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Zulutrade losses due to hiding of vital non performance of its signal providers

Discussion in 'Scam Alerts' started by balajisi, Jun 4, 2009.

  1. balajisi

    balajisi Corporal

    Joined:
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    Inspite of exchanging so many mails and not responding to some since there is no answer to the facts I stated and just saying that since I signed accepting that forex trading is risks does not absolve zulutrade from their responsibilities in providing vital and true information about their signal providers which is hiding the facts either due to poor collection or vetting of the signal providers or deliberately hiding the facts.

    The main reasons for withholding vital information of the signal providers which has caused me to lose substantial amounts in my 3 accounts is as follows

    The same signal provider known with various names as 4xworld, 4xfinance, fxmarkets, neverlose$, new signall, gbp$, gbp/jpyclub, high rollers, pound cake, etc were never corelated and stated that this same provider is also known as so and so with all this names when I had my 3 accounts live with zulutrade. It has been initiated since couple of months for what reasons I am not aware and why was it not stated from day one. Either it could no proper mechanism in place from zulutrade to check their signal providers whether they are operating with multiple names or deliberately holding this vital information to fool customers to get trapped.


    If when i started my first account itradefx17602 and had chosen fxmarkets as my signal provider since his performance since almost 6 months was 100 % with drawdowns not as panicky but if under fxmarkets it was stated that he is also known as 4xworld and 4xfinance it would have cautioned me hey this guy can lose your account.

    Same is for the 2nd and 3rd accounts with fxcm 1601040654 and 1601040868 where in I took the best performing signal providers from the names above since they were appearing as solo names not with multiple names so I never had a doubt that he could be the same guy fxmarkets who tanked my account itradefx17602. That was the reason after losing 3500 usd in this account with fxmarkets I started fresh with two accounts fxcm 1601040654 and fxcm 1601040868 without fxmarkets since it was known that he has big drawdowns and had lost many accounts so choose from the others without realising that it is the same guy who had developed the habit of being very nice in his trade doing it sensiblly for few weeks by then attracting lot of clients and then doing few bad trades for some days and wiping out many accounts including mine.

    Zulutrade is responsible for this since it did not state about the signal provider having multiple names at that time be careful with what i am stating since now you have that in place. If zulutrade was not knowing that few signal providers were the same which I dont believe since if they came to know now and stated they knew about it from day one but either this could be part of a wider nexus between few signal providers and zulutrade to make their commissions and tank customers money.

    I have lost in total 20000 usd in all my above stated accounts due to poor signal providers of zulutrade on whom there were no proper checks from zulutrade to verify their credentials and due to hiding of important information of signal providers having multiple names. Hence I claim refund for this lost amount along with interest period from the time they have been funded and causing mental stress. I am marking of copy of this mail to Mr. Matthew Lange of the NFA to whom I have complained with proof of the above facts of zulutrade hiding information either deliberately or due to no proper checks on their signal providers or their site administrators.

    I have given one week for zulutrade to refund me back the amount as above failing which I shall be forced to initiate other ways including arbritration from NFA or from forexpeacearmy.

    regards
    Balaji Iyengar
     
  2. ANDREW KING

    ANDREW KING Recruit

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    Zulu trade is a scam beware

    Zulu trade is a scam. You can search signal providers to find good ones or so you think. The problem is that they will not tell you the broker they are using, and you will never match the results posted. There is a delay in sending the signals so you often get the signal in your account after the large movement has taken place and then get the signal to get out after the bounce back. In following several different providers and tracking results my results are significantly different then those posted. One signal provider that was trading my account showed that he won 4 out of 5 trades the same trades in my account were losers 4 out of 5 times. When I look deeper into it the signals were executed 20-30 seconds after the providers account showed the signals being entered into his account. Another trade in my account for around a 40 pip loss was both entered into and closed out the exact same second. It was like at 23:02:32 entered and 23:02:32 closed for a 40 pip loss. Be ware everyone, I am tired of listening to people say that something is really good and working only to try it out to see it is a joke and takes out money. Demo Zulu trade and pay close attention to the times the signal provider enters and exits trades and the times your account enters and exits trades, it won't be as drastic on the demo as it is in live accounts, I only started noticing it when I went live, stay away from Zulu trade until they fix this fatal flaw. Give us instant execution on trade alerts. Set the traders accounts up based on a percentage of the gains and losses then we will have the same results as providers and not have drastic different results.
     

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