FX VIP TRADER Scam

[barmal]

I lost 25% of my $USD6,000 account in 6 weeks with these guys, all the while at the same time they were sending out promo emails saying how good they were performing - that is they were claiming to be making over 10% per month while I was losing more and more.
When I emailed them at about week 5 (Max Wilson - if that is his real name) he said I should ignore the equity balance because the open positions dont count and their system would gradually close them out at the right time, blah blah blah. However, the equity balance continued on its southward journey and my less than 20% loss then jumped to over 25% loss at which time I pulled the plug.
I know I wont get my money back but I would like to think this helps someone else before they get burnt with these crooks.

 

[Pharaoh]

What's their website?

 

[Master Yoda]

asstmod would you please email this guy? he dropped the complaint and never been seen again. I am concerned about if he got his money or he is just badmouthing other brokers.

 

[PPForex]

FX VIP Club is Scam, Do not Trade with them

Agree with what Barmal mentioned. They provide Managed forex account with verified account from myfxbook FX VIP Club System | Myfxbook

Their web site is : FX VIP Club. They ask you to open account with Broker Synergyfx.com.au.

The verified account does not match with the actual results. Here's the email which was sent by them when the drawdown was shown in my account

Email from Max

"Thank you for your message. As per my previous responses, maintenance of open/floating positions is a customary aspect of participating in an ultra-aggressive program such as ours. Discontinuing participation in the program, as a result of a misunderstanding regarding the nature of our strategy, would be a huge disservice to yourself and would cause yourself to endure unnecessary loss.

On that note, and as an integral aspect of achieving these unprecedented aggressive profit figures that we historically attain, we maintain existence of open/floating positions, which remain under direct supervisory management, and oversee them through the use of a sophisticated positional hedging risk mitigation philosophy (buy and sell positions in opposite directions). These trades are overseen over time, via this method, to their proper neutralized or beneficial closure points.

It is also important to recognize and understand the fact that they do NOT represent any form of realized loss, and remain open/floating under our methodologies direct management in order to achieve the out-sized gains (+xx.xx%) we achieve during such a short period.

A quick summary of your account is outlined below:

Initial Deposit: $xxx
Current Balance: $xxx
Total Realized P/L: $xxxx

Once these aggressive profits are accumulated, the open positions are neutralized over time via this positional hedging methodology in order to complete the trading cycle. Canceling your account mid-cycle will cause these open positions to be unnecessarily liquidated at market for loss.

Therefore, we continue to look forward to working together toward the successful long-term development of your valuable investment capital as well as in promptly assisting you with any new queries which may arise.

Warm regards,
Max

Tel. +45 3696 4588
Email: traders@foreignexchangespot.com


1 day Later, Margin call on the account within 40 days and their response is as follows :


Hi

Thank you for your message. Unfortunately, we have endured substantial market challenges which have resulted in margin calls. This is the result of extreme market volatility inconsistent with the standard price behavior the underlying methodology is established upon.

Regretfully, it is also a natural and inherent aspect of ultra-speculative and highly aggressive trading.

Max

Tel. +45 3696 4588
Email: traders@foreignexchangespot.com

 

[Pharaoh]

PPForex, if you want to pursue this, please open your own thread. I'm not going to be offering any advice or suggestions in this thread unless the person who started it returns. If he doesn't, I suggest evertne ignore this thread.

 

[Master Yoda]

Asstmod- any update here?

 

[AsstModerator]

I'd have to hire extra staff to be able to hunt down every hit and run complaint against all the forex companies out there. If a company rep joins the discussion soon, then I'll make the time for it. Otherwise, I recommend ignoring the thread. Keep telling anyone else who complains here to start their own thread.

 

[SCAMBUSTERZ]

This is a BIG SCAM both websites as you can see of the BROKER and INDEPENDENT financial manager are of the same design, another thing is this WHO would allow funds to be managed by a website that hides their identity that is just a big RED FLAG. FPA you are overlooking what is likely going to be a big scam in the future and those who have been taken should contact directly "ASIC" its likely the BROKER is involved in the SCAM. Don't overlook this one! CALL The POLICE! also --> Australian Securities and Investments Commission (ASIC). Our Australian Financial Services License (AFSL) number is 403863 <--- inform them and STOP this SCAM COLD before more are hit! Also inform MyFxBook of what is going on I am sure they would want to help!