Info on broker: BankDirectFX

[davOz]

This thread is getting a bit ridiculous.
efa-fx is saying people just created their FPA accounts but his
account is new and he only comments here. uhm..
I usually beg providers for a myfxbook and these guys actually have a
3-year record. that's good!

But honestly guys, swearing and being rude is very counter-productive
to having quality conversation about this broker or this fund.

I am opening an account with 8.5k and will give you guys FACTS. That
way we can have an honest and productive conversation.

Lets use fact over accusation and be professional =)

Good luck Marcus. Will be interested to see your results.
I have a question about myfxbook - does the performance include Marked to market valuation for open trades, or only include performance of closed trades? I ask this because I have seen other programs who hide their poor trades by never closing them. I noticed that for this program the access on myfxbook did not allow open trades to be viewed?
Look forward to your observations with a live account.

 

[junja]

There's another issue with the PrimeFundFX/BankDirectFX deal
- the power of attorney authorising PrimeFundFX to demand
fees from BankDirectFX.
In it there is the line
"The client (me & you) authorises BankDirectFX to withdraw
and pay funds from the Accounts at the discretion of the
Trading Agent (PrimeFundFX)."
That appears to make the the power of attorney not a limited
one as they claim but an unlimited one.
Yes, below that they specify their 15%, but that line as it
stands could in court be taken as non-limiting.
Questioned on this, Lukas Ellison replied, in various
emails,
- "the LPOA document is a standard form agreement written by
the brokerage. Our firm not capable to customize or change
the language on the document."
- "There is nothing within the agreement that would
authorize BDFX to issue payments to our firm in excess of
the 15% Monthly Performance Fee."
I replied
"There is also nothing within the agreement that would
prevent BDFX issuing payments to PrimeFundFX in excess of
the 15% Monthly Performance Fee - or PrimeFundFX asking for
sums in excess of the 15%."

 

[hunter34]

Hi there,

by a friend of mine the address in Zurich (Badenerstrasse 293, CH-8003 Zurich, Switzerland) was checked - result: no company named PrimeFund FX existed there - I have included the photos he made there. So if you are asking me for advice - keep off your hands! That is a scam and a fraud!!

 

[Marcus5799]

hunter34, you sound like you have been burned several times and are bitter. desperately trying to find a reason not to trade with them.
I skyped them (PrimeFund) 2 days ago and asked about office location and many things. they told me
they do not use a central Swiss physical locations as their traders are throughout the EU and Asia.
Tons of companies use mail offices.

"scam and fraud!" You sound so angry. Maybe ask company a question before sending your friend out
on a mission to take a picture?!

And this thread is about a broker not this fund....

 

[BankDirectFX]

Hello junja:

Thank you for responding to this thread. On that note, it is important to ensure you understand the fact that we are merely the brokerage. PrimeFundFX is one of many third-party Money Managers trading through our service.

Because it would seem that you may have never participated in a managed account program operated at a brokerage via a standard Percent Allocation Method Module (PAMM), are not familiar with an LPOA document, what the verbiage within it authorizes, it is my pleasure to clarify any unnecessary confusion you are experiencing with respect to the LPOA (Limited Power of Attorney) document we furnish our third-party Money Managers.

There's another issue with the PrimeFundFX/BankDirectFX deal- the power of attorney authorising PrimeFundFX to demand fees from BankDirectFX.

Money Managers do not "demand" commission payment. Rather, the LPOA document explicitly identifies the Monthly Performance Fee amount charged by third-party money manager.

...at the discretion of the Trading Agent (PrimeFundFX)." That appears to make the the power of attorney not a limited one as they claim but an unlimited one.

This is incorrect. This verbiage, which you've cited, is directly underneath a large superimposed box indicating that the broker is authorized to calculate and distribute a monthly performance fee consistent with the amount number indicated on the document. In this instance, there is large superimposed text indicating that your manager charges a 15% Monthly Performance Fee, and the client authorizes the broker in this regard.

The term, "at the discretion of the Trading Agent" is indicative to the fact that the trading agent is executing their discretion as to whether they actually charge this fee or not.

