GUILTY Case# 2013-081 | bronxfx vs https://everestmarkets.com/

[George Mcall]

Just another thought that confirms my opinion of guilt is that Merrill Lynch now forms part of Barclays and has lost its independent identity. This seems a stupid error that would only be made by people up to no good.

 

[bronxfx]

Dear Traders,
thank for your support. It is hard to stay calm if you read statements like this from Everest Markets.

1) On march the 25. Max Fuller requested the passport and other documents. On march the 26. I provided a crystal clear copy of my passport and four month of my bank history. This refers also to 3), I responded fast every time.
Strange on this request: He requested my credit card history because they are worried that this credit card is a new credit card and hence there is cause for identity theft worry. But I do not have deposited via credit card and do not provided any credit card information. I even do not have a credit card!
When AsstMod begun to mediate this case, they now said the passport is not OK. They never said anything of this before.
Now Everest Markets said: "awaiting updated documents, embassy confirmation". They have NEVER requested updated documents, certainly no "embassy confirmation", whatever this means.
Max Fuller assured about 2 month ago that the money has left they offshore bank account. He promised to sent a copy of this transaction, but he failed to do so.
Suddenly the ID documents (I provided a lot of different kinds) are "invalid" ..... really, draw you own conclusion


2) Yes, some (4) totally irrelevant trades were closed within a short period of time:
Order #5922166 - Profit: -1,8 pips
Order #5900958 - Profit: -3,4 pips
Order #5855542 - Profit: -4,9 pips
Order #5855547 - Proit: -2,9 pips

All in all I lost 13 pips because of these trades. All other trades (I guess about 50) I have kept hours to days (I think about average 1 day)
-> The accusation is ridiculous

Please, find the log files here: Download logs.zip from Sendspace.com - send big files the easy way. I have removed the account number for privacy reasons. All values can be exactly recalculated if really needed.

You see, they are liars

 

[George Mcall]

There are just two more points that have occurred to me. The first is the relationship that Dukascopy has with Everest Markets. Everyone knows Dukascopy and it has a very strong reputation as one of the leading brokers. It maybe that Dukascopy might not want to be further associated with a broker that appears to be less than honourable. Further if Dukascopy is providing liquidity, I am not sure of the need for additional provision from a number of leading banks.

Finally (or until I think of something else) scalping is nothing that should be concerning an ECN broker. The price they quote is the price that they receive plus a mark-up reflecting their brokerage fee. The only brokers who would be troubled by scalping are market makers as the price they are offering is their price and scalping can adversely affect their risk model. However there are very few brokers which are market makers and certainly Everest Markets are not among them. Their website confirms this. Thus that investigation lacks any credibility and confirms my opinion that they are guilty as charged.

 

[George Mcall]

Dear Traders,
thank for your support. It is hard to stay calm if you read statements like this from Everest Markets.

1) On march the 25. Max Fuller requested the passport and other documents. On march the 26. I provided a crystal clear copy of my passport and four month of my bank history. This refers also to 3), I responded fast every time.
Strange on this request: He requested my credit card history because they are worried that this credit card is a new credit card and hence there is cause for identity theft worry. But I do not have deposited via credit card and do not provided any credit card information. I even do not have a credit card!
When AsstMod begun to mediate this case, they now said the passport is not OK. They never said anything of this before.
Now Everest Markets said: "awaiting updated documents, embassy confirmation". They have NEVER requested updated documents, certainly no "embassy confirmation", whatever this means.
Max Fuller assured about 2 month ago that the money has left they offshore bank account. He promised to sent a copy of this transaction, but he failed to do so.
Suddenly the ID documents (I provided a lot of different kinds) are "invalid" ..... really, draw you own conclusion


2) Yes, some (4) totally irrelevant trades were closed within a short period of time:
Order #5922166 - Profit: -1,8 pips
Order #5900958 - Profit: -3,4 pips
Order #5855542 - Profit: -4,9 pips
Order #5855547 - Proit: -2,9 pips

All in all I lost 13 pips because of these trades. All other trades (I guess about 50) I have kept hours to days (I think about average 1 day)
-> The accusation is ridiculous

Please, find the log files here: Download logs.zip from Sendspace.com - send big files the easy way. I have removed the account number for privacy reasons. All values can be exactly recalculated if really needed.

You see, they are liars

In my various posts I have made a number of suggestions and organisations that could be contacted. I hope that they are of value. If you do contact any of these organisations, it would very useful to know the outcome. You certainly have the sympathy of the community and quite clearly you appear to be a victim of a scam broker. This case is particularly troubling as the broker seems to be seeking credibility from a number of very reputable organisations including Dukascopy, Barclays, Credit Suisse, UBS, and the like. It implies that it is registered with the Financial Service Provider Register in New Zealand whereas the reality might be different - no evidence of any registration has been produced or is available on their website.

