I paid a very hefty sum for FX Nation Live (DC Bonta) to autotrade my account. The agreement I signed had a performance based money back guarantee that was not honored. I also found out that the NFA fined them this year. Too bad that didn't happen before I signed the agreement otherwise I may have avoided the fees not to mention the massive losses I suffered from the autotrade program. Lesson learned but I will not stop until my fee is refunded. Any advice is greatly appreciated. It appears Arbitration via the NFA is my only option.
FX Nation Live
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Pharaoh
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Make sure to have all your evidence in order. Get screenshots of everything. Make sure you have copies of all correspondence with them.
Email all of this to a gmail account. There's no quota on a gmail account and they don't expire if you fail to login for a few months. This prevents you from losing your evidence if a computer crashes.
If it's a lot of money, consider getting legal representation. This is probably your first time with an NFA arbitration. Your opponents will probably have quite a bit more experience.
Email all of this to a gmail account. There's no quota on a gmail account and they don't expire if you fail to login for a few months. This prevents you from losing your evidence if a computer crashes.
If it's a lot of money, consider getting legal representation. This is probably your first time with an NFA arbitration. Your opponents will probably have quite a bit more experience.
Thank you for the advice. I have a gut feeling this will not be easy. I have everything in order and in electronic format but I do not have legal representation. While it is a lot of money to me, I don't know if it is enough to warrant legal representation. It is $5500 for the fee and hopefully I can recover part of what I lost which was slightly more than the fee. I know the company has experience as well as legal representation of their own as they have already been fined by the NFA and their attorney submitted their paperwork to the NFA. I do have a very strong money back guarantee but they started early (before the refund was due) with talk that they were not liable etc, that the company that processes their fees was liable. Unfortunately that company has closed their doors. Personally I believe it was all a setup on their part to try and shift some of the responsibility. Their name is the only name on the guarantee though, he personally guaranteed the profitability of the program not a processing company. Do you think legal representation would be best on my part?
Review
My review hasn't been posted yet but it is below. It details more information on what corresponded with FX Nation Live.
I paid a very large fee for DC Bonta (FX Nation Live) to autotrade my account. The agreement had a mandatory 12 months to allow him to be profitable and if at the end of 12 months he was not profitable my fee would be refunded. At the end of the 12 month period he was down over 30% but just before that he sent this email explaining how he had a new system that was doing great and was up 49% over a short time period and to give him a chance to make up the losses. A few months later now down 63% (Clearly I'm the fool here) I closed my account. I have been unable to get my fee refunded even though the agreement I signed had an "Iron clad" money back guarantee.
I can provide proof of my account loses (the statement even says FX Nation) as well as provide the "iron clad" agreement I signed that was not honored.
Do not ever pay this guy to manage your account. Maybe his free signals are good and possibly his low priced signals are good though I don't see how but NEVER and I mean NEVER pay him up front to trade your account.
BTW - Check out the NFA website and you will see where he had to pay a $25k fine this year. That should be all that anyone needs to see. Too bad it wasn't there before I signed on with him. It was really too bad that I didn't know about FPA before I signed.
My review hasn't been posted yet but it is below. It details more information on what corresponded with FX Nation Live.
I paid a very large fee for DC Bonta (FX Nation Live) to autotrade my account. The agreement had a mandatory 12 months to allow him to be profitable and if at the end of 12 months he was not profitable my fee would be refunded. At the end of the 12 month period he was down over 30% but just before that he sent this email explaining how he had a new system that was doing great and was up 49% over a short time period and to give him a chance to make up the losses. A few months later now down 63% (Clearly I'm the fool here) I closed my account. I have been unable to get my fee refunded even though the agreement I signed had an "Iron clad" money back guarantee.
I can provide proof of my account loses (the statement even says FX Nation) as well as provide the "iron clad" agreement I signed that was not honored.
Do not ever pay this guy to manage your account. Maybe his free signals are good and possibly his low priced signals are good though I don't see how but NEVER and I mean NEVER pay him up front to trade your account.
BTW - Check out the NFA website and you will see where he had to pay a $25k fine this year. That should be all that anyone needs to see. Too bad it wasn't there before I signed on with him. It was really too bad that I didn't know about FPA before I signed.
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