Pavels Nikitins
Private
- Messages
- 12
Original FPA Traders Court Submission:
I am submitting the case against: Citrades.com
My Case is: Dear sirs,
let me share my story with Citrades.com. At the beginning Citrades.com company looked like a serious company. My experience with them started almost year ago when I have accepted their offer. In his offer Mr Hermans (this is the name of the person who contacted me - I do not know if he is real of fake) presented me his proposal of "hybrid - trading" - which he claimed at that moment has a success rate of about 73%.
1. I have start trading at 21 of May 2014. Very soon after, in fact very next day, they lost from my account more than $1000. When I contacted them to ask what happens, they told me that they regret, an error happened with their software and that they will refund teh money back to me, which happened (they did not refund all money they lost but a big percentage of it). Letting their service to run on my account for almost 3 months, with the minimum percentage per trade (0.5%) possible, they lost more than $1500. During 12 weeks I had only 1 WINNING week (for $79 profit), all other 11 weeks were LOSING. I did my research and found out that Citrades uses for their "auto-trading" the binary options signals provided by Faunus.com. I regret that vip-cititrader company proposes to its clients to use such an invalid tool like robot which based on FAUNUS signals and make by this unqualified service. Besides that, I noticed that a lot of binary options brokers provide to their clients signals service based on the ones provided by Faunus.com. I also did some tests by myself to test Faunus' signals performance. I asked for a $3000 DEMO account to Citrades, I picked to trade 3 assets : USDJPY, EURUSD and AUDUSD, which are almost 24/5 in Citrades' assets list, and I built an automatic software that was picking the signals as they were generated by Faunus and traded to my DEMO account. The results I have achieved were incredible poor. The difference between the performance I achieved and performance reported by Faunus was huge. And was not huge in good way, but was huge in the bad way. By use of Faunus signals signals in 7 trading days I would have lost almost 50% of my trading account, and always using the same trading amount of $20.
The total results for 1 week I achieved were as follows (this is an example) :
363 Total - 173 Wins - 186 Losses - 4Tie .
This means a barely 48% winning rate - so long way to an overall 72% - 75% winning rate promised by Citrades representatives (mr Hermans). This is translated (counting a fix traded amount of $20 for all trades) in a net loss of about $900 .
Over all, by automatically trading 24/5 ALWAYS $20/TRADE I vanished a $3000 account in less than 2 and 1/2 months using the signals provided by Faunus. I contacted 2 times Faunus trying to let them know what happens and trying to get an official answer from their side. No success. They told me that support dept will contact me back, but I have never been contacted back from Faunus. Of course that I contacted Citrades with this issue too, but their answer was vague and irrelevant to my issue.
I have stopped trading on 25th Aug 2014. This is the first time when I'm asking about withdrawal of my money. I made a gap in trading more then two months with hope that CITRADES will improve the situation. I have return to trading at 12 of Jan 2015. Now my account featured about $3400 (from $5000). I have asked to use for trading the minimum possible value. The account manager didn't execute my request, they started to launch trades of value of $100, and I have again lost a lot of money. My account featured at the end of this new experience about $2300. On 14th Jan 2015 I sent a letter: "Please immediately STOP trading on my account and please send me the information what steps I need to follow in order to withdraw my money and close the account I have at Citrades". They stopped trading on my account on 19th Jan 2015 and lost money from my account for 3 extra days. After this I asked withdrawal of my money several times by phone and by the letters. They contacted me several times, by using another employee of theirs, proposing me to add more money in my account as they have new offers that I can "benefit" from. I didn't accept any proposal from their side anymore - i don't trust them. All I want is withdrawal of my money. Unfortunately didn't succeed with that till now. Transaction 3162 from 27/01/2015 was frozen, in pending status and I can't do with this anything, - no answers, no comments. I attached the printscreen of my account SCAM ALERT - My sad story with Citrades.com-screenshot-banking-history-mozilla-firefox-private-browsing-.jpg. In my opinion both Faunus and Citrades are BIG SCAMMERS !! After than almost 3 month were passed accounting department of CITRADES cancel withdrawal transaction 3162 with explanation that I didn't achieve "... required turnover 157,072.02"! My position is next: Contractual terms of use of site Citradesvip.com was: my deposit $3000 and bonus $2000. Turnover for bonus $2000 was achieved and I have right to get my money back. Right now I am under the influence of SCAM-scheme: CITRADES making me to be "slave forever" ("bonuses" produce new turnover which born new "bonuses" and so on). About all "bonuses" (except first) I was informed postfactum! I regard following deposits from CITRADES site only like compensation for horrible service and I have an excuse-letters from CITRADES which confirmed this. No one additional bonus from CITRADES was accepted by me. I'm based on next post-contractual remedies:
If there is no acceptance of deviation from the terms of the contract (new "bonuses" was not accepted), and the deviation is serious enough to make any real difference in the intended result of the contract, then the deviating party is said to have breached the contract. Terrible company, terrible service, - return my money back!
