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FxPrimus - "Wolf in Sheep's Clothing"

Discussion in 'Scam Alerts' started by golfking, Sep 23, 2011.

  1. golfking

    golfking Private

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    FxPrimus - "Wolf in Sheep's Clothing", Scam Alert!

    Unfortunately the Forex market is a big opportunity for scams and rip offs. A typical scam type is when brokerage companies try to make more money through fake or unreal spreads.

    FxPrimus are deceiving traders by offering a very low spread on their website, but you should know that they increase the spreads when the market comes close to your stop loss or target, so your trade position would be triggered faster. They also try not to let your target be triggered, because they want your position to remain open until the market reverses and hits your stop loss. They manipulate the trades and spreads and make money through your losing positions. They monitor their clients’ positions and increase the spread when it is time to.

    I want to warn old and new clients of FxPrimus and most of all traders who are having bigger trade positions.

    I have been trading with them since January this year and had over 80% winning trades. Since they killed my 2 biggest positions I had no chance to save my account anymore because of reduced equity.

    1) I have documented their real, sometimes unbelievable spreads and compared to GoTrades, MBT and ActivTrades. I cannot believe anymore that they are ECN/DMA. They are rather hidden market makers.
    2) When I was going to close a bigger trade position a strange message suddenly appeared:
    “order #8589221 buy 0.80 XAUUSD closing at 0.00 failed [Market is closed]” but it was at 19:00 GMT.
    3) Have a look at the candle on Sept. 2 at 15:29 (XAUUSD), it was about 275 pips longer than the other 3 brokers, and the following candle opened jumping from 1832.17 to 1865.29 (331 pips higher). This is not normal at all.
    4) On Aug. 26 at 17:00 (H: 1783.12, L: 1765.27, Ask: 1788.33; – spread = 521 pips???) they closed a short position of about $8,000 claiming that there was margin of only 25% at 1788.33 but about 5 hours earlier I had about 180% margin at 1791.xx :shocked:
    5) On Aug. 26 at 17:01 they were shooting with 112 pips longer candles than the other 3 brokers.

    I cannot trust that their system is working properly. Please find attached some charts and you will see why I am concerned about their real honesty.

    The only way to express what I think about them is "Wolf in Sheep's Clothing".
     

    Attached Files:

    #1 golfking, Sep 23, 2011
    Last edited: Sep 25, 2011
  2. RahmanSL

    RahmanSL Major

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    This is indeed very disconcerting piece of information for me as...gulppp..I am a client of FXPRIMUS.
    To date, I am down by a few Ks with FXPRIMUS and was thinking of pumping in some more money into my rather limp account to prop it up somewhat....

    golfking, I see FXPRIMUS rep has asked you question at "Brokers reviews" regarding your account. I think you should give them a reply and see where that takes you in resolving your problem with them.

    All the best!
     
  3. golfking

    golfking Private

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    FxPrimus - "Wolf in Sheep's Clothink"

    RahmanSL, thank you for reading my post. I am sorry for your account situation but I hope that the Forex market will get normal soon. Big banks are misusing the economical problems in Europe and the US and are playing around with the Forex prices to their favour. Just keep enough liquidity in your account so FxPrimus wouldn't be able to create margin problems. I knew that I would need more liquidity and made a credit card deposit early in the morning. But they were "not capable" to deposit the money into my account untill late afternoon, 30 Minutes after they had killed my first big position. :mad: Was it destiny or purposly done?
    It was a shock for me when I saw what FxPrimus did with my biggest position. Chat support couldn't help, and Customer support were treating me like a school boy. They were teaching me for something that was not relevant to my complaint. So I sent a letter with all charts and information to the president of FxPrimus, Terry Thompson, on September 8th, and still have no reply. This is why I decided that I need to warn all fellow traders.
    Good luck in your trading,
    Robert
     
  4. Terry FXPRIMUS

    Terry FXPRIMUS President of FXPRIMUS

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    Response To golfking

    @golfking

    Dear Sir,

    A majority of our questions and concerns are handled by my exceptional support staff, but as your post mentioned me specifically, I'm happy to address you personally on this reputable forum.