...at the discretion of the Trading Agent (PrimeFundFX)." That appears to make the the power of attorney not a limited one as they claim but an unlimited one.

Again, you are incorrect. The legal term "Power of Attorney" is in no manner related to fee authorizations. The legal term "Power of Attorney" is one utilized to describe when one individual gives "power of attorney", to another individual, allowing that other individual to act on their behalf.

A Limited Power of Attorney (LPOA) means that the individual being authorized to act on behalf of another is limited in some capacity as to what acts he/she may engage upon for that other individual. In this particular instance, a Limited Power of Attorney is executed by the client, giving their third party Money Manager authorizing to act on their behalf with the brokerage, limited to engaging in trading spot foreign currency instruments.

As such, the term "Limited Power of Attorney" is limiting ones ability to act on your behalf strictly to trading spot foreign currency instruments.

To further correct your mistake, a power of attorney without any limitation would allow another individual to act on your behalf in all aspects of your daily life. Obviously, the fee structure addendum of a third-party Money Manager's LPOA has no relation to the Limited aspect of the Power of Attorney Agreement.

And, to reiterate for you junja, it would seem that your self-imagined legal expertise has failed you. The LPOA document only authorizes the brokerage to pay commissions in-line with the large print commission schedule on the document.

Yes, below that they specify their 15%, but that line as it stands could in court be taken as non-limiting.

Although your misguided confusion is appreciated, this is incorrect as per the above explanations.

I replied "There is also nothing within the agreement that would prevent BDFX issuing payments to PrimeFundFX in excess of the 15% Monthly Performance Fee - or PrimeFundFX asking for
sums in excess of the 15%."

Yes, there is. If your LPOA document explicitly authorizes a specific amount, than we as the broker are only legally authorized to calculate and distribute that specific amount as it is indicated in the contract.

Sincerely,
Ryan

 

[Forexisten]

Hi there,

by a friend of mine the address in Zurich (Badenerstrasse 293, CH-8003 Zurich, Switzerland) was checked - result: no company named PrimeFund FX existed there - I have included the photos he made there. So if you are asking me for advice - keep off your hands! That is a scam and a fraud!!

View attachment 10616

Your Friend had a bad address Badenerstrasse 329. This adress is 293!!!
But was a good idea check the adress! TY! So please check the 293!!!

 

[efa-FX]

Your Friend had a bad address Badenerstrasse 329. This adress is 293!!!
But was a good idea check the adress! TY! So please check the 293!!!

Badenerstrasse 329 CH-8003 Zurich, Switzerland - 24 results on local.ch

No results for Primefundfx in Badenerstrasse 329 CH-8003 Zurich, Switzerland

Can s.o. clarify? Thank you.

Mr. Lukas Ellison, Fund Manager - Zurich, Switzerland, I expected your clarification with regards to the address. The official Swiss address book DOES NOT list PrimeFundFX ANYWHERE.

I assume DBFX did perform due diligence, do they?

 

[JACOB1983]

Ive been speaking with primefundfx and I just wanted to share my email. Just a few questions I had that was all.

Hi,*I am feeling a bit skeptical*on depositing money into bdfx and having it traded. I have looked online for reviews on your company and I have found very little I am only trying to due my due diligence in not getting burned again cause it has happened more then once.*Is there any*other stats or history of trades*or anything that shows your companies performance other then myfxbook?*I have found that Primdfundfx website was created 3 1/2 months ago and im a little concerned*because I thought the company*had been trading since 2010? I am not trying to*offend or belittle*in anyway it is that*the money I am wanting to put in is money I have saved and would love to see it make more then average rrsp. I have traded for over 5 years and I know*about risk. The other thing that kind of worries me is the fact that those returns were on 1:1000 leverage I am curious to know why not 1:200 or even 1:400?*Any info that*you have readily available at your disposal would be more then greatly appreciated.

