Nord Fx Scammer

CBuilder

Private
Messages
20
Hello

I have been trading my client's accounts with NordFx for a while and all of a sudden the accounts where closed and my clients received email with the following message.

Hello.
Your trading account has been blocked for the client agreement terms violation. Initial funds were returned earlier.

They scammed us for more than 7000 USD that they don't want to pay! I can see also at their review page here at FPA that some clients have had similar experience.

Please help us get our money from these scammers or at least mark them as scammers in the reviews section!

Thank you
 

FxMaster

Lt. Colonel
Messages
9,526
Hello

I have been trading my client's accounts with NordFx for a while and all of a sudden the accounts where closed and my clients received email with the following message.

Hello.
Your trading account has been blocked for the client agreement terms violation. Initial funds were returned earlier.

They scammed us for more than 7000 USD that they don't want to pay! I can see also at their review page here at FPA that some clients have had similar experience.

Please help us get our money from these scammers or at least mark them as scammers in the reviews section!

Thank you

Few steps that you must follow to draw their attention on your issue,
Follow the suggested steps below:

Invite them to join this thread via email (Send an email to every possible address).

Go to their website and invite them to here via Live Chat
You will find their email and address here http://nordfx.com/do/contact/

Also, Share your story as a review http://www.forexpeacearmy.com/forex-reviews/5142/www.nordfx.com

You can also share your story on their social media pages mentioned below:

https://www.facebook.com/NordFX

https://twitter.com/NordFX

https://plus.google.com/112743522115696332790/posts

https://www.instagram.com/nordfx/

https://www.linkedin.com/company/nordfx

https://www.youtube.com/channel/UC3-VUuArvGZSDsMf-qx0p4A

OR

Contact Rebecca here WinChargeback, she will help you to get back your money.

Note: Don’t forget to update your review/s when you got solution of your problem
 

CBuilder

Private
Messages
20
Did you have LPOAs on file with NordFx from each client?
Dear Pharoah,

I have invited them to join the discussion here, and posted a negative review at FPA review section. if they don't respond I hope you clearly mark them in the scam broker section, since I can see from their reviews that I am not the only victim!

what is LPOAs?
 

Pharaoh

Colonel
Messages
19,957
Before you are allowed to managed other people's money with any properly licensed forex broker, you and the client need to sign a Limited Power of Attorney. This grants you permission to place trades on that person's account. It also instructs the broker to a percent of the high water mark of any profits to your account.

If you just got people to hand over their account passwords and had no LPOA, the broker's TOS very likely allow them to cancel all the trades you made and to suspend all further trading in those accounts.
 

4evermaat

2nd Lieutenant
Messages
1,956
......

If you just got people to hand over their account passwords and had no LPOA, the broker's TOS very likely allow them to cancel all the trades you made and to suspend all further trading in those accounts.

Most accounts are already self-directed. So an account holder does not need to have an LPOA on file with broker. In the same way you can let someone casually drive your car without a formal written agreement. But it can be a good idea in some cases.

LPoA is just formal written permission to make certain transactions on behalf of the original account holder. LPoA would be good in cases where you need to do something like ask the broker about a specific trade. Then either you must get the account holder to make the inquiry or an LPoA on file would allow a 3rd party to make certain inquiries.

Real trades (a-book broker, exchange, etc) cannot just be cancelled after the fact. Only a dishonest market maker would cancel trades arbitrarily and wipe the record (as they are the only ones with the record other than the client. You could be credited (or debited) after the fact if there was an error that was later discovered to be at fault. But the trades themselves already happened (or were supposed to already happen).

If an exchange does makes an adjustment, ALL traders that submitted orders between a certain time on a certain symbol are affected by the adjustment. It is not arbitrary.
 

Pharaoh

Colonel
Messages
19,957
Nice analogy, but I don't believe it applies here.

Yes, the trades happened, but there are specific items in the TOS of brokers permitting cancellations under specific circumstances which are extremely common in the industry.

