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GUILTY Case# 2012-019 | Scythian vs www.figfx.com

Discussion in 'Guilty Verdicts' started by Scythian, Mar 5, 2012.

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Based on the available evidence, do you believe that FigFx is guilty?

Poll closed Apr 22, 2012.
  1. Guilty

    30 vote(s)
    90.9%
  2. Not Guilty

    3 vote(s)
    9.1%
  1. Scythian

    Scythian Private, 1st Class

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    Original FPA Traders Court Submission by Scythian:

    I am submitting the case against: www.figfx.com

    My Case is: Unfortunately I have to agree with Laurens from Netherland and THT from Vietnam, because I have the same experiences. I don’t talk about big money, but if this company does this for just a little money, then what does this company do, if this is about more thousand dollars?

    In summary:
    I opened a cent account at this company just a few days ago. I made a little profit, and when I wanted to withdraw my money, they disabled my account without any good reason, and they didn't send my money back.
    (Meanwhile I've found a similar problem in scam alert folder: Figfx.com scamed my 29 usd please help)

    My experiences:
    - execution times are usually between 3-56 seconds
    - if you want to withdraw your money, then they try to mislead you and they will find the way no to send your money back, of course without any good reason or explanation
    - there are many other contorversial things on their page:
    1. https://secure.figfx.com/why-trade-forex.aspx here they write the minimum deposit is $5 if you open a cent account, here this is $10 https://secure.figfx.com/cent-accounts.aspx ;
    2. they write in this page that the minimum withdrawal is $10, but if you try to withdraw your money, then you’ll get an error message, that the minimum is $25;
    3. theoretically there is a live help on their page, but this doesn’t work, you’ll get always a message that they are currently serving other clients, so send an offline message instead;
    4. theoretically they don’t use dealing desk (NDD-execution), but in this case the execution times wouldn’t take more than 1 seconds, but here these are 3-56 seconds.

    So, if you don’t want to lose your money, then stay away this „company”!

    So here is my story:
    I opened an account at this company and I made just a few trades, I didn’t use any EA and I made a minimal profit. It seems there are a few tricks, which this company uses.
    They claim that their execution type is NDD. Despite of this the execution time is between 3 and 56 seconds in my experiences. There were times when the 3 second was valid, but another time it was between 22 and 56 (without any news). So they have small spreads, but they use delayed executions with market order . It means, you can’t control the price, so yes, you’ll never get requotes, but you may get another prices which you wanted (trick #1).
    A few days later I tried to withdraw my money ($17.63) from FigFx. They write on their page, that the minimum withdrawal amount is $10. I made my request, but after I clicked the submit button, I got an error message, that the minimum amount is $25 (trick #2). I tried to chat with them online using live help, but it never worked in the last 1 month. You may believe, that you can get answers and solutions everytime, because you see a picture about their „live help”, but you’ll not able to use it, because in practice it doesn’t work (trick #3). So you have to send an offline massage, because as they wrote: „All our customer support representatives are currently serving other clients. It might be more reasonable to leave us a message.”.
    As I wrote this status is valid for all time, so I notified their support team, that I have a problem with the withdrawal. Firstly they asked me to fill my trader profile. I made this and I submitted my ticket about this problem again. Meanwhile I asked them how I can change my ticket priority to high, because I didn’t find anything to do this on their page. And I had another question too about this „live help”. I didn’t get any answer for my first question, and my second question was answered: „We use ticketing system instead of live chat.”. It became important later, because they wrote this in another message:
    „I would appreciate if you stop annoying everybody with your useless tickets. To us it appears you are using a very old browser that is unable to even submit a withdrawal request or see a chat window. Fix your issues, then start complaining about errors, if any.”
    So these messages are controversial, as many other things about this company, as I mentioned above. Anyway I use the latest Firefox and I wrote to them, that it isn’t a client-side problem, but this „problem” on server-side. They use ASP-pages, which means Active Server Page. If you make a request, it is sent to the webserver, it processes the request and sends back the message (typically a dynamically generated webpage). In this case it was the „Sorry, the minimum amount for withdawals is $25.”.
    So their trick #4: they try to mislead you with technical explanation, and if you don’t know the informatics, then maybe you’ll believe them. Meanwhile I made another deposit ($10) to skip the „minimal withdrawal” problem, and I wrote my opinion about their explanation.
    After this they disabled my account without any good reason and I got this message:
    „Your account has been disabled for addressing our team members with public insults in your previous ticket and in multiple occasions. You do not make any good addition to our family of trades, and you are absolutely not welcome here.
    I would appreciate if this would be the last time we hear from you.
    So vain you are, so vain.”
    So this is their final trick (#5): they will find any false reason to close your account.

    After this message, I asked them again to send my money back, but I didn’t get my money back ($17.63 + $10) so far and my account is still disabled.

    Please, check our full conversation (support_ticket_1.jpg) in the attachement, and decide for yourself, what the truth is, and which behavior is incorrect!

