HFX Problems Finally Lead to a Scam Finding

HFX Problems Finally Lead to a Scam Finding


HFX already had the attention of the FPA . A company employee left 2 fake reviews and also made a post in the forums claiming to be a happy client. HFX.com had a 1.3 Star rating before getting an FPA Scam finding.


In October, 2011, FPA member cmingoti filed an FPA Trader's Court case against HFX. She reported that she had made an initial deposit of $1000 and had received a bonus of $500. She was told she had to trade 125 full lots to withdraw her funds. She did, and her account had been locked and HFX accused her of hacking.

After the case was opened for public discussion, an HFX employee showed up and posted evidence showing a single out of market trade as “proof” that cmigoti had somehow hacked HFX's system and was trying to defraud the company. He later presented a few more graphs, but those did not show enough data to indicate if any trades were off-market or not. The company claimed that 1.5% of her trades were off-market.

Questions were asked of the representative, but direct answers were not given to many of them. The vote came in as Guilty.


In May 2013, FPA member Najeeb Bubayis filed an FPA Trader's Court case against HFX. He reported that he invested $10,000 and then added another $90,000. He further reports that someone at HFX was trading his account and did not provide requested stoploss, resulting in a margin call. He showed an email where an HFX employee claimed regulatory registrations that did not belong to the company.

HFX was contacted by the FPA and invited to join the discussion. There was no response. Najeeb filed a chargeback with his credit card company.

On July 30th, an HFX representative posted in the discussion claiming that HFX had refunded the money. Najeeb later confirmed getting the money, but posted that he only managed to reclaim it by using a chargeback.

In July, 2013, FPA member turki filed an FPA Trader's Court case against HFX. He reports that he initially deposited $10,000 and traded for himself. Later, someone at HFX convinced him to allow an HFX employee to trade the account and promised large profits if he would add another $10,000 deposit. Turki deposited the money and bad trades by the HFX employee reduced the account to $1400.

HFX was invited to post their side of the issue, but did not reply in either of Turki's threads until after the Guilty vote come in. It invited Turki to email the main support address. He reported that he'd already done this and hadn't gotten a reply.

These 3 cases resulted in Guilty verdicts.


1.5% of all trades being off-market sounds more like news trading or bad luck than anything planned by the trader. Whether you call it arbitrage, lag-trading, or hacking, one example of an off-market trade doesn't qualify as proof a trader has done anything wrong. If HFX's representative had been more willing to answer questions directly and provide more evidence, he might have changed people's minds about this. Since he didn't deal with questions, we see no reason why this client isn't owed 100% of her profits on all of her trades.

Pressuring clients to deposit more money while dangling the lure of big profits is a good way to get more deposits. If the HFX.com employees had been able to deliver on the profits, it could have been a good business model. Promising fast profits while delivering big, fast losses is not a good business model. It's a deceptive way to remove money from clients.

Claiming that a company has refunded money when the client reports getting it back via chargeback means that someone isn't telling the complete truth. The client stuck to his story. HFX's representative didn't bother to address the issue when it was brought up. There's also what's claimed to be an email from another employee showing incorrect information about HFX's regulation.

Since neither HFX representative was in a hurry to join discussions or answer questions in a complete and open way, both have been banned. If HFX.com wants to have a new representative to the FPA, they need to contact FPA HQ.

Based on all of this, HFX.com has been declared to be a SCAM and is blacklisted by the FPA. The requirements to have this fixed are in the Scam Finding. The FPA recommends against opening accounts with HFX.com or any related company. If you have an account there, we recommend withdrawing your funds immediately. If you have any problem getting your funds out, contact the authorities.



FPA Scam Finding Against HFX.com

FPA Traders Court Case 1

Original Complaint Thread for Case 1

FPA Traders Court Case 2

Original Complaint Thread for Case 2

FPA Traders Court Case 3

Original Complaint Thread for Case 3

FPA Review Page for HFX.com


 

fxeasy75

Private, 1st Class
Messages
63
[1.5% of all trades being off-market sounds more like news trading or bad luck than anything planned by the trader. Whether you call it arbitrage, lag-trading, or hacking, one example of an off-market trade doesn't qualify as proof a trader has done anything wrong. If HFX's representative had been more willing to answer questions directly and provide more evidence, he might have changed people's minds about this. Since he didn't deal with questions, we see no reason why this client isn't owed 100% of her profits on all of her trades.]

