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Stalling for Dollars

Discussion in 'Scam Alerts' started by Scam Investigations Committee, Jul 29, 2009.

  1. Scam Investigations Committee

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    Stalling for Dollars

    Imagine your broker waits weeks or months to cancel trades you've made. Then, you complain and get nowhere. The FPA steps in to help. The broker takes even more time, claiming they need to re-examine trades. They claim to have evidence of deliberate cheating that will take a few days to find, but never do offer any.

    We can only assume that such protracted stalling is a deliberate attempt to wear down a trader. A tactic designed so that he will accept less money or even no money instead of continuing the fight. Even if it doesn't work and all moneys are paid, it's unethical to try. In this case, a lot of money wasn't paid.

    In February, FPA member Stevesmain that he was having trouble with FxTechTrading canceling trades. He said that the bulk of these trades fell within the terms listed on the brokers website at the time. A few trades fell outside those terms. Stevesmain tells us he did not knowingly violate the terms, since he believed the broker's advertising that said all trading styles were welcome. Even so, he was willing to give up those trades that broke the rules. FxTechTrading wanted him to give up a lot more trades and wipe out just about all of his profits..

    Efforts were made to handle this quietly. The FPA does a lot of quiet work behind the scenes to try to keep traders and companies happy. Most resolved cases are never announced.

    A review was moved back to the moderation queue to help smooth negotiations. That didn't prove to be enough to motivate, so the review was reposted and the investigation was made formal.

    Fx Tech Trading claimed to have a taped call where Stevesmain admitted he knowingly violated the brokerage's anti-scalping rules. They even claimed to have transferred a copy to FxTrading, the IB that Stevesmain originally dealt with. So far, no such recording has been turned over to us.

    Issues of lag trading were raised, even though Stevesmain had an email message from FxTechTrading clearly stating that lag trading was not an issue with any of his trades. This issued popped up more than once in all the messages exchanged between the FPA, Stevesmain, Fx Tech Trading, and Fx Trading. Other resolve questions came up more than once. An occasional slip like this will happen. Repeatedly doing this is another obvious sign of stalling

    While all of this arguing was going on, FxTechTrading tightened their anti-scalping rules further. Finally, they agreed to pay the amount for trades that met their new rules. Stevesmain and FPA Investigator Ken agreed that this would be a reasonable first step, but would not be an end to the negotiations. FxTechTrading had other ideas.

    Just getting the check delivered took quite some time. After that, it was like trying to negotiate with a brick wall. Clearly legal trades under the terms in place at the time were still declared to be void. Following agreements seems to be much more of a concern to this company when it means they can keep profits, not when it means they have to pay out.

    When negotiations with FxTechTrading broke down, FxTrading's president stepped in. He did offer to pay a modest percentage of what was owed. Stevesmain made it clear that he was entitled to the fill amount of all trades that followed the broker's guidelines and Ken backed him up on this. Suddenly, there were more and more delays in communications. Ken extended the final deadline several times because FxTrading claimed to have some email issues. When the final deadline was declared, it was met by silence.

    In our view, this is nothing more than simple theft of legitimate trading profits and a hope that the person complaining will get tired and leave. We urge all traders who value their money to avoid FxTechTrading. If you have money there, we recommend you withdraw it immediately.

    Failure to pay money legitimately owed to a trader is the FPA's first definition of scam. We also find the many months of stalling on this issue by FxTechTrading to be unethical. Thus, FxTechTrading is hereby blacklisted by the Forex Peace Army. We urge traders to not do business with this company. We urge anyone who has an account with this company to withdraw all funds immediately.

    We have mixed feelings about FxTrading's involvement in this case. They are the IB who introduced Stevesmain to this broker we now consider to be a scam. Further, they remain an IB of this broker at this time. Their president did attempt to resolve the issue, but then failed to follow through on further negotiations. We feel that FxTrading did a poor job at backing up one of their traders. We are disappointed that they are continuing to do business with FxTechTrading. At this point, we issue a very strong caution about dealing with FxTrading.

    If you follow the rules, the profit is yours. Never let a broker grab your money and stonewall you without making them regret it.


    Official Scam Finding

    Stevesmain's Original Complaint

    FPA Review Page for FxTechTrading.com

    FPA Review Page for FxTrading.com


    .
     
