Problem Profits are a sign of cheating

[Carlos]

Good Idea?

In this case a Great job have been done by Ken and the FPA.
I personally encourage to all soldiers here to take action to rule "Forex" all around the world. Since I’ve seen by my own experience and the forums opinion, we need to take action confronting the institutional governments and demanding the following:
-The Brokers must act as "agents" and/or "principals" for the customer only.
-Each broker must legally represent only one side on each transaction and its inherit interests must be stated in the "Costumer Agreement Contract". The agreement must be worded as a contract to represent "You" (his/her client). Instead of destroy and ruin in you; as it’s been till today. We have the right to be treated in an equal position.
-All broker's "Costumer Agreement Contract" must be worded the same way. The Government must take action in standardizing this.
-Brokers can't act anymore as a counter party against the costumer’s positions.
-Brokers must be paid for services only by the costumers, through spread and/or commission.
-Brokers must be ruled to avoid adjudication of any "rollover fees", partial or total.
-The term "Arms be ware" and its definition must be included in the contract with IB's and Brokers.
-IB's that bring advisory to his/her costumers must be ruled to be paid only in the costumers closed winning positions. That is to avoid churning. It could motivate IB's to be the best traders allies at all times. Costumers must receive from time to time a statement with all monies received by the IB from the broker, on the specific account.
-"Slippage" must be ruled as a major deceptive industry practice, with zero tolerance, by regulating financial government institution in each country. License will be suspended.
-Licensing must be mandatory to all Forex brokers and IB's, as wheel as a maintaining of a clean record requirements to each person licensed as a broker or an IB.
-Continuing Education must be implemented to each scope of job (IB or Broker). A bunch of money deserves that kind of studying sacrifice, right or not?
- A central government data price must be recorded and it will be available to compare prices in every dispute. Not to be used in regular daily trading, but it’s necessary because the whole industry needs to have a patron where every Forex Institutional or Individual will count in arising disputes.
My plan of action is:
1-Write to your Local and State Department of Financial Services about your concerns.
2-Encourage your politicians to take action on your side. Show them how a big capital is drained for letting Forex brokerage, without any strict and enforceable regulations. Show how Local and States governments could benefit through the new system of regulations for brokers (for example: Broker fines must be huge amounts of money and new jobs must be created to regulated the industry).
3-Ask to Local Schools that make Licensing Test in other regulated industries, how to encourage and involve the government in regulating the Forex industry, with Licensing and Continuing Education.
4-Write to the best allies of the Forex Brokers (the ) about your concerns and for the needs of strongest regulations in the USA. Write to those organizations, that you do not agree with "Forex Casinos" in the USA.
5-Write to CEO’s of the greatest U.S banks, about what we all Traders want access to the open "Interbank". Competition between banks for the new industry will be reward to every one.

To all my folks here,

Andres Leiva
Miami, FL. USA

Are you sure you know What are you talking about it? This broker is out side of the Country . Regulations will cost a lot more money to the end user, (The trader, means us) that will be almost impossible to trade. I don't think that will be good idea. right here in America we have NFA and CFTC as you say, We also we have FOREX PEACE ARMY as you can see. I think that will be enough protection for us.

 

[bako.a@winfield.hu]

"We paid not only the deposit but a part of profit too."

"Such method is dangerous for traders, as brokers can see cheating and most often delete such orders. In this case most of brokers return initial deposit, some delete only positive orders,thereby zeroizing an account, and deposit is not paid back.
We did not delete profits of the customer,all the orders were saved. We paid not only the deposit but a part of profit too."

I think the key is that they pay a part of the profit. With this action they admit the trade. Or is there a little cheating and big cheating? I don't think so. They should make good and consistent rules of trading and act in accord with them.
So the trader can choose if the conditions are fine or not.

 

[Amin EL-HAKIM]

I thank Ken and the FPA for their support to me and my friends.

 

[PistolDave]

I thank Ken and the FPA for their support to me and my friends.

Amin,

Stay determined to get justice. You are helping yourself and your fellow traders, and are helping to do your part to clean up this scummy forex industry.

Good job! Good luck!

 

[forexmongoose]

profits are proper

weldone FPA,profits are not a sign of cheating.if traders dont profit how will they encourage more traders to trade.let's prosecute some of these brokers like pol...whatever who have no conscience.

