My problem with SunbirdFX

skrochey

Private
Messages
23
I submitted a poor review rating as suggested by Pharoah. They immediately responded to assist me and asked to remove the rating I had given to them. As they assisted me in returning my money and trying to trade successfully, they kept reminding me to remove my poor rating of them or upgrade my rating of them. I upgraded them when my money was returned and when I noticed that they were making profits on my trading account. They seemed genuinely wanting to help me UNTIL trading the account end of April 2015 which blew out my account. Luckily, the account was left with USD 700 of the profits they had generated. The rest of my deposits has already reached my bank account.
I suspected that this would happen because I had monitored one of the previous trades. Looked too risky and I said that it wasn't as according to what I was told that trades would be in small sizes and safe. I didn't realize that the trades were actually in small sizes ( 0.01 to 0.02 ) but also in multiples of those micro sized trades ballooning the trade amount to a big amount.

I just want other traders to be warned of them that they do not follow what they preach and that it can be a very difficult task to get money back from them. Better to open an account where the regulated body of that jurisdiction is very strong and powerful and be able to penalise brokers who break the rules.
 

Master Yoda

Captain
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2,929
I just want other traders to be warned of them that they do not follow what they preach and that it can be a very difficult task to get money back from them. Better to open an account where the regulated body of that jurisdiction is very strong and powerful and be able to penalise brokers who break the rules.

From what I have seen so far, their only satisfaction is when you will give them your money and leave them alone
 

skrochey

Private
Messages
23
You are right. After asking them to close account. I received another email from another accounts manager asking me if I would consider having some money put into a professionally managed account. A metatrader performance sheet was attached in the email for me to see. I wonder what kind of account it was before that they were managing of mine.
I asked the accounts manager two questions.....

1. Are the results he sent, audited by a reputable international accounting firm ?
2. Under what jurisdiction ( country ) is SUNBIRD regulated in ?

No reply yet and I don't think there will be.
cheers:)
 

skrochey

Private
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23
Here is the current trades which are still open..... 4 may 2015 at 2.45 am eastern New York time.
Notice the spread as wellSUNBIRD - 4 May 2015 Monday - Open Trades.jpg
 

Master Yoda

Captain
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2,929
Also what does it mean a professionally managed account? By whom? Probably a unlicensed person from the broker :)
 

RahmanSL

Major
Messages
2,867
Looking at your trading account with 5 open "buy" positions all on AUD/USD at 0.784 levels, I don't think your account can survive for long on USD13.95 free margin with required margin of USD26.14

Further bad news is that I really don't know what else you can do with an unregulated broker except to leave them bad reviews here and in as many forums as you can find.

The only consolation is that the account does not involve a large amount of money and so it should not hurt too much. Lesson learned is never ever allow anybody to trade your account for you and always check and double check the broker before you deposit money with them.
BUT, sometimes, even well regulated broker (like one of my ASIC regulated broker ICMarkets) will manipulate your trading account to make you loss money faster. So, always be ever vigilant for any abnormalities on your trading account and don't trust any broker completely.
 

skrochey

Private
Messages
23
Thanks for the advise. I was a stock broker for 20 years. Went thru several compulsory seminars organised by our regulators for due diligence and proper conduct of businesses. If we did something wrong, we would be castrated.
That was the fear implanted in our minds if there was a complaint against a broker for malpractice. I will stay and keep my trading accounts here in my country. At least I know I am protected here, NOW that I am a client and not broker anymore.
:)
 

skrochey

Private
Messages
23
Some of the position were closed out due to margin call. I guess they just want to account to lose money and conveniently close it.
 
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