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GUILTY Case# 2012-100 | duwi vs www.fxcast.com

Discussion in 'Guilty Verdicts' started by duwi, Dec 5, 2012.

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

Poll closed Jan 14, 2013.
  1. Guilty

    123 vote(s)
    99.2%
  2. Not Guilty

    1 vote(s)
    0.8%
  1. duwi

    duwi Private

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    Original FPA Traders Court Submission by duwi:

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

    My Case is: Simply Withdrawal Problem. I have been waiting for more than ONE MONTH and until today I still haven't received my money yet.
    No explanation/reason given by them at all.

    Every time I ask them, they just keep telling me "it will be executed in next few days". I have asked them many times.

    I have invited them to the Scam Alert thread that I started, they did not turn up.

    I'll be happy to mark it as Resolved if and only if my money arrives.

    New thread in the Scam Alerts Folder:
    www.forexpeacearmy.com/forex-forum/scam-alerts-folder/22331-fxcast-com.html

    Review is submitted by Dwi Forex on 11/23/12

    The company was first contacted about the issue on 10/31/12, the last contact was on 12/03/12

    Details: Replies from them:

    Withdrawal will be done with in few days, after approval of compliance office. (10/31)

    it will be executed next days (11/07)

    You withdraw is under review by compliance, will be executed next days (11/15)

    Usually it’s done faster, your withdrawal is by compliance, will be executed within few days. (11/15)

    Your payment will be executed this week. (11/28)

    Company representatives' emails:
    fxcast support <support@fxcast.com>

    Attached Files:

    1. 2b.png
    2. 3b.png
    3. 5b.png
    4. 14b.png

     
  2. AsstModerator

    AsstModerator FPA Forums and Reviews Admin

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    I've just invited FxCast to join the public discussion.
     
  3. AsstModerator

    AsstModerator FPA Forums and Reviews Admin

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    No response from FxCast. I'm moving this to Open Cases.


    Please note court cases that qualify for votes will have the votes postponed until after Christmas week.
     
  4. Joh

    Joh Sergeant Major

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    Oh Duwi this does not sound good.
    What is the matter with this FxCast that Duwi would have to ask so many times to withdraw funds this is crazy. This reeks of dishonest - unprofessional - unethical dealings.
    Thank you Duwi for warning all of us, so we can stay away from these kind of brokers. FxCast may not realize that at least 50000 traders get this file and reads what is and has been going on.
    I hope sincerely that FPA can bring them to the table quickly as it is now an open case. If they like their reputation at all they will sort this out promptly and give you your money by return mail instead of being seen as rip off merchants.
    Good Luck Duwi and i wish you the best for the holiday season.
     
  5. AZLAND85

    AZLAND85 Recruit

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    Guilty,

    If this company has not paid in over a month, and keep delaying. They are not going to pay. Make sure you file a complaint with goverment agency. Thank you for informing everyone of the bad broker.

    Thank you FPA for the open forum!
     
  6. pianoman959

    pianoman959 Private

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    This looks really bad! The service agreement allows the brokerage to commit outright theft!!!

    Not only does this brokerage state in their service agreement that they don't allow scalping. They also have a statement that does not allow market timing!!!! Their definition of market timing is rather broad and confusing: "market timing refers to the investment behavior of an individual or company or a group of individuals or companies buying, selling or exchanging shares or other securities on the basis of predetermined market indicators by taking advantage of time differences and / or imperfections or deficiencies in the method of determination of the net asset value and Fund prices. "

    On top of that sections 2.7 and 3.11 allow them an indeterminate amount time for investigation and the right to take more proceeds then were made using either market timing or scalping.

    "Trader agrees and acknowledges that FXcast may in FXcast's sole discretion take one or more, or any portion of, the following actions: (i) close Trader's account; (ii) suspend Trader's account for an indefinite period of time; (iii) carry out an investigation on Trader's account for an indefinite period of time; (iv) charge a penalty fee to Trader in the same or greater amount of money that resulted from Trader using Market Timing Practices."

    "Trader agrees and acknowledges that FXcast may in FXcast's sole discretion take one or more, or any portion of, the following actions: (i) close Trader's account; (ii) suspend Trader's account for an indefinite period of time; (iii) carry out an investigation on Trader's account for an indefinite period of time; (iv) charge a penalty fee to Trader in the same or greater amount of money that resulted from Trader using Scalping techniques. "

    It would be nice to see the trade logs just to confirm that scalping is not involved with this account in violation of the service agreement. If scalping or market timing is involved (which would be very difficult for us to determine) then FXcast needs to be held to task for a timeframe for return of the money.

    Bottom Line: Who wants to do business with a brokerage that can perform an everlasting investigation and at their sole discretion and take all the money in one's account!
     
  7. PetDane

    PetDane Private, 1st Class

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    Surely there must some limit to what you can put in terms and conditions? Otherwise, the broker could write what amounts to 'all your money is ours' coated in obscure legal language and tucked away somewhere deep in the T&Cs

    In fact in FXcast do have something pretty close, how about this:
    3.4. Charges: Trader shall pay such brokerage, commission and special service and all other charges (including, without limitation, markups and markdowns, statement charges, idle account charges, order cancellation charges, account transfer charges or other charges), fees (including, without limitation, fees imposed by any interbank agency, bank, contract markets or other regulatory or self-regulatory organizations) arising out of FXcast providing services hereunder. FXcast may change its commission, charges, and / or fees without notice. Trader agrees to be liable to FXcast for interest on amounts due from Trader to FXcast at an interest rate equal to three (3) percentage points above the then prevailing prime rate at FXcast principal bank or the maximum interest rate allowed by law, whichever is lower. All such charges shall be paid by Trader as they are incurred, or as FXcast in its sole and absolute discretion, may determine, and Trader hereby authorizes FXcast to withdraw the amount of any such charges from Trader's accounts(s). FXcast and Trader agree and confirm that all prices quoted to Trader are not inclusive of markups and markdowns

    I have written to their regulator to see if they afre really registered will post results
     
    #7 PetDane, Dec 17, 2012
    Last edited: Dec 17, 2012
  8. FreddyFX

    FreddyFX Sergeant

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    It gets time each and every country gets functioning laws to stop this stealing!!!
     
  9. Onyebuchim C. Obike

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    Hmmm. One Month is more than enough for a "Team" of compliance officers to review whatever. I bet it took less than few days to get the account credited by the same compliance team when the account was opened.

    Does anyone knows which regulatory agency this broker falls into?

    This calls for deeper checks on brokers before sticking with them.
     
  10. cokemon

    cokemon Private

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    According to their website (bottom corner on the left) they are supposed to be regulated by FSC Mauritius. Licence number C109007482 SEC-2.4.

    Nonetheless, I have been unable to verify this. Please see Register of Licensees - Financial Services Commission (under Investment Dealers and Representative of Investment Dealers). There is an FX broker in the list.

    Duwi, maybe you ought to make contact with FSC Mauritius on the matter.
     

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