1. This site uses cookies. By continuing to use this site, you are agreeing to our use of cookies. Learn More.

FXPRO ( Renowned name of the Industry can it too be SCAMMER?)

Discussion in 'Scam Alerts' started by DevTrader, Nov 21, 2012.

  1. DevTrader

    DevTrader Private, 1st Class

    Joined:
    Jul 19, 2011
    Messages:
    56
    Likes Received:
    19
    Dear Aspirant / Exciting trader of FXPRO,

    I want to share my experiences ( in fact nightmare). I open an ECN account with them on 19 Nov 2012 ( yes just before 2 days) with their FXPRO C TRADER platform. On 1st day it worked alright but on next day real face of FXPRO came.On tuesday night i have short position on EURJPY on 104.60 but on next day i open the platform , I came to know that my capital has been washed out and only $7.11usd is in my account. I shocked and looked for the high of that time .CTRADE show the high of 105.067 but in actual it is 104.90 ( i have checked bloomberg, forexpros,FBS at that time) So it is clear case that their price has vast differance from the market ( yes 16 pips is not acceptable in forex market). I agree different liquidity provider has price difference which is 1 or 2 pips .So point no 1. Their prices are not at par with the market and they are not ready to even accept it.

    Second Issue,
    Now they realise that client is smart and will do something against them so Amy Pepper( customer support of FXPRO) assure me that over the phone that they are investigating in the issue and it is hand over to management ( I surprised that for the matter of small amount,they are disturbing management). When i told her that i don't have trust on them , she assure me that they will revert ASAP and convince me to deposit again.I again come to their trick and I deposited $100 more with moneybookers. on the flip of the eye ,my MB account debited but my FXPRO trading account not credited till time.They said they don't receive money.I provide them even MB transaction id,my account details which clearly shows that $100 is debited from my account and transaction status is "completed".FXPRO reject both my claim (though i have enough evidence to prove my stand)Now i am looking to file a case in FSA too.

    Third thing i forget to mention earlier is that .They are saying that stop out will happen when margin fall below 30% but in my stop out case it is 15% .FXPRO even not ready to accept their on CTRADER platform error. So finally i withdraw my remaining amount of $7.11usd ( yes just $7.11 usd) and realise my mistake which i made to open an account with them on 19-nov-12

    My wise word to all exciting or willing to become client of FXPRO client to think twise as "HISTORY REPEAT ITSELF"

    PS: I FXPRO Representative to open forum
     
  2. FXCobra

    FXCobra Banned for uncivilized conduct

    Joined:
    Jun 30, 2012
    Messages:
    337
    Likes Received:
    4
    Can you make your case clearer by posting for us your account statement "Devang", showing the open and close of your eurojpy position where you see conflict around??

    Because I do not see any wrong in the price given by Fxpro for eurojpy at date you say had not reach there which shows today(Wednesday) since the pair reached that price today(mainly at time you were asleep:))
    You said you shorted eurojpy tuesday night and woke up next day(today) to see wipe of your account. What was your money management to get a margin call after some 46pips(104.60 to 105.06):confused:?!
    The pair had reach the price given by Fxpro in its CTrader platform, post the time of your position for more sureness.

    For the second issue, that's a separate problem, post your MB account info to show transaction status(remove your personal information if you like).

    Post any live chat or email exchanged with Fxpro.
     
  3. Pharaoh

    Pharaoh Colonel

    Joined:
    Oct 3, 2007
    Messages:
    19,674
    Likes Received:
    2,221
    False spikes will happen due to technical glitches either with the broker or with the liquidity providers. This happens with even the best of brokers. If you open a complaint with a broker over an issue like this, it's a good idea to give them a couple of days to answer you.

    While you have ANY dispute open with a broker, depositing more money isn't a good idea.

    I suggest that you try to get into a 3 way email conversation with MB and FxPro to see if you can find your missing deposit.
     
