This forex broker is sister company of ABA Invest and on their own website and other business network sites, they claim to be owned by His Royal Highness, prince of Saudi Arabia. Their former relationship manager contacted me on November 2012 and asked for my business. We agreed on the conditions that I could trade on 1:200 leverage for all currencies and forex robots were allowed. I opened an account of USD 10K and started trading on a forex robot from a vps. After a while I found out that my trades on USDTRY were rejected because of insufficient funds. I tested and found out that they were using 1:66 leverage on USDTRY. I applied them about this. First they denied that the leverage was 1:66. I sent them a screen shot. And they sent me their back office screen shot. (lol) Eventually my relationship manager accepted that it was their fault and had a meeting with their management promising that they would make a refund of my loss of 8K. (They accepted my loosing trades and rejected my winning trades because of wrong leverage) But at the end management said the problem was because of their liquidity provider. They did not take any responsibility because or their error on leverage. So I lost 8K with them and they rejected my winning trades in USDTRY. My relationship manager resigned because of this.
Since they are Prince's broker, they are not regulated by Dubai FSA. So I have been left alone with the loss. I have got all the conversation records that they allow forex robots and they offer 1:200 leverage for all the instruments.
They have been either ignoring my complaints or being rude to me.
I cant complain to Prince because I dont have his contact details. (lol)
I believe its a scam and they are using the Prince's name. At the end there is no way out for me for the compensation of my losses because of their fault.
Since they are Prince's broker, they are not regulated by Dubai FSA. So I have been left alone with the loss. I have got all the conversation records that they allow forex robots and they offer 1:200 leverage for all the instruments.
They have been either ignoring my complaints or being rude to me.
I cant complain to Prince because I dont have his contact details. (lol)
I believe its a scam and they are using the Prince's name. At the end there is no way out for me for the compensation of my losses because of their fault.