 

[George Mcall]

Another thing that I have looked at is the association or more precisely lack of association with SAXfx. Everest Markets say they share the same office building as SAXfx. The details of SAXfx are disclosed as being:

Main Office

20-22 Munroe
Napier South
Napier 4110, New Zealand
NZ: +6468336654
Email Support
Sales:Sales@SAXfx.com
BackOffice: Backoffice@SAXfx.com
Skype call
dod.telyo
SAXfx Representative Office


BPY GROUP LTD, Trading as SAXfx is a member of the Financial Services Complaints Ltd., which provides dispute resolution services to our clients, and is registered with the New Zealand Government's Companies Office as a financial services provider in the Financial Service Provider Register of New Zealand with registration number FSP286065.

England Rep Office

1st Floor
2 Woodberry Grove
Finchley
London, England
N12 0DR
United Kingdon
Sales Support Number
UK: +442033189445
UK: +442033189259
24 Hour Support

This all shows SAXfx are properly registered.

The point I am making is that anyone reporting Everest Markets to any authority or otherwise has an address. This address does not appear on the website of Everest markets.

What is interesting is certain similarities between the website of Everest Markets and SAXfx. There maybe merit is contacting SAXfx and pointing out these similarities.

 

[Everest Markets]

Dear George,

Thank you for bringing some key questions to the table. We want to be as transparent as possible with all our traders and people who we do business with.

Previously we operated as a Market Marker and a STP broker with Leverate. However we changed this relationship as we found that their practices in parallel with Metaquotes to be dodgy to say the least. Overall we were fortunate to be in discussions with Dukascopy Bank SA already, for a white label partnership agreement. Our liquidity now is SWFX, SWFX does connect to in-turn Goldman Sachs, Barclays Etc. We can place their logos on our website because we use those banks both directly and indirectly in b2b operations.

As a whole we do not agree with many of the practices taking place in the FX brokerage place. As a new firm, that's why we want to change the game. As senior members and seemingly well-informed traders, you can understand these issues, and we would love nothing more than to address them in order to gain more business and make the industry more fair.

With increased regulation worldwide (including New Zealand where hundreds of OTHER FSPs were banned and deregistered) we will probably be left with only an oligopoly of firms in the FX space. Unfortunately for now we can only rely on the trust of our traders to grow our business.

Kind Regards,

David Warren
Relationship Manager
Everest Markets

 

[Pharaoh]

David,

i applaud the action to separate yourself from dodgy partners, but this doesn't explain how funds were allegedly sent months ago and now your client is being surprised with a claim about improper documents. If the documents didn't pass muster, then no money would have been sent.

So, was money sent some time back or was that a . . . misstatement?

 

[Everest Markets]

David,

i applaud the action to separate yourself from dodgy partners, but this doesn't explain how funds were allegedly sent months ago and now your client is being surprised with a claim about improper documents. If the documents didn't pass muster, then no money would have been sent.

So, was money sent some time back or was that a . . . misstatement?

Dear Pharaoh,

I believe that both profit.erol and bronfx were mislead and told that it was "going to be done" but the funds were always pending review seemingly.

Kind Regards,

David Warren
Relationship Manager
Everest Markets

 

[Sector]

Dear Pharaoh,

I believe that both profit.erol and bronfx were mislead and told that it was "going to be done" but the funds were always pending review seemingly.

Kind Regards,

David Warren
Relationship Manager
Everest Markets

Hello Mr Warren David,

Thank you for being available here. If you were really interested in getting this whole drama resolved, I don't think you should be taking too long to reply Mr Bronxfx.
I thought the professional thing to do is to get back at him promptly to resolve whatever issues you have raised, instead of waiting for weeks after his several emails.
And then of course, there is the issue of scalping! If I may ask, should scalping also prevent his original investment capital from being refunded?
And if scalping was such an issue for you, why didn't you call his attention concerning it in the first two occurrences? Or where you patiently collecting evidence for this situation?
If your moral justification for not releasing the funds is safety, I am damn sure your financial institution has a record of where Mr Bronxfx's money came from.
You can use that to verify his claims if you're really serious about getting this obnoxious situation resolved.

I don't see how a peaceful resolution to this matter is a problem, you contact Mr Bronxfx telling him what he needs to do which I understand is documentation and you post him back his money. All this shouldn't take more than a week and we are here talking n typing back n forth for several months that is about running into a year!!

My God, what is all this!!!

 

[Everest Markets]

Hello Mr Warren David,

Thank you for being available here. If you were really interested in getting this whole drama resolved, I don't think you should be taking too long to reply Mr Bronxfx.
I thought the professional thing to do is to get back at him promptly to resolve whatever issues you have raised, instead of waiting for weeks after his several emails.
And then of course, there is the issue of scalping! If I may ask, should scalping also prevent his original investment capital from being refunded?
And if scalping was such an issue for you, why didn't you call his attention concerning it in the first two occurrences? Or where you patiently collecting evidence for this situation?
If your moral justification for not releasing the funds is safety, I am damn sure your financial institution has a record of where Mr Bronxfx's money came from.
You can use that to verify his claims if you're really serious about getting this obnoxious situation resolved.

I don't see how a peaceful resolution to this matter is a problem, you contact Mr Bronxfx telling him what he needs to do which I understand is documentation and you post him back his money. All this shouldn't take more than a week and we are here talking n typing back n forth for several months that is about running into a year!!

My God, what is all this!!!

Dear Sector,

Everest Markets has already refunded this client.

Kind Regards,

David Warren
Relationship Manager
Everest Markets