New thread in the Scam Alerts Folder:
Review is submitted by Pavels Nikitins on 04/21/15
The company was first contacted about the issue on 01/27/15 the last contact was on 04/15/15
Details: We have received your withdrawal request. I do apologize, but in order to place a valid withdrawal request we do have certain guidelines. One of them being, that you must trade 10x the volume of your deposit before withdrawing (if no bonus was applied to your account). For example, if you deposited $300 your turnover would have to be 3000 in order for you to withdraw.
If a bonus was given to you, then the required turnover volume (trading volume) has to be 30 times the bonus, as described in our terms and conditions under "PAYMENT PROCEDURE" & "BONUS".
http://www.citrades.com/terms-and-conditions/
Most clients reach their turnover/trading volume in as little as 30 business days depending on trading habits.
Accounts have a cost to create, and to maintain once they start trading, we cover our costs from the earned commissions from the market based on the volume traded, so we require a certain trading volume to cover our costs, that is why we have this in our terms and conditions available always on our website.
If you need help with anything else please contact your account manager.
Company representatives' emails: Martha Smith <accounting@Citrades.com>
Jean Hermans <jhcitrades@gmail.com>
Daniel De Silva <ddesilva@citrades.com>
I am submitting the case against: Citrades.com
My Case is: Dear sirs,
let me share my story with Citrades.com. At the beginning Citrades.com company looked like a serious company. My experience with them started almost year ago when I have accepted their offer. In his offer Mr Hermans (this is the name of the person who contacted me - I do not know if he is real of fake) presented me his proposal of "hybrid - trading" - which he claimed at that moment has a success rate of about 73%.
1. I have start trading at 21 of May 2014. Very soon after, in fact very next day, they lost from my account more than $1000. When I contacted them to ask what happens, they told me that they regret, an error happened with their software and that they will refund teh money back to me, which happened (they did not refund all money they lost but a big percentage of it). Letting their service to run on my account for almost 3 months, with the minimum percentage per trade (0.5%) possible, they lost more than $1500. During 12 weeks I had only 1 WINNING week (for $79 profit), all other 11 weeks were LOSING. I did my research and found out that Citrades uses for their "auto-trading" the binary options signals provided by Faunus.com. I regret that vip-cititrader company proposes to its clients to use such an invalid tool like robot which based on FAUNUS signals and make by this unqualified service. Besides that, I noticed that a lot of binary options brokers provide to their clients signals service based on the ones provided by Faunus.com. I also did some tests by myself to test Faunus' signals performance. I asked for a $3000 DEMO account to Citrades, I picked to trade 3 assets : USDJPY, EURUSD and AUDUSD, which are almost 24/5 in Citrades' assets list, and I built an automatic software that was picking the signals as they were generated by Faunus and traded to my DEMO account. The results I have achieved were incredible poor. The difference between the performance I achieved and performance reported by Faunus was huge. And was not huge in good way, but was huge in the bad way. By use of Faunus signals signals in 7 trading days I would have lost almost 50% of my trading account, and always using the same trading amount of $20.
The total results for 1 week I achieved were as follows (this is an example) :
363 Total - 173 Wins - 186 Losses - 4Tie .
This means a barely 48% winning rate - so long way to an overall 72% - 75% winning rate promised by Citrades representatives (mr Hermans). This is translated (counting a fix traded amount of $20 for all trades) in a net loss of about $900 .
