RESOLVED - Scammed by Turnkey Forex!

[Florida Traders LLC]

Thanks for the post. My account is with Finpro who uses severs from TurnkeyFX. They maybe one and the same. I was about to make another deposit when I saw this alert. I had a sizeable loss from what appeared to be stop hunting, several months ago. So, I have had concerns for awhile. Unfortunately, FinPro is one of the few brokers that accept US citizens, favorable spreads and very low ECN commissions. This thread warning of Turnkey's questionable tactics for a large withdrawal has certainly ruined my day. Thanks for the "Heads Up". Ironically, after three years, I finally have stable profitable EAs working. So, this thread is quite disturbing for me.

 

[Trademonster]

They're asking for 3 years of my tax returns, my account statements from other brokers i use, plus some other absurd requests like ' a statement from my employer saying i'm not banned from trading forex.'

Well! I have been through this with another broker but looking at the amount of money you have at stake, I would not even think twice giving the information they are asking. My broker also flagged me for similar reasons, they basically thought I was trading with money collected from diff sources and the funds were not mine and they thought im from some financial investment firm using strategies that normally a retail guy would not do bla bla … . so a letter from my employer proved that im not doing that and my financial history proved im capable of holding that much funds. But yes they were kind enough to explain me the reasons and what the compliance/anti money laundering policies they had in place.

I know its you decision in the end but if those documents get you your money back, I think its all worth it in the end.

 

[Florida Traders LLC]

If I understand the Complainant's recitals, TurnkeyFX does not have an issue with the initial account deposit. Turnkey is challenging profits made in the account. So, in an extraordinarily rare instance, a trader overcomes every imaginable obstacle and complexity (multiplied by ten for US traders) after years and thousands of hours of study and trading, probably losing significant sums of initial capital and finally finds success in Forex, makes a ton of money and the broker says, you can't have your hard earned profit until you provide sensitive private financial information, which the broker unilaterally decides whether the information is sufficient to enable the hapless trader to withdraw the profit. My issue is, why would profits made in the account be suspect? How can the source of these profits be in question? The profits were produced on the brokers very own servers, that is the source. What possible bearing does the trader's extensive private financial information have on income produced through the broker's servers? The broker is claiming "compliance". Compliance with what? Turnkey is not regulated. How can anti laundering or proceeds from other possible criminal sources be an issue when the source of the profit is from trading through the broker's very own servers. What possible relevance would three years past tax returns have on the profits at question in real time. The source of the profit is not an issue. The Complainant complied with the mandatory criteria to open the account. The broker has a strong motive to perpetuate this fraud - steal hundreds of thousands of dollars from the trader. If a broker is committing a criminal act by perpetuating a massive fraud, why would a trader send a criminal more private sensitive financial information? My comments are based on the posts and exhibits provided by the Complainant in this thread. I am a FinPro Trading client. FinPro provides TurnkeyFX(UK) Ltd MT4 servers. The following is copied from an email I received by a Finpro representative regarding deposit instructions. The instructions clearly show TurnkeyFX(UK) Ltd is the account holder, not FinPro Trading.

-----Original Message-----
From: Sneha Garg <sgarg@finprotrading.com>
To: floridatraderllc
Sent: Thu, Sep 20, 2018 9:20 am
Subject: FinPro Trading: Re: Request for Deposit Bank Transfer Details

Dear Florida Traders LLC,
Hope you are doing well!

This is in regard to an enquiry you made on support@finprotrading.com for bank wire details.

Please find the bank wire details as follows:
HSBC-USD Account:

Bank Details-
Company name: TURNKEYFX (UK) LTD
Account number: 76720925
Bank Identifier Code/ SWIFT: HBUKGB4B
International Bank Account Number: GB53HBUK40127676720925
Sort Code: 400515

 

[rhukevhe]

If I understand the Complainant's recitals, TurnkeyFX does not have an issue with the initial account deposit. Turnkey is challenging profits made in the account. So, in an extraordinarily rare instance, a trader overcomes every imaginable obstacle and complexity (multiplied by ten for US traders) after years and thousands of hours of study and trading, probably losing significant sums of initial capital and finally finds success in Forex, makes a ton of money and the broker says, you can't have your hard earned profit until you provide sensitive private financial information, which the broker unilaterally decides whether the information is sufficient to enable the hapless trader to withdraw the profit. My issue is, why would profits made in the account be suspect? How can the source of these profits be in question? The profits were produced on the brokers very own servers, that is the source. What possible bearing does the trader's extensive private financial information have on income produced through the broker's servers? The broker is claiming "compliance". Compliance with what? Turnkey is not regulated. How can anti laundering or proceeds from other possible criminal sources be an issue when the source of the profit is from trading through the broker's very own servers. What possible relevance would three years past tax returns have on the profits at question in real time. The source of the profit is not an issue. The Complainant complied with the mandatory criteria to open the account. The broker has a strong motive to perpetuate this fraud - steal hundreds of thousands of dollars from the trader. If a broker is committing a criminal act by perpetuating a massive fraud, why would a trader send a criminal more private sensitive financial information? My comments are based on the posts and exhibits provided by the Complainant in this thread. I am a FinPro Trading client. FinPro provides TurnkeyFX(UK) Ltd MT4 servers. The following is copied from an email I received by a Finpro representative regarding deposit instructions. The instructions clearly show TurnkeyFX(UK) Ltd is the account holder, not FinPro Trading.