    Update: I asked them several times to send back my money, and nothing happened for almost 3 days. After I submitted my review here (and they realized that I turned to the public) they sent my money back without the profit. Instead of an apology (what could have proven that it was only a mistake, and what could have solved and closed this case) they managed to dig deeper into their own dirt. If you are interested in how the real FigFx's behavior, check my thread for the details!
    Another recommended thread: http://www.forexpeacearmy.com/forex-forum/scam-alerts-folder/18617-figfx-modern-scammer.html

    Here are my final experiences:
    -the support is rude and anonyomus
    -they use these "techniques" if you write the truth about this "company": misrepresentation, lying, defamation
    -as I wrote, they use the process which is described below by Emeka from Nigeria: there is no problem as long as you don't want to withdraw your money. If you want to know why, then check this video about dealing desk brokers here: http://media.dailyfx.com/plus/dealing-desk-cartoon-final.flv
    -execution is terrible (as I wrote usually 3-56 seconds) despite of the fact that they use ULLDMA-technology theoretically (execution times would be under 1 second, mainly 10-30 milliseconds)
    -they write nice things on their page, but the honesty, the fairness and the reliability are just empty words without real content at this "company"

    Unfortunately I can only confirm: STAY AWAY from this "company" and NEVER open an account at this "broker"!

    The top 10 signs you found a scam broker:
    -no online chat or help
    -no exact or fake contact and address
    -controversial texts on the pages, bad links
    -not regulated (of course not all not regulated brokers are scammers, but it may be a sign), or fake regulation number
    -tricky, not clear and/or illegal TOS
    -anonymity in the e-mails and in the support too
    -strange promotions and spreads to attract traders*
    -delayed orders, long execution times (at instant and "market" execution)
    -requotes (usually at instant execution), big slippages at open and/or at close (usually at market execution)
    -reference to well-known banks without real connections and relationships, abusing of bank's name

    *Just an example from the FigFx's promotion (affiliate program + 100% withdrawable deposit bonus):
    EURUSD spread is 1 pip. They offer 1 pip affiliate rebate. In addition there is a 100% deposit bonus what you can withdraw theoretically after bonus/10 lot traded. It means you can make additional $10 profit/lot, it is 1 pip exactly on major currencies.
    So, let's calculate and think together! Your register using an affiliate link, through an IB. You can trade with any major currency. In this case the spread is 1 pip fixed. IB will get this 1 pip, so FigFx will earn 0 pip. Let's say you deposit $100 and you get $100 bonus. After you traded your 10 lots, you will get another 1 pip after your closed positions. Let's examine the final result from the FigFx's side: 1 pip from the spread, 1 pip to the IB and another 1 pip to the trader!
    It is 1-1-1=-1 pip (!) "profit" for FigFx after all trades! Is this possible? :) Is FigFx a humanitarian organization? I don't think so.

    New thread in the Scam Alerts Folder:
    www.forexpeacearmy.com/forex-forum/scam-alerts-folder/18995-figfx-scammers-stealers-withdrawal-problem.html

    Review is submitted by Andras on 02/23/12

    The company was first contacted about the issue on 02/21/12, the last contact was on 02/23/12

    Details: I got this message, after I sent a message about that their live chat doesn't work.
    February 22, 2012 14:40:
    "Hello,

    We use this ticketing system instead of the live chat.

    Thank you & Have a nice day"
    ------------------------

    I got this message after I asked how I can change my ticket priority.
    February 22, 2012 17:41
    "Hello,

    I am not sure what "isn't exist" as you say.
    I would appreciate if you stop annoying everybody with your useless tickets. To us it appears you are using a very old browser that is unable to even submit a withdrawal request or see a chat window. Fix your issues, then start complaining about errors, if any.

    Thank you & Have a nice day"
    ------------------------

    I got this message after I sent my answer and my opinion about their explanation.
    February 23, 2012 10:47
    "Hello,

    You are absolutely a century's figure.
    We have never seen such selfish, ignorant and idiotic behavior from one person.

    Your account has been disabled for addressing our team members with public insults in your previous ticket and in multiple occasions. You do not make any good addition to our family of trades, and you are absolutely not welcome here.

    I would appreciate if this would be the last time we hear from you.
    So vain you are, so vain.

    Thank you & Have a nice day"
    ------------------------

    After this message I couldn't reach my account.

    Later Javier Keeth posted a message in my scam alert thread: http://www.forexpeacearmy.com/forex-forum/scam-alerts-folder/18995-figfx-scammers-stealers-withdrawal-problem-2.html#post82692
    I wrote a reply to him: http://www.forexpeacearmy.com/forex-forum/scam-alerts-folder/18995-figfx-scammers-stealers-withdrawal-problem-2.html#post82697

    Additional info: their support is anonymous, but the name of their representative is Javier Keeth on FPA.
    I got the whois record of figfx.com, and I found this e-mail: figfx.brokers@gmail.com

    Company representatives' emails:
    Javier Keeth <figfx.brokers@gmail.com>

    Attached Files:

    1. statement.zip
    2. LR history.png
    3. support_ticket_1.png
    4. support_ticket_2.png

     
  2. Scythian

    Scythian Private, 1st Class

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    I forgot to attach the MT4 logs in my previous post.
     

