GUILTY Case# 2015-046 | LEXngton vs wsiforex.com

[LEXngton]

Original FPA Traders Court Submission:

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

My Case is: I submitted a initial wire transfer deposit to www.wsiforex.com broker of the amount $750 USD which was credited to my mt4 account 2100010044. I then made profits and now my total balance is $4,357.39 USD. I then made MULTIPLE withdrawal request and all have been denied and/or show as "Pending". I have even only requested a $750 USD withdrawal for my initial deposit only, it to denied and or pending. Wrote them MULTIPLE emails, they replied 2X saying acct was being "investigated" but would not say why. This "investigation" has been going on for 2.5 weeks now! Now they will not even reply to any of my emails! There's NO DOUBT in my mind they are SCAMMERS and not planning on refunding even my initial deposit let alone any profits! They also mentioned in their email to me that another 8-9 accounts were being "Investigated" by them but again this was over 2 weeks ago! I know others who also have made withdrawal requests like myself and they too have been denied everytime. I am willing to provide all/any emails I have had with them and/or any other documents FPA needs for this case. Please help me get my funds back.

New thread in the Scam Alerts Folder:

• https://www.forexpeacearmy.com/forex-forum/scam-alerts-folder/39449-broker-wsi-scammer.html
  

Review is submitted by Laura Conley on 04/02/15

The company was first contacted about the issue on 03/18/15 the last contact was on 03/30/15

Details: As I said above company said my account was "under investigation" however they would never say why or what for. Said for me to be "patient" however this was over 2.5 weeks ago and will now not even respond to any of my multiple emails to them and have not sent any emails to me either.

Company representatives' emails: support team <support@wsiforex.com>

 

[Pharaoh]

Yo AsstMod! This one looks very straightforward. Can you get a case number assigned and issue the formal invitation?

 

[AsstModerator]

Case number assigned. Invitation issued.

LEXngton,

Please post here later this week and give an update on whether you've heard back from WSI or not.

 

[LEXngton]

I heard from WSI only after I submitted another withdrawal request and then told them I had contacted FPA and was going to contact some regulatory bodies here in USA such as CFTC & NFA. They replied saying to "be patient, that my account like 8-9 others was under investigation". Same crap they have been saying the last 3.5 weeks! I see now they have replied to my thread here at FPA in the scam alert folder saying the following:

"I am Representative of WSIFOREX and I am here for all solution for all guys who have problem with our company.

I have read all posts and replays. I know that you have deposit your money with us for making profit and we are happy if you making profits legally. But you didn't do it. You try to cheat us with unauthorised injecting scripts which is print only trades on MT4 but trades not executed in LP. That's why we block your Withdrawal."

Everything they said above is a total LIE. I have NEVER used a illegal script to trade with WSI, NEVER! I trade economic news events with a autoclicker (SNW) via a VPS which then clicks my BUY or SELL order in MT4, simple as that. I assume then that WSI passes the order onto their LP who then fills it at the price I receive in my MT4 terminal. 100% legal and above board! WSI also states at their website that they accept all trading strategy's so trading around economic news events should not be an issue with these SCAMMERS.

Lastly I am attaching my emails back and forth to them concerning my various withdrawal attempst (all unsuccessful) along with my MT4 accounts statement of all trades I placed with WSI, of which I made a total profit of $3,607.39 USD from my initial deposit via wire of $750.00 USD. These SCAMMERS refuse to even return my initial deposit of $750.00 USD let alone my profits I honestly made with them! If I can supply FPA any futher information/details I am always happy to do so, I have NOTHING to hide!

 

[AsstModerator]

Please grab a screenshot of anything in WSI's terms of service regarding news trading.

Even if news trading is against their rules, they WSForex would still need to repay your initial deposit. So far, they haven't.

I'm moving this to open cases now. If there is no progress by the end of the week, this goes to a vote next week.

 

[hamzanajam]

They are looking like scammers, i believe if they allowed all form of trading strategy then it was their responsibility to get to you before making this withdrawal request asking you to stop if they have found any illegal activity or any activity goes against their terms and condition

 

[MdH1]

About WSI
Wave & Soros Internationl Ltd. was Incorporated and registered in 2013 in United Arab Emirates vide license number IC20131522. The Company's Legal and Correspondence address is 105 B, Alphamed Building, Abuhail Road, Dubai, P.O. Box 89561 Dubai, UAE.

LEX do you stay in USA? Then why you trading with such UAE company when you have CFTC regulated forex trading firms in USA itself. Since CFTC very strict against scam and scammers I really surprised you choose Arabian born company. whatever they done cheating with you . I vote guilty.

 

[Truthseeker30]

LEX do you stay in USA? Then why you trading with such UAE company when you have CFTC regulated forex trading firms in USA itself. Since CFTC very strict against scam and scammers I really surprised you choose Arabian born company. whatever they done cheating with you . I vote guilty.

This is very interesting that this brokerage bears a Soros name on it.
I would like to ask OP what time intervals did his trades range in on average?

 

[Truthseeker30]

Ok, nvm my last question. I can see from original poster screenshots that he traded only with EA and only seconds at a time trades. This could be indicative of him trying to exploit the lag between LP price and price that his broker quoted for him. In my good conscience I can't vote this broker as being a scam as this is a wide phenomenon of programmers trying to exploit the system in a similar fashion.

 

[Master Yoda]

This broker claims to have registration in Dubai, so far I have no found evidence for such registration (tried the Financial regulator in Dubai and the government of Dubai). Also they claim they are at the AlphaMed building in Abu Hail, Dubai.

In this link you will find a very updated list of companies in that building (including real time open and close hours), Wave & Soros/ WSI is none of them. Alpha Med, 251/1, Abu Hail Road street in Dubai

This is a picture of that building and I wonder- does this look like a forex operation building?