Amin EL-HAKIM
Master Sergeant
- Messages
- 306
Original FPA Traders Court Submission:
I am submitting the case against: https://www.bdfx.com/
My Case is: This broker was questionable since day one, and here comes the answer, unless proven otherwise. So I opened an account
with this broker and posed a few questions before booming the account. The following are the questions and answers and
a copy of the email is available in attachments.
To cut the story short, I deposited and started trading to find the execution and spreads amazing. Floating spreads but
very nice. Many trades were around volatility, enduring by that the widened spreads and their execution is a market execution hence the slippage . Everyone knows that when you're trading with a market execution, you order will be filled or filled, and you are under the mercy of the market/broker/LP regarding the filling price. Moreover, the slippage was minimum 70% of the time. I believe my average slippage was around 8 pips. I traded many strategies including after news, technical trades, and using the famous EA KeltnerPro (KeltnerPro doesn't need my advertising as it's being tested right here on the FPA).
So the account grew and as many of you already know, there were substantial market movement especially on the Euro and Cable where a 10 lots trade bagged 160 pips in 2 days producing 16k of profit. Anyway, the account jumped over 50k and I noticed that the leverage was overwhelming (I wasn't using it anyway), so I contacted the in good faith asking them if they were comfortable that my account had such leverage. In a couple of hours, they answered (attached).
Conclusion: It seems that BDFX considers too much profit account abuse. And their latest reply was offensive and threatening.
New thread in the Scam Alerts Folder:
Review is submitted by Amin El Hakim on 09/15/14
The company was first contacted about the issue on 09/08/14 the last contact was on 09/15/14
Details: Hello Amin:
Thank you for contacting us with respect to your concern. Please be notified that we have concluded our investigation and have identified your fraudulent misuse of our trading platform as well as your intentional abuse of a software glitch which monitors your account margin. You purposefully identified the platform's allowance to place your account into substantial NEGATIVE margin and equity, thereby executing trades far beyond your available funds within the true market.
As a result of these fraudulent trading activities, and pursuant to the Terms & Conditions of your Trading Agreement, your account has been permanently disabled. You will no longer be welcome to trade with BDFX. From a regulatory standpoint, your purposeful attempts to defraud funds from the financial markets through use of our software application constitutes an actionable financial crime. This will be discussed in further detail below.
Furthermore, your original deposit of $500 will be returned to you. You'll wish to provide the appropriate banking details for receipt of your $500 in funds. On that note, we have outlined below a brief excerpt of the abusive trading activity which you have purposefully executed on our platform:
* You originally deposited $500.
* You immediately executed 1.79 lots on NZDUSD via Ticket #s 224593 & 224595 thereby utilizing $447.50 in margin and leaving your account with no available equity (and eventually negative equity).
* On August 8th with your fraudulently earned $1,451.16 account balance you executed 17.67 lots via Ticket #224769 through Ticket #224918, thereby utilizing $4,417.50 in margin leaving your account with -$3,000 in negative funds at execution of trades and allowing the account to fall into further negative margin call for the duration of open positions.
You went on to abuse this in a fraudulent manner for the entirety of your trading through BDFX. The entirety of the profits attained in your trading account were derived from these fraudulent means utilizing funds in the market which were not actually available to you and have actually caused our firm to suffer financial loss in the real market.
Because your trading records indicate willful intent to defraud, and have caused our firm financial damages as a result thereof, this is considered a financial crime and reportable to your local law enforcement in Lebanon as well as both regional and international regulatory authorities. Any further correspondence from you of a threatening nature will result in immediate reporting of the fraud you've committed.
Further to that point, any defamatory public comments will result in our seeking legal recourse against yourself for defamation and libel in addition to pursuing fraud charges as a result of the monetary damages you've caused our firm.
Regards,
Frederick Oppenheimer
Legal Director
BankDirectFX
Company representatives' emails: <accounts@bdfx.com>
I am submitting the case against: https://www.bdfx.com/
My Case is: This broker was questionable since day one, and here comes the answer, unless proven otherwise. So I opened an account
with this broker and posed a few questions before booming the account. The following are the questions and answers and
a copy of the email is available in attachments.
To cut the story short, I deposited and started trading to find the execution and spreads amazing. Floating spreads but
very nice. Many trades were around volatility, enduring by that the widened spreads and their execution is a market execution hence the slippage . Everyone knows that when you're trading with a market execution, you order will be filled or filled, and you are under the mercy of the market/broker/LP regarding the filling price. Moreover, the slippage was minimum 70% of the time. I believe my average slippage was around 8 pips. I traded many strategies including after news, technical trades, and using the famous EA KeltnerPro (KeltnerPro doesn't need my advertising as it's being tested right here on the FPA).
So the account grew and as many of you already know, there were substantial market movement especially on the Euro and Cable where a 10 lots trade bagged 160 pips in 2 days producing 16k of profit. Anyway, the account jumped over 50k and I noticed that the leverage was overwhelming (I wasn't using it anyway), so I contacted the in good faith asking them if they were comfortable that my account had such leverage. In a couple of hours, they answered (attached).
Conclusion: It seems that BDFX considers too much profit account abuse. And their latest reply was offensive and threatening.
New thread in the Scam Alerts Folder:
Review is submitted by Amin El Hakim on 09/15/14
The company was first contacted about the issue on 09/08/14 the last contact was on 09/15/14
Details: Hello Amin:
Thank you for contacting us with respect to your concern. Please be notified that we have concluded our investigation and have identified your fraudulent misuse of our trading platform as well as your intentional abuse of a software glitch which monitors your account margin. You purposefully identified the platform's allowance to place your account into substantial NEGATIVE margin and equity, thereby executing trades far beyond your available funds within the true market.
As a result of these fraudulent trading activities, and pursuant to the Terms & Conditions of your Trading Agreement, your account has been permanently disabled. You will no longer be welcome to trade with BDFX. From a regulatory standpoint, your purposeful attempts to defraud funds from the financial markets through use of our software application constitutes an actionable financial crime. This will be discussed in further detail below.
Furthermore, your original deposit of $500 will be returned to you. You'll wish to provide the appropriate banking details for receipt of your $500 in funds. On that note, we have outlined below a brief excerpt of the abusive trading activity which you have purposefully executed on our platform:
* You originally deposited $500.
* You immediately executed 1.79 lots on NZDUSD via Ticket #s 224593 & 224595 thereby utilizing $447.50 in margin and leaving your account with no available equity (and eventually negative equity).
* On August 8th with your fraudulently earned $1,451.16 account balance you executed 17.67 lots via Ticket #224769 through Ticket #224918, thereby utilizing $4,417.50 in margin leaving your account with -$3,000 in negative funds at execution of trades and allowing the account to fall into further negative margin call for the duration of open positions.
You went on to abuse this in a fraudulent manner for the entirety of your trading through BDFX. The entirety of the profits attained in your trading account were derived from these fraudulent means utilizing funds in the market which were not actually available to you and have actually caused our firm to suffer financial loss in the real market.
Because your trading records indicate willful intent to defraud, and have caused our firm financial damages as a result thereof, this is considered a financial crime and reportable to your local law enforcement in Lebanon as well as both regional and international regulatory authorities. Any further correspondence from you of a threatening nature will result in immediate reporting of the fraud you've committed.
Further to that point, any defamatory public comments will result in our seeking legal recourse against yourself for defamation and libel in addition to pursuing fraud charges as a result of the monetary damages you've caused our firm.
Regards,
Frederick Oppenheimer
Legal Director
BankDirectFX
Company representatives' emails: <accounts@bdfx.com>
