TheCollectiveFXGlobal.com Review

Stay away from this scam company and all people who work together with this scammers.

Hi guys.
Why are you not delisting these scammers from the brokers list?
Look at this page from IFSC:
http://www.ifsc.gov.bz/bdg-financial-services-ltd-aka-the-collective-fx-global/

Review Moderation Team Note: The broker's site is down. We've now marked it as out of business.

I am changing my review to a 1. They are not responding to any e-mails and the numbers have been disconnected. I can only pray that I have not lost my money

2014-05-29 3 Stars Until now I have had very good luck with them, but these last 2 reviews have me getting nervous. I just asked for a small withdrawal recently but have not heard anything.

Any updates Pedro or Fierro?

Like the previous post I am going through the same situation, I already escalated this to the IFSC (Belize Financial Regulator) and I am already making some diligences to the Portuguese Cyber Police.

Here is the email:

Pedro Roque 13/05 (há 4 dias)

para legalconsl

Dear Sir or Madam,

Two years ago, as a FOREX trader I became client to this company, (account number XXXXXXXXXX in my name Pedro Emanuel da Silva Gama Roque), everything went fine and normal until last April when I stated on an email that I was not interested in trading through their platform anymore and wanted to withdraw my funds (XX XXX .XX USD) and close my account. On the same day I received an automated response from their mail bot stating that it would take 15 business days to have the funds transferred.

We are now on the 13th of May and I have no funds or any replies to other mails I have sent them inquiring about the transfer. Moreover I can see the "money" (virtually) still attached to my Metatrader account (trading software) which I can still access through my computer, however they did not reply to anything I asked (especially why the money was still in my trading account), its a complete radio silence. So, naturally I feel very scared about this. Their front office looks normal but their backoffice is just absent. On top of this I noticed that their company name BDG Financial Services LTD was removed from your regulator's list which increased my doubts and suspicions about what is going on. But still no warnings or notices about them.

At this moment I need your help in order to know what can I do in such a situation where these people are deliberately holding my funds against my will.

They claim to have a Certificate of Incorporation 97055 and Belize International Financial Services Commission Licence No. IFSC/60/173/FX/11

Please be so kind to help me on this.

Yours sincerely,

Pedro Emanuel da S. G. Roque

I am having problems withdrawing funds from my Collective FX Global account. My initial request was submitted on February 24, 2014 at which time I received an automated response that my request was received. After not receiving funds I emailed again on April 1 and then on April 3. On April 3, I received the following email:

DearTraci,
Please accept our sincere apologies. We had your withdrawal showing as completed in our system, however, upon investigation we have found this is not the case. We have recently lost a member of our team and this may have led to the confusion.
Your withdrawal will be processed as a priority.
Regards,
TheCollectiveFXGLOBAL
www.thecollectivefxglobal.com

It is standard procedure to wait 10-15 business days for withdrawal requests, but when I still had not received funds by April 24 I emailed them asking about the delay but received no response. On April 29 I emailed again and still no response.

I called the contact numbers only to find that the numbers were no longer working.

I recently noticed that they are no longer accepting clients from the U.S. as stated on their website regarding new applications from US citizens:

“We are completing compliance review at this time.
To be notified as soon as it is ready, please get on the notification list below.”

Being a client from the U.S. since September of 2009 I was alarmed to read this on their website since I have not received any notice from them of the necessity for “completing compliance review” to accept new applications from U.S. citizens or how that might be affecting my membership as a U.S. citizen.

In the 4+ years of working with them I have always received immediate assistance with all requests – whether with the trading platform or account services. This recent behavior is not their standard procedure, but as a result of not receiving my withdrawal in addition to the lack of communication I am asking for your assistance in getting my funds back and closing my account.

I'm still a very satisfied member of the Collective....going on 2 years now. All correspondence with them has been clear and professional. Fills are very, very fast...even during news!

2010-06-12 5 Stars I've been a member at their lowest tier ($147 /mo for 47 full round trades) for 4 months. VERY professional. No complaints at all so far.

I've never heard of anyone called 'Jack from New York' so given the lack of substative comments I presume that you are yet another troll with nothing better to do than make defamatory comments, or perhaps you are a paid employee from somewhere offering a cashback scheme, so let's address the cashback/rebate issue.

Clearly if you are interested in 'cash back' then you've missed the point entirely. How can a broker offer a rebate? It is a discount on each trade you are making? Are they getting a rebate? Of course they aren't. So where's the money coming from? It's YOU!

