dealer is that sort of "thing" big brokers got caught for one day. Use google to read how GainCapital for example was slapped with $459000 fine for using it. That line on our homepage says "we do not use it". The fact that your order got filled in 15 seconds is a little strange, but I can bet this is due to the speed of the telex line you use for your connection.

- Minimum withdrawal: you just made my day, thanks for the GaG :)
Without leaving some smart comments again, and to keep your life easy to live, I can just tell you that that rules has been there for like 3-4 years.. And it seems working with all our thousands of traders, nobody ever posted a complaint about it.. So if you do not like it, feel free not to like it even more. That is absolutely your own problem. You should have checked the rules of the game before inserting the coin.

And finally, your superior support ticket (which you did not post).
For a ticket like the one you posted, believe me the reply you got was a great one. And I hereby repeat it for you, nobody asked you to promote us, I beg you not to ever promote us as I really doubt we are interested in any more traders like yourself.

Be a man next time, and post the ticket itself that got you such an answer. Let's see if readers here will like it. Remember, when you show insults and disrespect to someone, all you should expect is an answer using the same terminology. In your case, I remind you again, you got a great answer, so better say thanks to it.

{NOT-FOLLOWING}
 

Pharaoh

Colonel
Messages
19,691
Any chance of seeing that support ticket? :)

I have a suggestion for Ruseneca, assuming Javier agrees. Deposit just enough to get the account up to exactly $25.00 and then withdraw all the money.
 
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