Info on broker: BankDirectFX

[Pharaoh]

Of course, if a broker goes under or disappears with your money, somebody goes to jail. Your money is still gone, and you lose anyway. And, no broker is dumb enough to steal money in that manner anyways. They steal your money by manipulating your MT4 accounts. Regulators don’t understand MetaTrader or the price feed structures to properly oversee this either.

I personally like knowing that if my money is stolen, someone will go to jail. I also enjoy knowing that if my broker is busted for using the VDP (as has happened to other NFA registered brokers), that I can expect to be refunded.

You posted on Friday. I don’t work on the weekends. Did you expect a response over the weekend?

Only if the question wasn't fully answered on a couple of prior attempts.

As I’ve previously said: we are not asking anyone for their business. I understand the FPA operates on a “Guilty Until Proven Innocent” mentality. I’m happy to accept that.

I prefer to think of it as "Trust, but verify first."

 

[Pharaoh]

OK so PrivateFX is clearly the same as PrimeFundFX.

PrimeFundFx.com was registered in April, 2013. It claims to have been previously known as "Bester Fonds EU". The ONLY mention of that name anywhere that google can find is another post I made regarding Prime Funds Fx. It looks like there never was a "Bester Fonds EU" or a "Bester Funds EU"

It appears that something is very wrong with PrimeFundFx. If BDFX is really an ethical broker, then Ryan will stop accepting referrals from them and check out the situation quickly and carefully to protect his own clients.

 

[elisab]

My account is up over 10% since starting principal and Primefundfx always answers my messages as well. PrivateFX site show finfx as broker, cant find anything relating to them / BDFX, and nothing relating to Lukas E.

And by your reasoning Pharaoh, brokers should start being police to any trader a forum doesnt like. that's crazy. let the actual clients complain not people who have never even worked with either of the companies! Every time I come here to read I get scarred like "oh is this scam?!" and then then I think *rationally* rather then looking for any reason to Hate.

Ive personally lost money many times with bad traders and made money with good traders too. Look at Zulu trade tons and tons of traders some good and bad. It's up to the trader to choose what to trade with based on performance and how they are treated as a customer. You are just trying to be Police.

Ryan, thx for stepping in here and I hope more clients do too of bdfx and not just prime fund. Im happy to have an account with the broker, and this fund right now.

 

[efa-FX]

elisab - Pharaoh's questions are pertinent and yes brokers have due diligence responsibilities!

 

[odysseus11]

a donnaforex user visited the supposed location of BDFX, you know the one in belgium with the 9 staffers in it:
primefundfx

 

[Pharaoh]

And by your reasoning Pharaoh, brokers should start being police to any trader a forum doesnt like. that's crazy. let the actual clients complain not people who have never even worked with either of the companies! Every time I come here to read I get scarred like "oh is this scam?!" and then then I think *rationally* rather then looking for any reason to Hate.

There seems to be a little more to that account management company than people not liking it in a forum. Any ethical broker would indeed step in and take a very close look. If the accusations are unfounded, no harm is done. If the accusations are legitimate, then to allow the manager to continue would be a disservice to clients. Saying "It's a private arrangement between the manager and the account owner" when there are serious accusations on the table basically says "We get our spread and don't care if a bad account manager lies, cheats, and steals to make it happen."

I know of other brokers who have banned managers who say one thing and do another.

 

[Pharaoh]

a donnaforex user visited the supposed location of BDFX, you know the one in belgium with the 9 staffers in it:
primefundfx

I think you pointed to a message farther down the page. This link should drop people in just above where the photos start:

primefundfx

To summarize, what's reported there (I personally haven't verified the accuracy): BDFX only as a mailbox in Belguin and all letters are forwarded to an address in the USA. This contradicts reported statements from Ryan that the address is an office of BDFX with 9 employees.

For the record, having a virtual office is not a crime. I have my own little offshore company and haven't yet visited my office. On the other hand, if Ryan really claimed to have 9 employees at that location, I believe he will find himself in deep trouble with the local labor department for forcing them to work from inside a small mailbox.

If Ryan really has 9 employees in Belgium, I think he needs to invite that DonnaForex member to the real location ASAP. If he has no employees there and did claim to have employees there, that doesn't make the brokerage an automatic scam, but would indicate that Ryan's word is not to be trusted.

If the mail really forwards to the USA, I wonder what the NFA and CFTC would make of someone in the US running a forex company out of a mailbox in Belgium. The Dodd-Frank rules are somewhat convoluted, so the best option would be for someone to check directly with the NFA and CFTC.

 

[BankDirectFX]

There seems to be a little more to that account management company than people not liking it in a forum. Any ethical broker would indeed step in and take a very close look. If the accusations are unfounded, no harm is done. If the accusations are legitimate, then to allow the manager to continue would be a disservice to clients. Saying "It's a private arrangement between the manager and the account owner" when there are serious accusations on the table basically says "We get our spread and don't care if a bad account manager lies, cheats, and steals to make it happen."

I know of other brokers who have banned managers who say one thing and do another.

If someone has a legitimate complaint about a manager I am happy to look into it. However, I've not received any communications from clients concerned about the manager. I've also not seen any substantiated concerns raised in this thread, aside from basic speculation.

I can't take action against a third-party company based on unfounded comments made anonymously on an Internet forum. I'm sure you understand.

The only item which concerns me are the two or three people who have alleged that PrimeFund spammed them. Again, no one has contacted me directly with this concern and the business practices of a third-party manager are not under our control.

Items a brokerage investigates would be:

1 - Deceptive marketing prices.
2 - Not making proper client disclosures.
3 - Account Churning.

If a client is concerned about any of these items with their manager, contact me.

 

[BankDirectFX]

To summarize, what's reported there (I personally haven't verified the accuracy): BDFX only as a mailbox in Belguin and all letters are forwarded to an address in the USA.

This is incorrect. We maintain full access to an office suite at the location. The poster on DonnaForex was either provided misinformation or misunderstood the information previously provided to him. It will be clarified in the days ahead, just like the original concerns regarding our legitimate existence and functionality were clarified with Donna.

This contradicts reported statements from Ryan that the address is an office of BDFX with 9 employees.

This is not true. Originally, we were accused of not being an actual brokerage in existence, which was obviously ridiculous. Therefore, we furnished Donna with various documentation and made a direct introduction to our LP to validate the fact that:

1 - We maintain a full industry-standard technology infrastructure
2 - have live clients trading directly at our brokerage.
3 - Maintain strict KYC diligence processes for applicants, and pay expensively for them, as a matter of initiative despite not being required to.
4 - We have live LP connections and client trades are being routed in STP fashion direct to the LP as verified by our live order tickets.
5 - Donna was put in touch with our contact at the LP to verify this.

Additionally, in response to these false allegations, I pointed out that we have 9 in-house staff members. This included independently contacted Live Chat operators, sales reps, customer service reps answering the telephones in all time zones, and back office employees handling client applications and paperwork. Although I do understand why someone would draw the assumption.

For the record, having a virtual office is not a crime. I have my own little offshore company and haven't yet visited my office. On the other hand, if Ryan really claimed to have 9 employees at that location, I believe he will find himself in deep trouble with the local labor department for forcing them to work from inside a small mailbox.

I only keep 2 of them in the mailbox. The other 7 are in the broom closet. They all get food and water, don't worry.

 

[Pharaoh]

Just to set the record straight, could you please post some photos of the office, including the door and room number so that the person who posted over on Donna Forex can easily find it and verify it?