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Forexyard

Discussion in 'Scam Alerts' started by Agomes, Feb 24, 2009.

  1. Agomes

    Agomes Recruit

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    I have an interesting though complicated case here which I think reflects the utter hypocrisy and scamming nature of forex broker, Forexyard. I will give a timeline of events and my reaction to the each event as it occured. This case also includes a friend of mine who's money was taken away through the false practices of this broker.

    November 4th, 2008.

    My balance is $14,000 - I'd made around $ 13000 in profit at this time. I receive an email saying that my account has been audited for apparent scalping. The person emailing me tells me that some of the trades I entered were closed within one minute and this constitutes scalping. On reading Forexyard's terms and conditions, the wording is very ambiguous but it says the company does have a policy on this. Some sort of, at least. On further conversation with an account manager, he tells me that even the trades which were more than a minute (the majority of them), would be negated because these were made with an equity wasn't true.

    All my profits are negated and my balance is restored to $ 1000.
    My reaction: I was surprised, but accepted it in the end and continued trading with Forexyard.

    My friend, too, had the exact same thing happen to him - his profit of $5000 was negated to $1000 for the same reason.

    January 30th, 2009

    I decided to enter into a weekend trade, whereby just before the weekend when the market closes - I enter a trade, hedge it, put close stops. This is to take advantage of the oneway movement which occurs during the weekend. I asked three Forexyard managers about this, and they all told me this strategy was fine. My friend did the same. We entered into our weekend trades and both made healthy profit after the weekend. After this, he went on to record more profits, while I lost my my initial profit, receiving a margin call.

    A few days later, Forexyard contacted my friend and reversed on their earlier stance and told him this trading strategy was illlegitimate and his balance would be restored to what it was before the weekend because once again all the trades were made with an equity which wasn't true.

    I then asked them to restore my balance too. However, at this point they refused, saying that because they told me it was legitimate they were not negating my loss. But for my friend, with the EXACT same case, they negated his profit. On talking to the Forexyard dealing desk room manager, and explaining my situation several times, he terminated the chat session and has blocked my off the Forexyard chat service.

    In keeping with Forexyard's initial philosophy - shouldn't my balance before the weekend be restored because my losing trades after the weekend were made with an equity which was not true?
    OR
    Shouldn't my friends account be untouched and he, allowed to keep his profit, because they told him the weekend trading strategy was legitimate?
     

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