handelssignale.com and OlympFX scam companys

egi1610

Recruit
Messages
10
I have come across a german website: handelssignale.com, followed them approx 2 years, there has been irregularities in the past with them but the reported irregularities were not an issue for me at that time.

With the new launch of activity of that firm in Sept2012 they claimed to only work with reputable broker OlympFX.
Well I analyzed their system for a while and it was in fact a grid trading EA on EURUSD, I knew the risks involved and that DD can bust the account. When I then started my account with OlympFX I was more than surprised that meanwhile they activated a second trading system on their clients accounts which was called breakout. this system was too good to be true. It cashed in 5 pips TP and 7 pips SL in the majority of times (sometimes double settings applied) and account grew at a rate of 70-100% / month.

What makes me now believe these companies are a scam: well they claim to have only an IB contract with the broker OlympFX and thus you need to wait for 6months, let your money reinvest and only then you are without hurting the contract elligible for a withdrawel.
Well I thought I have seen this company for 2 years, 6 months is long but its logic that they want to earn on the spread also their decent money...
Short before the end of the 6 months period for the first new subscribers of their 'service' they ran within 3 minutes at night all accounts into a grid dead end, ie. opened opposing trades until almost margin call was reached. To be objective, they claim this was a hack attack of evil hackers that disguise the performance of them...

Up to now all sounds like the Handelssignale is the scam only, but here it comes: at 04:05 CET time Handelssignale claims to have credited all our accounts with addition money to be so nice to us to avoid a margin call. a few minutes later 04:23 the grid again went wild and opened 4 additional positions ensuring also the credit to be gone...

At no time since 01:02 I could manually intervene in any of this trading, OlympFX claims the IB contract was clear I was not supposed to be trading myself, well on the website of Handelssignale they gave the safety confirmation that IF they make a higher loss of 25% you can ofcourse intervene and proceed with manual trading.

Now why are both companies liased:
Both companies independantly reply mails still but a disconnect at times when EURUSD was so much in favour that the hedges would have closed out with a small profit, was not possible to confirm WHEN exactly that happens.
Further the MT4 platform itself is old (built4 V225) and its demo and life accounts get derived from same server. Most important the trade sizes on a 71K account were up to 400 lots on the breakout strategy, only now I know that ANY good liquidity provided MT4 broker would have significant issues in ensuring Lotsize of 40+ to you as trader with confirmed prices and full execution.

For the strategy to exit trades: MT4 holds a nice feature: "close with" as closing option. For those of you that know the MT4 in and out and the markets this will be easy to understand, you basically closeout one trade with your oponent, a mistake they did in this cam was to open all grid trades within seconds appart almost all at same price (max 2 pips difference) as the broker was a fixed 2 pip broker you could have saved half of the profit (if it was real...) by closing with all positions with opposing ones. THis was at no point in time heard neither by OlympFX nor by Handelssignale, so the pur business model of both companies was to rip of clients with their deposit. nothing more, pure scam.

Meanwhile they had luck on their side and the EURUSD was more in favour for them, the hedges were not perfect (EUR base currency account is never hedged perfect) and the account ran into minus, this is when a roundmail came to all clients informing them that the credit given cannot be held up anymore (again the bad forum events caused their banks to jump ship... have you ever seen a bank analyzing forums?) and thus the credit was taken out, this caused immideate margin call and leaving a 15% from initial investment as negative balance on the account.

I have not received any mail yet from OlympFX to egalize this minus, I am well aware that in principal lossed on an account must be closed, but I see several reasons for going all legal way to not do this in this case:
1) I was deactivated from my account
2) a foreign credit was given to my account AND taken away, to my understanding that is a broker issue in itself offending money laudring rules
3) the margin level was even with credit below 100% so the broker normalls should have closed out the trades even before ...

