Before opening an account with xforex.com an email was sent to them with the following question:
Hi,
I am interested in opening a forex account Please could you clarify your rules on trading around volatile times and scalping, some brokers remove these types of profits - what is your stance on this type of trading?
Thanks
Their reply was.....
Hi , our spreads are fixed so during volatile times they do not move. As for scalping when you open a position with us it must remain open for a minimum of 2 minutes then it’s free to do whatever you want with. Does this help?
So I deposited $1,000. A few months later I submitted a withdrawal request for $6000. I received the following email:
Your account has been blocked as of significant suspicion of fraud behavior.
After intensive checks which took place by our risk management specialists, we have found clear and proven indication for an essential amount of transactions in your account, which were issued at an exchange rate, that at the time of the transactions, was not the accurate rate of exchange for that said transaction.
Therefore, and in accordance with the terms of use, these transactions will be cancelled and you will be refunded for all deposits which took place to the said account
All my trades were placed at news time but honoured their 2 minute rule. Obviously that wasn't good enough for them. FPA members beware.
Hi,
I am interested in opening a forex account Please could you clarify your rules on trading around volatile times and scalping, some brokers remove these types of profits - what is your stance on this type of trading?
Thanks
Their reply was.....
Hi , our spreads are fixed so during volatile times they do not move. As for scalping when you open a position with us it must remain open for a minimum of 2 minutes then it’s free to do whatever you want with. Does this help?
So I deposited $1,000. A few months later I submitted a withdrawal request for $6000. I received the following email:
Your account has been blocked as of significant suspicion of fraud behavior.
After intensive checks which took place by our risk management specialists, we have found clear and proven indication for an essential amount of transactions in your account, which were issued at an exchange rate, that at the time of the transactions, was not the accurate rate of exchange for that said transaction.
Therefore, and in accordance with the terms of use, these transactions will be cancelled and you will be refunded for all deposits which took place to the said account
All my trades were placed at news time but honoured their 2 minute rule. Obviously that wasn't good enough for them. FPA members beware.