PriorFX: SCAM with evidence

BlackViper

Private
Messages
29
I am going to find ANY scam broker (that I am able to) out there!

The most of them think that they can do anything without anyone uncovering their dark practices!!

I made two small deposits in PriorFX - because I noticed that she had taken and two good reviews (probably fake)
(total sum 170 euros) I wanted to try them.

I had seen their trading specifications :
leverage up to 1:200 for indices.
(you can see even now in the screenshot attached from their site that they claim their leverage for indices is up to 1:200).

I opened a one lot position for dax (selling it) at 10.710,00 price and I noticed that 60 euros were used as margin.
The market moved against me, going a little up to 10.715,80 (about +0,05%) and I saw almost ALL my money being evaporated!!!!
The LOSS of my position was -58 euros!!!!
HOW can someone lose with a movement of -0,05%, with a position of 60 euros, almost the 100% of his used margin?
The loss should be 60(margin) x200 (leverage) x 0,05 /100 (the % loss from the 10710 to 10715,8 movement) = - 6 euros and NOT -60!!!
That means that the company had in reality leverage TEN times bigger than the leverage that she claims to have!

Of course everything happened so fast that I hadn't even understood what had been going on!

I tried to see if I was wrong, so I opened again some smaller positions, and I tried even fra40 index.
The outcome was exactly the same.
In dax again, for example, a position of just 0,10 lot (using just 6 euros as margin), had made a loss of -15 euros with a small movement from 10707 to 10716!!
The outcome: a very big loss with just very small movements of the market (I say big, comparing it with the ''invested'' money) , a loss that I DONT WANT TO EVEN IMAGINE if a client had deposited some thousands of euros and opening a big position considering that the leverage is really 1:200, seeing finally his balance wiped out by small movements with a x10 leverage!!!

My last position created even a minus of -46 euros in my account because of a small gap and the company refused not only refused to completely refund me because of THEIR faults (I explained that the REAL leverage is x10 compared to the leverage which they say in their specifications) but they refused even to set the account balance back to 0, when I tried to check their negative balance protection policy!!!
(although their risk disclosure says clearly ''The Client acknowledges that the high degree of leverage can work against him as well as for him due to fluctuating market conditions. Trading in such financial instruments can lead to large losses as well as gains in response to a small market movement. The Client acknowledges that he / she can only loose up to the total capital deposited and that he / she cannot incur any further liability to the Company. '')

I sent emails again, DEMANDING a full refund of my 170 euros, telling them that otherwise I am going to make it known to our forum, and they IGNORED me completely!!

A real professional broker would have not only refunded a client after this HUGE inaccuracy, but they should had given many thanks to the client that found such a big inaccuracy (and they would had already updated their specifications, so that they respond to the reality).
Instead of this, they completely ignored me and they claim they offer even now up to 1:200 as index leverage and they ignore my emails. (and NOT 1:2000).

I have attached screenshots of my positions in my Mt 4 PriorFX account history.
In their Backoffice history list, with the used margin and the losses clearly showing that the leverage was 1:2000 and NOT 1:200 as they claimed.
I have attached THEIR site specifications telling that they offer indices for up to 1:200 too!!

This company is really a SCAM
Everyone BE CAREFUL dealing with them!!
 

Attachments

BlackViper

Private
Messages
29
Anyone wanting more inaccuracies / lies from the Masters of Deception, named Prior Fx??

Attached their. pdf, screenshot of the NBP policy clause and screenshot of their answer for a just -40 euro negative balance!!
(( that in reality THEY have inflicted because they FALSELY say 1:200 leverage, but their index leverage is 1:2000 like I explain in the previous post!!))

INSANITY!!
 

Attachments

FxMaster

Lt. Colonel
Messages
8,826
I am going to find ANY scam broker (that I am able to) out there!

The most of them think that they can do anything without anyone uncovering their dark practices!!

