I AM SCAMMED BY FXPRIMUS, THEY ARE THREATENING ME

FPA Forums Team

Caution: Moderators at Work
Messages
351
The FPA invited the Company to update this discussion on Sep 4, 2020 at 11:27 AM
 

RichieFich

Recruit
Messages
3
So FXPrimus is not accepting the invitation to give their version.. whether it was about stocks or whatever, i added them in my scam list... i love my hard earned money..
 

sam.peters

Corporal
Messages
84
So FXPrimus is not accepting the invitation to give their version.. whether it was about stocks or whatever, i added them in my scam list... i love my hard earned money..
Yeah seems safe to assume after over a week that it's not likely going to happen.
Mildly troubling.
 

Majidmalik

Recruit
Messages
29
It very much clear and I will personally like to request admins to put them on official scam list so people are aware of these things
 

FXPRIMUS.com

Recruit
Messages
8
Dear Client,

We trust this email finds you well.

Further to your email to Primus Markets INTL Ltd (the ‘’Company’’) please note that we have performed a detailed review of your trading accounts and any previous communication you had with our Support Team and Dealing Department and we would like to inform you again the following.

As per our investigations your trading technique aimed to abuse the gap in the markets and the negative balance protection offered to clients. This is prohibited and according to clause 18.1 (see below) of the Company’s Terms and Conditions which can be found here, the Company has every right to recoup illegal profits and close your account.

“The Company does reserve the right, however, to close, suspend or recoup any closed profit and loss from an Account it deems is engaging in unethical or questionable trading styles including, but not limited to abuse of price gaps, latency arbitrage, the act of “flooding” of our servers with an excessive amount of pending orders, excessive logins, “picking” and “sniping” or the use of certain automated trading systems or Expert Advisors, without notice.”

In more detail and further to the table below, on the 06.03.2020 you opened two trading positions (Buy and Sell) of equal amounts at 19:52 of 1.1 lots on DJ. Opening two opposite positions at same time does not make any economic rationale due to the different spreads offered. It is our understanding that this was done on purpose and in order to mask your trading technique.

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The same day at 23:59.50 you sold another 0.9 lots of DJ and at 23:59.52 (just eight seconds from market closing) you closed the long 1.1 DJ opened at 19:52 which is a clear indication that you intentionally over exposed your account in one direction. In effect you opened 2 lots short in one direction 10 seconds before weekend in order to abuse the expected market gap that would happen on the weekend due to the corona virus pandemic.

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On Monday 09.03.2020 the market gapped (as expected) and opened at 25,244 and at the same time you started hedging your positions in order to lock the profits. The same day you started liquidating the illegal profits by making partial closings, in order to create multiple partial trades, and make it harder for the Company to discover your abusive strategy.

Finally, please note that we consider the case closed.

Have a great day ahead.
 

Majidmalik

Recruit
Messages
29
As per your stand the profit made from gap trade is illegal, this indicates 2 things, first you are market maker, secondly you threat people for legal action as they get to your regulatories.

And one more question you paid out 8000 USD from the same trades.
The above 2 things clearly shows you are not a fair broker and you just took out the profit without any reason else you wouldnt have paid out 8k USD.

I will request admin to put a poll and let everyone decide who actually is abusing the situation and taking hard earned money from people.
 

londonlondon

Recruit
Messages
1
Sorry Majid to read about your case, I was looking for a review on this broker after reading about the $10,000 deposit bonus, however I am very glad I didn't open an account with them.

I say this company is a SCAM! and personally would advise people to stay away!

Love the fact you beat the broker with your style of trading. :)
 

Majidmalik

Recruit
Messages
29
I wish FPA to open this case to public voting and surely the company has been proved fraud, they took away 12k of hard earned money

FPA Forums Team Note: As we have already explained, the FPA Traders Court escalation procedure is intended for Forex trading. Your profits were earned trading stock CFDs. The cancelled trades/profits were from stock CFDs. Both the paid and unpaid portions of the profits are related to disputed trades on stock CFDs. This case does not qualify for any further Traders Court escalation.

We suggest taking the issue up with the broker's regulators. Have you contacted the regulators yet?
 

Majidmalik

Recruit
Messages
29
I wish FPA to open this case to public voting and surely the company has been proved fraud, they took away 12k of hard earned money

FPA Forums Team Note: As we have already explained, the FPA Traders Court escalation procedure is intended for Forex trading. Your profits were earned trading stock CFDs. The cancelled trades/profits were from stock CFDs. Both the paid and unpaid portions of the profits are related to disputed trades on stock CFDs. This case does not qualify for any further Traders Court escalation.

We suggest taking the issue up with the broker's regulators. Have you contacted the regulators yet?

Yes i contacted them but neither one takes on individual cases, they only mentioned that they will consider my complain once fxprimus license will be getting renewed, but nothing much for me, i only had this forum to raise against the company, but seems like there is no hope anywhere
 
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