Here's how it works.

You trade at FULL price on every trade. They may or may not add a little 'pick pocketing' into that trade as well, but regardless you are paying FULLY for the trade. That trade may win it may lose, but definitely the ODDS have been stacked against the trade before even the first tick of price movement has transpired. The BID is either a little lower than it would be without the padded extra to cover the REBATE or the ASK is a little higher.

If you win you get a nice little rebate. If you lose you get a nice little rebate. Jolly good for you. Add up all those pennies. Your winners win be fewer and smaller and your losers will be greater and larger. These are FACTS, not idle speculation.

Take a rebate on the front end NOT the back end, also known as a NO-REBATE system! That way your broker isn't disadvantaging you before you even trade. REBATES STINK, unless your goal is to churn your own account and turn it to nothing.

We are not talking about getting a discount on a new car or groceries. We are talking about trading and a rebate in trading DIRECTLY causes the product you are buying to become inferior to the one without the REBATE. Your EURUSD with a REBATE will be less successful that the same EURUSD without the REBATE. So, REBATES STINK. They are a great marketing idea aimed at the masses who over look the mathematics (Jack that's you). The marketeer may not be EVIL and may simply be using REBATES as a marketing strategy without knowledge of their EVIL effects but nevertheless REBATES STINK.

You are correct about one thing though. I am rude to fools. Everyone that I've ejected from the Collective makes the Collective a better place and that is how it will carry one. No one person will ever disadvantage the majority.

p.s. Jack enjoy the rebates and cashback and thank your broker profusely and then thank the next one and the next and when you've run out of money you can add all those rebates up and rejoice at how much you've earned. Please go and troll somewhere else.

Very smart marketing making you think as if its a privilege trading with them. Worthless broker. Spread are higher than many reputable brokers. I dont see any reason why one would wanna pay them above those spreads an extra of upto $1000/month fee. You cannot even use an IB with them to receive some rebate cashback unlike many other ECNs.Customer service, Gary is rude and wisea**.I just do not believe many of those 5 star ratings to be genuine.

Perkcem,

Oh dear!

At least you aren't spamming me further with your disgusting rants from multiple email addresses that I have had to block.

Agree with John, NY. Had only terrible experience both with the company and with their obnoxious, defensive, nervous sales person Gary.
Their reallife spreads are really large.If their EURUSD is 1.4 at the most liquid time, you get the idea about other pairs. And you pay monthly fee starting from $167 upto $900 as a reward! Check out any reputable ECN or even most MMs such as Oanda, youll get much tighter spreads. And you wont have to pay any fees etc..
They give 0 spread example as their sales pitch, creating the image in the trader that youd get real tight spreads from them, with no middleman interference. But what you get is not even close. And when mentioned about this, Gary-the-obnoxious claims "its just example". If your example will have 0 relation to what you offer in real life, then why bother a whole page of it: A rather successful sales-pitch. A Trap.
Im a news trader and I traded 10 brokers at the same time for the event that IM testing these guys for. I set up many reputable MMs ECNs STPs etc. These guys had the WORST fill for the event for the same pair among all. And whats more ironic is even none of my MM brokers didnt requote me this time, which is not very common, telling us liquidity was not all that bad for this event unlike many other times. And yet thecollective succeed giving me the by-far-worst fill.
Im not the type of guy who do unnecessary internet cat&dog mouth fight back and forth with these Gary4of7 type of people so I will not respond to his idiotic attacks in the future, and you can check the whole FPA and wont find any negative comments from me. But this guy Gary really pissed me off with his attitude to my previously neutr approach to his company. so Ill just openly put all the email traffic between me and him for you to objectively evaluate this company and its defense system Mr. Gary-the-obnoxious, whether you still wanna do business with them:

From: Gary 4of7
Subject: Re: The Collective FX GLOBAL - Support Request
To: "cem perk"
Date: Sunday, July 31, 2011, 1:39 PM

I will add this email address to the details I have for you so that when people ask me about you, the trader who has years of experience trading but can't read what is in front of him and doesn't understand that what an example is; doesn't understand a delta; thinks that he can trade zero spreads, and doesn't understand pretty much anything about trading, that I have all the details ready to share. I've replied to you in fact and not in childish ranting that makes no sense at all. Coupled with your lack of understanding I think the picture you paint of yourself is embarrassing.

