FXTechTrading.com Review
2.277 •
5 REVIEWS
Out of business
Updated: Apr 13, 2022
•
SCAM CONFIRMATION
2009-07-29: There is a confirmed scam complaint against this broker. The FPA recommends against placing any money with them. If you have an account with this broker, we recommend that you withdraw it immediately.
Website is down. One less scam brokerage.
2.277 •
5 REVIEWS
Recent User Reviews of FXTechTrading.com
J
Joshua Spicer
Hollywood,FL,
Jun 20, 2009,
Guest
I wrote review on Fxtrading.com review space but wanted to write one here as well. Fxtrading.com is my broker but my trades go to FXTECH. FXTECH honored all my trades when my robot was broken and didn't close out trades at the price I was suppose to get. For that I recommend these guys. Ciao.
H
Hussein
New York,
May 31, 2009,
Guest
The client service rep promised me I would make a minimum of four-hundred dollars on my first trade. Is this legal?
L
Lusitano
California,
Apr 28, 2009,
Guest
Run from these people.
They kept my profits because they said I was scalping and that was ilegal. What else would you expect from this Bahamas outfit?
Lusitano
They kept my profits because they said I was scalping and that was ilegal. What else would you expect from this Bahamas outfit?
Lusitano
S
Steve
Canada,
Apr 9, 2009,
Guest
FYI.
FX Tech Trading Corp.'s trading agreement, section 45, has been altered, since the beginning of the new year.
The significant changes are listed below;
New: 1 to 10 pips on average old: 1 to 10 pips only.
<
FX Tech Trading Corp.'s trading agreement, section 45, has been altered, since the beginning of the new year.
The significant changes are listed below;
New: 1 to 10 pips on average old: 1 to 10 pips only.
<
J
Jacob Silverstein
Dania Beach, FL,
Mar 30, 2009,
Guest
I saw the post from Steve and made me want to write a comment. I opened an account over a year ago with FX TECH TRADING CORP or Fxtechtrading.com with $250,000 USD. Today I have grown that account to over $500,000 USD. I did most of the trading myself and used a program I developed. I am still trading with Fx Tech Trading Corp. today and have withdrawn over $300,000 USD. They NEVER did what Steve from Canada said they did to me. I am not a scalper though. I trade on News and make a few trades a day when the market is right. I have tested out many firms over the past 5 years and this is one of the best! I give them a four star rating! I just wish they would lower the withdrawal fee, but then again I
F
Fred
Canada,
Mar 21, 2009,
Guest
There looks to be a 95 dollar withdrawal fee as well.
S
Steve
Canada,
Mar 17, 2009,
Guest
FX Tech Trading Corp. is breaching their own trading agreement.
They are attempting to revoke trades that their own agreement does not offer them as a remedy. Violating their agreement!
They are not willing to payout on trades that they have stated are legitimate. Unless I agree to a gag clause in a settlement offer, which in itself contains at least one false statement.
As with many agreements/contracts that state the basis of a working arrangement and what is a transgression, they also state what remedies are available. So does this company's.
Below is a quote from their section 45 in the agreement. You will note that the only reason to revoke trades is on the basis of arbitrage/latency. Scalp trades = dealer execution and or terminate the account. If they choose to terminate, they are not afforded the right to confiscate moneys from trades completed.
They have acknowledged that latency mentioned is not an issue.
The agreement is in black and white. Not opened to convoluted interpretation!
""
Transactions that rely on price latency arbitrage opportunities may be revoked. FXT reserves the right to make the necessary corrections or adjustment on the account involved. Accounts that rely on arbitrage and /or "scalping" strategies may at FXT's sole discretion be subject to dealer intervention and dealer approval of any orders and/or termination of trader's account. Any dispute arising from such arbitrage and/or manipulation will be resolved by FXT in its sole and absolute discretion. FXT reserves the right to withhold withdrawals until such matters are resolved. Any action or resolution stated herein shall not waive or prejudice any right or remedies which FXT may have against you, your company and its officers, all of which are expressly reserved.
""
Another buyer beware situation, govern yourself accordingly!
They are attempting to revoke trades that their own agreement does not offer them as a remedy. Violating their agreement!
They are not willing to payout on trades that they have stated are legitimate. Unless I agree to a gag clause in a settlement offer, which in itself contains at least one false statement.
As with many agreements/contracts that state the basis of a working arrangement and what is a transgression, they also state what remedies are available. So does this company's.
Below is a quote from their section 45 in the agreement. You will note that the only reason to revoke trades is on the basis of arbitrage/latency. Scalp trades = dealer execution and or terminate the account. If they choose to terminate, they are not afforded the right to confiscate moneys from trades completed.
They have acknowledged that latency mentioned is not an issue.
The agreement is in black and white. Not opened to convoluted interpretation!
""
Transactions that rely on price latency arbitrage opportunities may be revoked. FXT reserves the right to make the necessary corrections or adjustment on the account involved. Accounts that rely on arbitrage and /or "scalping" strategies may at FXT's sole discretion be subject to dealer intervention and dealer approval of any orders and/or termination of trader's account. Any dispute arising from such arbitrage and/or manipulation will be resolved by FXT in its sole and absolute discretion. FXT reserves the right to withhold withdrawals until such matters are resolved. Any action or resolution stated herein shall not waive or prejudice any right or remedies which FXT may have against you, your company and its officers, all of which are expressly reserved.
""
Another buyer beware situation, govern yourself accordingly!
S
Steve
Canada,
Feb 7, 2009,
Guest
Issue escalated to Traders Court FPA Scam Confirmation against FxTechTrading.com | GUILTY
This is a relatively new clearing company exclusively dealing with FX Trading. They seem to be a division of Taurus Global Markets as a google search connects them.
They have a very loose policy statement on their FAQ page about trading styles, that is to say they "welcome all types of trading styles". Their sign up forms say differently. They do not accept scalping, assigning both a minimum pips and time frame defining a scalp trade. They do have a policy section on there web pages which indicates that trades held for hours can be defined as a scalp trade.
They are culpable,if a trader misses the section 45, and relies on there web site as being accurate in there FAQ section.
They will, with no notice close one down and take your profits in the name of there section 45 "Notice To Traders".
They are not communicating at all even when attempts are made to resolve matters in a fair and reasonable way.
They have made false statements in email and settlement attempts.
Also the they are constantly changing their terms of trading. Starting out with a 1 pip spread on the majors and a $10 per standard lot commission to a $12.50 fee commission and wider spreads for low start up accounts. Plus going from a by market entry to instant execution etc.
It is best said that the buyer beware with this company.
I will soon be putting forward a scam report.
The FPA's Scam Investigations Committee is looking into this issue.
They have a very loose policy statement on their FAQ page about trading styles, that is to say they "welcome all types of trading styles". Their sign up forms say differently. They do not accept scalping, assigning both a minimum pips and time frame defining a scalp trade. They do have a policy section on there web pages which indicates that trades held for hours can be defined as a scalp trade.
They are culpable,if a trader misses the section 45, and relies on there web site as being accurate in there FAQ section.
They will, with no notice close one down and take your profits in the name of there section 45 "Notice To Traders".
They are not communicating at all even when attempts are made to resolve matters in a fair and reasonable way.
They have made false statements in email and settlement attempts.
Also the they are constantly changing their terms of trading. Starting out with a 1 pip spread on the majors and a $10 per standard lot commission to a $12.50 fee commission and wider spreads for low start up accounts. Plus going from a by market entry to instant execution etc.
It is best said that the buyer beware with this company.
I will soon be putting forward a scam report.
The FPA's Scam Investigations Committee is looking into this issue.