RESOLVED Case# 2015-061 | Pavels Nikitins vs

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

  • Guilty

    Votes: 67 98.5%
  • Not Guilty

    Votes: 1 1.5%

  • Total voters
  • Poll closed .

Pavels Nikitins

Original FPA Traders Court Submission:

I am submitting the case against:

My Case is: Dear sirs,
let me share my story with At the beginning 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 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 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 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 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".

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 <>
Jean Hermans <>
Daniel De Silva <>



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The thread in Scam Alerts is very detailed. I've gone ahead and issued a formal invitation to Citrades.
I Cannot find this company
Citrades is owned and operated by Triple S LTD . This is clone company possibly and no such information regarding company is available. It is 100% scam and fraudulent. This company has no physical presence over U.K. I chat with live operator who cannot give registration number (company registration since it is limited company) Company is hiding whois information too ...Registrant Org Domains By Proxy, LLC was found in ~10,952,472 other domains

Fully SCAM
Every Company that has a rule like Turn overs on deposits and Bonuses ARE SCAMMERS

They will tell you this.

To open an account for you, the banks charge us $40. For every account.
That means that we need to ensure that there is turnover on the account so that our money is made back.
That is why we have that restriction.

Don't put any money in those company's
They are fake or they are just there to steal your money

I hope you get your Money soon sir
CITYTRADES.COM: "Withdrawal? Have we got a !@*&?*! deal for you!"

First off, if this so called "broker" has no physical contact address, I would never send any money to them, because obviously it's a SCAM, and they don't want you to ever show up to "pay them a visit". Sure, anyone can say "we have offices in London, New York, Dubai, and Marbella (Spain), and have no phone numbers for client support because they don't wish you to call them ever! Now with that said, any so called "broker" that has such a !@*&?*! rigged withdrawal policy, is a DIRTY, CROOKED-DEAL, EXTORTION, SCAM !!!

Конец! La Fin! Das Ende! O Fim! ¡El Final! The END!
.... you to ever show up to "pay them a visit". Sure, anyone can say "we have offices in London, New York, Dubai, and Marbella (Spain), and have no phone numbers for client support because they don't wish you to call them ever! Now with that said, any so called "broker" that has such a !@*&?*! rigged withdrawal policy, is a DIRTY, CROOKED-DEAL, EXTORTION, SCAM !!!

Конец! La Fin! Das Ende! O Fim! ¡El Final! The END!

The Phone number never guarantee for anything. Virtual phone numbers, call forwarding phone numbers ,Sip numbers easily available on the internet which anyone can purchase for any country or location. Same as virual office too. Even if you check with regulators they reply you bogus and you can view firm registration number there since registration to no exact date of expiry! Even if you check forex peace army website you shall get
Registrar URL: Wild West Domains
Registrant Name: Registration Private
Registrant Organization: Domains By Proxy, LLC
DNSSEC: unsigned

Even Pirate bay owner dared to show his original contact number and location of his office although whole world know him piracy Guru ( promoter of pirated contents / sharing over torrent) . Most unfortunately FPA don't and all these scammers do not. So You cannot TRUST anybody.

There are two big differences between the FPA and a broker...

1. Other brokers aren't too likely to harass a broker at its offices. Many brokers and other forex companies would like to be able to pay an unkind visit to the FPA.

The FPA has dealt with companies which have stolen millions of dollars. Are you willing to pay for enough security to protect the FPA's office and employees?

I was personally threatened several times by a broker over the last few days for not hiding client complaints. He told me he would find me no matter where on Earth I went to hide. I am not going to give him a head start by telling him where I work.

2. The FPA doesn't take any funds from traders. If a trader decides to leave the FPA, there is no money to worry about. This makes it impossible for the FPA to scam members out of any money.

I have some questions for you...

1. Would you like to take a job as an FPA review moderator and have your name, address, and phone number published?

2. If you did this, brokers would be able to find you and contact you directly. This means one of them could offer you a bribe and I would never know about it. How could I trust you to honestly moderate reviews if it was easy for forex companies to contact you outside of the FPA?