In fact most brokers are intelligent enough to stop arbitrage trades with their customised API into the MT4 that is unseen by anyone. If and only if HFX detected a real arbitrage trade, HFX could have suspended the acct, give a detail analysis with audited proof of such trades, and send a email to this trader that HFX is forcing her to close her acct as proof that she had done such things. Mostly brokers, after suspending the acct, will go and investigate their system and try to put in more checks and dont worry they could easily catch you, and yes b4 u yell, there is such program/api that brokers do use! So how did this happen then even if it was off-quote or whatever. In case of such findings and most reputable brokers will warned and post conditions abt these, will usually dishonour the profits but still allowed the trader to withdraw the capital she had invested

if HFX had done all sorts of due diligence themselves off-quote trades may not even occur. Accusing her of hacking the system (so HFX is sorta of admitting that their system could be hacked :rolleyes:) is just plain internet robbery. They just wanna to keep that $, simple and straightforward. I would be very surprised indeed if any trader has managed to crack into MT4 or manage arbitrage trading successfully on a live acct. It would mean that we have finally found our Mother of All Holy Grails :p:D;)
 

johnsa1

Recruit
Messages
6
fxeasy: only a very few people can earn from forex trading and this guy is no exception. he or she obviously did hacking in order to profit. dont be so naive. its almost guaranteed to lose in forex. Yes I do believe that the user did arbitrage hacking or similar.
 

Master Yoda

Captain
Messages
2,929
I am really happy to see the FPA has decided to take these actions against this scam company.
HFX is a big scam, they are liars and cheaters who use every weapon in their arsenal to get what they want: the customer's money.
 

Pharaoh

Colonel
Messages
19,777
fxeasy: only a very few people can earn from forex trading and this guy is no exception. he or she obviously did hacking in order to profit. dont be so naive. its almost guaranteed to lose in forex. Yes I do believe that the user did arbitrage hacking or similar.
You need to re-read that case thread very carefully. The trader in question also made profit on the 98+% of trades that were not alleged to have issues. Those profits were also confiscated by HFX.

If we follow your logic, anyone who makes a profit is cheating. Of course, that's what a lot of brokers seem to use as their standard of what is and isn't cheating.
 

kevileijh

Recruit
Messages
2
What if you just found a good strategy and win 100% of your account because of good winning streak is that hacking? Non sense right?
 

alsrss

Recruit
Messages
9
My Story with HFX.com

After coming across this forum, and clearly is one that is heavily look at by all forex traders, i would like to share my side of my catastrophic story with HFX.com

My story with them started exactly on 20th january, 2013 where i received a call from someone who identified himself as an employee of HFX. He started explaining to me the company's portfolio and how his company works with commodities, Forex and a lot of investment tools.

I asked him to provide me with more details on what he claims from registrations and licenses of operation to my email. (attached)

He asked me to register on the company's website and indeed i did on 23/01/2013. The username and password were emailed to me and after a few hours i received a call from a person who identified himself as "Shadly Onalla" asking me to deposit 10000USD to get a VIP account where he will manage the account and trading , as he is considered to be with a vast experience in this field (so he claims).
He said, "I will multiply your funds in no time with my experience".

On 29/01/2013, they debited my credit card with 10000USD and indeed shadly Onalla started trading with profits not exceeding a couple of hundreds of dollars in a trick to convince me to deposit more money!
Two months later, i increased my deposits, as Shadlly promised to increase the profits by triple as GOLD is moving up in price in march. 2013.

He started opening losing contracts and the loss was increasing by the day. During the period from march to june 2013 i made a lot of calls to shadlly. He responded that things are normal and no need to worry. Whats needed is just more money to lift the margin up and he kept insisting on it.