    Attached Files:

  3. Pharaoh

    Pharaoh Colonel

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    Your Support Ticket 2 attachment ends with a note from Fig saying that the money will be withdrawn. Did the money arrive?
     
  4. Javier Keeth

    Javier Keeth FigFx Representative

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    Hello,

    Some days just start better than others, today must be one ;)

    This is a great case, I actually love the story.

    I believe I have already you one, the maximum possible timeout for a trade instance is 30 seconds, then pragmatically the trade instance dies in queue. There can not be any executions after 56 seconds, at least lie about something you know.

    And by the way, did you analyze the logs you posted?
    The average execution time for all orders there is 2 seconds, using an outdated MT4 terminal by the way.

    Pharaoh, of course the money was paid, what are we talking about here?
    This man openly confessed in another issue "will go after Fig", after two hours of making this public statement, this case appeared. The FPA must have some sort of anti-hater posts being invoked which waste my, and your time with their dead stories.

    Have a nice day
     
  5. Pharaoh

    Pharaoh Colonel

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    If the money arrived, then the core issue is resolved. Scythian, did the money arrive on your end?

    If some trades somehow went over the time limit, then I would recommend that each of those trades be highlighted so that Javier can check to see if there is some sort of issue with the backend or not.
     
  6. Scythian

    Scythian Private, 1st Class

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    Hello Pharaoh,

    I started this investigation, because I don't like criminals, and people who think that they can do everything without consequences. As I wrote in my other post, Javier lie again and again.

    After I posted my review
    here, a day later, when Javier frightened from the public, they sent my money back without the profit.

    Here you can find how Javier falsifies the facts: http://www.forexpeacearmy.com/forex...-stealers-withdrawal-problem-2.html#post82692
    And here are my answers (with detailed descriptions): http://www.forexpeacearmy.com/forex...-stealers-withdrawal-problem-2.html#post82697

    I think my evidence speak everything about this case. You can check my logs (I quoted a part to my post above to prove the 56 seconds execution). If you analyse the logs, then you'll realize that they propably use Virtual Dealer Plugin. The execution times change time by time from constant 1-2 to 4-6 and more without any special event or special market time. Even if the average 2 seconds would be true (in long-term), it is sure that this isn't "ULLDMA" as they wrote. I have a "simple" DMA account at other company with consistent execution times under 1 second.
    You can check my statement and my Liberty Reserve history too (how much money was on my account, and how much money they sent back) that proves that they kept my 3.7% profit (despite of that Javier wrote that I got all my money back), and of course, when it happened (it is important too!).

    So the main problem is not the execution times. The main problem is the withdrawal "problem", as Emeka from Nigeria clearly described on review page: there is no problem as long as you don't want to withdraw your money. This means a risk free "business" to FigFx, because:
    1. If you lose all your money, then they will get this money without problem.
    2. If you lose more than you earn, and later you withdraw your money, it is another good profit for FigFx.
    3. If you make real profit and you want to withdraw all your money later, then they will find fake reasons to disable your account and not to pay back your money. Even if they pay back some money, they'll send just the deposited amount back to you without your profit (as it was in my case). So you have no chance to make profit at this company.

    Another interesting things are their "promotions" as I wrote (check my latest review). Just think it over, and you'll know that it is not more than a good sounding thing, that can attract traders to open an account (and lose money).

    I think it have to be clear, what this stealer does. Of course, he don't like that the truth is against him. And it is not just about me, but about other victims of this "broker".

     
    #6 Scythian, Mar 8, 2012
    Last edited: Mar 8, 2012
  7. Javier Keeth

    Javier Keeth FigFx Representative

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    I also didn't like the weather today, can I complain Pharaoh? :D

    Listen friend, hand a white paper on your door or desk..
    write all the things you don't like in this world ..
    mail it to yourself..
    be inspired of the written lines there when the mail arrives..
    maybe this will end your "not-liking things"-mania.. !!

    Sorry, but you are a waste of time/life !
    {N-F}
     
    #7 Javier Keeth, Mar 8, 2012
    Last edited: Mar 8, 2012
  8. Scythian

    Scythian Private, 1st Class

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    I think this is irrelevant in the terms of case, and you try to mislead this thread, but here is my answer to you, just for your understanding, Javier:
    Yes, I don't like criminals, like you, and with this thread I help other people to avoid your trap. Have you ever thought to look for an honest job? I think it's the best time for you. ;)
    Anyway, your keyword is "practice". Try to read the whole case again, and you'll realize, what it is about! I help you a little: no, not about "not-liking things".

    You always talk about "hatery reviews" and that everybody hurts you (who writes the truth about you and your company), but I've never read any kind of argument from you. Why? It's simple: because you don't have any.

    So back to the case and the facts!

     
  9. Pharaoh

    Pharaoh Colonel

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    Javier,

    Was any of Scythian's profit withheld? If so, why?
     
  10. Javier Keeth

    Javier Keeth FigFx Representative

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    This is also interesting for myself.. Was there any withheld money?
    Or telling the truth is also something you don't like?

    Open your eyes wider friend, you got all your money and even your profit.
    So do this world a favor and disappear. Stop wasting our time.
    If you have nothing to do, do it somewhere else.
     

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