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FX Tech Trading Corp, FX Trading

Discussion in 'Scam Alerts' started by stevesmain, Mar 5, 2009.

  1. stevesmain

    stevesmain Sergeant

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    FX Tech Trading Corp is the clearing house for the IB FX Trading. At this time they are exclusive to FX Trading.

    Opened a trading account at the beginning of the new year. Funded it with a small amount, it took 4 days and a phone call to the IB to get it put into the account, seems it was short by $5 from the bank and they did not know what to do. I had even emailed them about the time it took and received no reply then I called the IB.

    Traded for 3 days, using the FAQ page as a guide, which stated they welcome all trading styles, this page has since been removed. Missed completely a section of their trading agreement. No one contacted me to be sure about the rules of engagement.

    The account was disabled about 3 days later with no notice. Later that day received an email about their scalping rule, responded to it with a reference to their FAQ page = no answer from them. Contacted the IB who really tried hard to help, yet FX Tech was non responsive.

    The section in the agreement outlines what they view as scalping. It also states that they do not have to act in a severe way, using the term "may" delete trades etc.

    Even after many attempts to bring to their attention that they were culpable as they posted wrong information in the FAQ section on their web page, they only acknowledge this by removing the web page. Pointed out that some of their reasoning about scalping etc. was incorrect, also no response.

    FX Tech Trading has refused to honor all trades made after trading by their posted information on their own web page, FAQ section which at the time stated they welcome all trading styles. Total value of trades $8K. They have since removed the page, I printed a copy of the FAQ page and it is available.

    Much effort has been made to come to a reasonable conclusion with this company over about 2 months. FX Tech has only offered to allow 3 trades of about $570. They have made false statements in email and settlement attempts.

    FX Tech Trading had conflicting information posted on their web site FAQ page, since removed, with what is in their trading agreement.

    FX Tech Trading is taking an extreme view of scalping, their own section 45, which when read is very loose in definition and their application can be used to the extreme.

    One should be very careful trading with them as they could use this section to exclude trades of any amount of profit if closed within their variable time frame application of their scalping rule. One would be especially careful in a muti lot trade!

    I have added a copy of the FAQ page, since removed, that showed they welcomed all trading styles
     

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    #1 stevesmain, Mar 5, 2009
    Last edited: Mar 9, 2009
  2. Pharaoh

    Pharaoh Colonel

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    Typical scam broker BS. Lure people in with promises of accepting a range of trading styles, then nullify the profitable trades using vaguely worded rules.
     
  3. stevesmain

    stevesmain Sergeant

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    FX Tech tilt's the table

    If you have ever played pin ball, if you tilt the table to get the ball to move your way, the game stops and says tilt

    FX Tech has done just that, though they play by the golden rule he who has the gold makes the rules.

    While they have come across with about 7% of the trade profits, it was paid by personal money order likely so that there are no pay outs like this on their books.

    What they did was manipulate their agreement/contract after the fact and measure trades by that. The contract is in black and white as to what they can do. So if you are them you change the contract, tilt the table and expect the game to continue as if nothing happened. Unfortunately they got caught and now the name calling and lies begin in ernest.

    So a beware is applied with FX Tech, as if they do it once then when is the next time?
     
  4. Scam Investigations Committee

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