response

Greetings Jacob,*I appreciate your patienceand professional courtesy in awaiting my response during my recent travels.* I have addressed your important questions below:**have looked online for reviews on your company and I have found very little*....As you are aware, we are a private institutional asset management firm whereby we work strictly with high net worth individuals, institutional investors, hedge funds, asset allocators, brokerages and liquidity providers.* Based upon the institutional nature of our firm, you will not find an abundance of reviews from small retail clients.*We have only recently initiated this limited-time promotion 3 months ago, the particular website for which was recently setup specific to the retail promotion.*Is there any*other stats or history of trades*or anything that shows your companies performance other then myfxbook?*The entirety of our historical performance has been*fully tracked and verified*by MyFxBook.* Furthermore, All of the useful account metrics, including risk parameters, maximum draw down, Daily rolling open P/L, and all other meaningful analytics are displayed on the pageI have found that Primdfundfx website was created 3 1/2 months ago and im a little concerned*because I thought the company*had been trading since 2010?That is correct; please see #1 above.*The other thing that kind of worries me is the fact that those returns were on 1:1000 leverage I am curious to know why not 1:200 or even 1:400?*Any info that*you have readily available at your disposal would be more then greatly appreciated.Leverage capabilities set to a particular account have no correlation to the actual risk applied by a particular strategy or manager.** The PrimeFundFX program typically does not utilize greater then*20:1*leverage, in terms of margin as a percentage of equity, at any given time.*Should any additional questions arise in the meantime I will look forward to assisting you.*Best regards,Lukas EllisonFund ManagerZurich, Switzerland

 

[JACOB1983]

Ive been speaking with primefundfx and I just wanted to share my email. Just a few questions I had that was all.

Hi,*I am feeling a bit skeptical*on depositing money into bdfx and having it traded. I have looked online for reviews on your company and I have found very little I am only trying to due my due diligence in not getting burned again cause it has happened more then once.*Is there any*other stats or history of trades*or anything that shows your companies performance other then myfxbook?*I have found that Primdfundfx website was created 3 1/2 months ago and im a little concerned*because I thought the company*had been trading since 2010? I am not trying to*offend or belittle*in anyway it is that*the money I am wanting to put in is money I have saved and would love to see it make more then average rrsp. I have traded for over 5 years and I know*about risk. The other thing that kind of worries me is the fact that those returns were on 1:1000 leverage I am curious to know why not 1:200 or even 1:400?*Any info that*you have readily available at your disposal would be more then greatly appreciated.

response

Greetings Jacob,*I appreciate your patienceand professional courtesy in awaiting my response during my recent travels.* I have addressed your important questions below:**have looked online for reviews on your company and I have found very little*....As you are aware, we are a private institutional asset management firm whereby we work strictly with high net worth individuals, institutional investors, hedge funds, asset allocators, brokerages and liquidity providers.* Based upon the institutional nature of our firm, you will not find an abundance of reviews from small retail clients.*We have only recently initiated this limited-time promotion 3 months ago, the particular website for which was recently setup specific to the retail promotion.*Is there any*other stats or history of trades*or anything that shows your companies performance other then myfxbook?*The entirety of our historical performance has been*fully tracked and verified*by MyFxBook.* Furthermore, All of the useful account metrics, including risk parameters, maximum draw down, Daily rolling open P/L, and all other meaningful analytics are displayed on the pageI have found that Primdfundfx website was created 3 1/2 months ago and im a little concerned*because I thought the company*had been trading since 2010?That is correct; please see #1 above.*The other thing that kind of worries me is the fact that those returns were on 1:1000 leverage I am curious to know why not 1:200 or even 1:400?*Any info that*you have readily available at your disposal would be more then greatly appreciated.Leverage capabilities set to a particular account have no correlation to the actual risk applied by a particular strategy or manager.** The PrimeFundFX program typically does not utilize greater then*20:1*leverage, in terms of margin as a percentage of equity, at any given time.*Should any additional questions arise in the meantime I will look forward to assisting you.*Best regards,Lukas EllisonFund ManagerZurich, Switzerland

 

[hunter34]

this is the correct address: Badenerstrasse 329, CH-8003 Zurich - zoom the picture an you see it! I just made a mistake when typing.....