ZarFX scammers

Messages
3
Hi

I am creating this thread to report that Zar FX is a scam company.
My user id with them is 2108901012.
I deposited 1000 USD to them and now they zeroed all my profit and returned only the initial 1000
 

stevesmain

Sergeant
Messages
228
Hi

I am creating this thread to report that Zar FX is a scam company.
My user id with them is 2108901012.
I deposited 1000 USD to them and now they zeroed all my profit and returned only the initial 1000
well....you received your money back...brokers who are scams keep your money so???
there has to be more to this story....brokers usually tell traders to go away if there has been an issue arise
so ... explain yourself?
 
Messages
3
This is an explanation email from them:

Dear Mr. Nikonov,

We are sorry to inform you that your withdrawal request can not be processed due to arbitrage (illegal) trading strategy used by you.

The arbitrage trading pattern caused the freezing of your account by the LP until further notice.

Please be aware of the violation of terms and conditions you accepted while opened your account with ZarFx: zarforex.com/wp-content/uploads/2015/07/Terms-and-Conditions.pdf

Best regards.
 
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veri5

Corporal
Messages
114
looks like unregulated bucketshop usual tricks, "pure DMA" , NDD (No Dealing Desk) , bla bla bla ....
 

Pharaoh

Colonel
Messages
19,927
Ask them to please provide details on how you managed to perform this alleged arbitrage.
 

liaisan

Private
Messages
14
they sent me the same letter


Dear Miss. Bikmullina,
We are sorry to inform you that your withdrawal request can not be processed due to arbitrage (illegal) trading strategy used by you.
The arbitrage trading pattern caused the freezing of your account by the LP until further notice.
Please be aware of the violation of terms and conditions you accepted while opened your account with ZarFx: zarforex.com/wp-content/uploads/2015/07/Terms-and-Conditions.pdf
Best regards.

my account 2108905675, they also delay the issuance of the initial Deposit. I have a month ago I applied for withdrawal, but they ignore and do not the conclusion
 
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henyo

Master Sergeant
Messages
437
I hope the 1000 deposit was returned to you.. now if so, then you are one heck of a lucky traders never the less, usually scam brokers do not return your money :) on the other hand the arbitrage scheme has been going on for a very long time, I mean most brokers wont even disclose their definition of arbitrage, do ask them how do they decide an arbitrage but i have a feeling they wont even bother answering the question...
 

Pharaoh

Colonel
Messages
19,927
Picture this:

A broker knows that most clients will lose most or all of their money (let's not argue about the exact percent of clients who lose - no one has exact figures). If the broker is bucketshop, it can keep all those losses and let the client withdraw all remaining funds without issue. Then a successful trader comes along. Nothing happens at first. Sometimes a successful trader will make a mistake and lose it all. If the successful trade eventually tries to withdraw profits, this would cost a bucketshop money. The solution - accuse the trader of arbitrage, high frequency trading, lag trading, pip hunting, trading off quotes, "injecting" prices or anything else. Cancel all profits and return the deposit.

Net result. The bucketshop collects all losses and never pays any profits. It's a very profitable business model.
 
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