  4. DevTrader

    DevTrader Private, 1st Class

    Joined:
    Jul 19, 2011
    Messages:
    56
    Likes Received:
    19
    Hi,

    I have all the evidence to prove my stand but before posting that I need final answer from FXPRO. Today I got call from Elina Eleni (chief compliance officer at FXPRO).She told me that she can't come to the public to answer for just the matter of $400.( I suppose she will only answerable if amount will be $4000) and i am not an eligible to get any kind of compensation .She even threat me to file a case against me for defamation if i don't withdraw my post from FPA. I already forget my money but this kind of attitude is not tolerable from such high position person. ( I can even publish the number from where i got a call today morning)

    Now as FXcobra suggested , I have attached my statement where wrong price occur and due to that i lost my money.( you can compare it with Bloomberg or forexpros because they are neutral party) View attachment Statement EURJPY.docx .I also invite FXPRO in this forum yesterday but she refused to me over the phone ( i have attached transcript of chat for invitation and they confirm that they are aware of this thread) View attachment Transcript chat to invite FXPRO to FPA.docx

    Now come to second point, MB has already confirmed that money has been transferred and transaction completed ( due to privacy , I can't post MB image here) so it again the issue from FXPRO. ( no answer till time)

    Elina even claim that ,thier LPs are big MNC BANKS ( i can't say their name but you can check on their sites)so there is no chances of system error. But it make me think that is that really such huge name are associated with FXPRO who did this wrong thing and even not answerable to client?



     
  5. RahmanSL

    RahmanSL Major

    Joined:
    Jan 16, 2010
    Messages:
    2,518
    Likes Received:
    202
    "...She even threat me to file a case against me for defamation if i don't withdraw my post from FPA."

    Any broker who threaten their client with a court case has something to hide and most definitely cannot be trusted...either that or their representative ought to be sacked immediately for giving the broker a bad image.

    By all means Devang Surti, do continue to post here at the FPA until you get a fair and complete explanation.
    And if representative from FXPRO fail to do that and to compensate you for your losses (if that proves to be the case), then file a SCAM case against FXPRO here detailing your case.

    I do hope FXPRO's representative will look into your case seriously and come to this thread to explain their position.
     
  6. FXCobra

    FXCobra Banned for uncivilized conduct

    Joined:
    Jun 30, 2012
    Messages:
    337
    Likes Received:
    4
    I more insist now "Devang" that nothing is wrong with the price of your eurojpy positions closed at by Fxpro, after looking at your statement despite it's not very clear, you could had done it as a png file and more zoom in, but managed to see(with some techniques;)) the time of close which was as said yesterday was at time you were asleep. Eurojpy had reach that price & more higher at that time, before going down to 104.10(for your bad), no single doubt in that.
    Be careful to look at your time zone and other brokers time zone if you are compared time with other brokers(candles formation time differ like market watch between brokers).
    I also saw bad Money Management, 0.1 lot per position for 100 dollar account is too much(0.2 lots for 2 positions), am sure if you used the right money management like 0.01 per position, 0.02 for both positions, you could had ended with comfortable profit(your short positions 104.70 & 104.50, price reached 104.10) and your account surely could had not hit margin call. Another bad mistake you made is knowing that Fxpro least lot size is 0.1, how you opened a 100$ account to trade 0.2 lot for such account?:confused:
    This is regarding trading, nothing wrong in Fxpro price as I see it.

    About getting a threat from Fxpro "Elina", that's another matter, it will be a shame by the broker if really happened, any proofs about getting such threat?!!
    It's not abnormal when a broekr tells you will not go to the public like writing in FPA Scam Cases Forum to explain a problem that involves just the broker and client, additionally only 12 hours had passed for time of your complaint!!!
    In another case of Windsors broker, a client accused the broker for being a big liar, the broker could not had replied publicly to the client in FPA if I didn't have contact with its account manager explaining the importance of clearing that..etc and also when its representative replied, assured that can't discuss its client problem publicly. The case ended as solved after few days time.

    Even if your case is right and there was any wrong price error, you can't take a definite decision that the broker is bad after giving it just 12 hours to review your email complaint and checking it to the deepest details to provide you with a clear answer later on.
    You must give the broker at least some day or 2. Do you imagine how many emails brokers get from some 100s if not 1000s of clients for different problems or questions per day?!?!

    You can continue with this case if you like but must provide more proofs about your money transfer through your MB account(any email by Fxpro about that??) and "Elina" threat.
     
