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FXcbs / Fienex Group - Is a Scam Broker

Discussion in 'Scam Alerts' started by Forex Knight, Nov 7, 2009.

  1. Forex Knight

    Forex Knight Recruit

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    Re-Investigating is in Process...!
     
    #1 Forex Knight, Nov 7, 2009
    Last edited: Sep 26, 2010
  2. Forex Knight

    Forex Knight Recruit

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    FXcbs - Fienex Group has updated its Regualtions Info.

    In Process...!
     
    #2 Forex Knight, Nov 11, 2009
    Last edited: Sep 26, 2010
  3. Stony

    Stony Sergeant

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    @ forex knight

    Thank you for your thorough research on those .... great deal!
     
  4. Forex Knight

    Forex Knight Recruit

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    Your Welcome Stony,
    and thank you for your reply.

    Kind Regards.
    Forex Knight.
     
  5. Pharaoh

    Pharaoh Colonel

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    Sounds like they keep modifying the website as they get caught in various misleading statements.

    Always get screenshots before publicly reporting anything suspicious on a website.
     
  6. dinamite

    dinamite Recruit

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    thanks

    thanks forex knight for your research. I came up to this broker surfing internet and frankly I wanted to join them... spreads are very good and they are also advised by some companies...
    Well, I did also some research about them because scammers are always behind the door, but I was not able to get all the info you found!!!
    So at the moment I am very cautious: they are getting many clients and they seem to "work" at the moment...
    But, who knows... Maybe I am loosing some good trades with their ECN system, maybe not on the long run...:cute:
    But for sure until they will not show some real fact, they remain without a customer... ;)
    see ya around
     
  7. Pharaoh

    Pharaoh Colonel

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    Those regs were "coming soon" in November and are still listed as "coming soon" :D

    I guess it's taking them awhile to find some regulator who will agree to accept them.
     
  8. danzyl

    danzyl Recruit

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    What do you guys make of this?

    They now admit that they are not regulated. See my chat thread with them. What do you guys make of this?

    ===============================================

    jack:
    how can i confirm that my funds will be held in segregated account

    Welcome jack! Your request has been directed to the English Desk department. Please wait for our operator to answer your call.
    Call accepted by operator Italian Support. Currently in room: Italian Support.

    Italian Support:
    Welcome to FXCBS Live Chat support!

    Italian Support:
    sir, when you fund your account, the funds go to a segregated bank account (Separate from the company's funds) and then we allocate them with liquidity
    providers for trading purposes. All Liquidity providers are either insured by FDIC or other deposit insurance organizations

    jack:
    how do i confirm this is actually as you say it

    jack:
    do you have a document from the bank?

    Italian Support:
    We can not disclose these information as we have binding confidentiality agreements,sir

    jack:
    do you mean that you cannot disclose that my funds is segregated?
    Italian Support:
    sir, all of the clients funds are held in the Headquarters at Standard Chartered Bank - Dubai

    jack:
    yes. but that does not mean that it is segregated client account

    Italian Support:
    sir, we have no reason to not provide you a correct information

    Italian Support:
    it's also very important for us that the clients funds are safely held

    Italian Support:
    thank you for your understanding!

    jack:
    i am not saying that you are not providing me with incorrect information. i just would like to do my due diligence before funding my account. i need to be able to
    assure myself that my funds is safe. is there anyway i can do this?

    Italian Support:
    what exactly would you need,sir

    jack:
    do you have anything from the bank to confirm that my funds is held in a segregated client account. you do understand that i prefer to see it as i found out from
    your colleague earlier that fxcbs is not regulated

    Italian Support:
    correct, we are not regulated but that does not mean anything,sir

    Italian Support:
    we are currently running on our regulations with SYSEC, MIFID and FSA

    Italian Support:
    and as soon as all is done we will post everything on our website for your to see it

    Italian Support:
    additionally right now we are licensed by the BVI (British Virgin Island)

    jack:
    can you please help me. i need to know that when i transfer my funds in later, it is to a segregated client account not from what you say but from an independent
    confirmation

    Italian Support:
    sir, I was very clear at the beginning, we cannot disclose this information and we do not have a public document to show as per described by you,sir

    Italian Support:
    sorry
     
  9. Mr. Madruga

    Mr. Madruga Private

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    Regulation + my experience with them

    Hello all.
    .
    I am also waiting for a regulation update from fxcbs. they often tell me it's in process etc. Actually regulation is not something needed in my point of view but it would be nice.
    .
    Well, I never experienced any problems with them. I trade with them for about 1 year with no problems. What make me stay with them is the good support I have and I can say I have saved about 1000 pips or more on spreads over this year. Withdrawals were always honored in time etc. So, the most important things are ok for me.
    .
    I really think and hope fxcbs will turn a very reputable forex broker. Let's see. ;)
     
  10. Pharaoh

    Pharaoh Colonel

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    Overall, I think that some sort of regulation is a good thing. There are a lot of brokers out there with no physical address. Some of these brokers may indeed have the best of intentions, but can still close up shop and disappear if things go bad.

    At least registration with a regulator usually requires that the names of the owners and real addresses be disclosed.
     
: fxcbs, fxcbs.com

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