- Messages
- 253
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
.
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
.
