mfosterpsl
Private, 1st Class
- Messages
- 30
I have emailed both support@pellucidfx.com and damonhunt@pellucidfx.com to tell them that I will be filing a complaint with econsumer.gov tomorrow to give them one final chance to respond.
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Problem Pellucid FX - refusal to pay profit or disclose exact details of alleged breach of terms
- Thread starter mfosterpsl
- Start date
-
- Tags
- pellucidfx.com
I am having an issue with a company
Damon
Founder/Director Pellucid FX
- Messages
- 59
First to address the sending funds from my PayPal:
This was not at all professional, agreed. Pellucid was in a tight spot in that the accounts were frozen with no prior warning and Pellucid was told they had changed banking policy and Pellucid did not comply with their new policies. Pellucid had to get another bank to transfer the funds to, creating bank accounts offshore is a slow process. In the mean time I was trying to pay out clients withdrawals when our money was not withdraw-able, Pellucid was still getting deposits but it could only remove funds to another account in pellucids name... it was a difficult situation and most were paid out of other back up accounts, but as time wore on and PSPs could not send us funds there came a few emergencies where I covered the withdrawals personally, I didn't know what else to do. We now have 4 banks for client funds and that cannot happen again
I am putting this same response in the two threads open on FPA:
A situation arose where an huge amount of orders were not being filled at market by many clients, we were being forced to take the other side of trades, this is usually an extremely rare occurrence, we notified our LP and they did an investigation while our staff did their own, it was found that there were identical trades across accounts that were not being filled all due to the market actually not being there, it could get filled on our system but was declined at the LP, these were in general very fast trades risking ridiculous sums. Pellucid lost a lot of money on this, more than deposits in some cases. Obviously someone had found a feed that was faster at times. All traders that partook were banned, we gave deposits back regardless of the overall pellucid loss (Pellucid lost on two sides, forced to take trades against trader and fees to LP. They charge fees regardless if they fill or we take opposing side.)
To be very general the trades that were in violation of our terms were out of market, extremely fast, impossibly big (unless already won) and the same exact trade including down-to-the-exact-second in and out on the same pair were across multiple accounts.
Not only did pellucid lose monetarily but in banning its clients and giving them back deposits we were many times over threatened that this would hit the forums and every law agency in the world... it was not done lightly and we knew there were going to repercussions on pellucid. (Although strangely deposits are up after this hit the forums So maybe there is a spin on this in that knowing traders KNOW that this type of trading is not profitable for anyone and like that a brokerage is not putting up with it.
Finally, accounts were not accessible, and specific trades were not identified for the good reason that this just helps the client violating terms to do it better next time. That lesson was learned the hard way. When terms are violated the account is closed, you are no longer a client. deposit is returned. period.
An amusing point on this is that pellucid was called a classic bucket shop when it froze accounts... if this is classic to them, they have had this problem before???...
This was not at all professional, agreed. Pellucid was in a tight spot in that the accounts were frozen with no prior warning and Pellucid was told they had changed banking policy and Pellucid did not comply with their new policies. Pellucid had to get another bank to transfer the funds to, creating bank accounts offshore is a slow process. In the mean time I was trying to pay out clients withdrawals when our money was not withdraw-able, Pellucid was still getting deposits but it could only remove funds to another account in pellucids name... it was a difficult situation and most were paid out of other back up accounts, but as time wore on and PSPs could not send us funds there came a few emergencies where I covered the withdrawals personally, I didn't know what else to do. We now have 4 banks for client funds and that cannot happen again
I am putting this same response in the two threads open on FPA:
A situation arose where an huge amount of orders were not being filled at market by many clients, we were being forced to take the other side of trades, this is usually an extremely rare occurrence, we notified our LP and they did an investigation while our staff did their own, it was found that there were identical trades across accounts that were not being filled all due to the market actually not being there, it could get filled on our system but was declined at the LP, these were in general very fast trades risking ridiculous sums. Pellucid lost a lot of money on this, more than deposits in some cases. Obviously someone had found a feed that was faster at times. All traders that partook were banned, we gave deposits back regardless of the overall pellucid loss (Pellucid lost on two sides, forced to take trades against trader and fees to LP. They charge fees regardless if they fill or we take opposing side.)
