GUILTY Case# 2016-191 | mithunkumarjain vs mxtrade.com

Based on the available evidence, do you believe that Mxtrade.com is Guilty?

  • Guilty

    Votes: 71 100.0%
  • Not guilty

    Votes: 0 0.0%

  • Total voters
    71
  • Poll closed .

mithunkumarjain

Recruit
Messages
10
Original FPA Traders Court Submission:

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

My Case is: Hi Forex Peace Army,

Summary of the Case: I started with MXTrade.com on in mid Aug-2016. Mr Christian Paw was my assigned manager from MX Trade. Christian and me has few call and I started trading on MT4 platform. On 4th Sep, Sunday, market is closed, and all my open trades and pending trades got closed. When I asked MXTrade how can my trades get close on Sunday when market closed, they did not have any answer. So I decided to quite. I raised a fund withdrawal request. After I raised a request, MX Trade changed my manager from Christian to Mr Daniel Nell. As per Daniel, my trades got closed due to software upgrade. Also Daniel told me that he will give me bonus or one loss protection trade as compensation. I told Daniel that I will opt for loss protection trade. He said ok but I never got that trade. Daniel also explained me Bollinger Bands trading strategy and asked me to trade using Bollinger Bands. When I was not comfortable trading with Bollinger Band, I asked for withdrawal. Danial stopped replying to my email. I am following them from one month to get my money back. They are not responding to my email. I also came to know from Christian about 2 more customers who are suffering from same problem. I have evidence in the details. Christian also told me that MX Trade has fired its compliance manager Mr Ramsay Baelish. Please help me get my money back. It is not big amount but it is very important to me.

Details of the case with evidences:
I deposited money and started trading with MX Trade on 15-Sep-2016.
My MT4 account id is : 8080714

As I was trading with MXTrade, on 4-Sep-2016 around 15:11 Indian standard time, all my open and pending trades were closed/cancelled. 4-Sep-2016 is Sunday and all markets are closed on Sunday. I was surprised how can this happened. Order number from MT4 are 13687173, 13696548, 13698038 and 13696547. I am uploading my account statement with this case as evidence. When I asked my manager Mr Christian Paw (christian.paw@mxtrades.com), he did not have any answer and he told me to contact compliance manager Mr Ramsay Baelish (ramsay.baelish@mxtrades.com). Ramsay also did not have any answer and he told you can keep the profits from those trades. Actually I made some profit collectively from those cancelled trades. When I told him that I want to hold those trades for longer time and i would have made more profits he did not answered.
I have attached all the mails trails regarding my missed trades with the file of this case.

After this incident when I decided to withdraw all my remaining money, MX Trade changed my manager from Christian Paw to Mr Daniel Nell(daniel.n@mxtrades.com). Daniel is a guy with good convincing abilities. He told me that my traded were cancelled on weekend as there was software upgrade happened in weekend and he also told me that he can give me bonus or loss protection on one trade. I told that will choose loss protection trade and he agreed that he will consult his team and get back with a good trade signal for loss protection trade. He did not gave me any such trade later. He also tried to explain me Bollinger Bands trading strategy and told me to practice this strategy. I was not comfortable with Bollinger Bands and I asked for withdrawal and since then he is not replying to my email or my Skype messages.

I approached Christian Paw for help on withdrawals. Christian told me that compliance manager, Ramsay, was fired and MX Trade was in bad situation. He also told me that he was moved out of all client account. He is also leaving MX Trade soon. Christian told me that he will do his best to get my money withdrawn.

On 27-Oct-2016, I was blind copied on one email from Christian to Mr Barak (barak.b@m-markets.com). In this email Christain explained how MX trade customer were suffering from fund withdrawal issue. This email gave me 2 more customers email who were suffering from fund withdrawal issue. I think it is worth copy pasting that email here. I am also attaching PDF version of this email to the file list of this case.

======== Start of email ============
Dear Barak,

I keep on receiving messages from few of my clients with plagues to have their funds send back to them.

And the amounts we are talking about are really silly, we have an Indian guy with 200$ that never had any kind of bonuses and is unable to withdraw, the person from South Africa - Mark and Xin Ten - a student girl that deposited her student funds.
Can you please forward the withdrawal requests so that they can leave me alone and also do the right thing?


Mark Sterley markjsterley@gmail.com - Mark deposited 5200$ in total, lost a few hundred dollars and wants to withdraw $4500.

Xin Tze Tan xttan_69@hotmail.com - deposited 250$ then 700$ more and 500$ - an overall deposits of 1500$. A withdraw of 300$ was approved but she never saw the money, and is crying on the phone to have the rest of her money send back to her - a lot of money for China and she cannot take this. I really do not want to have someone's injury on me because of some small amount of money.

Mithun kumar Jain mithunkumarjain@gmail.com - This guy has 220$ withdrawal request, never had any bonuses, traded himself, lost some money, could not take his profits, lost some more and now wants to take what is left from his account. Asking me on daily basis and messaging me all the time about no-one responding.

Please, these clients are human in first place, money will come in the company but this is really heavy on me as someone that actually got them in the company.

I am looking forward to your answer.

