GUILTY Case# 2012-040 | autt86 vs www.ecnprofx.com

[Joh]

Oh man when i read the above all my alarm bells rang at once.
I hope with all my heart that I am wrong but i do not like at all what is going on herel.
The gameplaying replys after weeks of negotioating - the blaming - the buck shuffing - the website
down etc etc. I hope FPA can sort this mess out quickly before they and your money dissapear all together -
in the meantine thank you for telling all of us so we are forwarned and do not open our accounts with them,
Wishing you Good Luck.

 

[Joa]

Guilty and no doubt about it
What I am NOT understanding is the client/trader.
Any due diligence BEFOREHAND would have raised red flags all over the place, stop signs as well
Why do traders not stick to reputed brokers, those who are under regulation and located in places KNOWN to have clear rules and regulations?
You go top exotic places - you get exotic behavior. Simple as that.
Stick with brokers/ECNs that are KNOWN, where you can check about complaints, be that in the US, UK or continental Europe.
It does not prevent fraud, I understand that. But it does limit the client/traders exposure to fraud.
You hear Belize, Panama, Cyprus, Malta, and the likes: STAY AWAY!!
Any "broker" want to sue me for my statement? go right ahead!!
These days of electronic trading there is no "requoting" or "cancelled" trades - unless you're dealing with a fraudulent set up of a "broker", be that this is not a broker but a scammer from the go, or a fraudulent presentation of their "activities" - i.e. claiming to be an ECN and worse ECN/STP while all this is not correct.
The "liquity" does not know who you are, whether you are scalping, whether you're going long or short, whether you open or close your position. They simply don't care. It is the "broker" inbetween that messes things up by fraud.

 

[Galina_K]

Guilty.
I am afraid they stole all of your money and certainly not only yours but all of the money
sent to them.

This shows again that we traders should never send money to certain brokers.
But how to know the criminals from the honest ones ?

At least this case should teach everybody to start small with an unknown broker.
If you have 50k or 100k money, send only 1k to the unknown broker to test him.

Double your account with your super EA and request small withdrawals and bigger withdrawals.
Withdraw at least profits equal to your initial deposit and then only trade with "house" money.

A criminal won´t let you withdraw more than you deposited.
In the worst case you would lose 1k but not 50k or 100k as it is now.
They would stall and use stupid accusations like "toxic trading" to keep your money.
Then you would know 100% for sure that it is a criminal.

 

[Denny W]

I vote for guilty, and their website is not working anymore. I think it's definitely scam

 

[claretblue]

Excuses, excuses, excuses = SCAM. Guilty as hell!

 

[FreddyFX]

Reason I think too many of us are not really interested in giving a verdict on some of the cases presented here in FPA is:
Most of the cases involve "traders" that do business with shady brokers in their very beginning.

Just deal with the well known ones around and there is hardly any problem, and if there is.....they can easily be resolved.

 

[spunky]

Guilty

I do agree with the above FreddyFX post

 

[Pharaoh]

Reason I think too many of us are not really interested in giving a verdict on some of the cases presented here in FPA is:
Most of the cases involve "traders" that do business with shady brokers in their very beginning.

Just deal with the well known ones around and there is hardly any problem, and if there is.....they can easily be resolved.

If that logic is followed to its conclusion, the FPA should only have review pages for well-known brokers since all the other ones are likely to be scams. Then again, Crown Forex was a well known and well respected broker, until they ripped off clients. FXDD is well known, and is suing an FPA member.

It only takes a minute or two to read about what's going on and cast a vote. I'd personally rather take the few minutes and help expose bad practices.

Yes, people should use due dilligence. Then again, how many traders here were new once and made a mistake or two selecting brokers or forex products?

 

[redmelon1]

hi, I'm from Indonesia, I try to open ecnProfx website, but the server is no longer active. sorry, I do not have any suggestions as I am very unfamiliar with these matters. I joined the insta forex broker and to date there has been no problem.
but when it's no good faith of the broker, I suggested that insert the broker to black list and distributed to members of the FPA. let all the members of the FPA to know and be careful with this broker.

 

[samob]

hi, I'm from Indonesia, I try to open ecnProfx website, but the server is no longer active. sorry, I do not have any suggestions as I am very unfamiliar with these matters. I joined the insta forex broker and to date there has been no problem.
but when it's no good faith of the broker, I suggested that insert the broker to black list and distributed to members of the FPA. let all the members of the FPA to know and be careful with this broker.

i agree with you cause if that happened you wouldn't joined instaforex as they have a guilty case here in FPA