mfosterpsl
Private, 1st Class
- Messages
- 30
forexman: Check out the advice on my thread. Pharaoh has advised that due to the complete lack of response from Pellucid we file a complaint with econsumer.gov - Your site for cross-border complaints.
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Problem www.Pellucidfx.com SCAM they not pay profits
- Thread starter forexmann
- Start date
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- Tags
- pellucidfx.com
I am having an issue with a company
mfosterpsl
Private, 1st Class
- Messages
- 30
I've had my deposits paid back - although they've treated a payment (including profits) made to me back in March as part of that refund of deposit.
E.g. despite permitting me to withdraw above my initial deposit, so withdraw profits, in March, they have since decided that all my profits are to be cancelled. I added more money to the account after that withdrawal - and haven't had all of that back if that makes sense.
I've heard nothing from the broker since the email they sent when I asked again for a list of trades they claim are in breach (date 22nd May)
"Neither PellucidFX nor our LP needs or wants to make this exploit public. It is not profit stealing when there is only a loss. There are no profits in this kind of trading, that's why it is forbidden and illegal as per our T&A's.
We will not be providing any further information.
With regards to your deposits, we accepted you as a client in good faith as well. And then you tried to exploit us. We have returned the total of funds which you have deposited with us. We consider this matter closed"
E.g. despite permitting me to withdraw above my initial deposit, so withdraw profits, in March, they have since decided that all my profits are to be cancelled. I added more money to the account after that withdrawal - and haven't had all of that back if that makes sense.
I've heard nothing from the broker since the email they sent when I asked again for a list of trades they claim are in breach (date 22nd May)
"Neither PellucidFX nor our LP needs or wants to make this exploit public. It is not profit stealing when there is only a loss. There are no profits in this kind of trading, that's why it is forbidden and illegal as per our T&A's.
We will not be providing any further information.
With regards to your deposits, we accepted you as a client in good faith as well. And then you tried to exploit us. We have returned the total of funds which you have deposited with us. We consider this matter closed"
Damon
Founder/Director Pellucid FX
- Messages
- 59
I am putting this same response in the two threads open on FPA:
A situation arose where an huge amount of orders were not being filled at market by many clients, we were being forced to take the other side of trades, this is usually an extremely rare occurrence, we notified our LP and they did an investigation while our staff did their own, it was found that there were identical trades across accounts that were not being filled all due to the market actually not being there, it could get filled on our system but was declined at the LP, these were in general very fast trades risking ridiculous sums. Pellucid lost a lot of money on this, more than deposits in some cases. Obviously someone had found a feed that was faster at times. All traders that partook were banned, we gave deposits back regardless of the overall pellucid loss (Pellucid lost on two sides, forced to take trades against trader and fees to LP. They charge fees regardless if they fill or we take opposing side.)
To be very general the trades that were in violation of our terms were out of market, extremely fast, impossibly big (unless already won) and the same exact trade including down-to-the-exact-second in and out on the same pair were across multiple accounts.
Not only did pellucid lose monetarily but in banning its clients and giving them back deposits we were many times over threatened that this would hit the forums and every law agency in the world... it was not done lightly and we knew there were going to repercussions on pellucid. (Although strangely deposits are up after this hit the forums
So maybe there is a spin on this in that knowing traders KNOW that this type of trading is not profitable for anyone and like that a brokerage is not putting up with it.
Finally, accounts were not accessible, and specific trades were not identified for the good reason that this just helps the client violating terms to do it better next time. That lesson was learned the hard way. When terms are violated the account is closed, you are no longer a client. deposit is returned. period.
An amusing point on this is that pellucid was called a classic bucket shop when it froze accounts... if this is classic to them, they have had this problem before???...
A situation arose where an huge amount of orders were not being filled at market by many clients, we were being forced to take the other side of trades, this is usually an extremely rare occurrence, we notified our LP and they did an investigation while our staff did their own, it was found that there were identical trades across accounts that were not being filled all due to the market actually not being there, it could get filled on our system but was declined at the LP, these were in general very fast trades risking ridiculous sums. Pellucid lost a lot of money on this, more than deposits in some cases. Obviously someone had found a feed that was faster at times. All traders that partook were banned, we gave deposits back regardless of the overall pellucid loss (Pellucid lost on two sides, forced to take trades against trader and fees to LP. They charge fees regardless if they fill or we take opposing side.)
To be very general the trades that were in violation of our terms were out of market, extremely fast, impossibly big (unless already won) and the same exact trade including down-to-the-exact-second in and out on the same pair were across multiple accounts.
Not only did pellucid lose monetarily but in banning its clients and giving them back deposits we were many times over threatened that this would hit the forums and every law agency in the world... it was not done lightly and we knew there were going to repercussions on pellucid. (Although strangely deposits are up after this hit the forums
So maybe there is a spin on this in that knowing traders KNOW that this type of trading is not profitable for anyone and like that a brokerage is not putting up with it.Finally, accounts were not accessible, and specific trades were not identified for the good reason that this just helps the client violating terms to do it better next time. That lesson was learned the hard way. When terms are violated the account is closed, you are no longer a client. deposit is returned. period.