I made two small deposits in PriorFX - because I noticed that she had taken and two good reviews (probably fake)
(total sum 170 euros) I wanted to try them.

I had seen their trading specifications :
leverage up to 1:200 for indices.
(you can see even now in the screenshot attached from their site that they claim their leverage for indices is up to 1:200).

I opened a one lot position for dax (selling it) at 10.710,00 price and I noticed that 60 euros were used as margin.
The market moved against me, going a little up to 10.715,80 (about +0,05%) and I saw almost ALL my money being evaporated!!!!
The LOSS of my position was -58 euros!!!!
HOW can someone lose with a movement of -0,05%, with a position of 60 euros, almost the 100% of his used margin?
The loss should be 60(margin) x200 (leverage) x 0,05 /100 (the % loss from the 10710 to 10715,8 movement) = - 6 euros and NOT -60!!!
That means that the company had in reality leverage TEN times bigger than the leverage that she claims to have!

Of course everything happened so fast that I hadn't even understood what had been going on!

I tried to see if I was wrong, so I opened again some smaller positions, and I tried even fra40 index.
The outcome was exactly the same.
In dax again, for example, a position of just 0,10 lot (using just 6 euros as margin), had made a loss of -15 euros with a small movement from 10707 to 10716!!
The outcome: a very big loss with just very small movements of the market (I say big, comparing it with the ''invested'' money) , a loss that I DONT WANT TO EVEN IMAGINE if a client had deposited some thousands of euros and opening a big position considering that the leverage is really 1:200, seeing finally his balance wiped out by small movements with a x10 leverage!!!

My last position created even a minus of -46 euros in my account because of a small gap and the company refused not only refused to completely refund me because of THEIR faults (I explained that the REAL leverage is x10 compared to the leverage which they say in their specifications) but they refused even to set the account balance back to 0, when I tried to check their negative balance protection policy!!!
(although their risk disclosure says clearly ''The Client acknowledges that the high degree of leverage can work against him as well as for him due to fluctuating market conditions. Trading in such financial instruments can lead to large losses as well as gains in response to a small market movement. The Client acknowledges that he / she can only loose up to the total capital deposited and that he / she cannot incur any further liability to the Company. '')

I sent emails again, DEMANDING a full refund of my 170 euros, telling them that otherwise I am going to make it known to our forum, and they IGNORED me completely!!

A real professional broker would have not only refunded a client after this HUGE inaccuracy, but they should had given many thanks to the client that found such a big inaccuracy (and they would had already updated their specifications, so that they respond to the reality).
Instead of this, they completely ignored me and they claim they offer even now up to 1:200 as index leverage and they ignore my emails. (and NOT 1:2000).

I have attached screenshots of my positions in my Mt 4 PriorFX account history.
In their Backoffice history list, with the used margin and the losses clearly showing that the leverage was 1:2000 and NOT 1:200 as they claimed.
I have attached THEIR site specifications telling that they offer indices for up to 1:200 too!!

This company is really a SCAM
Everyone BE CAREFUL dealing with them!!
Two steps that you must follow

1st - Invite them to join this thread via email (Send email to every possible address).

2nd - Go to their website and invite them to here via Live Chat
 

BlackViper

Private
Messages
29
I'm trying to test any broker looking initially promising (having checked the reviews in our FPA community), by making small deposits, but indeed many times the positive reviews have no relation with the reality!
The Masters here do a really hard work to find out fake reviews which are made by the brokers themselves, but we must all make our feedback in order to protect our friends and other possible clients of unprofessional or scam companies like this or X90 or many more
 

Pharaoh

Colonel
Messages
19,743
Testing a broker with a small amount of cash is the right thing to do. There have been many cases of well rated brokers suddenly turning bad.
 

BlackViper

Private
Messages
29
Almost TEN business days have passed and NO response yet!!

Today I informed them via live chat additionaly to the three emails I had already sent them!
 
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