Between AML rules, regulator rules, and the possibility of an account manager trading accounts against each other to collect fees from the winning accounts, I am not aware of any regulated broker which does not require an LPOA for a 3rd party to place trades on a client's account. I'm only aware of a handful of unregulated ones which consider 3rd party access to not require an LPOA. If you are, please start a thread for Regulated Brokers not requiring LPOAs in Has Anyone Heard Of? I don't think you will find any, unless the regulation belongs to some obscure island nation.
 

CBuilder

Private
Messages
20
thank you 4evermaat I totally agree with you, LPOA is a matter of technicality and should not be used as an excuse to cancel perfectly valid trades and steal hard earned traders profit!

Pharaoh, it is not a matter of LPOA, I even have a personal account with them under my name that I didn't mention in the thread here because of its relatively small loss compared to other accounts I was lucky to withdraw big part of my balance for personal reasons before my account got suspended with the same smelly email that the account has been close "for the client agreement terms violation" , not to mention many other cases that has had similar experiences and posted reviews with exactly that same canned email, the same email to the letter. It is a clear undoubtable scam.
 

4evermaat

2nd Lieutenant
Messages
1,956
I would go ahead with a traders court case.

You cannot just cancel real trades like that. It would only prove that the trades were not real in the first place (were not passed on). No legit broker would put themselves at risk like that (allow trading with uncleared funds).

A colleague concurred with what I said in a different thread:
Just more stalling. They are suppose to process withdraw the same business day.......No legit broker would allow trading without cleared funds.
........

Ask yourself this: if you LOST money, would they be asking you the same things after the fact? Would they give you a 'do over'?

Doesn't matter who is trading the account with self-directed account or any type of acct for that matter.

The answer to the 'do over' question is NO, btw :eek: .
 
Last edited:

Marcelo Rosa

Master Sergeant
Messages
265
Dear Pharoah,

I have invited them to join the discussion here, and posted a negative review at FPA review section. if they don't respond I hope you clearly mark them in the scam broker section, since I can see from their reviews that I am not the only victim!

what is LPOAs?

First of all, are you a manager and you don't know what's an LPOA?

Second, if you're trading client's money, you have to have an LPOA signed with your clients, I'm a professional Forex trader and this is how it should be done, I know people who don't do because they either don't have a license or if they do really bad trades, no one will be able to blame the manager, since there is nothing written between the manager and the client, it can be a lot of things behind this act.

Now I agree with you, the broker simply couldn't cancel the trades and close the accounts out of a sudden, it has to have a valid reason for that. I checked Nord Fx license and it's in Cyprus, it's not the best place to have a managed account, I only trade with regulated FCA brokers and as a manager, I never had an issues with regards to client's funds.

Third, how are you trading for your clients? They simply handed over their password and login credentials and then you're trading for them? If this is the case, I'm going to be straight forward with you, this is not they right way to manage someone else's account and this is one of the consequences of trading with a broker which doesn't have a strong regulation.

Fourth, go ahead and file a case to Cysec and MiFID if Nord Fx doesn't give the money back. Now how are you going to do that, if you file all your clients case as one case on their behalf and those regulatory bodies find out that you're trading for clients without a license, you can be in trouble. If you want to avoid any problems, you have to recommend every client to file a case individually, since if that's what I understood and you really don't have any sort of agreements with your clients, the broker understands that your clients are actually the traders, not you.

I'd like to know the reasons why the broker cancelled the trades, what type of violation was committed? It could be the way you're trading or a combination of trades between all your clients, same trades, same lot sizes and at the same time and all from different trade accounts and from different clients account? Or it can be something completely opposite of what I said, or actually they are really crocks and are doing this with many clients from time to time. By now nothing is cleared. But it's important to clarify the issues with the broker and regulatory bodies and also check the previous cases on FPA against NordFx.
 
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