  2. ernest8fingers

    ernest8fingers Master Sergeant

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    year after year

    Year after year we (Forex traders) have to deal with this kind of criminal Broker enterprise. This is the very set of circumstances I fear daily. "When brokers go Bad" should be put to video like "Girls gone wild". I dont fear losing major money as much as I fear MY response in dealing with the crooks that stole it. Its only a matter of time before some of these CEOs end up DOA. God knows they would deserve it. FPA is the only site I know that actively fights these crooks with an aim to recover funds stolen from it's members. All for free I might add. Forex is hard enough w/o the added complication of fighting your Broker over trades. Clearly Stevesmain hurt this Broker with his trading savvy and they no longer have available funds to pay his profits. Of course, we never find out until a withdrawal request is made. By then its ALWAYS to late. This is a major problem in Forex and it keeps me in a state of perpetual distrust of Brokers(all). I wonder how this could be fixed? Time after time,Broker after Broker. Thank you FPA(and its loyal members). At least we know we have someone to lean on in times of need. :)
     
  3. clem699

    clem699 Sergeant

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    FxTech Trading

    Dear FPA, we have had,severally,of brokers refusing to pay traders money but what can really be more annoying is to be left in the cold or left rather alone by your IB who is suppose to protect your interest.My own understanding of this issue is that Fxtrading is just an extension of fxTechTrading and i do pity any body who is doing business with that IB.

    The victim did a good job in the way he presented his case as well as the evidence attached.

    We hope that the management of the brokerage company would resolve this issue soonest and get their image back.But till then,both FXtechTrading and Fxtrading should be avoided by any serious minded trader.
     
  4. Pharaoh

    Pharaoh Colonel

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    What county is Stevesmain from? If it's the USA, then he should go to IC3.gov and file a complaint.

    Any US citizen who has been a victim of an internet-based financial crime from the US or any other country should go there and report it. Just upload your complaint and evidence. Maybe they'll do something about it, maybe they won't. If you don't report it then they definitely won't.
     
    #4 Pharaoh, Jul 29, 2009
    Last edited: Jul 29, 2009
  5. Wildpips

    Wildpips Private, 1st Class

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    Great Judgement by FPA Scam Investigations Committee!

    May I suggest to all members to highlight this issue in other forums (forex and
    non-forum) to give further impact on a MASSIVE distruction scale in stopping this unethical practices by FX Tech Trading.

    The other options members could do is to let loose UNstoppable emails (10x each rounds thru out the year)that
    can wipe out FX Tech Trading from the surface of this earth.

    Dont we members have this options yet?
    Do we or Could we all have personal powers do that?

    No?

    All these ONLY after Scam Investigation Committee made judgement upon.
     
    #5 Wildpips, Jul 29, 2009
    Last edited: Jul 29, 2009
  6. blackwidowfx

    blackwidowfx Private

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    FXTechTrading - need's to pay all money to trader.

    FXTechTrading - need's to pay all money to trader.

    If they trying to find any excuse for delay - that is clear they keep all trades in house, FXTechTrading took the risk - so - PAY TO TRADER HIS WINNING TRADES and ALL MONEY - NO EXCUSE.


    Some how after reviewing Got $250? Start Trading Forex today! | FXTechTrading I have feeling that this company may be clearing thru Boston Technologies? Will be interesting point to find out.
     
  7. san2salim

    san2salim Recruit

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    My Suggest to Scam Investigations Committee

    Hi...Scam Investigations Committee

    i have suggestion, because that this :) thread are important to all member..
    member= maybe broker are included..

    so i suggest that on the "title" are should be attached detailed messages..

    such as =
    -Stalling money - beware of FXStreet..
    -Problem Solved - FXTrade are clean..
    -Scam Revealed - REFCO SCAM PEOPLE..
    ETC

    so if there is news like this, people who read the news will be attracted and wondering "is there a problem??" and "what happened?" they are definitely read the news..

    not that i complained, i really like news like this, and gratefull for people helping people..
    its only on "how display the news" because the more i read the news, its seems like i read a proposal at office, for me it's kind of un-attractive bored or something(really sorry).. :)

    but overall godd news from FPA, thank you FPA for FX-revolution...
     
  8. sutivserv

    sutivserv Recruit

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    Well done for a very good work you are doing, please do keep it up.

    Sutivserv
     
  9. clem699

    clem699 Sergeant

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    I don't understand what San2salim is talking about being bored about the detailed reports by vicvtims and FPA findings.It should be categorically stated that such information gives members full information on the issues reported.If he is suggesting that additional information be provided which further publisize the nefarious activities of these so-called thieves called brokers that is okay.
     
  10. sirtallest

    sirtallest Recruit

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    spread the message wider

    thanks FPA for trying to resolve the matter and now we know the fxtrading is as much a treat to trade with,as those brokers associated with it. there should be other ways of getting the word to many other traders than here the broker either pays who they owe and never try it again with any user or they lose not only potential customers but face
     

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