 

[mokori999]

Poltekfx Stealing My Money....!!!

Hi guys, it's my first time to trading forex in poltekfx...and THEY STEALING MY MONEY...!!!
I am just an employee, try to get money in many other ways. Starting in July 2008 I try to learn about forex...how to trade...how to analyst market by fundamental or technical.
In 1 September 2008, i am open a new account to trading forex in poltekfx. Mr. Online Support in that time may be an act like Mr. Nice Guy...he's a kind person....IN THAT TIME...!!
Everything gonna be alright, until 19 September 2008 I'll trying to withdraw my profit...status withdrawal = PENDING
Until 22 September, I'll try again...with the same status = PENDING...!!!
23 September 2008, THE WEB CANNOT BE OPENED...!! WHAT THE HELL IS THIS...????!!! Okay...at that i still having positive thinking "maybe it's kind of virus"
24 September 2008, THE WEB CANNOT BE OPENED....BUT MR. ONLINE SUPPORT IS ONLINE....!!! I'll tried to ask him, what's wrong with poltekfx?? but he gave me a SIMPLE ANSWER " IT'S JUST A VIRUS...!! AND WILL BE OKAY IN A FEW HOUR....!!!!"
UNTIL NOW...THE WEB OF POLTEKFX IS GOING TO GRAVEYARD....!!!!! AND MAYBE NOW MR ONLINE SUPPORT AND THEIR PARTNER WAS DRUNK AND PAY THE BILL WITH MY MONEY....!!!!
ITS BETTER TO YOU "poltekfx" TO STEAL MONEY IN BANK....NOT IN THIS KIND OF BUSSINESS...!!!!

 

[Amin EL-HAKIM]

Welcome to the club. You should've researched the broker before opening an account. If woul've typed just "PoltekFx" in google, you would've seen between the major search resutls that they have been proven to be a scam. I even heard from someone close to them that they don't care about PoltekFx as their main project is Masterforex.

 

[mokori999]

Poltek Is Absolutely Big Scam

After a few withdrawal problems can not processed, yesterday october 16 2008 Poltek support name Tim told me that Poltek will withdraw 300$ and close my account as i used cheating,so in total poltek withdraw 150% of my deposit.
Poltek said that cheated but did not give explanation.
I DONT UNDERSTAND WHAT TYPE OF CHEATING POLTEK MEAN???
Profit are signs of cheating???
I'M NOT CHEATING!!!! I ONLY TRADE LIKE USUALLY.

Now Poltek disabled my account,i can not login anymore.
And poltek did not withdraw my money even 300$.
My last fund available is 5772$.
POLTEK STOLEN MY MONEY...

 

[Amin EL-HAKIM]

Poltek representative contacted me regarding my problem and their scam rating on FPA and forex-tsd and many forums. He told me that the company's management have been changed and they want to pay debts to all clients and an exchange for that, I will post each withdrawal's screen shot here and on all forums mentioning the problem. Poltek understands that their scam rating won't be lifted until they pay all the amounts of money available in our accounts. And for the record, my friends' accounts were paid by me from my own pocket when the problem hit a dead end. Account holders are very close friends of mine, so I didn't hesitate a second. Off course, each of them will follow the legal process and send his internal transfer request to poltek from his own cabinet, using his own pin-code and his own e-mail, releasing poltek from any legal responsibility. Here are parts of the conversation with poltek in details:

PoltekFX ‎(6:48 AM):
hello

Our company management has been changed, so we would like to resolve the issue over debts to our customers.
We know that you had cheating order but we do not refuse the fact that we need to withdraw your requests.

AMIN ‎(6:53 AM):
so me and my friends have 7.5 K with you
AMIN ‎(6:54 AM):
you call it cheating, we call it news trading

The rest is normal detailing. We will see what happens, I'm posting this to show my good faith to Poltek.

 

[Amin EL-HAKIM]

1rst withdrawal processed from account. It's a wire transfer. It needs time to reach my bank account. I will update you as soon as I get it with a screen shot. The reason for not withdrawing the whole money is that Poltek wishes that their picture would go back to normal, so they don't want to process all withdrawals and still be rated as scam. I see that it's their right and to be fair, I have accepted those terms and they will complete the payments in parts within 2 months or less.