My only hope is that if you do indeed have any influence over any traders in your group, which I would find very hard to believe, that they all treat your trading advice with caution. You cannot be a trader unless you understand how the markets work and not only do you not understand but you state you don't care. Good for you. Hopefully your trading group has more sense.

I'm flattered that you have the time and inclination to create a new email address just to spam me this message. Spend the time better by learning how markets work and you will have a better chance of success.

I've blocked this email too, so you'll have to make another one now.

On 31 July 2011 12:36, cem perk wrote:

Delta and all that blubber you talking about has 0 relevance to me and to all news traders. Ive indicated well enough when opened my account that IM ONLY a news spike trader. Me and my group of traders have been so for years with success. Neither me nor my group need YOU telling us whats dangerous for us or not. Fills I showed you are NOT examples but REAL LIFE FILLS, nor they are demo trading entries, unlike your perfect hypothetical world of 0 spread
Neither me nor any person within my network of reach has 0 interest in the service you have to offer. You and your company fail to satisfy us. 1 trade is more than enough to tell me what you offer, especially when the condition was such that even my worst filling broker was way ahead of you
You have the largest liqudity on planet. That must be planet planet pluto, on earth my friend, you are dreaming.
Enough is enough. Just give my money back and go ahead and block this one, that you can do best. I do not have any more interest wasting my time with a obnoxious salesman with no goods to offer but blubber

Re: The Collective FX GLOBAL - Support Request
Sunday, July 31, 2011 3:12 AM
FROM: Gary 4of7 TO: cem perk
Your comment is very unfortunate but I suppose to be expected. I cannot help it if you do not understand the trading environment and cannot be bothered to read what is written. The example is exactly that, an example, which most people would have read fully and understood the point. Whether the spread is zero or 100, the delta difference is the point and it is this point that you failed to understand, I think that until you understand that then you will be lost. No matter to me.

With regards to answering your first question, there was no courtesy to be extended, you were no longer a customer as you had closed your account on the results of a huge sample of trades, one! Clearly I have no interest in wasting my time explaining the idiosyncrasies of trading to someone with such a slap shod trading evaluation.

Equally, your previous points regarding fills when comparing to other brokers' entry prices was also nonsense and unfortunately validates my point.

Market Makers are exactly that. ECN's are exactly that too, with hefty commissions and the best price displayed as being top of the book which may have just one micro lot as depth, good luck hitting that quote with a full size lot when depth does not exist. That is WORTHLESS pricing and has no merit. Anyone can show a GREAT price, its all too easy to have great prices on show, but can't be executed at. We don't treat our members like that.

You may question my attitude, well straight back at you. Had you bothered to ask a question with relevant points and bothered to check the demo platform and bothered to sample more than one trade then I may have bothered to give you the benefit of my experience and a detailed response. However, the best result is the one we have, that your account is closed. Our members respect what they have and in return they get my time as much as they want.

I'm not interested in wasting my time further with you but just for the record we deal with the LARGEST group of Interbanks on the planet and our liquidity has depth to it. But equally our liquidity reflects the real world and ALL orders are executed by the banks at the prices at that time. I have advised our members time after time that news is dangerous and that slippage is to be expected, but you wouldn't know that.

I've blocked your email address as I've no interest in continuing this dialogue.

Gary.

On 31 July 2011 07:37, cem perk wrote:
If your example has 0 relevance to what it really is in real life then why bother giving a huge page of explanation on something hypothetical and will never apply to your company other then a cheap sales gimmick. Its as stupid as two street bummers discussing about traveling with a jet and having a dinner with donald trump. Well at least second one has a chance to happen
"I didn't bother answering your first question given that there was no point as you had chosen to close your account, why waste my time giving you a detailed answer?"
That would have shown some kind of curtosy to your customer which I can feel thats something you are far absent of and would have prevented me evaluating your attitude and company on my forex network and review sites
"As I said, your account closing is being processed."
Good

From: Gary 4of7
To: cem perk
Sent: Saturday, July 30, 2011 1:07 PM
Subject: Re: The Collective FX GLOBAL - Support Request

Your understanding of the example is incorrect. It is an example. If you read the example it indicates that zero spreads are not possible in the REAL world.

"For the sake of this example let us assume that there is no natural spread, just for ease, so we start with a natural spread of 0 pips (if only the real world was like that at least we would all have a better probability of profitability!). Any real world actual spread would affect both sides of the comparison in exactly the same way, so in this example it is clearer to have a zero spread."

