1. This site uses cookies. By continuing to use this site, you are agreeing to our use of cookies. Learn More.

Prime4x - scam bucketshop

Discussion in 'Scam Alerts' started by iwe, Feb 25, 2009.

  1. iwe

    iwe Recruit

    Joined:
    Oct 4, 2007
    Messages:
    9
    Likes Received:
    0
    Chronology of scam :

    August 2008 - Joined as IB, referenced by my friend.

    i asked whether i get rebate from my own trades or not, the answer is yes, but need to get more than 3 clients

    during August-November bring 2-3 clients, then at

    6 November 2008 - i opened my own account and start trading it using EA.
    10 November 2008 - my account and all account under my IB group got error, expert trading is prohibited. They forbid EA

    i emailed them :

    *btw, he uses different EA compared to other clients

    ..... this email never replied ......

    December 2008, All funds withdrawn from all my accounts & my customer accounts.

    ----

    January 2009 - their IB confirmed prime4x allow EA (i think it was strange...) but seems they changed the rule

    [​IMG]

    reference :
    Code:
    =http://www.forex-tsd.com/metatrader-brokers/18031-prime-forex-www-prime4xindo-com-offer-promo-bonus-30-300-10-initial-deposit-2.html
    ok, so i give another chance to prime, but noticed that all of my accounts are disabled because of inactive account, and then they create new ib account and some new accounts for me

    February, till 20th February 2009, everything is working fine, got some new client registered to fill 3 clients requirement, profit from trading is good.

    But i notice my rebate is only 0.7 pip while it should be 2 pip, at monday, 17th February 2009 they sent me email and i replied :

    Monday, at 23 February 2009, they start to play dirty by delaying executing my buy limit order


    [​IMG]

    [​IMG]

    notice the delay? more than 5 minutes, even while price was 13 pips from limit order
    --

    [​IMG]
    Also they executed TP few ticks later after TP price touched

    --

    and finally, DEJA VU!, our EA blocked
    (see the picture at next post, because limited to 4 pics)


    ===

    we try to trade manually, at morning my time it still working, but, after around 7am GMT, we cannot close the order, cannot open the order, always get offquotes. We have some orders and cannot close it and they act stupid and keep saying account was no problem. It happened on all clients under my IB group and clients under other IB Group is working fine. It means THEY WANT TO KICK ME OUT.

    then i try to go to their livechat

    ok, then, finally email from prime4x arrived

    then i reply

    then got reply

    For your information, prime4xindo (prime4xindo.com) that they appointed to do local depo/withdraw in indonesia also working with insta (but terminated), and interbankfx (indoibfx.com), it just a ridicolus reason to not pay my rebate ; and i have 4 deposited account outside my own account 1 hour before i got that email. And while a ib agreement terminated, broker still must pay commission earned before termination.

    i reply their email

    they replied :
    uhm.. i never got that spreadsheet

    my another email :
    they replied :

    imagine, your IB is terminated and you can't do anything on your account, and you still have some orders opened...
    from this point i'm sure you can judge this brokerage company

    ======

    while my account and my friend(1) account got offquotes, i asked my friends(3) who also my client to login to my friend(1) account, and try to close the trade, and he also got offquote, so, offquotes from 3 pc is absolutely broker's side problem.

    i also asked my friend(3)'s friend who also IB for prime4x, here is the chat log

    english translation is at [ ]

    ugh, another IB flamed me haha

    ======

    at 23 Feb 2009 22:09 my time (GMT+7), they enable the account and all position closed (of course at worse price). And i requested all withdrawal, request order that should be closed at TP fixed, and also my commission

    result :
    - they did all withdrawals from my and my customer account

    but :
    - they still didnt fix position that not closed while price hit its TP twice
    - they refuse to pay my rebate

    =====

    if i get any update, i will keep u updated, but from my story i think you should re-consider if you want to trade with them, and as i'm admin of large forex forum in indonesia i will also inform this scam case to all of my members and therefore prime4x will not have lot of new customer and probably going out of business (except they change)

    and also for your info, EA is not scalping, not trading news or trading spike, also didnt do gap trading. Basicly it just trade in conventional way.
    account size is 4 digits.
     
  2. iwe

    iwe Recruit

    Joined:
    Oct 4, 2007
    Messages:
    9
    Likes Received:
    0
    picture of EA blocked at journal

    [​IMG]

    my friend's log file
     
  3. iwe

    iwe Recruit

    Joined:
    Oct 4, 2007
    Messages:
    9
    Likes Received:
    0
    there is no update till today, order still not fixed and rebate still unpaid.
     
  4. iwe

    iwe Recruit

    Joined:
    Oct 4, 2007
    Messages:
    9
    Likes Received:
    0
    4 March 2009, thanks to FPA, order is fixed and rebate is paid..

    the way they respond to me and FPA is completely different.. unbelieveable!
     
  5. iwe

    iwe Recruit

    Joined:
    Oct 4, 2007
    Messages:
    9
    Likes Received:
    0
    at 2nd march 2009, we sent email to prime4x cc to FPA Investigator

    and the magic happening.., 1 hour later

    looool they responded pretty fast to FPA and the respond is very different than what they did last week to me..

    at 4 march 2009 rebate was paid to LR and case closed.
     
  6. FPA Investigations Lt 2

    FPA Investigations Lt 2 1st Lieutenant

    Joined:
    Mar 5, 2008
    Messages:
    9
    Likes Received:
    0
    Just to confirm, the FPA did receive a copy of an email from Prime4x to FPA member iwe showing that the disputed money had been sent. This issue is resolved and I am happy to have been of help.
     
  7. iwe

    iwe Recruit

    Joined:
    Oct 4, 2007
    Messages:
    9
    Likes Received:
    0
    this is screenshot of email that contain rejection to pay my rebate, with full header as FPA Investigator recommend :

    [​IMG]

    their respond to me and FPA is completely different...
     
  8. iwe

    iwe Recruit

    Joined:
    Oct 4, 2007
    Messages:
    9
    Likes Received:
    0
    [​IMG]

    this also can be considered as rejection to pay the rebate.
     

Share This Page