I had an account with OsirisFX. They are white label of CFHForex in London.
Their main focus is managed accounts, but they also have Forex retail traders. In august I decided to close the account and get my funds back.
I am still waiting for the funds to be returned. I had a lot of email conversations with OsirisFX, where I was always promised that funds will be sent immediately or are on the way. After loosing patience and starting to threaten them I finally got the following email in october. So it seems there is something very wrong with them. Especially when considering the fact that on their webside they state :Osiris FX Ltd is a BVI-Registered Corporation offering the flexibility of an Offshore solution with the security of having funds held on deposit with a UK Onshore FSA Regulated Clearing House.
Further email conversation is enclosed. Its almost 3 months I am waiting, maybe already too long. Now I think its time to declare Osiris a scam.
----- Original Message -----
From: compliance@osirisfx.com
Sent: Thursday, October 21, 2010 7:59 AM
Subject: re: Fw: Spam Low: funds - serious situation
Dear F.
Good morning, and I apologise for not getting back to you before now.
The problem that we have, goes deeper than we thought. We have had some crazy traders (more like gamblers) who have traded so hard that they were exceeding their leverage/margin requirements and trades were being liquidated at the clearing house. The problem is that although these liquidated trades were showing on our omnibus account, they were not appearing on the MT4 front-end platform. It was impossible to update manually because these guys were trading many lots at a time, and very aggressively throughout the day. What this meant was although the trades had been closed for a small loss every time, the traders thought they were still open, and then of course they went to "close" these trades which created new trades in the back office and which were also liquidated immediately for another loss.
Let me give you an example. 24 lots opened long on EUR/USD, and liquidated at the back end for a total 10 pip loss, so $10 x 10 pips x 24 lots for a loss to the overall account of $2400. Then this was repeated when they "closed" the trade.
This was happening all day for 3 days running and we didn't have an idea of why the omnibus account was falling fast when all the platforms showed higher balances. Eventually we had to stop everything and the account was left with a huge hole that we now have to deal with.
Your request to withdraw was made before this happened, so we can get you done shortly without affecting the overall situation. Other account holders will receive a % of their funds for the moment while we await new investment capital which should be arriving soon.
I am sorry this is taking a very long time to resolve, but the situation caused us problems with every aspect of the business and is part of the reason why requests for funds could not be met at the time. If I had known about this lack of communication between liquidated trades and MT4 sooner, I could have prevented a big problem.
I will update you just as soon as possible and try to get your funds out to you as a matter of priority.
Best Regards
Anthony
Their main focus is managed accounts, but they also have Forex retail traders. In august I decided to close the account and get my funds back.
I am still waiting for the funds to be returned. I had a lot of email conversations with OsirisFX, where I was always promised that funds will be sent immediately or are on the way. After loosing patience and starting to threaten them I finally got the following email in october. So it seems there is something very wrong with them. Especially when considering the fact that on their webside they state :Osiris FX Ltd is a BVI-Registered Corporation offering the flexibility of an Offshore solution with the security of having funds held on deposit with a UK Onshore FSA Regulated Clearing House.
Further email conversation is enclosed. Its almost 3 months I am waiting, maybe already too long. Now I think its time to declare Osiris a scam.
----- Original Message -----
From: compliance@osirisfx.com
Sent: Thursday, October 21, 2010 7:59 AM
Subject: re: Fw: Spam Low: funds - serious situation
Dear F.
Good morning, and I apologise for not getting back to you before now.
The problem that we have, goes deeper than we thought. We have had some crazy traders (more like gamblers) who have traded so hard that they were exceeding their leverage/margin requirements and trades were being liquidated at the clearing house. The problem is that although these liquidated trades were showing on our omnibus account, they were not appearing on the MT4 front-end platform. It was impossible to update manually because these guys were trading many lots at a time, and very aggressively throughout the day. What this meant was although the trades had been closed for a small loss every time, the traders thought they were still open, and then of course they went to "close" these trades which created new trades in the back office and which were also liquidated immediately for another loss.
Let me give you an example. 24 lots opened long on EUR/USD, and liquidated at the back end for a total 10 pip loss, so $10 x 10 pips x 24 lots for a loss to the overall account of $2400. Then this was repeated when they "closed" the trade.
This was happening all day for 3 days running and we didn't have an idea of why the omnibus account was falling fast when all the platforms showed higher balances. Eventually we had to stop everything and the account was left with a huge hole that we now have to deal with.
Your request to withdraw was made before this happened, so we can get you done shortly without affecting the overall situation. Other account holders will receive a % of their funds for the moment while we await new investment capital which should be arriving soon.
I am sorry this is taking a very long time to resolve, but the situation caused us problems with every aspect of the business and is part of the reason why requests for funds could not be met at the time. If I had known about this lack of communication between liquidated trades and MT4 sooner, I could have prevented a big problem.
I will update you just as soon as possible and try to get your funds out to you as a matter of priority.
Best Regards
Anthony