Resolved - Nordfx

Mr. Hammad Aman,

In response to your letters, we would like to remind you that by opening a trading account with NFX Capital VU Inc., you have given unconditional consent to comply with all the conditions stipulated in the Client Agreement (https://nordfx.com/download/1506411209/client_agreement_en.pdf ). In accordance with paragraph 6.6. of this Agreement, we have a full and unconditional right to block your account in case of any suspicion as to the legitimacy of your transactions, and conduct an appropriate investigation.

Thus, in this regard, all our actions have been absolutely legitimate.

Hmmm. Assuming this "unconditional right to block acct" is legal (as a term/condition that is illegal cannot be enforced).

After your clarifications, which you have given today, on September 27, 2017, at the website https://www.forexpeacearmy.com , we have once again studied carefully all the transactions in your account No.1100287. Unfortunately, in their structure, they are very similar to one of the most common schemes for "laundering" a bonus, and that is why they aroused our suspicions.

Well, that is an interesting excuse. Did you define "laundering a bonus" in your terms and conditions? Each bonus would have specific terms that have to be met in order to qualify for the bonus.

So, having just added funds to the account, on September 1, 2017, with a deposit of only $ 500 and a bonus of 55%, you immediately made a transaction with a volume of 1 lot, which, according to the generally accepted standards on Forex, is not just a risky, but a super-risky operation, and can immediately lead to a complete loss of the deposit.

What about the generally accepted standard of brokers to not stealing profits, paying earned bonuses, etc?
If the market did go in the other direction and the client lost their deposit, would NordFx have provided a "do-over" and given back the deposit?


It is this that suggests that this transaction was hedged from another broker.
Again, even if this is true, what does trading at a different broker have to do with NordFx?

After you have closed this transaction with profit, all your other transactions had volume 0.05 - 0.1 lots, that is, 10-20 times less than the initial one. And less than 2 weeks after the trading started, you submitted a request to withdraw ALL the funds from your account.

That is, despite the obvious benefit for you, your cooperation with NordFX lasted for only about 14 days.

Such actions pretty much resemble the bonus "laundering" operation using two differently directed transactions.

Self-directed trading accounts are supposed to be at the sole discretion of the trader. In fact brokers are prohibited from offering trading advice as that is a conflict of interest.

Is there a term and condition that requires a trader to deposit their funds or trade a certain volume for a minimum # of days before they are eligible for a withdraw? Generally accepted standards for brokers with a fiduciary responsibility to their clients dictate that a withdrawal is processed fully within 1 business day. The deposit belongs to the client held in trust, not to the brokerage.

Such actions are based on the subjective whim of an offshore broker and pretty much resemble theft.

Mr. Hammad Aman,

as you can see, there is a very fine line between the honest trade and a fraud aimed at "laundering" the bonus. Unfortunately, your explanations have not convinced us that your trade corresponds to the norms generally accepted in Forex. However, when there are doubts, we always try to resolve them in favor of the trader. That is why we have decided to pay you the profit of $ 648, which you are claiming.

This amount has been transferred to you on September 28, 2017.[/quote]
I took a look at this screenshot: https://www.forexpeacearmy.com/community/attachments/img-20170918-wa0010-jpg.33867/

:confused: I'm still a bit lost. To clarify: Is the total amount that was sent:

a) $500 deposit + $640.86 earned profit + $275 from 55% earned bonus = $1,415.86 USD,
b) $500 deposit + $640.86 earned profit = $1,140.86 USD, or
c) $640.86 earned profit

This does not include losses that occurred as a result of abrupt closing of trades when you locked the account.

Also, how did you send this? wire transfer, payment processor, etc? Do you have a receipt or screenshot of this transaction?

However, our company is obliged to stop providing you with our services.

We rely on your understanding and hope that you will be able to find another broker who will be satisfied with such a style of trading as yours.


Yours faithfully,
NordFX

Fair enough. Generally accepted standards for a broker dictate that clients quickly move away from a broker that goes out of their way to scam their clients.

@Faizan Hanif , have you filed a trader's court case yet? Receiving anything less than the total amount due is an attempt to scam you.
 
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Hello
Nordfx returned my blocked funds although repeatedly claim that i violated terms and i insist i did not ..i will declare this case resolved from my end.
 
Hello
Nordfx returned my blocked funds although repeatedly claim that i violated terms and i insist i did not ..i will declare this case resolved from my end.

What was the full amount?
Have you actually received the full amount to your bank acct?
 
Nordfx sent my whole profit to me,they still insist that i violated terms but i do not want to keep arguing with them so i want to resolve the case with them,however i would be remiss if i do not extend my deepest gratitude to FPA for this great help in recovering my money,thank you AsstModerator from my heart.
 
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