Christian Paw

General Sales Manager

Tel: +44 20 36 08 61 62

Email: christian.paw@mxtrades.com

WhatsApp: +359 889 744 013

Viber: +359 889 744 013

Skype: Christian.Paw.Mxt
======= End of Email ========

After reading this email I came to know that MX trade is doing this with many other customer. Probably with all its customers. I tried reaching those customers and Xin Tze Tan responded to me saying that she also facing same problem. Daniel is not responding to her emails too. She lost all the hopes. But I told that I will take this case with Forex peace army.

I told MX trade that I will take this case to forex peace army if they don't refund my money but I did not get any response from them. I am attaching all the communication in the file list of this case.

MX trade is not FCA regulated and MX trade licence is registered in Belize which is a small country in eastern coast of Central America. It doesn't have any value.

If I had found all these facts before, I would not have started with MX Trade. Please help me withdraw my funds and also spread this to as many people as you can so that others do not suffer with MX Trade. .

New thread in the Scam Alerts Folder:

Review is submitted by mithunkumarjain on 11/03/16

The company was first contacted about the issue on 10/09/16 the last contact was on 11/02/16

Details: I got only one reply on 14-Oct-2016 saying that they will refund my money next week. After that I did not get money and they are not replying to my email.


I got Barak's email from Christian. I am not sure why Barak's email is ending with @m-markets.com. I think m-markets.com and mxtrade.com are partners.

Company representatives' emails: Daniel Nell<daniel.n@mxtrades.com>
Christian Paw<christian.paw@mxtrades.com>
Barak<barak.b@m-markets.com>

 

Attachments

  • Statement_ 8080714 - Mithun kumar Jain.pdf
    124.7 KB · Views: 6
  • Gmail - missed trade.pdf
    549.6 KB · Views: 6

AsstModerator

FPA Forums and Reviews Admin
Messages
5,655
Can you please make a copy of that PDF with the other client names and email addresses covered. Reply here and post it as an attachment. Then I'll remove the original attachment and edit your Traders Court submission.
 

mithunkumarjain

Recruit
Messages
10
Can you please make a copy of that PDF with the other client names and email addresses covered. Reply here and post it as an attachment. Then I'll remove the original attachment and edit your Traders Court submission.
Hi AsstModerator, Thank you for reviewing my case. I am attaching the masked other client name and emails. Thankyou.
 

Attachments

  • Gmail-ClientsRemovedOtherClient1.pdf
    416.4 KB · Views: 8

mithunkumarjain

Recruit
Messages
10
Can you please make a copy of that PDF with the other client names and email addresses covered. Reply here and post it as an attachment. Then I'll remove the original attachment and edit your Traders Court submission.
Hi AsstModerator, I have attached the masked customer name of the email.Do you need any thing else?
 

AsstModerator

FPA Forums and Reviews Admin
Messages
5,655
Hi AsstModerator, I have attached the masked customer name of the email.Do you need any thing else?

I need more hours in a day.

I've just emailed the formal FPA invitation.

Please post an update either Tuesday evening or Wednesday morning to let me know what you've heard from MxTrade, if anything. If there is no significant progress by then, then this thread will move to Open Cases.
 

mithunkumarjain

Recruit
Messages
10
I need more hours in a day. I've just emailed the formal FPA invitation. Please post an update either Tuesday evening or Wednesday morning to let me know what you've heard from MxTrade, if anything. If there is no significant progress by then, then this thread will move to Open Cases.

I did not get any email from MXTrade. Please move this case to Open Cases. Thankyou
Regards,
Mithun Kumar Jain
 

mithunkumarjain

Recruit
Messages
10
I did not get any communication from MXTrade. Please move this case to Open Cases. If possible please declare this company as scam. I have went to their youtube channel, facebook and posted my comments but still they are not responding. I think they are very determine at stealing people money. Thankyou
Regards,
Mithun Kumar Jain
 

AsstModerator

FPA Forums and Reviews Admin
Messages
5,655
At the moment, there are 3 cases scheduled to start getting votes on Monday. If you don't mind, I'd like to get those started and then move this thread the next day. That will let it be on display for a reasonable period of time, and when it goes to a vote, there won't be quite so many cases competing with it for people's attention.
 

mithunkumarjain

Recruit
Messages
10
At the moment, there are 3 cases scheduled to start getting votes on Monday. If you don't mind, I'd like to get those started and then move this thread the next day. That will let it be on display for a reasonable period of time, and when it goes to a vote, there won't be quite so many cases competing with it for people's attention.
Sure... you are the best judge.
 

mbreitfelder

1st Lieutenant
Messages
622
Hmm, canceled orders, sounds familiar!! Doing this through MT4 shows even more GUILT!! My vote, obviously, is GUILTY! See this link: http://www.leaprate.com/2015/12/bel...desist-order-against-fx-firm-grizzly-limited/ It states the following: "All those concerned are urged to take note and exercise extreme caution. Any person who is contacted by the representatives of Grizzly Limited is asked to get in touch with the IFSC by e-mail director@ifsc.gov.bz and to provide full details of such persons." Grizzly Limited owns MXTrade. Go get them!!
 
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