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

RESOLVED - Case# 2012-077 | bossboss25 vs www.butapips.com

Discussion in 'Traders Court Resolved Cases' started by bossboss25, Sep 17, 2012.

?

Based on the available evidence, do you believe that butapips.com is guilty?

Poll closed Oct 8, 2012.
  1. Guilty

    91 vote(s)
    97.8%
  2. Not Guilty

    2 vote(s)
    2.2%
  1. bossboss25

    bossboss25 Recruit

    Joined:
    Nov 19, 2008
    Messages:
    5
    Likes Received:
    0
    AsstModerator Note: Just after the voting ended, Butapips paid Bossboss25 what they owed. I'd like to thank everyone who participated in this thread and voted. Your input really does make a difference.

    Original FPA Traders Court Submission by bossboss25:

    I am submitting the case against: www.butapips.com

    My Case is: Hi All,

    I am writing to let everyone know of my recent experience with www.butapips.com

    Butapips claim on their website result approx. 1000 pips per month (with various "money back" guarantees if they don't achieve this). Showing "live" results on their site.

    On the 3rd August I signed up for their "Trade Copier - GOLD Package" at $1599USD per month. They immediately emailed me with a "more profitable" option..."Buta investment". I asked why use this instead of trade copier and their response was "we would recommend you to use Buta Investment as it is less risky and as Butapips team we would manage it as professionals."

    They wrote that this service only costs $399 but has a 25% profit sharing per month. I agreed and gave them my username and password for my trading account. At this point they offered to refund the $1200 difference between the $399 and what I had paid ($1599) or they said they could take it out of the profit sharing at the end of the month. I opted for them to take it out of the profit sharing...which was a mistake.

    They traded my account for a month and lost 15% of my account while reporting HUNDREDS of pips profit on their website. When I questioned them about this they told me

    "Don't worry about your deposit.You will see much profit in your account soon. Please be patient." so I was patient for a month. Unfortunately when I opened my MT4 twice some trades where put on my account for a short time from an old EA I still had active. They asked me to not trade the account or they would stop...I agreed that this was fair and closed the trades immediately.

    At the end of the month I changed my password and was a few thousand dollars poorer in my trading account for the experience (nothing disastrous just 15% all told). They offered to trade my account in September for free for which I thanked them, and declined, and said that I'll just take my refund. I have not been able to get a response from them since. I have sent 6 emails in the past 2 weeks to ask about my $1200 but they are ignoring me and I can only presume they have decided to STEAL my money.

    Well, that's it, as factual as I can be without injecting all the emotion that I feel into a rambling tirade of abuse aimed at them. So instead I offer this warning and just perhaps they've "forgotten" to give me my money and my emails have been lost in their SPAM folder....perhaps.

    Josh

    New thread in the Scam Alerts Folder:
    www.forexpeacearmy.com/forex-forum/scam-alerts-folder/21505-www-butapips-com-false-results-no-refund.html

    Review is submitted by Joshua on 09/17/12

    The company was first contacted about the issue on 09/03/12, the last contact was on 09/17/12

    Details: Nothing since the request for my refund.

    Company representatives' emails:
    butpips <customer@butapips.com>
    butpips <info@butapips.com>

    Attached Files:

    1. Butapips.pdf

     
    #1 bossboss25, Sep 17, 2012
    Lasted edited by : Oct 8, 2012
  2. Pharaoh

    Pharaoh Colonel

    Joined:
    Oct 3, 2007
    Messages:
    19,674
    Likes Received:
    2,221
    Looks like everything's covered in the forums thread.

    AsstMod, could you please send an invitation to ButaPips to join the conversation?
     
  3. AsstModerator

    AsstModerator FPA Forums and Reviews Admin

    Joined:
    Dec 11, 2007
    Messages:
    5,416
    Likes Received:
    1,113
    I've sent an invitation. Now let's see if they respond or not.
     
  4. AsstModerator

    AsstModerator FPA Forums and Reviews Admin

    Joined:
    Dec 11, 2007
    Messages:
    5,416
    Likes Received:
    1,113
    No response. I'm moving this to the Open Cases folder.
     
  5. bossboss25

    bossboss25 Recruit

    Joined:
    Nov 19, 2008
    Messages:
    5
    Likes Received:
    0
    They finally responded to one of my emails a few days ago and apologised for not responding and offered to pay the refund, which they haven't...and now they are not answering emails again.
     
  6. Pharaoh

    Pharaoh Colonel

    Joined:
    Oct 3, 2007
    Messages:
    19,674
    Likes Received:
    2,221
    The case will go to a vote next week if they don't get around to paying the promised refund to you.
     
  7. Izu

    Izu Recruit

    Joined:
    Mar 15, 2012
    Messages:
    1
    Likes Received:
    0
    If you ask me, I'd say its a scam. By the way, I'm new to the FPA, and I'd just like to say that I'm happy to be a part of this. Its great to see a community that finally stands up for the "little guys" against these brokers and wealthy financial organizations. It would be great if the FPA had a service where we pay some sort of monthly fee and the funds are used to hire an elite and big enough law firm that's ready to bat for us against fraudulent brokerages and banks.
     
  8. AsstModerator

    AsstModerator FPA Forums and Reviews Admin

    Joined:
    Dec 11, 2007
    Messages:
    5,416
    Likes Received:
    1,113
    The poll is now open. If the verdict comes in as Guilty, it can be changed to Resolved if the issue is fixed later.
     
  9. Joh

    Joh Sergeant Major

    Joined:
    Oct 11, 2007
    Messages:
    942
    Likes Received:
    201
    you wrote;"
    They traded my account for a month and lost 15% of my account while reporting HUNDREDS of pips profit on their website. When I questioned them about this they told me

    "Don't worry about your deposit.You will see much profit in your account soon. Please be patient." so I was patient for a month. Unfortunately when I opened my MT4 twice some trades where put on my account for a short time from an old EA I still had active. They asked me to not trade the account or they would stop...I agreed that this was fair and closed the trades immediately.
    Could you pls tell me what you mean when you write they traded my acc and had a 15% loss whilst they reported HUNDREDS of pips profit on their website - you questioned them about this -what is the this? Their misrepresentation -sorry i am not clear.
     
  10. precap2

    precap2 Private

    Joined:
    Feb 10, 2009
    Messages:
    23
    Likes Received:
    0
    Josh admitted his error. . . I like my money in MY OWN HANDS, he shouldn't have left the balance of $1200 in their hands. . . Now they feel deeply wronged that Josh wants the $1200 legitimate refund back.

    Josh also proved to be a nice guy when he didn't demand to have the entire $1599 handed back to him, I think they decoded that he's an easy-going guy and decided to give him VIP treatment.

    I don't advice that everyone be harsh as me, it's a scar from hard life and not so rich background.

    I went to butapips website and they're still making a whole lot of pips, but they probably haven't made enough money to refund to Josh money that was not used in the first place. And Josh lost 15% of whatever was his account balance (experience says that anyone who is willing to pay $1599 for signal has an account which 15% would be staggering loss).

    I think butapips is delaying the inevitable. . . THEY ARE SCAM!!!
     

Share This Page