To be very general the trades that were in violation of our terms were out of market, extremely fast, impossibly big (unless already won) and the same exact trade including down-to-the-exact-second in and out on the same pair were across multiple accounts.
Not only did pellucid lose monetarily but in banning its clients and giving them back deposits we were many times over threatened that this would hit the forums and every law agency in the world... it was not done lightly and we knew there were going to repercussions on pellucid. (Although strangely deposits are up after this hit the forums
So maybe there is a spin on this in that knowing traders KNOW that this type of trading is not profitable for anyone and like that a brokerage is not putting up with it.Finally, accounts were not accessible, and specific trades were not identified for the good reason that this just helps the client violating terms to do it better next time. That lesson was learned the hard way. When terms are violated the account is closed, you are no longer a client. deposit is returned. period.
An amusing point on this is that pellucid was called a classic bucket shop when it froze accounts... if this is classic to them, they have had this problem before???...
Master Yoda
Captain
- Messages
- 2,929
One thing I have to tell you Damon- Where there's smoke, there's fire...
Out of your long reply I don't see why I should trade with you or recommend anyone to do so.
Out of your long reply I don't see why I should trade with you or recommend anyone to do so.
mfosterpsl
Private, 1st Class
- Messages
- 30
"Finally, accounts were not accessible, and specific trades were not identified for the good reason that this just helps the client violating terms to do it better next time. That lesson was learned the hard way. When terms are violated the account is closed, you are no longer a client. deposit is returned. period."
So once your company "decides" that a trader is in breach they simply close the account, withhold any and all profits (including those made prior to a previous successful withdrawal) and don't feel that they have to provide any evidence of the breach. Moreover closing the account means that IF the trader did not keep a history of the logs themselves they have no way of getting into their account to retrieve those logs and disprove the allegations.
As I said before, I don't hold much hope of getting my profits back from an unregulated company - but would warn others against becoming involved with an unregulated broker as there seems to be little recourse in the event the trader decides to behave in this manner.
So once your company "decides" that a trader is in breach they simply close the account, withhold any and all profits (including those made prior to a previous successful withdrawal) and don't feel that they have to provide any evidence of the breach. Moreover closing the account means that IF the trader did not keep a history of the logs themselves they have no way of getting into their account to retrieve those logs and disprove the allegations.
As I said before, I don't hold much hope of getting my profits back from an unregulated company - but would warn others against becoming involved with an unregulated broker as there seems to be little recourse in the event the trader decides to behave in this manner.
You’re really showing your colours here.
“A situation arose where an huge amount of orders were not being filled at market by many clients, we were being forced to take the other side of trades…”
You were forced only by your choice of setup – most brokers do not do this and as you can see, there’s a very good reason…that’s nothing but naïve.
“…these were in general very fast trades risking ridiculous sums. Pellucid lost a lot of money on this, more than deposits in some cases.”
The amount was always manageable with my account size. Speedwise - I am a news trader pure and simple – the speed of execution is down to having the news on time and being able to fire an order at the instant that news data arrives – the price feed for getting the order price is the one you provide!
“Obviously someone had found a feed that was faster at times…” – pure supposition and shows how you’ve made your decision.
To be very general the trades that were in violation of our terms were out of market,
Utterly risible – your system provides the prices! This is market execution.
extremely fast, impossibly big (unless already won) and the same exact trade including down-to-the-exact-second in and out on the same pair were across multiple accounts.
