FxNet DOES NOT PROCESS WITHDRAWALS + SCAMS WITH BONUS SCHEME

[Scoony]

ATTENTION: FxNet is using a new Scam Scheme to keep clients deposits and profits!

Here is the Scam Scheme:

1. First they offer free deposit bonuses (and free VPS).
2. Then, they take the bonus back when you start trading.
3. Then, they claim you abused the bonus and their Terms and Conditions just to
justify keeping ALL your money and your profits from your trading account.
3. Then, after the client is being intimidated by this action, they offer a partial
payout (20-80%) of your money if you agree that they can keep the rest.
4. If you don't agree they offer you a little more, again if you agree they can keep the rest.
5. If you still don't agree they offer you to put the money back in your trading account and
to trade hundreds of lots with them so they would let you withdraw the money
(if there is anything left after thousands of USD in spread costs).
6. If you still don't accept - they don't answer your mails and phone calls anymore.

--> THIS IS A SCAM - IT IS A CRIME - PLEASE HELP TO STOP THEM !!!
--> I even traded on ECN with no bonus and still they kept the money and don't return calls and emails.
--> I already filed a complaint with CySEC - let's see how serious CySEC is when it comes to client-protection.
--> I am planning a CLASS ACTION with local lawyers. Please join me if you have the same experience
or send your recommendations / help. Leave messages here or to scoony@gmx.com

Best Regards
Florian

P.S: FPA, for some reason I cannot upload my Trading Statement (.zip) - can I send it via email?

 

[Joa]

I wonder how much longer people open accounts and trade with CySec regulated entities.
There are many posts here, and many from me, who warn each and everyone to work with Cyprus registered companies.
Honestly, I feel no pity - CySec is just by name a regulatory body, in fact they are supporting the crooked ways of the companies who I don't consider brokers but criminals using the freedom that CySec is handing them.
It's tiresome to try and warn members here of such "bucket shops".
There are legitimate Brokers - they are just few and certainly NOT related in any way to Cyprus.

 

[FxMaster]

Can we have details that what exactly happened with you ?

 

[Scoony]

I filed a Review for fxnet.com and a case with most of the details.

In my specific case, FxNet owes me 3717,35 Euros. I filed a complaint with FxNet. First they offered me 2000 Euros then they offered me 3162 Euros (see email) claiming that they lost 554 Euros with my trading.
When I still refused they offered me that I can withdraw 2000 Euros but I have to trade 150 lots with the remaining 1717,35 Euros before I can withdraw my money.
150 lots means about 3000 Euros in spread cots which is inacceptable. I then suggested 25 lots.

Now, they don't respond to emails. When you call they are not available or on vacation (which is a lie) I have no Money in my trading account and not in my bank.
I filed a complaint with CySEC but nothing happend there for several days. And I would like to hire a local attorney togehter with other victims because I now know
there is quite a few. Can you help in any way?

 

[Amin EL-HAKIM]

I filed a Review for fxnet.com and a case with most of the details.

In my specific case, FxNet owes me 3717,35 Euros. I filed a complaint with FxNet. First they offered me 2000 Euros then they offered me 3162 Euros (see email) claiming that they lost 554 Euros with my trading.
When I still refused they offered me that I can withdraw 2000 Euros but I have to trade 150 lots with the remaining 1717,35 Euros before I can withdraw my money.
150 lots means about 3000 Euros in spread cots which is inacceptable. I then suggested 25 lots.

Now, they don't respond to emails. When you call they are not available or on vacation (which is a lie) I have no Money in my trading account and not in my bank.
I filed a complaint with CySEC but nothing happend there for several days. And I would like to hire a local attorney togehter with other victims because I now know
there is quite a few. Can you help in any way?

Did you file an FPA court case? We are on your side as a trader here, but with all due respect, we just have to take your word for it. File an FPA case and follow procedure by posting screenshots and email transcripts so your case would go to vote. Sometimes, the FPA's impact is much larger than any regulator, well at least for brokers who care about their reputation. I personally had a good experience with Fxnet at first to be honest, and it was my first and last time to give a broker a 5 stars rating on the FPA review page, where they refunded a loss of 30k caused of a massive slippage on a news report (it was the first time happening). I also had many visits from the owner and the managers to my country for the sole purpose of discussing matters of trading and the company. But that was in 2013. I have no idea what changed recently since I have no current business with them. All I know is I've heard some complaints from clients. Add to that, a friend of mine is asking for a withdrawal of 161 USD to Skrill and they asked for 48 business hours to complete it, and that's 6 business days in their count. I still withdraw affiliate commissions every couple of months though.

 

[Scoony]

Thank you for your message. As I wrote in the very first sentence "I filed....a (court) case..." with FPA. Still waiting for the case to be assigned and for some Action / Response. I had some problems with uploading some documents but the most important should be available. I can always supply more.

 

[Master Yoda]

You said they owe you 3700 EUR, why? Was it deposit and profit? or what?

 

[Scoony]

You said they owe you 3700 EUR, why? Was it deposit and profit? or what?

It is the Balance that was left before they just took everything and commented "Bonus Abuse". As I said I did not even trade with Bonus at that time.
The 3717,35 Euro consist of 3030 deposit (equity) and the rest 687,35 Euros are Profit (from trades with no Bonus).

 

[FxNet Ltd]

Dear traders and FPA community members,
On behalf of FxNet Ltd., We would like to inform you that our Company has recently gone through an audit by CySEC, due to fundamental changes to Company’s management structure.
During these changes, the Company was in a transition period that temporarily affected the operational flow as well as causing delays to withdrawal requests and other client concerns.
We would like to assure everyone that the transition period has been successfully concluded and, as of December 31st, 2014, the Company’s operations are running normally.

 

[AsstModerator]

Does this mean the original poster in this thread has now been paid?