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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
.
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
.