Any help on how to hunt down scammers would be appreciated, either way I at least think others should be warned NOT to invest in this broker and to stay away of IB Handelssignale.com as they certainly pop up if not stopped somewhere else in the future...
 

egi1610

Recruit
Messages
10
Handelssignale mails:
80.77.23.136
173.201.193.239
212.227.126.187
173.201.192.106
173.201.193.237
64.202.165.4
before the 'incident':
173.201.193.232
80.77.23.136
68.178.252.103
173.201.193.103
always sending email adress: info@handelssignale.com

OlympFX:
office@olympFX.com:
64.202.165.6
173.201.192.103
173.201.193.232
173.201.193.111
64.202.165.10

trading@olympFX.com
65.254.253.45
78.46.151.48

statements@olympFX.com (senderemail of daily reports from MT4)
64.202.165.187
173.201.193.107
68.178.252.108
173.201.193.238
173.201.192.107
and some more...

accounts@olympFX.com
173.201.193.111
and many others out of range above
 

Tibor Borzak

Recruit
Messages
5
Hi, I was also a client of this Olympfx - Handels-Signale.com. To add some points to the well described situation: at the beginning of the account activation (I started to trade on Oct 2012) I had rights to close trades by myself (the master password was working). After the events on 11th March 2013, this feature was disabled as none of the clients were able to trade and "save" their accounts using the "Multiple close by" technique. Also the margin requirements were just ridiculous, on 12.000 lot (!!!) open position my margin was only 63.000 USD which means for 1 lot I used only 5.25 USD, so my leverage was 100.000/5 USD = 1:20.000 !!! . When I asked the broker about, he replied "these are special trading conditions". IF you are working in Forex industry you will know that the max. leverage you can get currently is 1:200. We started a claim at the Belize regulator, in order to perform a FULL audit on the broker to demonstrate that all these trades were "DEMO" and the whole scheme was a nice and very intelligent setup. For ex. the "REAL" accounts published on the money manager (handels-signale.com) website you saw even a withdraw by the end of each months, demonstrating that there is a happy client taking his money each month! The domain names (handels-signale.com and olympfx.com) where registered in 2011 and 2012. Can be checked here: whois.godaddy.com. Is there any wax that FPA can help us investigating and sending more alerts so we can stop these guys ? Thank you in advance.
 

Pharaoh

Colonel
Messages
20,020
Send me a reminder by PM next week (I'm a little busy this week), and I'll be happy to do some digging for more info.
 

Pharaoh

Colonel
Messages
20,020
Looks like handelssignale-com is/was owned by Patrick Hahn. Check the FPA's reviews and you'll find a couple other services he owns.

Whoever set up OlympFx was a lot more careful to cover their tracks.

A lot of those IP addresses are via hosting facilities in the USA. 80.77.23.136 is from Germany.

OlympFx claims to be registered with the IFSC in Belize. Contact them and let them know what's going on.
 

Tibor Borzak

Recruit
Messages
5
Hi, I contacted the regulator asking them to make a full audit on all accounts which were "vanished" as we think that everything was on demo and not real : they used a very old MT4 client (2009), the margin was ridiculous (at least on my account 1:20.000), they applied a credit which was never asked and so on. So far the regulator contacted Olympfx where they rejected all these. I think that the Belize regulator will not do anything more, max. revoking the license which I think costs couple of hundred $ :(
 

Pharaoh

Colonel
Messages
20,020
Keep in touch with the IFSC. They really have revoked licenses before.

How did you deposit money with OlympFx?
 

egi1610

Recruit
Messages
10
Hi Pharaoh,
back recovering...

We all deposited to a hungarian Bank most of us via wire transfer. Since Jan there was a new account given to clients to deposit through Cyprus bank.

you have done a missmatch there is handelssignale.com and there is handels-signale.com, we were 'betrayed' by the later the first I don't know, handels-signale.com claim that the first is an oponent from them, trying to talk them bad etc...
Thanks again for all help.

I guess the main reason for not more people claiming here is that they targeted on German audience especially and this audience seems very small and not necessarily knowledgeable about ForexPeaceArmy! I will check around and see if more would be able to post here aswell.
 

Pharaoh

Colonel
Messages
20,020
Too many Handels. :confused:

handels-signale.com is registered to:
Poschmann, Werner
Atlas Business Corporation L.P.
78 Montgomery Street
Edinburgh, EH7 5JA
United Kingdom

UK address, but the name on the account does look German.
 
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