    For safety concerns, I am not able to download the attachments you have contained in your post, nor am I in receipt of any email addressed to me. I would appreciate if you could send your MT4 along with the order numbers in question along with your registered email address to support@fxprimus.com, and please advise my staff to forward to my attention.

    Upon receipt, I will personally look into your trades in question, and any chat transcripts that you have had with my support staff. Then, with your permission (leaving out your MT4 number, obviously) I would like to post my findings on this thread. Please advise if that is acceptable.

    We at FXPRIMUS are very concerned with our reputation on such fine forums as ForexPeaceArmy, and as a result take great care to ensure that viewers of this forum are able to receive the perspective from both the customer/poster and us, the broker. This way, everyone is getting a "fair shake" and viewers are informed.

    I will await your email, and you have my personal guarantee that if my findings result in FXPRIMUS being at fault for any of the issues you have raised, you will be reimbursed any loss that was incurred as a result. This is the way we have operated for the 2+ years we have been in business, and the way we'll continue to operate as long as I am the President of FXPRIMUS.

    Regards,

    Terry Thompson
    President-FXPRIMUS
     
  5. Pharaoh

    Pharaoh Colonel

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    The president of FxPrimus can't arrange to have a secured PC to download and view PDF files???
     
  6. Terry FXPRIMUS

    Terry FXPRIMUS President of FXPRIMUS

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    @Pharaoh

    Dear Pharaoh,

    I know it sounds like a silly policy, but it has served us well since inception...:)

    Regards,
    Terry Thompson
    President-FXPRIMUS
     
  7. yeemeng

    yeemeng Recruit

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    Let's hear some comments from FXPRIMUS first, I have been trading with them since JAN 2010, so far they are still the most honest broker around to me.

    They do have some server problems in between whereby they caused mt4 prices to freeze. However, so far they did honour the trade even the prices freeze on their MT4 if you contact them with proper timestamp and entry proof via email.

    So far i did not have any problem with their spread being manipulate to hit my SL early or unable to TP.

    Do scroll your chart to M5, if the candle body did touch your SL/TP, then most likely your order has been taken out by the market instead.

    Do let us know the outcome of your discussion with FXPRIMUS team.


    // i just looked through your charts. Are you refering your position being close when it is in-HEDGED position ? Both BUY AND SELL are same lot size ??
     
  8. golfking

    golfking Private

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    Registered mail not received?

    Dear Mr. Thompson,

    Thank you for your comments.
    I have been for many years part of the business world, even online business, and I doubt that I can follow your safety concerns when downloading PDF files. And if there would be an urgent situation I would find a way to get that files. But okay, we are not going to discuss your policy.

    Referring to your “exceptional” support staff, yes, I can agree when mainly supporting you but not always us clients. I tried with some emails but they were not listening to my complaint and were teaching me what a loss trade is. I wonder why your staff didn’t tell you that there is been “registered mail” to you personally? I sent the letter with all kind of information on Sept. 9, 2011. My concern is that somebody didn’t want you to receive that letter. It should be relatively easy to check in the book for incoming registered mail, and once you find that letter you would get all the facts.

    I would like to send again all the information to you or to somebody else personally but not anonymously to “support”.

    Kind regards,
    golfking



     
    #8 golfking, Sep 26, 2011
    Last edited: Sep 26, 2011
  9. Terry FXPRIMUS

    Terry FXPRIMUS President of FXPRIMUS

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    @golfking

    Dear Sir,

    As I would like to put this issue to bed, asap, kindly send to president@fxprimus.com

    Much appreciated,

    Terry
     
  10. golfking

    golfking Private

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    yeemeng - reply to your comment

    hello yeemeng,
    thank you for your comments.

    I thought the same like you when I started trading with FxPrimus. Are you having over 80% winning trades? Are you having positions with more than $300? Trader with smaller positions and lower % of winning trades are not so much in danger.

    Referring to your question, the two big killed trades were not the same size.

    Good luck in your trading.
    golfking



     
    #10 golfking, Sep 26, 2011
    Last edited: Sep 27, 2011

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