Your support department has repeatedly accused me of what is essentially arbitrage (which is definitely not the case as I have offered to prove beyond doubt many times but you have constantly refused to entertain any response to your accusations) yet here, and many times on Skype and email, you have repeated the fact that there are multiple accounts with identical trades as being your ‘evidence’ for arbitrage!! This is just crazy…you’re getting 5 from adding 2’s. As I’ve said before many times, I’m not surprised there are multiple identical trade times, these are news trades, I imagine thousands are firing off at exactly that time – the fact that part of my setup is an auto-click also means there are bound to be identical trades occurring elsewhere. I know you know this Damon because I followed your blog for a long time and see that you use other people’s EAs and have offered trade copying and PAMM services in the past…so either you’re just being a bit ignorant or you’re deliberately accusing me of something I’ve not done, purely to escape the pitfalls of your own poor server setup; everything you keep saying points to the latter.
Does the speed of execution make these in violation of your terms? So I’m punished for having a good quality setup?! Nonsense.
As for the size of the trades being ‘impossibly big’ – none of my trades’ size exceeded the margin available in the account including the required deposit to make them. Your comment is spurious and sensational for the sake of it.
“Not only did pellucid lose monetarily but in banning its clients and giving them back deposits we were many times over threatened that this would hit the forums and every law agency in the world... it was not done lightly and we knew there were going to repercussions on pellucid...”
Yes it was me reporting you to the various international fraud agencies and the carribean financial crime task force because I have nothing to hide in the way I trade and know that I haven’t been exploiting your feed; hence I’m utterly indignant and very angry at being scammed by you purely because you hadn’t got a handle on your own company operations and it cost you. That’s your problem not your clients’!
To top it off when I looked into the company (Pellucid Global Services Ltd) I found that the Ltd company has been registered and setup by an ‘off the shelf’ registrar in the UK and has a head office registered in Anguilla…payments have been made to me by their account (Pellucid Global Services Ltd) – the HMRC and Companies house have it registered as Dormant with 0 funds – it’s a pure front. When I mentioned this to you Damon (Owner and Director as you like to put everywhere you can) you said:
“You violated kyc. You have been banned. You are actively attacking pellucid and myself. I dont have anything more to say you. As for the limited company, you know more than I do about its structure. I already told you I am director of its growth not owner. The live chat is outsourced, its for newbies, any tougher questions are directed toward support email. We have upgraded to outsourced risk team, they still go by my guidelines in that they are not allowed to use broker advantage settings... I have emailed support for you they need to keep in better comunication. I am running out again. Bye.”
Says plenty – and I ‘…violated KYC’? How? What exactly are you banning me for again? You are so blind with paranoid rage at your own ineptitude that you’re clawing for excuses here. It’s pitiful.
“Finally, accounts were not accessible, and specific trades were not identified for the good reason that this just helps the client violating terms to do it better next time. That lesson was learned the hard way. When terms are violated the account is closed, you are no longer a client. deposit is returned. period.”
But terms were not violated and I can prove it – you have constantly refused to give me the opportunity to do so…which speaks volumes about your motives.
“An amusing point on this is that pellucid was called a classic bucket shop when it froze accounts... if this is classic to them, they have had this problem before???...”
Yes, that was me, and yes I have like a lot of traders foolishly put money into unregulated brokers like yourself and yes they have scammed me out of money and disabled the MT4 so I can’t evidence my side of things. The difference is that even the worst of these (4XDG please don’t laugh everyone I was very naïve) paid out the deposit 2 weeks quicker than your supposedly trader friendly setup.
I’m frankly disgusted that you find this ‘an amusing point’ it is just another element of your response which demonstrates your total disregard for your clients.
Just so that we are clear I would like to show everyone who doesn’t know your company exactly how you sell your service:
“A trader should only need to beat the market, not the broker and the markets. As Director of Pellucid FX I am entirely focused on helping my clients beat the market.” Damon Hunt – Founder/Director
“Pellucid FX offers a premium STP forex trading environment through our extensive pool of top tier liquidity providers.