-----Original Message-----
From: Sneha Garg <sgarg@finprotrading.com>
To: floridatraderllc
Sent: Thu, Sep 20, 2018 9:20 am
Subject: FinPro Trading: Re: Request for Deposit Bank Transfer Details

Dear Florida Traders LLC,
Hope you are doing well!

This is in regard to an enquiry you made on support@finprotrading.com for bank wire details.

Please find the bank wire details as follows:
HSBC-USD Account:

Bank Details-
Company name: TURNKEYFX (UK) LTD
Account number: 76720925
Bank Identifier Code/ SWIFT: HBUKGB4B
International Bank Account Number: GB53HBUK40127676720925
Sort Code: 400515

You hit the nail on the head. You perfectly understand the situation i'm in and my reason for refusing their demand. They have no credibility and are a gang of criminals looking for a reason to hold on to what's mine. I know what their true intentions are and their illegal nature prevents me from trusting them with my personal financial data. They didn't seem to have any problem with my large deposits until i decided to leave with my profits. They were invited here to defend themselves and they didn't show up. What does that tell the rational man?

 

[Poundtrader]

both finpro trading and turnkey forex uses turnkeyfx.com, seem like the owner of finpro trading also own turnkey forex. i also notice that my money at finpro trading is going to turnkeyfx not to be confuse with turnkey forex

 

[rhukevhe]

both finpro trading and turnkey forex uses turnkeyfx.com, seem like the owner of finpro trading also own turnkey forex. i also notice that my money at finpro trading is going to turnkeyfx not to be confuse with turnkey forex

They are all one and the same. You can easily connect the dots by looking up the registered name on the companies they use to receive bank transfers which we already did. Basically they have an assortment of different companies and websites all doing the same thing. From their filings you can see that they register a new company every year. It's a known tactic fraud companies use to continue operating in case other arms of their establishment get shut down. A legitimate regulated broker only uses one website and doesn't operate through a multitude of different companies.

 

[Poundtrader]

They are all one and the same. You can easily connect the dots by looking up the registered name on the companies they use to receive bank transfers which we already did. Basically they have an assortment of different companies and websites all doing the same thing. From their filings you can see that they register a new company every year. It's a known tactic fraud companies use to continue operating in case other arms of their establishment get shut down. A legitimate regulated broker only uses one website and doesn't operate through a multitude of different companies.

i understand what your saying but turnkeyfx provide broker start up service to people who wanna start a forex broker

 

[rhukevhe]

i understand what your saying but turnkeyfx provide broker start up service to people who wanna start a forex broker

Right. Turnkey forex and finpro trading, both owned by the same person, use their white label service. Both brokers won't provide a list of their liquidity providers which would be from turnkeyfx to prove they are real DMA brokers. Add the fact that your funds to finpro went to turnkeyfx and you begin to see a clear picture of what's going on.


Another scenario which could be the most likely one since turnkeyfx.com is actually regulated by the canadian and british authorities, is that they really do provide real DMA to liquidity providers but turnkey forex and finpro choose to only use it when it suits them or don't use it at all. It all comes down to one common denominator which is greed. Earning from commissions only isn't good enough for most brokers so they directly trade against their clients and when they badly lose as in my case, they illegally hold on to your funds.

 

[Poundtrader]

Right. Turnkey forex and finpro trading, both owned by the same person, use their white label service. Both brokers won't provide a list of their liquidity providers which would be from turnkeyfx to prove they are real DMA brokers. Add the fact that your funds to finpro went to turnkeyfx and you begin to see a clear picture of what's going on.


Another scenario which could be the most likely one since turnkeyfx.com is actually regulated by the canadian and british authorities, is that they really do provide real DMA to liquidity providers but turnkey forex and finpro choose to only use it when it suits them or don't use it at all. It all comes down to one common denominator which is greed. Earning from commissions only isn't good enough for most brokers so they directly trade against their clients and when they badly lose as in my case, they illegally hold on to your funds.

also at one point and time the owner of finpro trading and turnkey forex was a officer with turnkeyfx so yeah i think they are the same people that own all three companies or family members

 

[Gabdrakhmanov]

As i said, they are asking for very sensitive personal info they have no right to. If they were truly a DMA broker they would process my withdrawal as they won't be affected by their customers making profits, unless they are the market makers and i was trading directly against them. If i had known even a quarter of what i know now about them i wouldn't put one cent into an account with them let alone hundreds of thousands. If you intend to make a decent profit i suggest you avoid them by all means. You did some good work here with your research so believe in it. The evidence is already here that they are criminals masquerading as decent people. They show themselves for what they really are when you want to take out your profit, and that's if you get to the point of being profitable as i experienced some manipulation with stop hunting. That's why i decided to leave in the first place.

As of right now they've also locked me out of my account. They were obviously hoping i won't have a copy of my statements but i have it all. No one should have to go through this sort of hell to get what belongs to them. Let this serve as a stern warning to others. Never use unregulated brokers regardless of what they promise. I've certainly learned my lesson.

If the site will be closed how will you prove the material damage?