Zero spreads were used to highlight the issue and make the math simple. If we had zero spreads or indeed if anyone had zero spreads a) they would make a huge loss or b) they would make a huge loss or c) they would make a huge loss. The real world operates on two prices the price you can buy at and the price you can sell at. There is never a situation where you can do both at the same time. Where is the commerce in that?

I didn't bother answering your first question given that there was no point as you had chosen to close your account, why waste my time giving you a detailed answer?

As I said, your account closing is being processed.

Gary.

On 30 July 2011 10:24, cem perk wrote:
And that would have still been good had you answered my 1st question. On the website you guys giving example from 0 spread right. In your live account you guys dont even have close to 0. As I said even MM brokers such as Oanda who make their money from sprads have tighter spreads than you guys let alone the ECNs with spreads many times around 0.4-0.5 for most liquid pairs. I dont see anything close to whats mentioned on the website in real life

From: Gary 4of7
To: perkcem@yahoo.com
Cc: accounts@thecollectivefxglobal.com
Sent: Friday, July 29, 2011 11:58 AM
Subject: The Collective FX GLOBAL - Support Request

I was about to reply to this email when I received another email from accounts saying that you are closing your account due to the 'worst fill of all brokers'.

I took a look at your single order and actually your fill was at EXACTLY the quote, you experienced zero slippage. I also checked the quotes at that time and there were no major spread variations due to any type of news and certainly no spread spikes which are the main culprit if slippage occurs.

You requested to close your order at 77.361 and you were filled at 77.361, that's a perfect fill.

Your statement regarding 'the worst fill' is absolutely incorrect.

You account is being closed.

Gary.

---------- Forwarded message ----------
From: The Collective FX GLOBAL
Date: Thu, Jul 28, 2011 at 11:27 PM
Subject: The Collective FX GLOBAL - Support Request
To: perkcem@yahoo.com

Thank you for support request. We will get back to you as soon as possible.

Your Name: cem perk

Your Email: perkcem@yahoo.com

Account Number: 2089000443

Subject: spreads

Message: Hi I have 2 questions if you would:
1. I just login to my MT4 live for the first time. I know you guys do not touch the spreads so this is the real liquidity provided by banks. I also have FXCM ECN account and Oanda MM accounts, the both brokers have tighter spreads on many pairs for example on EURUSD fxcm-ecn is changing between 0.4 to 0.8 and Oanda is between 0.9 to 1.2. However with Collective its around 1.4. eventhough Oanda is making commission from the spread my question is why the spreads in here would be wider with no added markups

2. I have forgotten my Phone Password. Where can I obtain it please
Regards

2011-08-06 1Star Re: The Collective FX GLOBAL - Support Request
And heres my email about the test results:

FROM: cem perk TO: Gary 4of7
Message flagged Saturday, July 30, 2011 5:18

Im not talking about the exit price Im talking about the ENTRY price for the GDP. My exit I was just "lucky". I forgot the position was open and I was lucky that it retraced and continued in my direction. If I closed withing 10-30 secionds like I always do for SPIKE trading, that would have been a LOSS.
Heres my fills for the GDP news from other brokers FYI:
forex.com: 77.53
RTFX (RealTimeForrex): 77.53
AlpariUK: 77.475 (Alpari generally the worst until now, that is before collective)
Oanda: 77.49
COLLECTIVE: 77.44
And other brokers I traded differnet pairs such as GBPJPY, EURJPY, which were all exact opening price entries. This trade was among the best for all brokers until now regarding the entry fills, and YET collective give me the ONLY END OF SPIKE fill
From: Gary 4of7
To: perkcem@yahoo.com
Cc: accounts@thecollectivefxglobal.com
Sent: Friday, July 29, 2011 11:58 AM
Subject: The Collective FX GLOBAL - Support Request

I was about to reply to this email when I received another email from accounts saying that you are closing your account due to the 'worst fill of all brokers'.

I took a look at your single order and actually your fill was at EXACTLY the quote, you experienced zero slippage. I also checked the quotes at that time and there were no major spread variations due to any type of news and certainly no spread spikes which are the main culprit if slippage occurs.

You requested to close your order at 77.361 and you were filled at 77.361, that's a perfect fill.

Your statement regarding 'the worst fill' is absolutely incorrect.

You account is being closed.

Gary.