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Helping Traders with Complaints - A Success Story

Discussion in 'Scam Alerts' started by Scam Investigations Committee, Dec 29, 2008.

  1. Scam Investigations Committee

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    Despite rumors to the contrary, the Scam Investigations committee and our investigators all feel that a confirmed scam case is a failure. We all work very hard to reach a fair and equitable resolution, both for traders and for the companies they are having an issue with. Many scam complaints are resolved very easily and happen so quickly and quietly that we don't even bother to mention them. Others stretch out over many months.

    The one thing that makes scam resolutions much quicker and easier is a company that is willing to openly discuss the issues with a trader. Most cases are just simple matters of miscommunication.

    Most of the confirmed scam cases either involved the company refusing to communicate at all, or stopping communications the moment that it looked like the FPA wasn't 100% agreement with the company's view of the issue. For companies that are willing to communicate, we encourage traders to hold off on filing a complaint with us until they encounter serious problems negotiating with the company.

    For this case, FPA member Xiuchun Yang had a major problem when his trading platform wouldn't allow him to close some profitable positions. This resulted in a loss of a little over $70,000. His initial contacts with FxOpen's finance department didn't get the issue fixed. This led to him posting a complaint in the FPA's Scam Alerts Folder and also opening a Scam Resolution Ticket. He even provided plenty of documentation for his case.

    Ken, the FPA Investigator assigned to the case, noticed that Fxfrench, a representative of FxOpen, had recently joined the FPA's forums. He notified the AsstModerator, who sent an email to FxOpen's rep. Ken also told Xiuchun Yang to be patient for another day or so, since FxOpen had a history be being very good at resolving issues once the proper people were notified. After some exchanges in the FPA's forums, Xiuchun Yang's account was corrected and he received the profits that were lost while he was locked out of his trading platform.


    In the interests of full disclosure, it should be noted that no one on the Scam Investigations Committee, FPA Forums Team, of FPA Review Moderation Team has an account with FxOpen. It should also be noted that FxOpen is currently advertising with the FPA. Since FxOpen's rep began to respond to the issue in a professional and timely manner, we felt there was no need to temporarily suspend the company's advertising campaign with us. This is in stark contrast to the attitude taken by InstaForex. InstaForex was an FPA advertiser that sent representatives into our forums to attack FPA members who had an issue with the company. InstaForex also demanded that the accusations be removed from public view before being properly investigated. In that case, the FPA suspended InstaForex's ad campaign. When InstaForex continued to fail to even try to provide any evidence to back up their side of the story, the FPA canceled their campaign and refunded the money. We are very happy that FxOpen prefers to deal with issues in a much more rational and open manner.

    None of us have tried using FxOpen as a forex broker yet, but we can say that they do take customer service issues very seriously. Their representatives have always been fully professional, cooperative, and helpful when any FPA representatives have brought major or minor issues to them.


    Official Case Resolution

    Xiuchun Yang's original complaint

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  2. Mark Harding

    Mark Harding Corporal

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    Well done !

    Well done guys !
     
  3. Pharaoh

    Pharaoh Colonel

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    If I had that much profit evaporate while I couldn't close a trade, the I'd need help from a cardiologist before asking the FPA for help.
    :D
     
  4. PipStar

    PipStar Sergeant

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    Good to see this broker doing the honest thing and this may well encourage other traders to open accounts with them.
     
  5. sure_huat

    sure_huat Recruit

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    My friends and i did lodge a complain on FXOPEN before using forex peace army.

    We got scammed by them.

    THey will auto delete your trades while u are in profits...

    and when u call them, they answer the phone but they act as if they got reception problems and cannot hear you and when u email them, they nv respond...

    My trade profit that time was $2k ++

    WHen being questions, they say i was trading news... and due to non farm they cancel my trades...

    THis is ridiculous... as i trade abt 3 hours after non farm payroll.

    PLS BEWARE.
     
  6. washsky

    washsky Recruit

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    Only the cheaters will be treated by Fxopen, Otherwise fxopen is well for the traders
     
  7. Just Me

    Just Me Recruit

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    Very nice

    nice job... keep going
     
  8. omo9ja

    omo9ja Private, 1st Class

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    I had opened a mini account with fxopen but i noticed their platform often freezes so i was not comfortable to fund the account. But with this kind of professionals and honest people on their payroll, I think i would reconsider my opinion about them.
    Honestly though i am 100% with pharaoh, 70,000bucks???? A cardiologist would have been the first stop indeed.
     
  9. ggiannop

    ggiannop Recruit

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    what do you mean by cheaters...traders that make profits ?????
     
    #9 ggiannop, Dec 30, 2008
    Last edited: Dec 30, 2008
  10. vincenta

    vincenta Recruit

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    Cheaters????

    Yes, I'd like to know too, just who a 'cheater' is? Someone who scalps? Someone who trades news, or is just someone who regularly makes more money than he loses i.e. a profitable trader?

    Brokerages of any type, at their best, are supposed to be houses where BEST EXECUTION of all trades is achieved, period.
     

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