FX Choice scamming its clients - over 250k profits cancelled

Noumaniqbal1

Recruit
Messages
1
I have received an email yesterday from FX Choice stating that my account (38353) is under investigation as they
have detected trading activities that abused their trading rules. They have also blocked access to Backoffice and my funds as well.
View attachment 62072
After responding to an email and asking for additional details the only answer I have received today was that I have breached clients agreement, concluded fraud and all my profits will be reversed - obviously any kind of proof was not presented:
View attachment 62073

So yesterday my account balance was 257 949,77 €

View attachment 62074

and today my access to mt5 was blocked as account is disabled and I may only withdraw my initial deposit (luckily access to Backoffice was enabled again, though all profits were cancelled)
View attachment 62075

Basically only trading volume on this account indicates that there was some kind of activity.

I have sent an email today asking for details and proofs - they may refer to those terms and cancel profit of any trader anytime - I will keep updating this thread as the situation develops but at this point it just looks like the broker decided to keep the 250k to themselves
Im getting the same issue. Im unable to send u my reply in inbox. Kindly private message me.
 

FxMaster

Lt. Colonel
Messages
10,377
Im getting the same issue. Im unable to send u my reply in inbox. Kindly private message me.
If you are having a serious problem with a company, you should open your own thread in Scam Alerts and give details.

Why your own thread?

1. If the person who started this thread has their issue resolved, this whole thread will be marked as resolved.

2. Your thread can have a link from your review. This makes your issue more visible.

3. Issues can be different. Having your own thread makes it easier to get advice specific to resolving your issue.
 

Iridius

Private, 1st Class
Messages
57
This is 2 leg latency arbitrage, can be identified very easily from your statements. The EA opens one trade, then immediately hedges with the same lot size trade of oposite direction. This way the trades have longer duration so it doesnt look like latency arb on the first look.
 

4evermaat

2nd Lieutenant
Messages
2,133
This is 2 leg latency arbitrage, can be identified very easily from your statements. The EA opens one trade, then immediately hedges with the same lot size trade of oposite direction. This way the trades have longer duration so it doesnt look like latency arb on the first look.
Even if this was true. if the broker was "ECN" as they claim, this wouldn't be a problem.

With a "real" brokerage (only a few exist in the retail fx community), this is not a problem. Because trades are sent to real market with finality.

The fact that a broker can cancel trades unilaterally like this shows those trades were not are not going out to market. It's really that simple. Because there would be a trade receipt possible on each trade, along with other post-trade stats.

It's really a shame so many people waste their time with these fake brokerages. That's what happens when retail do not thoroughly investigate the business model of the brokerage. They want fast, instead of actual execution.
 

Nik96

Recruit
Messages
1
Ahoj, se svými dvěma přáteli máme jeden problém. Před týdnem nám zablokovali zisky,
 

4evermaat

2nd Lieutenant
Messages
2,133
Ahoj, se svými dvěma přáteli máme jeden problém. Před týdnem nám zablokovali zisky,

please open a separate scam alert thread and submit evidence there:

fpa-new-screenshot-create-new-thread-button-png.48651
 
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