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Got scammed by FOREXYARD

Discussion in 'Scam Alerts' started by Sivim, May 22, 2009.

  1. Sivim

    Sivim Private

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    I have openned an account with Forexyard and deposited 500$ on the 24th of February 2009. They told me that they are giving a free 500$ cashback to everyone who deposits 500$, though I didn't need that for my trading strategy as I'm a long term trader and according to my risk management I trade only 0,1 lots and this requires only 50$ margin so I can deposit only part of my trading capital to a broker and the rest of it I can keep in a bank where I receive a few per cents annually. So in fact I didnt need that cashback for trading but if a broker offers it why not take it. Well after a few days of analyzing the market and waiting for the entry point I openned my first position at 5:57:24 GMT 03/02/2009. At the end of the day market reached my target and I closed my position with a 282 pips profit (that's 282$ with 0.1 lot trading). As forexyard is a young broker and isnt regulated by any regullation body I decided to check them and withdraw the profit. The request should have been processed in 96 hours but in fact it was processed after more then 7 days. The account manager told me that the next time everything would be in time. I began to feel a little bit suspicious because of that long withdrawal process, so I decided to check them not only with one withdrawal as I thought at the beginning, but to withdraw every profit I would make untill I could see that they pay more then I had deposited and in time. So after another month of waiting for a good entry point I made my second trade. In four days I closed my position with another 252$ profit. I want to pay your attention that I traded 0.1 lots and the used margin was only 50$ (see attachment), so there were another 950$ in free margin. Also the maximum the market went against me was 105 points (I openned my position at 1.4498 GBP/USD and the low for that day was 1.4393). So even at the worst point of the market I had 845$ of free margin (the point here is that as you can see I didnt use their 500$ cashback).
    So on 24.03.2009 I make a request for withdrawal of another 218$ (though I made 252$ I decided to withdraw only 218$ to have in total of two withdrawals my initial deposit of 500$, with the purpose of being able to check them the next time when withdrawing more then I have deposited). Well after the 96 hours had passed I contacted my account manager for asking why the withdraw hadnt been processed. He promised that till the end of that day it would be processed. The next day he told me the same. And on the 31.04.2009 when I again contacted him through live chat he told me that there was a problem and connected me to his manager Daniel Wellington. Mr. Daniel told me that if I withdraw my initial deposit they would have to adjust my account for the cashback as it "is linked to the initial deposit"(quote from chat transcript). I said ok, I dont care about the cashback as I dont need it for my trading. So they removed from my account the 500$ cashback and sent me my 218$ on the 1st of April. After that conversation and the time I had to wait to get my money (8 days) I become even more suspicious about this broker, so I decided to make the next and the last checking step - to try to withdraw more then I have deposited. That should have proved whether they were a real broker or just a bucketshop. So I requested another withdraw but this time not through a credit card but through a bank wire. After 96 hours I contacted my account manager Pabel, who told me that it would be done till the end of the day. The next day he told me that I had requested a a bank wire and they didnt have my bank account number, and he advised me to make another request but for a credit card deposit, as that would be an easier and faster way to withdraw. I said ok, and made another withdrawal request. Also I asked him whether I would have to wait another 96 hours, for what he said that he would try to make it faster. Of course I waited another 96 hours and contacted Pabel again through live chat. He told me he wanted to call me for what I gave an affirmative answer. So he called me and told me that they cannot send me my money as I have made it with the help of their 500$ cashback :))))) for what I explained him the situation and asked him to call to the line anybody from his top management. He told me that nobody was available and that his manager would call me the next day. The next day I received an email which said that his manager Mr. Daniel (qoute) "will be in touch with you early next week regarding the withdrawal issue... we hope we can fix this problem in an amicable manner both parties." (I have saved all the e-mails and chat transcripts from the very beginning of our relations, and also made tens of different screenshots after I began to feel suspicious). A month has already passed since I recieved that e-mail but nobody called me. I tried to contact Mr. Pabel and Mr. Daniel through live chat at least 5 times but they were never available. I sent them a few e-mails but also without any reply.

    Well as we can see this broker in fact isnt a broker but just a bucketshop, which if you make money sends you back your deposit and if you lose money then he earns money. So they are doing a business where they only earn money and their clients only lose money.

    Well I spent 2 month analising markets and risking my hard earned money to make those 534$ and because of the broker I cannot receive it. I really hope that there is something FPA can do to, first of all, notify all the traders around the world about this broker, and for second, to help me to get my money to earn which I spent 2 months.

    Attached you can find my today's (22/05/2009) account statement

    Best wishes,
    Ivan
     

    Attached Files:

  2. Sivim

    Sivim Private

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    The issue resolved!

    Hello All!

    Forex Yard and I have reached a mutually acceptable resolution of this issue with the assistance of the FPA.

    I can understand ForexYard's concerns about possible abuse of their account funding bonuses. In my case, I never intended to abuse their system, and they understand my point of view also. I am happy to report that they have agreed to pay my profits and I bear no ill will towards Forex Yard over this situation. I withdraw all previous claims that Forex Yard has done anything illegal or unethical.

    Though I haven't received my money yet, but I've got a promise from Mr. Lee More, FxYard's President, to receive them soon. I will let you know after the receipt asap.
     
  3. Pharaoh

    Pharaoh Colonel

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    Nice to see some progress being made on issues like this. Make sure to let everyone know if/when the money arrives.
     
  4. ernest8fingers

    ernest8fingers Master Sergeant

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    gont be fooled

    I wouldnt give these guys a thumbs up just yet-see if your money arrives 1st. If you hadnt complained u would have lost your entire account. It seems many Brokers are practicing the "Deposit Only" version of Forex . A Broker is NOT your friend. They are your unwilling Partner at best! Always be vigilant.
     
  5. Sivim

    Sivim Private

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    Received the profits

    Hi all!

    I'm proud to state that Mr. Lee is an honest person and as he promised, I received all my profits. So the company showed that it cares about the customers that are just trading and do nothing against the rules. I also thank to FPA as they contacted Mr. Lee.
    So again, I take back all my words against Forexyards.

    Best wishes,
    Ivan
     
  6. Wildpips

    Wildpips Private, 1st Class

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    Congratulations to you, Ivan,

    Its good to note that the President, Mr Lee Moore is an honest person.
    But why Support and Accounts Staffs/Departments been uncooperative, that when we fall
    into this trap, we are not been communicate with, that We are left in lurch for few months.

    Why do we have to suffer thru this Ordeal to recover our money from Forexyard?
    Why Support and Accounts staff of ForexYard, did not even want to make
    an effort to pay us in the first place within 96 hours of withdrawal request as promised?

    We may not have the answers, but these are the Mind Boggling things that bothers us alot.
    It really translated fear
    for other clients and would be clients.

    To everyone at ForexYard, Listen from the bottom of your heart "For want of a horse, a country is lost"
    Think of your clients in Japan , Saudi Arabia, all your clients from all your network traffic shown Alexa...all these may be gone forever!


    And Ivan, frankly, would you open an account again with Forexyard? would you?
    after all these hassle you've been thru? Would you deposit money again to trade with ForexYard? :)

    p/s I am the type of "Once hit, been really twice shy."
     
    #6 Wildpips, Jul 11, 2009
    Last edited: Jul 12, 2009
  7. Scam Investigations Committee

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  8. Wildpips

    Wildpips Private, 1st Class

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