FxPrimus - "Wolf in Sheep's Clothing"

Thanks. I see a couple of other well known scam companies (Global Venture Financing and InstaForex) also made the list.
 
FXPRIMUS is no longer in the list late last year.

http://www.bnm.gov.my/documents/2013/20130204_FCA_en.pdf

This is an excerpt of the email I received in Dec.


As you may already know, FXPRIMUS appeared in a consumer alert document issued by Bank Negara Malaysia in July of this year. Since FXPRIMUS has no physical office or presence in Malaysia, and because we don't offer our trading platform in local currency, this notification came as quite a surprise.

As soon as I became aware of the situation, I directed our team to query BNM to find the exact cause and to find out what steps were needed to clear our good name.

Fortunately, after working diligently with the fine staff at BNM, I'm proud to report that there was 100% no wrongdoing found.

As a result, BNM have removed our name from the list. You can view the updated list using the following link...
 
I am surprised to see how many traders still trust their money to be safe in the hands of a dubious broker - "Once a cheater, always a cheater". Of course they had to use a lot of advertisement and activities to induce new traders and most traders think that this is because they are so successful.
 
I have been trading with #FXPRIMUS in 2 different demo accounts, the performance and lack there of, and the tricks this broker pulls even in demo, screams "only a dumbass opens live account here" after piss poor performance in demo.

all I can say is the only broker worse than this one so far that I know of is TradersWay. FXPRIMUS avoid at all costs, bad broker and not getting better.

on a 1 gig line with a 1ms ping they will hold your orders after you execute them for as much as 60 seconds, and will close it at the worst possible fill.

I dont like how they have set up their mt4 to cheat me on every trade. every trade they scalp you for several pips, the amouunt of rejected orders are unbelieveable, lots of broker trick here in operation all the time, do not trade live here! unless you are trying to lose your money. not even one star! better than TW by not by much. deal with them and you can expectt to be ripped off and dealt with dishonestly, even their repsonses here seem very much like total BS. When A broker like this is able to jack someone in demo, doesntt it make sense that you should never opena live account here?
 
GK's Statement to case summary

Dear Mr. Thompson,

Thank you for your time and for taking position to my complaint. There is no doubt that you are a smart guy. So, writing a dissertation probably wouldn’t be a problem to you. My opinion is that your response looks very much like a good, theoretical essay explaining in a general way your stand point of view. I think that by only making statements and pretending that everything is been correct without taking notice of all facts which I had delivered is no proof at all. Further on I was not asking your support and you to explain step by step what is happening and when….... I was asking: why!!! I was asking to recalculate the margin on my account Minute by Minute for a certain period of time.

I am very concerned about the fact that you didn’t deliver proof and didn’t respond to some of my main complaints:

1) RE my letter to you: “I must say that your Live Chat support and your Customer support were playing ping-pong with me because no one knew an explanation for a very strange incident, and each one was suggesting that I should ask the other one. It happened on August 25, at about 19:00 GMT when I was going to close a trade position and a strange message suddenly appeared (you can find this message in your logs):
“XXXXXX: order #8589221 buy 0.80 XAUUSD closing at 0.00 failed [Market is closed]”.
I tried on 2 other computers and on the WebTrader but it was not possible to close that order and I was getting the same message again and again. Other currency pairs were working regularly.”

2) General explanations about Gold volatility and abnormal spikes is no proof at all!

Re your statement: “As I'm sure we all know, Gold volatility is and has been for months at an all time high. Just Monday, there was the largest variance from the high price to the low price in the history of Gold trading. This volatility leads to abnormal price spikes, widening of the spread, and moments of illiquidity. Let's face it, Gold trading is awfully tricky right now, there is a large amount of money to be made, but unfortunately this comes with a higher than normal degree of risk.” - a nice general information.

Can you deliver written confirmation from your institutional liquidity sources and confirm that the spread during the time in question was at the same size?

Re your statement: “I have taken the liberty to double check with our institutional liquidity sources and can confirm that the spread during the time of your trade execution and the "tails" the moments afterward were indeed valid,”

3) Referring to your statement: … “and I'm quite sure if you surveyed every broker and every source of liquidity you would see some pretty significant variances.”

Yes, I saw very significant differences and wanted to point out that your spreads were the only one suffering illiquidity! Please compare with FxPrimus website statement: “1. ECN Premier Spreads. Our ECN Premier Spreads are the ultimate for traders of all types. These are our absolute tightest spreads available and rival many institutional level price feeds offered to traders with multi-million dollar accounts. -No more paying for wider spreads when executing trades, - Since FXPRIMUS is a 100% Straight Through Processing brokerage firm, you are able to execute directly on bank feeds. If a price is available, your trade will execute at that price with no middleman or third party intervention whatsoever.”

STP broker is not the same as a DMA broker! STP might go to a price field but not in to the market!
How come that your spreads cannot compete with other brokers their liquidity sources or spreads?

Re ActivTrades website: “We also offer Direct Market Access (DMA) to the world’s major futures exchanges with a choice of market leading platforms including ….”

4) No reaction to my statements in my mail to support and in my letter to you. I was asking to recalculate the margin Minute after Minute:

Re my letter to you: “Please would you kindly investigate all trades on my account from August 26th, for the time frame 14:00 GMT to 17:00 GMT. My biggest two trades were closed without any known reason. The last lots balance that I am aware of was at about 12:30 GMT. I had mainly trades with XAUUSD (Net lots: -0.62) and about 180% margin at the price of 1791.xx.
Again, please understand that when previously the price was higher than 1788.33, namely at 1791.xx, I still had about 180% margin. So, it’s impossible to have just about 25% margin at 1788.33! And as I mentioned before, I did not even have margin problems when the price was at 1791.xx. Why have this 2 trade positions been closed? This is very strange! I was not asking Customer support to tell me what the system logs are telling. I was asking to recalculate the margin by hand and to prove the logs of the system. As Customer support refused to recalculate the margin situation trade after trade, minute after minute and compare with the system logs, or maybe they don’t know how to do that, I decided to describe the incidents and to inform you personally.”

I still wonder why my registered personal letter to you was not delivered to you?

As a conclusion, I can only repeat that you and FxPrimus owe me serious proof referring to your statements and pretentions.

Kind regards,
GK

tthey are scammers plain and simple
 

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when you have an order on,. OPEN, FILLED, if your broker wont let you close it because it is too close to market>? HAHAHAHA #SCAMMERS!~ 100% if they cant close it for a loss, they wont let you clkose it for a small gain, they will hold it until it is a loss then you can close it LOL! DUH WTF FXPRIMUS game is up losers, no live account for me ever, you are total scammers? thats why you are where you are in the world? and dont take us clients? I guess you are going to take my free demo accounts now? no way I could open a live account, let me help you scammers, mkay? see when a trader joins you in demo, see you cannot pull **** in demo duh! see you have to let demo operate in a way that makes them think they can make $ live see? you cant beat them out of their demo funds with mt4 BO tricks, they will never open live. your BO tricks need some polishing, they arent even consistant across your client, so OBVIOUS
 
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