An amusing point on this is that pellucid was called a classic bucket shop when it froze accounts... if this is classic to them, they have had this problem before???...
mfosterpsl
Private, 1st Class
- Messages
- 30
Hi,
Neither PellucidFX nor our LP needs or wants to make this exploit public. It is not profit stealing when there is only a loss. There are no profits in this kind of trading, that's why it is forbidden and illegal as per our T&A's.
We will not be providing any further information.
With regards to your deposits, we accepted you as a client in good faith as well. And then you tried to exploit us. We have returned the total of funds which you have deposited with us. We consider this matter closed.
Thank you.
- Support Team.
Pharaoh
Brigadier General
- Messages
- 20,308
Hmmmnn... I do believe a broker should have the right to confiscate profits gained by client cheating, but I also firmly believe that the client needs to be informed of the full reasons behind this.
Otherwise, a broker could just make up an accusation to grab money from an innocent trader.
Otherwise, a broker could just make up an accusation to grab money from an innocent trader.
I am putting this same response in the two threads open on FPA:
A situation arose where an huge amount of orders were not being filled at market by many clients, we were being forced to take the other side of trades, this is usually an extremely rare occurrence, we notified our LP and they did an investigation while our staff did their own, it was found that there were identical trades across accounts that were not being filled all due to the market actually not being there, it could get filled on our system but was declined at the LP, these were in general very fast trades risking ridiculous sums. Pellucid lost a lot of money on this, more than deposits in some cases. Obviously someone had found a feed that was faster at times. All traders that partook were banned, we gave deposits back regardless of the overall pellucid loss (Pellucid lost on two sides, forced to take trades against trader and fees to LP. They charge fees regardless if they fill or we take opposing side.)
To be very general the trades that were in violation of our terms were out of market, extremely fast, impossibly big (unless already won) and the same exact trade including down-to-the-exact-second in and out on the same pair were across multiple accounts.
Not only did pellucid lose monetarily but in banning its clients and giving them back deposits we were many times over threatened that this would hit the forums and every law agency in the world... it was not done lightly and we knew there were going to repercussions on pellucid. (Although strangely deposits are up after this hit the forums
Finally, accounts were not accessible, and specific trades were not identified for the good reason that this just helps the client violating terms to do it better next time. That lesson was learned the hard way. When terms are violated the account is closed, you are no longer a client. deposit is returned. period.
An amusing point on this is that pellucid was called a classic bucket shop when it froze accounts... if this is classic to them, they have had this problem before???...
I can not agree with you!
Are you inventing your quotes??? Are you lie about quotes?? You are offering quotes and I have never invent quotes...I have traded on YOUR OFFERED prices!!! Please do not f**** me! I have ALWAYS traded on your offered prices! This is FRAUD if you not withdrawal profits!! Do you think that you can do anything????
How can other traders believe you that they will get profits??? IMPOSSIBLE! I am SURE that you are not placing orders trought LP because in this case your earning is smaller! If you pay to LP then I am sure that it will pay profits!
My trades are not only scalp but also opened for longer times and in about 90% I will make profits also with worse opened price! It is not my fault if you offer better fills but you must pay your mistakes!
In case you not pay profits I will complain the fraud to the police and also will post all proofs how your broker are working!
I am sure that you will lost a lot of clients and will have problems with the police!
Just reading through your early posts about Pellucid Damon...
"Just a note on this forum that was started quite a while ago now: The new generic forex brokerage marketing campaign is; STP, Transparent, Friendly, NDD, Etc... which is what I said in the first damn post on here, that's what we as traders want! Well someone is listening! The problem is that it was only the marketers and PR guys, it is a marketing campaign! I haven't noticed any actual changes, have you?... the reason I comment on this is that Pellucid FX has similar marketing... only it's not marketing, it's what it is. It sucks that only FPA members will know who's ripped off who, but there we are."
Last edited by Damon; 12-17-2012 at 12:35 PM.
Really?
"Just a note on this forum that was started quite a while ago now: The new generic forex brokerage marketing campaign is; STP, Transparent, Friendly, NDD, Etc... which is what I said in the first damn post on here, that's what we as traders want! Well someone is listening! The problem is that it was only the marketers and PR guys, it is a marketing campaign! I haven't noticed any actual changes, have you?... the reason I comment on this is that Pellucid FX has similar marketing... only it's not marketing, it's what it is. It sucks that only FPA members will know who's ripped off who, but there we are."
Last edited by Damon; 12-17-2012 at 12:35 PM.
Really?
Ooohh and more:
"This is an old thread now, but I thought it fitting to announce here that I am creating the brokerage of my dreams "Transparent" and "Trader Regulated" as I discussed in earlier posts. It's fitting because thanks to this discussion my partner in the brokerage found me! Thank you FPA !!!"
Trader regulated eh? I've heard tell that Canadians are really erudite comics, well done you.
"This is an old thread now, but I thought it fitting to announce here that I am creating the brokerage of my dreams "Transparent" and "Trader Regulated" as I discussed in earlier posts. It's fitting because thanks to this discussion my partner in the brokerage found me! Thank you FPA !!!"
Trader regulated eh? I've heard tell that Canadians are really erudite comics, well done you.
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