RESOLVED - www.butapips.com false results and no refund

bossboss25

Recruit
Messages
5
Hi All,

I am writing to let everyone know of my recent experience with Free Forex Signals | Forex Signals | Trade Signals | Trading Signals - Forex Alerts

Butapips claim on their website result approx. 1000 pips per month (with various "money back" guarantees if they don't achieve this). Showing "live" results on their site.

On the 3rd August I signed up for their "Trade Copier - GOLD Package" at $1599USD per month. They immediately emailed me with a "more profitable" option..."Buta investment". I asked why use this instead of trade copier and their response was "we would recommend you to use Buta Investment as it is less risky and as Butapips team we would manage it as professionals."

They wrote that this service only costs $399 but has a 25% profit sharing per month. I agreed and gave them my username and password for my trading account. At this point they offered to refund the $1200 difference between the $399 and what I had paid ($1599) or they said they could take it out of the profit sharing at the end of the month. I opted for them to take it out of the profit sharing...which was a mistake.

They traded my account for a month and lost 15% of my account while reporting HUNDREDS of pips profit on their website. When I questioned them about this they told me

"Don't worry about your deposit.You will see much profit in your account soon. Please be patient." so I was patient for a month. Unfortunately when I opened my MT4 twice some trades where put on my account for a short time from an old EA I still had active. They asked me to not trade the account or they would stop...I agreed that this was fair and closed the trades immediately.

At the end of the month I changed my password and was a few thousand dollars poorer in my trading account for the experience (nothing disastrous just 15% all told). They offered to trade my account in September for free for which I thanked them, and declined, and said that I'll just take my refund. I have not been able to get a response from them since. I have sent 6 emails in the past 2 weeks to ask about my $1200 but they are ignoring me and I can only presume they have decided to STEAL my money.

Well, that's it, as factual as I can be without injecting all the emotion that I feel into a rambling tirade of abuse aimed at them. So instead I offer this warning and just perhaps they've "forgotten" to give me my money and my emails have been lost in their SPAM folder....perhaps.

Josh
 

Pharaoh

Colonel
Messages
19,964
Pips gained/lost and profits/losses aren't always in alignment, unless you trade fixed lot sizes and never do partial closes.

Send Butapips an invitation to join this thread and explain what happened.

Did you sign an LPOA before letting them trade your account? If not, contact your broker immediately. Let them know what trade id numbers were opened/closed by butapips. This will help your broker find other accounts that they are trading without an LPOA.
 

bossboss25

Recruit
Messages
5
I've sent Butapips an invitation...I'll be very surprised if they respond.

I didn't sign an LPOA. I'll let my broker know.

Thanks Pharaoh.
 

Pharaoh

Colonel
Messages
19,964
Please post a followup and let everyone know what your broker says about this.

Managing an account without an LPOA is a direct violation of the TOS at almost all brokers. Better brokers will investigate this and try to block the IP addresses of rogue account managers. This is one of the best ways to make this sort of abuse more difficult.
 

AsstModerator

FPA Forums and Reviews Admin
Messages
5,603
And just as the verdict came down, Butapips paid what they owed.

I'd like to thank everyone who participated in the Traders Court Case. Your input really does make a difference.
 

FXCobra

Banned for uncivilized conduct
Messages
337
And just as the verdict came down, Butapips paid what they owed.

I'd like to thank everyone who participated in the Traders Court Case. Your input really does make a difference.

If the company solves the problem by paying the money to its clients after it gets the Guilty Status in FPA Traders Court, does that mean removing the Guilty Status from its profile??

If yes, is there any middle status other than Guilty or not like leaving a warning under the broker or company status that it had tried to cheat a client or more???
Because some cases might be worth a small amount of money by the company to pay and it will run away with no Guilty status despite it might had cheated many other clients with big amounts of money but those clients did not appear in FPA to discuss their problems with the Scam Company.
 

Pharaoh

Colonel
Messages
19,964
I just checked the review page. The issue was changed to "Resolved". That's a separate category than "Not Guilty".

One or two resolved cases would be one thing. If a company gets a string of bad reviews and only fixes issues that get as far as a Traders Court vote, I think most people would figure out what's going on pretty quickly.
 

BigT1

Sergeant Major
Messages
951
I just checked the review page. The issue was changed to "Resolved". That's a separate category than "Not Guilty".

One or two resolved cases would be one thing. If a company gets a string of bad reviews and only fixes issues that get as far as a Traders Court vote, I think most people would figure out what's going on pretty quickly.

Maybe you need an additional category, like in the law: "Guilty but Insane, Remanded to the custody of the mental health authorities".
That is, for those who would deal with them henceforth.
AI
 
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FXCobra

Banned for uncivilized conduct
Messages
337
That's a separate category than non guilty only in apparent Pharaoh, but in content it's true what I had warned of that in a way or another 'butapips' ran away as non guilty with FPA approval, just check its FPA reviews page to see clearly that it's 'not guilty'.

Like I suggested before, maybe there must be some kind of warning between Guilty and not guilty verdict.
Leaving a warning and related it(links) to Scam Cases opened against the company will be a good step.
 
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