Over all, by automatically trading 24/5 ALWAYS $20/TRADE I vanished a $3000 account in less than 2 and 1/2 months using the signals provided by Faunus. I contacted 2 times Faunus trying to let them know what happens and trying to get an official answer from their side. No success. They told me that support dept will contact me back, but I have never been contacted back from Faunus. Of course that I contacted Citrades with this issue too, but their answer was vague and irrelevant to my issue.
I have stopped trading on 25th Aug 2014. This is the first time when I'm asking about withdrawal of my money. I made a gap in trading more then two months with hope that CITRADES will improve the situation. I have return to trading at 12 of Jan 2015. Now my account featured about $3400 (from $5000). I have asked to use for trading the minimum possible value. The account manager didn't execute my request, they started to launch trades of value of $100, and I have again lost a lot of money. My account featured at the end of this new experience about $2300. On 14th Jan 2015 I sent a letter: "Please immediately STOP trading on my account and please send me the information what steps I need to follow in order to withdraw my money and close the account I have at Citrades". They stopped trading on my account on 19th Jan 2015 and lost money from my account for 3 extra days. After this I asked withdrawal of my money several times by phone and by the letters. They contacted me several times, by using another employee of theirs, proposing me to add more money in my account as they have new offers that I can "benefit" from. I didn't accept any proposal from their side anymore - i don't trust them. All I want is withdrawal of my money. Unfortunately didn't succeed with that till now. Transaction 3162 from 27/01/2015 was frozen, in pending status and I can't do with this anything, - no answers, no comments. I attached the printscreen of my account SCAM ALERT - My sad story with Citrades.com-screenshot-banking-history-mozilla-firefox-private-browsing-.jpg. In my opinion both Faunus and Citrades are BIG SCAMMERS !! After than almost 3 month were passed accounting department of CITRADES cancel withdrawal transaction 3162 with explanation that I didn't achieve "... required turnover 157,072.02"! My position is next: Contractual terms of use of site Citradesvip.com was: my deposit $3000 and bonus $2000. Turnover for bonus $2000 was achieved and I have right to get my money back. Right now I am under the influence of SCAM-scheme: CITRADES making me to be "slave forever" ("bonuses" produce new turnover which born new "bonuses" and so on). About all "bonuses" (except first) I was informed postfactum! I regard following deposits from CITRADES site only like compensation for horrible service and I have an excuse-letters from CITRADES which confirmed this. No one additional bonus from CITRADES was accepted by me. I'm based on next post-contractual remedies:
If there is no acceptance of deviation from the terms of the contract (new "bonuses" was not accepted), and the deviation is serious enough to make any real difference in the intended result of the contract, then the deviating party is said to have breached the contract. Terrible company, terrible service, - return my money back!
New thread in the Scam Alerts Folder:
Review is submitted by Pavels Nikitins on 04/21/15
The company was first contacted about the issue on 01/27/15 the last contact was on 04/15/15
Details: We have received your withdrawal request. I do apologize, but in order to place a valid withdrawal request we do have certain guidelines. One of them being, that you must trade 10x the volume of your deposit before withdrawing (if no bonus was applied to your account). For example, if you deposited $300 your turnover would have to be 3000 in order for you to withdraw.
If a bonus was given to you, then the required turnover volume (trading volume) has to be 30 times the bonus, as described in our terms and conditions under "PAYMENT PROCEDURE" & "BONUS".
http://www.citrades.com/terms-and-conditions/
Most clients reach their turnover/trading volume in as little as 30 business days depending on trading habits.
Accounts have a cost to create, and to maintain once they start trading, we cover our costs from the earned commissions from the market based on the volume traded, so we require a certain trading volume to cover our costs, that is why we have this in our terms and conditions available always on our website.
If you need help with anything else please contact your account manager.
Company representatives' emails: Martha Smith <accounting@Citrades.com>
Jean Hermans <jhcitrades@gmail.com>
Daniel De Silva <ddesilva@citrades.com>