  7. DevTrader

    DevTrader Private, 1st Class

    Joined:
    Jul 19, 2011
    Messages:
    56
    Likes Received:
    19
    Its gentle request to remind you this thread is the problem i am facing with FXPRO not about my money management skill:cool:.Every individual has different approach about the market and mind you this is my money after all.

    Have checked the Bloomberg and forexpros for that particular time ?if yes than please post their chart.I am very much clear about my time zone and all other things which you mention so there are no chance of error from myside.

    If someone is overloaded and not able to complete the task on committed time then they should hire more resource.I am sure such big broker can hire few people:confused:.Elina again fail to give me official reply in writing as she committed yesterday ( i already post the chat script in previous post) as well as today.(I am attaching her promised to give me revert by the end of the day.i.e today and I am sure day is ended View attachment Transcript (promised from FXPRO to give me reply by today).docx

    She broke her promise twice then how you will trust the person who occupy chief compliance officer position? anyway that's their management decision. She made effort to call me and inform me that she is right and all from their end is all right then why don't they have guts to come in this forum and give same explanation and threat .

    I don't like to repeat things again and again and make thread so long to read for new one. Earlier i clarified that I have already given them moneybookers transaction id(which is the most simplest things to find the payment).I don't want to publish my financial details even after hiding my personal details ( as some genius might me able to read it :rolleyes:) and i will become the victims of the another scam.

    So try to be as neutral as possible ( i know it will tough :cool: but try you will succeed)


     
  8. Pharaoh

    Pharaoh Colonel

    Joined:
    Oct 3, 2007
    Messages:
    19,674
    Likes Received:
    2,221
    Repeated failure to keep promises on to contact a client would qualify as a very bad sign in my book.
     
  9. FXCobra

    FXCobra Banned for uncivilized conduct

    Joined:
    Jun 30, 2012
    Messages:
    337
    Likes Received:
    4
    How you ask me to be neutral Devang when I live under some tree in some desert in Africa(sadly) waiting for Fxpro to send me my commissions for writing positively in FPA:p

    I feed my brokers with commissions they earn from my trades, so you guess who have favor on who;)

    What does it have to do with neutral or fxpro price error or bloomberg or forexpros or whatever!!

    You can check whatever reputable broker you want, you'll get same chart and price at same time shown in the chart and positions closed by Fxpro.

    Go take a screenshot for forexpros chart of eurojpy and post it here to see that at same time your positions were closed, price in fact was there.

    The case is not about your bad money management but if not of that you weren't complaining in FPA forum but turned your loss to win because you could not had got a margin call. When you are in a weaker position you must accept advice, not pretend to be the next guru with the high nose attitude.

    Regarding trading, there's not a problem in price shown or close of positions as seen in whatever broker chart you want.

    Regarding "Elina" not keeping its promise can be asked for and discussed with the broker and when she called and explained to you that everything is alright from Fxpro side as you said in the same sentence, what promise or further reply do you want or expect from her!??!
     
  10. DevTrader

    DevTrader Private, 1st Class

    Joined:
    Jul 19, 2011
    Messages:
    56
    Likes Received:
    19
    EURJPY 21.11.2012 03.07.png. EURJPY 21.11.2012 05.30.png. This reply is to all my FXPRO well wisher,

    I have attached all the information about price manipulation done by FXPRO( see CTRADER chart of FXPRO).Both the chart doesn't contain any candle of price at which my order executed.

    Chart only formed on the basis of BID price.if there is no candle on the chart than how can platform can close the trade?

    They are clearly spending money on accumulation of client and when client is on loss/profit side,they manipulative the price.They also has "NO CONFLICT POLICY" ,I really suspect about whether they follow it or not.

    Again I got a call from ELINA (Chief Compliance officer of FXPRO) to threat me and remove my content from internet but i refuse it and continue to update my trading community.I try to trace the number but i didn't succeed as it done by using VOIP call.I even go to my local police station but they are not in strong position to file a case(as number is not traceable and geographical location difference)

    From last week i try to test this broker again an again in different situation and every time they have new trick to steal my money.Few cases are under considerations and i will make it public once i got enough evidence to make accusation.

    PS:FXCOBRA only save your client if you can post the evidence here or else take a chil pill:cool:

    I request FPA Moderator to send invitation to FXPRO to join this forum.( I send thrice but seems like they still don't experience the power of FPA).
     

Share This Page