Using cutting edge technology we are able to offer unrivalled execution speeds and institutional grade spreads throughout our broad choice of trading platforms which include Metatrader 4, Webtrader and Mobile trading solutions.
We value each and every one of our clients and offer exactly the same favourable trading conditions for a $200 account as we do for a $2,000,000 account.
Pellucid FX strives to work in synergy with our traders because when you are successful, so are we.”
Well apparently that last statement is untrue according to what you said about my trades – I was successful and you say it cost you a fortune!! Which is true Damon?
“Pellucid FX has established a new standard in forex trading where our clients always come first. Smaller accounts are not penalised and receive exactly the same trading conditions as our largest accounts do.” – so you treat everyone like this?!
“ - No Dealing Desk
- Straight Through Processing
- ECN Spreads as Low as 0.4 pips
- Huge Pool of Liquidity Providers
- Flexible Leverage Up To 400:1
- Lightning Fast Execution
- Zero Restriction Trading
- Scalping Trades Permitted “
Excerpt from ‘Why Pellucid FX ?’
• RAW ECN spreads from 0.4 pips
• No dealing desk on any trades
• Perfect trading environment for robots/EAs
• Social trading - Interact with, follow and copy successful traders
ECN Account
• All trading styles allowed
• No requotes
• Social trading (copy successful traders)
Apologies to all forum readers that this is such a big post. I am livid with this joker and have reams of idiotic conversation from him on Skype – I am having to bite my lip and stop myself from plastering it all on here.
As an outcome I am still adamant that Damon owes me my profit (> 6k euros), he even took over a month to pay back the deposits so I was without nearly 10k for that period. He’s royally shafted me and it sounds like a load of others too. I urge anyone reading this that’s in the same boat to come forward and say something here please.
“A situation arose where an huge amount of orders were not being filled at market by many clients, we were being forced to take the other side of trades…”
You were forced only by your choice of setup – most brokers do not do this and as you can see, there’s a very good reason…that’s nothing but naïve.
“…these were in general very fast trades risking ridiculous sums. Pellucid lost a lot of money on this, more than deposits in some cases.”
The amount was always manageable with my account size. Speedwise - I am a news trader pure and simple – the speed of execution is down to having the news on time and being able to fire an order at the instant that news data arrives – the price feed for getting the order price is the one you provide!
“Obviously someone had found a feed that was faster at times…” – pure supposition and shows how you’ve made your decision.
To be very general the trades that were in violation of our terms were out of market,
Utterly risible – your system provides the prices! This is market execution.
extremely fast, impossibly big (unless already won) and the same exact trade including down-to-the-exact-second in and out on the same pair were across multiple accounts.
Your support department has repeatedly accused me of what is essentially arbitrage (which is definitely not the case as I have offered to prove beyond doubt many times but you have constantly refused to entertain any response to your accusations) yet here, and many times on Skype and email, you have repeated the fact that there are multiple accounts with identical trades as being your ‘evidence’ for arbitrage!! This is just crazy…you’re getting 5 from adding 2’s. As I’ve said before many times, I’m not surprised there are multiple identical trade times, these are news trades, I imagine thousands are firing off at exactly that time – the fact that part of my setup is an auto-click also means there are bound to be identical trades occurring elsewhere. I know you know this Damon because I followed your blog for a long time and see that you use other people’s EAs and have offered trade copying and PAMM services in the past…so either you’re just being a bit ignorant or you’re deliberately accusing me of something I’ve not done, purely to escape the pitfalls of your own poor server setup; everything you keep saying points to the latter.
Does the speed of execution make these in violation of your terms? So I’m punished for having a good quality setup?! Nonsense.
As for the size of the trades being ‘impossibly big’ – none of my trades’ size exceeded the margin available in the account including the required deposit to make them. Your comment is spurious and sensational for the sake of it.
