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

[dragonboy]

Whilst we all have great sympathy for Duwi this case yet again underlines the need to stock to brokers that are regulated by agencies with teeth. I reckon there are only 3..the US, UK and Australia, but there maybe more??

 

[victor aguiar]

must close all broker's like this, go FPA

 

[Deborah Moon]

This unfortunately appears to be another case of outright theft by a broker.
I empathise with Duwi being a victim of fxcast, they appear to be nothing but theives and
this issue should be taken to the appropriate financial regulators.

Lets hope this information about fxcast reaches enough traders that no one will
use their service and they go broke fast!

Thank you Duwi for bringing this to FPA and thank you FPA for this alert service.

Christmas greetings to you and lets look forward to a Prosperous 2013 free of rip off brokers !!

 

[tyakemi]

must close all broker's like this, go FPA

I agree with Victor - plus I'd be willing to bet (the balance left in Duwi's account ) that this broker will find some condition stated in their T&C's, or some other false reason or made-up excuse, that will allow them to weasel out of paying. I hope not for Duwi's sake but it's got all the pointers. GUILTY

 

[elkhorn]

thanks pianoman for the good research. Will never do business with these crooks. If they were serious brokers they would help clients make money and live off the spread. Obviously a dealing desk that hates to see client win.

 

[PetDane]

FSC Mauritus. They claim, but they are not on the list on the website. I wrote to FSC but not responce as yet

 

[PetDane]

Remember that at best regulators exist to protect the industry not the clients. To do this they must ensure that really blantant malpractice and fraud is controlled. Of course some regulators exist merely to collect registration fees.
As to which others regs are OK, I would think perhaps, EU, Swiss, Cyprus,NZ. I would be nice to hear what other traders think/know of this

 

[Prem Kumar Ramamurthi]

Duwi,

Could you attach trading statement of your account which can highlight that you have not scalped or utilized the market timings.

This will be support your case to an extent.

 

[PetDane]

Nothing back from the regulator, if they were a proper company register they would have replied by now, just a scheme for taking fees I guess. This company is probably not actually registered at all anyway. Trouble with these outfits is that they can't actually run a desk at profit and have to resort to stealing from the clients

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

 

[duwi]

Duwi,

Could you attach trading statement of your account which can highlight that you have not scalped or utilized the market timings.

This will be support your case to an extent.

I will do this when I have a chance. No, I am not a scalper. I am a long mid/long term trader. IF they don't like my trading style, they would already said so. Please see above all about our correspondent between the broker and me. for your info the FPA and I already invited the broker to join this thread. Honest brokers usually (like what happened in the past) will join the thread and explain their reasons with the proofs rather than getting "SCAM" label from FPA.