I did inject more money into the account as per his advice and promise to give me back my money.

In June, i asked hime to transfer 30,000 USD back to my account. He said its against the policy of the company! The policy insisted that profits can only be taken after opening certain number of contracts.
He continued opening losing contracts and promising to send my money back. The more money i injected , the more losses were incured by shadly on my account.

By the End of July, precisely on 27/07/2013 shadly asked for more money with a promise that he will pay me a bonus on my deposit. Another tactic to have me inject more money. He also promissed that by 12/08/2013 he will send me back 80,000 USD to my account.

Since then the capital fell from 40,000USD to 5000USD on 08/08/2013. On 12/08/2013 i was out of the country for medical reasons, i tried calling shadly and emailing him to send me the 80,000 USD he promised but never got
any response whatsoever.

When i returned back, i again called him to ask about the account; he said all is fine and we are just waiting for the market to change directions. ( what he didn't tell me was that the account was closed and he was purely lying!!)

I tried logging in myself to find out that im unable to. I again called him about this issue. He resent the password.

I logged in and here i saw the stunning shock. All contracts have been closed with a loss of all profit and even the capital! i got devastated with this!

Shadly calimed that it was HFX's policy to close the accounts! How can they close the accounts without my knowledge? Why didn't they ask me to inject more money to save the account?

He offcourse had no reply.

Shadly calls me the next day to tell me that he convinced Accounting to deposit 10,000USD into my trading account so he can regain my my capital.

In breif, i have been scammed by HFX with the amount of 126650 USD (one hundred and twenty six thousand and six hundred and fifty dollar using my credit cards, HFX refused transferring any of the profits back to me.
The have lost all my money and i have never ever traded any contract by my own.

Would you investors allow this to happen? Isn't it a SCAM to loot my hard earned money!

I ask your help to relieve me from the devastation im in and helping me getting my money back from them.

Thanks

Ayman Al Shayeb
 

Master Yoda

Captain
Messages
2,929
fxeasy: only a very few people can earn from forex trading and this guy is no exception. he or she obviously did hacking in order to profit. dont be so naive. its almost guaranteed to lose in forex. Yes I do believe that the user did arbitrage hacking or similar.
I am not sure if you whether have mental issues or your are one of HFX key people.
You have contacted people who made complaints and contacted me as well with some very aggressive attitude and very bad wishes. What's your problem man?
HFX is a SCAM... just live with this fact or go get some counseling
 

alsrss

Recruit
Messages
9
Dear All,

I was surprised with an email (attached below) sent by HFX.com threatening me to pull back my chargeback against them with a lawsuit!

If they were non-fraudelent, why dont they answer back....i wonder!!?


Thanks
Ayman Alshayeb




Dear Sir,

The Company (HFX GLOBAL) has learned that you have applied for a charge-back transaction on your credit card, and deny your agreement with the Company.

As you know, you have agreed to our terms and conditions and have declared, according to the said terms, that there is no legal obstacle to your engagement with the Company.

You should know that the above action taken by you is against several international credit card clearance laws and regulations, and may be considered as an attempt to COMMIT FRAUD against the Company, punishable in the applicable court in your jurisdiction and internationally .

The Company has instructed the Company's legal advocates to file legal procedures against you, in your jurisdiction and any additional applicable jurisdiction of governing body, such as Interpol, credit institutions and more.


You are hereby given the opportunity to stop the filing of the above legal procedures against you, by contact the legal department to this e-mail in the next 48 hours. This is the last notice before taking legal actions.


Sincerely
Legal Department
HFX Global Ltd.



Tel: +442031500432
Fax: +442031500180
Email: legal@hfx.com
 

Pharaoh

Colonel
Messages
19,777
Make sure to report the contents of that email to the fraud department at your credit card's issuing bank.

If you have filed a complaint with econsumer.gov, go back and add that as an additional item. If you haven't go ahead and file.

File your own complaint against HFX with Interpol. I don't know if they go after forex broker issues or not, but this is a good chance to find out.
 
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