“Not only did pellucid lose monetarily but in banning its clients and giving them back deposits we were many times over threatened that this would hit the forums and every law agency in the world... it was not done lightly and we knew there were going to repercussions on pellucid...”
Yes it was me reporting you to the various international fraud agencies and the carribean financial crime task force because I have nothing to hide in the way I trade and know that I haven’t been exploiting your feed; hence I’m utterly indignant and very angry at being scammed by you purely because you hadn’t got a handle on your own company operations and it cost you. That’s your problem not your clients’!
To top it off when I looked into the company (Pellucid Global Services Ltd) I found that the Ltd company has been registered and setup by an ‘off the shelf’ registrar in the UK and has a head office registered in Anguilla…payments have been made to me by their account (Pellucid Global Services Ltd) – the HMRC and Companies house have it registered as Dormant with 0 funds – it’s a pure front. When I mentioned this to you Damon (Owner and Director as you like to put everywhere you can) you said:
“You violated kyc. You have been banned. You are actively attacking pellucid and myself. I dont have anything more to say you. As for the limited company, you know more than I do about its structure. I already told you I am director of its growth not owner. The live chat is outsourced, its for newbies, any tougher questions are directed toward support email. We have upgraded to outsourced risk team, they still go by my guidelines in that they are not allowed to use broker advantage settings... I have emailed support for you they need to keep in better comunication. I am running out again. Bye.”
Says plenty – and I ‘…violated KYC’? How? What exactly are you banning me for again? You are so blind with paranoid rage at your own ineptitude that you’re clawing for excuses here. It’s pitiful.
“Finally, accounts were not accessible, and specific trades were not identified for the good reason that this just helps the client violating terms to do it better next time. That lesson was learned the hard way. When terms are violated the account is closed, you are no longer a client. deposit is returned. period.”
But terms were not violated and I can prove it – you have constantly refused to give me the opportunity to do so…which speaks volumes about your motives.
“An amusing point on this is that pellucid was called a classic bucket shop when it froze accounts... if this is classic to them, they have had this problem before???...”
Yes, that was me, and yes I have like a lot of traders foolishly put money into unregulated brokers like yourself and yes they have scammed me out of money and disabled the MT4 so I can’t evidence my side of things. The difference is that even the worst of these (4XDG please don’t laugh everyone I was very naïve) paid out the deposit 2 weeks quicker than your supposedly trader friendly setup.
I’m frankly disgusted that you find this ‘an amusing point’ it is just another element of your response which demonstrates your total disregard for your clients.
Just so that we are clear I would like to show everyone who doesn’t know your company exactly how you sell your service:
“A trader should only need to beat the market, not the broker and the markets. As Director of Pellucid FX I am entirely focused on helping my clients beat the market.” Damon Hunt – Founder/Director
“Pellucid FX offers a premium STP forex trading environment through our extensive pool of top tier liquidity providers.
Using cutting edge technology we are able to offer unrivalled execution speeds and institutional grade spreads throughout our broad choice of trading platforms which include Metatrader 4, Webtrader and Mobile trading solutions.
We value each and every one of our clients and offer exactly the same favourable trading conditions for a $200 account as we do for a $2,000,000 account.
Pellucid FX strives to work in synergy with our traders because when you are successful, so are we.”
Well apparently that last statement is untrue according to what you said about my trades – I was successful and you say it cost you a fortune!! Which is true Damon?
“Pellucid FX has established a new standard in forex trading where our clients always come first. Smaller accounts are not penalised and receive exactly the same trading conditions as our largest accounts do.” – so you treat everyone like this?!
“ - No Dealing Desk
- Straight Through Processing
- ECN Spreads as Low as 0.4 pips
- Huge Pool of Liquidity Providers
- Flexible Leverage Up To 400:1
- Lightning Fast Execution
- Zero Restriction Trading
- Scalping Trades Permitted “
Excerpt from ‘Why Pellucid FX ?’
