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JFD Brokers, a company I would stay away from

Discussion in 'Scam Alerts' started by john Walker, Jun 13, 2012.

  1. john Walker

    john Walker Recruit

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    Be aware of the following broker,

    JFD Brokers Ltd
    223 Christodoulou Chatzipavlou, HAWAII ROYAL GARDENS 4th floor
    3036, Limassol
    Cyprus
    Tel: +357 25 878530
    Fax: +357 25 763540

    The complaint includes the following points:

    • Placing of stop loss orders which never had been requested in order to close trades.
    • The prevention of closing winning trades.
    • No accessible complaints procedure.
    • Denying of access to compliance officer
    • Intimidation
    • No client agreement on website
    • Violation of TCF rules


    On Thursday the 31st of May 2012 I had the problem, that three times winning positions would not close, there was just no reaction when I tried to press the close order button.
    It would not go through the mini terminal or through the base terminal close order system.
    I would like you to examine JFD’s chat history and you will find it appalling how the situation has been handled. At one stage I got informed by support that there are several servers that JFD uses and I would be connected automatically to the one with the strongest signal. But it would be my responsibility to make sure I am always connected to the main server.

    Stop orders which were placed kept on moving towards my positions, despite futile attempts to amend them. I have several witnesses to this, one of them a professional trader.
    Further was I informed that if I do have technical issues like this, I would be only able to address them via mail. Which is not very helpful if there is a open position which I am not able to close.
    I was given the information by support that they are regulated by the FSA which clearly they are not. Never the less I will take the matter to the FSA, for false representation.


    On Friday the 1st of June 2012 I tried to place another order, which went through, a few seconds later there showed a stop loss which has never been requested by me, and which again I was not able to amend. After contacting support, I was informed that is because I had an old version of the platform and I would have to update. I got sent some links for exe files, which at this stage I would not trust to put on my computer.


    I only have been a customer with JFD for 3 weeks, and the platform I use is the one which has been supplied. There had been no information that there had been an update, or that the current platform is not working properly.

    I have been asked for the log files which I supplied, and I was sent in return order tickets where the customer name and the stream number are blackened out.

    After I had another call to support, I received a threatening mail that they would get in touch with my employer with whom the JFD senior management does have good personal relations.
    Not that I could care less. I work for a broker but in a non-regulated position.

    I requested several times the name of the compliance officer, which till today has been denied.
    Which begs the question if JFD has any compliance department at all.



    A refund request of the remaining balance went unanswered and when the funds arrived it was 37 GBP less.

    I want all the funds lost on the 31st of May and the 1st of June 2012 returned to me by JFD Brokers, and the firm to be properly investigated.
     
  2. Pharaoh

    Pharaoh Colonel

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  3. john Walker

    john Walker Recruit

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    Hi Pharaoh,

    I did get in touch with BAFIN and the FSA who are not able to help as they are only passported there. Two complaints to the CYSEC have not resulted in any reponse yet. Not even a confirmation that they have received the mail.

    Unfortunately I have no copies of the chat Log which only JFD has. I have a feeling that this is going to be a long fight.

    Regards John
     
  4. john Walker

    john Walker Recruit

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    to keep you all up to date, I received another mail for JFD brokers. Even though CySec did not reply to my complaint, they might still be working on it.


    <break>Further to our recent communication, and in response to your recent further complaint we have forwarded your case to our Internal Auditors who will investigate further the matter. Following their analysis and advice we shall get back to you with our formal response. We expect this to be undertaken by the end of the following week.
    In the meantime, our Support team remains as always available for any further communication or indeed to receive your feedback and comments as well as to receive any possible complaints, as per our standard procedures.

    JFD Brokers Team
     
  5. Pharaoh

    Pharaoh Colonel

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    You should email JFD support and CC Cysec asking if it's normal procedure for a broker to threaten to complain to a client's employer if the client publicly expressed dissatisfaction with the service.

    Sounds to me like a huge breach of both privacy and ethics rules.
     
  6. john Walker

    john Walker Recruit

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    Hi Pharaoh,

    The whole conversation with the support team begs the question, if they have any trained staff at all.
    I wrote to the Cyprus regulator again as I had no response so far. If I had no response till the first week of August, the German Bafin will get in touch with the regulator. There is a cross border assistance regulation, but the case has to be at least 8 weeks old. The British authorities have not been very forthcoming. but I am weighing my option there as well.
     
  7. Pharaoh

    Pharaoh Colonel

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    Keep complaining to all the regulators. Let them know that the broker is trying to blackmail you into not complaining.

    Invite JFD to have a representative publicly post in this thread to explain why they threatened to contact your employer.
     
  8. john Walker

    john Walker Recruit

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    Hi Pharaoh,

    thank you for your ideas.
    I have just sent another reminder to the regulatory authorities in Cyprus.


    I have sent on the 7th of June 2012 and on the 13th of June 2012 a complaint against JFD Brokers, which is registered by the Cyprus Securities and Exchange commission under the registration number 150/11.


    So far I have not received any answer from you, not even a confirmation of receipt of the complaint.
    Could you be so kind as to update me on the investigation please?


    :) Actually the idea to invite JFD to comment is great. will do so straight away.

    Thanks, below the mail sent.


    Hi Support,

    I am still waiting on your audit results.

    I would like you to Joinin the following threat at the Forex Peace Army website:

    http://www.forexpeacearmy.com/forex...kers-company-i-would-stay-away.html#post91270 .

    Maybe we get better communication in the public domain.
     
    #8 john Walker, Jun 25, 2012
    Last edited: Jun 25, 2012
  9. john Walker

    john Walker Recruit

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    Hi,

    sorry I have been away for such a long period of time.

    I have been on a vacation, and I usually do not access the net during holidays.
    There has been some development so, as I had the results of the internal audit, which I still have to read. I will let you know once I have digested the information.
    I did have a mail though from JFD lawyers, threatening a law suite if I do not withdraw my postings. A copy of this mail I will publish as well, as soon as I converted the PDF.

    FX Raider left a message in the forum which I will address as well.
     
  10. Pharaoh

    Pharaoh Colonel

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    As long as your posts are truthful, any lawsuit threat demanding that they be removed is a simple attempt to scare you into not telling the truth.
     
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