Resolved: Figfx.com account permanently disabled for no reason!

[Kaes Kniestedt]

Hi everyone.

I just wanted to let everyone know that we are still negotiating with FigFX with the help of a FPA investigator. I feel there is a good chance that we will reach a final resolution here very soon. I will keep you all posted.

Thank you for all your support.

 

[Kaes Kniestedt]

Resolution

Hi everyone -

I just wanted to post and update everyone that with the help of the FPA, our case has been resolved. It did take awhile, but we did it. FigFX refunded our balances, including the Floating P/L around the time the accounts were closed.

A few words to the wise who are going through cases right now, or want to prevent yourself being involved in one:

1. Read the customer agreement! Make sure you understand it, and if there are any issues with clarity, contact the broker before signing anything
   
2. If you have a case, don't come in guns a blazin' with harsh words. Calmly explain your case. This will get you much farther than yelling.
   
3. Trust your FPA investigator, they know what's fair.
   
4. If you're involved in a case with a group of people, as we were, choose your best speaker to represent the group. It's hard for the negotiations to go well if you have too many people talking at once.
   
5. Document everything when you contact your broker
   
6. Try to understand the broker's point of view as well. If they accuse you of something, there might be a reason. You can use this to prove your case.
   
7. If you think you're right, and your investigator backs you up, don't stand down against your broker. Bad press is bad for them, and they want your posts off the internet as fast as possible. They might try to short sell you on things to see if you'll bite, but don't take it. Make them explain everything you don't understand, and don't agree to anything until the FPA investigator agrees as well

Either way - thank you to Javier from Fig and Gerard from FPA -- thanks to both of them, we were able to get this resolved.

And finally, thank you FPA for being available to help us. Without you, we would have been SOL. Unite together.

 

[Nico Kniestedt]

As of today, this issue is 100% resolved. I have recieved all funds owed including my floating p/l orders. A big thanks to everyone in this community, I look forward to contining my existence on the FPA forums as am still highly active in forex trading.

Thanks again,

Nico

 

[Nico Kniestedt]

Success!

After a long hard month of negotiating with FigFX, I have finally been able to come to an agreement with them. They have sent me all the money owed and I have received it via the moneybookers service.

A big thanks to everyone in the FPA community, I look forward to continuing my presence here on the forums

One more THANKS!!

 

[hyper]

I'm glad that you got your money back from the scammers (FIGfx). I follow every case of FIGfx not only because I hate scam brokers, but also because I find their representative's (Javier Keeth's) brazen attitude quite entertaining.

I think what would have been better is to also be compensated for all the trouble, including the time and effort that FPA representatives had to expend.

If a robber steals from you, and he eventually gets caught and gives back what he stole, is everything then Ok and settled? No; the robber should then also be punished or fined.

I have two more tips:
For brokers: Always pay traders' profits, or else there will likely be a permanent public record of your wrongdoings.

For those who were scammed: Never delete or edit your complaints against your broker(s) from here or other public discussion forums. The case histories need to remain so that they will act as a warning for other traders.

For traders: Don't trade with brokers who have a history of trying to scam traders, regardless of whether or not they eventually relented in most cases.

I would also like to commend and thank Forex Peace Army for their work in resolving this case as well as many others. I hope Forex Peace Army continues their good work and develops further into possibly a formal organization that fights brokers for traders, as there really is a need for such an organization in the forex industry.

 

[Scam Investigations Committee]

We also follow these cases very closely. So far, FIGFX has been very cooperative with the FPA in all issues. They also now inform the FPA every time they close accounts when they believe there are violations of the FIG Terms of Service.

FPA Investigator Gerard has been in constant contact with Javier over issues for quite some time. The AsstModerator also has spent a lot of time working with Javier.

In the past, we saw some things with FIG that we didn't like. Since then, FIG has followed many suggestions from the FPA to make policies more clear and fair to traders. We don't endorse brokers, but if there was a "Most Improved Broker" award, FIG would be a candidate for it. Much of this improvement has come directly from talks between Javier and the FPA.

If other traders have an issue with FIG, we ask them to please start new threads. The issue in this thread was resolved in a way that was acceptable to all involved.