• RAW ECN spreads from 0.4 pips
• No dealing desk on any trades
• Perfect trading environment for robots/EAs
• Social trading - Interact with, follow and copy successful traders
ECN Account
• All trading styles allowed
• No requotes
• Social trading (copy successful traders)
Apologies to all forum readers that this is such a big post. I am livid with this joker and have reams of idiotic conversation from him on Skype – I am having to bite my lip and stop myself from plastering it all on here.
As an outcome I am still adamant that Damon owes me my profit (> 6k euros), he even took over a month to pay back the deposits so I was without nearly 10k for that period. He’s royally shafted me and it sounds like a load of others too. I urge anyone reading this that’s in the same boat to come forward and say something here please.
Sorry to hear that I am not alone, Despite my deposit and profit being more mostest than others it seems. I also have my profits withheld with no real explanation and no response to my emails disputing it. I simply received and email accusing me of latency trading and one to tell me my deposit would be returned. Live chat just fob's me off all the time tellin me to email support. Support don't respond to emails. I did receive my deposit back (Minus €30 bank wire fee) as Pellucid refused to return the payment back to my debit card (original funding source) which seems strange to me most broker insist deposits are repaid to the same funding source. They can not even afford to pay me my €120 profits and make money from me on wire transfer. THIS SCREAMS OF SCAM wouldn't surprise me if they disappear soon, at least I got my deposit back. STAY AWAY FROM THIS BROKER.
mfosterpsl
Private, 1st Class
- Messages
- 30
I'm also sorry to hear that I'm not the only one who has been scammed out of profits by this broker. Anyone else on here had issues with getting their profits from Pellucid?
Pharaoh
Brigadier General
- Messages
- 20,308
Something doesn't make sense here. I was under the impression that Pellucid was running STP and ECN. If there wasn't enough liquidity to process the orders, then they shouldn't have been filled. If taking the opposite side of trades on rare occasions to cover gaps in liquidity is allowed to happen, why would it be allowed to continue for 1 second after a pattern of massive losses to the broker was detected?
Also, if a scamming trader knew how to rip off a broker, telling that person "I can't tell you what you did since it will make it easier for you to do it again" doesn't quite sound right. Then again, confiscating profits based on evidence kept secret from the trader doesn't work.
Also, if a scamming trader knew how to rip off a broker, telling that person "I can't tell you what you did since it will make it easier for you to do it again" doesn't quite sound right. Then again, confiscating profits based on evidence kept secret from the trader doesn't work.
Pellucid SCAM me too! They refused to pay me my profits of over 3,500 EURO and only returned my initial deposit. I am a news trader and used a autoclicker to enter my trades. Although Pellucid's website says "Zero Restriction Trading" they refused to pay me my profits, said I had been "Latency exploitation in trading". This is ridiculous as I entered only market orders with my autoclicker and Pellucid gave me the prices they did so they should pay up, I would have had to if I had lost on those market orders you can bet that! I did NO arbitrage trading either, absolutely NONE. Also Pellucid refuses to pay me my non-news trade profits. I had multiple longer term position trades on eur/chf and usd/jpy, ones that lasted days and days, that were profitable yet Pellucid refuses to pay me those profits as well. No matter how you look at it Pellucid are SCAMMERS and should be pointed out as such. One of the worst brokers I have ever traded with and I suggest that anyone considering them as their broker DON'T!!!
plasticviking
Recruit
- Messages
- 1
I find myself in the same boat. I have been trading with Pellucid since Dec 2013, didn't invest a great deal, which now I am thankful for given the fact that I too have had profits withheld. The reason given is the same as quoted by some of you in this tread. I suspect its a case of copy and paste! Apart from the lack of profits being paid I am still waiting for my initial deposit to arrive in my bank, been waiting since the end of April! I am told time and time again the funds are on the way. I reiterate what others have written, I see no reason to believe Pellucid are not SCAMMERS.
