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The FPA helps a trader and a broker reach a good agreement

Discussion in 'Scam Alerts' started by Scam Investigations Committee, Jul 13, 2009.

  1. Scam Investigations Committee

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    We the members of the Scam Investigations Committee of the Forex Peace Army have deliberated on all the evidence available to us and have reached a conclusion. It is our opinion that...

    FPA member Simvin opened an account with ForexYard. His initial deposit was $500 and Forex Yard matched this with another $500. Simvin made a decent profit with a low enough leverage to have not “used” any of the $500 bonus. He then applied to withdraw some profits. This triggered some alarms at ForexYard, since withdrawing bonuses requires a mimimum amount of trading. After a quick discussion, the first withdrawal was allowed. When he made a second withdrawal shortly afterwards, things went bad.

    ForexYard accussed Simvin of manipulating their deposit bonus system. Simvin accused ForexYard of scam. Accusations went back and forth. Then Simvin brought his case to the FPA. FPA Investigator Gerard joined the conversation and tried to see if he could make sense of the situation.

    Gerard was very surprised when the president of ForexYard, Lee More, joined in the conversation. Lee spend a lot of time educating Gerard about some very unethical things some traders have done to abuse bonuses from brokers. In return, Gerard managed to show Lee that Simvin had not done any of these things and had no unethical intentions.

    Simvin agreed to publicly state that ForexYard is not a scam and did not intentionally attempt to improperly take money from him. Lee agreed to pay Simvin 100% of all money deposited as well as all profits gained on his trades. Lee also said he would look carefully at the agreements that ForexYard uses for account bonuses to see if the wording could be made a little more clear. This should help prevent any further issues of this type.

    We are very please that this case has been successfully resolved.

    We extend our thanks to Simvin for being fully cooperative and helpful with his case. We extend our deepest appreciation to Lee More of ForexYard for stepping in on behalf of his company and negotiating in a straightforward fashion. We congratulate FPA Investigator Gerard on a job well done.

    We would like to remind all FPA members tnd other forex traders that misunderstandings and miscommunications do happen. Not every problem withdrawing funds is a deliberate attempt at theft. Brokerages also have to deal with the possibility of being scammed by traders. First, contact the company you are dealing with and try to explain the situation. If nothing else works, let the FPA know and we'll try to help. Having an outside party mediate the situation can be very helpful if both sides are willing to negotiate openly and honestly.


    Official Resolution of Simvin's complaint against ForexYard

    SimVin's Original Complaint

    NOTE: While this case was wrapping up, FPA member Wildpips brought up another issue with ForexYard to the FPA's attention. That case appears to be an issue with crediting money to a credit card and an old email address in ForexYard's records. Gerard has put Lee More and Wildpips into direct contact and expects that the issue can now be taken care of quickly.



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    #1 Scam Investigations Committee, Jul 13, 2009
    Last edited: Jul 13, 2009
  2. SAMMYFX

    SAMMYFX Corporal

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    Good Work!

    I'm proud of you guys in FPA. Your ability in resolving issues is outstanding! Keep up the good work!!
     
  3. Hahed1

    Hahed1 Private, 1st Class

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    FPA INVESTIGATORS one million times i can never be wrong about you! YOU ARE A GENIOUS! THANKS FOR THE PROTECTION! TOE TO TOE WE SHALL BE WITH YOU EVERY STEP OF THE WAY
     
  4. johnnyt112

    johnnyt112 Recruit

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    Thank You, to all of the individuals that helped a member out of a bad situation. When I first read the complaint, I had my doubts about the return of the money. A good ending for all involved.:)
     
  5. clem699

    clem699 Sergeant

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    Forexyard And Simvin

    I agree with FPA investigation committee that at times errors do occur due to misinterpretation and lack of understanding between traders and brokers and that not every reported case to FPA could be regarded as scam.

    While acknowledging dear FPA for another wonderful job,we should also commend the management of forexyard led by Lee More for being responsive,responsible and equally for the respect it has for FPA and we,the members.We hope that other brokers especially those that are blacklisted as SCAMMERS by FPA will emulate forexyard.
     
  6. PipStar

    PipStar Sergeant

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    And so say all of us !!!

    Doesn't a broker by the name of Instaforex come to mind immediately !!!
     
  7. crazzyotto

    crazzyotto Recruit

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    a good broker

    figured i shud tell u my story - of a GOOD broker. i had a stop in on a eurusd trade w/ OANDA. stop on the short was 72. fill was 88! i called and asked WTF happened??? they gave me an email address to send my issue; 24 hrs later they credited my acct for the 16 pip diff and apologized for a system screwup on thier side. THAT is a GOOD broker!
    peace, crazzyotto
     
  8. Wildpips

    Wildpips Private, 1st Class

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    Yes, I fully agreed with you....Yes, I am proud of you GUYS in FPA.

    Great Job Done ,Sir!

    p/s This is the only forex forum, where members are really been helped to
    solve issues with forex brokers. Our time is not wasted here in this forum.
     
  9. Awais Rasheed

    Awais Rasheed Private, 1st Class

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    Nice Job!! Keep it up!!
     
  10. jatin1990

    jatin1990 Recruit

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    good

    good and great job well done keep it up and proud to you guys....
     

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