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www.forexct.com.au

Discussion in 'Scam Alerts' started by Xiao Wang, Nov 16, 2011.

  1. Xiao Wang

    Xiao Wang Recruit

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    I first joined this company at December 2009. they converted my AU$ to US$ without my permission. I was been told they do this to every trader, since they only use US$ as base currency. leading me loss by this, now they argue they put this rule in the PDS, actually they nevr did.
    they never told me the 5% Bonus rule, leading me loss, but later they claimed they told me orally by stuff, that is not true.
    they set up the trading Default Size at $50 per pip, that leading me loss US$ 15,000 as accidently trigger that size, actually I really wanted was $5 per pip.
    they argue that they put the platform like that is for the trader easier.
    they are telling all not true stories to the Australia orthority and FOS for they are special for dealing the dispute.
     
  2. fxfrench

    fxfrench FXOpen AU Representative

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    Hi Xiao Wang.

    I looked at their website. If you are an Australian, you can complain to the Financial Obudsman once all measures to resolve the dispute with them are exhausted. If you are non Australian you have little recourse as you would be registered under their unregulated Vanuatu company. You may however send a report to the Australian Securities and Investments Commission (ASIC) who may give their Australian registered company a hard time about it.
     
  3. Pharaoh

    Pharaoh Colonel

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    Default of $50 per pip? That does seem a little high.

    My copy of MT4 defaults to whatever the last trade I entered was. Is there a chance that you opened your first trade for 5 lots instead of 0.5 lots? How many trades did you enter at that size?

    That conversion from AUD to USD was in 2009. Why are you still with them?

    How did a 5% bonus cause a loss. I've seen bonuses tie up money and prevent withdrawals, but don't see how one could directly cause a loss.
     

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