ericklhenares Reviews

Review for

Quezon City, Philippines,
Sep 16, 2019,
Registered user

Withdarwal Period

Service use: Live Length of use: over 1 Year
Its the 12th day of my withdrawal and it still wasnt sent to me despite my daily follow up. Im given excuses after excuses. Worst broker in terms of withdrawal. STay away. Its not the first time it happened.

Aug 12, 2019 - 1 Star Account number: 24111637

Traders beware with XM's misleading and fraudulent negative balance protection gimmick and bonus. They will secretly deduct the credit from your account. I noticed it when they glaringly did it when the market was adverse in my GBP pairs.

The rep Marielle told me that this is because of the negative balance of my previous lost. I cited her the terms and conditions that I could not lose more than my invested capital but she said that previous losses will be deducted from present balance. I asked her where is that in the terms and conditions but she could not provide. Instead, she mutters generic answers that is nowhere in the terms of conditions.

Traders, beware. XM misrepresents. The only reason why I endure their very high spread is due to the bonus and negative balance protection. But they do not practice it. They may credit you 50% or 20%, but they will secretly remove it from your account little by little. I just noticed it today when the market is adverse against me.

As a broker, XM does not care about its traders. Taking out credits when it is needed the most is just callous.

Mar 6, 2019 - No Rating Two weeks and counting and my withdrawal is not yet in my bank.

Of all my chats with their representatives, they are just passing the buck to third parties. I'm just been given bulls and looks like this is the practice and they are used to this.

XM will promise you everything just to make deposits. But when you will withdrawal, you will be given headache. XM will just pass it to third party and will excuse themselves.

AVOID THIS broker. Black hole of your money.

Mar 5, 2019 - 1 Star Account number: 24111637

This broker is not transparent. It commit things that it cannot keep. It raises our expectations and then always fail to deliver.

Issue: Withdrawal.
I made a withdrawal with XM committing that it will be transferred within 2-5 days. I find it reasonable since it is the industry practice.

Its now March 5, 2019 and XM has not sent it yet. I already opened a case with my local bank for their remittance department to check. XM has not sent them anything yet XM is saying they have already sent it.




Reply by Chris Zacharia submitted Apr 8, 2019 Dear ericklhenares,

I hope that you have already received your funds but if you have not, I kindly ask you to contact our Back Office Department and your Personal Account Manager. I would like to assure you that they will be able to help you locate yours funds and have this issue to be resolved.

Kind regards

Review for

Feb 22, 2019,
Registered user

Update on account 51027087.


Details: In my previous review, the withdrawal finally registered in my account after 15 days. But the impossible thing happen, HOTFOREX TOOK IT BACK FROM MY BANK ACCOUNT! YES ITS IN MY BANK ACCOUNT ALREADY AND HOTFOREX REVERSED IT! I was assured by its country representative that its impossible to do but they actually did it. ITS VERY SCARY BECAUSE THEY CAN TAKE BACK WHAT THEY DEPOSITED.

Imagine the implication of what they are doing. Trade with Hotforex at your own risk.

Feb 20, 2019 - No Rating Account number: 51027087

I already got my money. Their country manager took an effort to call twice to make sure I got it already. I also talked to my bank.

The issue lies in the intermediary of Hotforex. Hotforex may have processed it quickly but the intermediary is very slow. Advised them to address that.

Great customer service. I hope they would fix their intermediary issue. I wish I could take the initial post down to give them a chance but system won't allow it. Hopefully this explanation will help.

Feb 15, 2019 - 1 Star Account number: 51027087

Hotforex is a black hole broker. They do not expect you to profit so wire transfer would take forever. It is now 2 weeks and I still don't have my money. They would give a bogus ARN number which is useless when you talk to your bank's remittance department because no money was actually sent. It happened to me twice. I gave them the benefit of the doubt the first time and it happened again. It is already their business practice.

You will not realize the problem until you withdraw money. Once you withdraw, that is time they will give you a merry go around where you could get your money after a month (assuming you could still get it).

Jul 26, 2018 - 1 Star Account number 411753

This company has a thick face. Soooo difficuuuuuuult to ask for withdrawal. Its been 17 days already and they still haven't deposited it yet. Stating a lot of excuses. The amount is not even much.

The worst part is that if you are going to follow up for their failure to process withdrawal, they will ask for your bank statements and a lot of documents. INconveniencing us for their incompetence as a company.

It is very likely that they do not expect us to withdraw money after we deposited. This company is a blackhole of our money or Hotel California of deposits. Once you have deposited, it will be extremely difficult to withdraw.

It happened twice already.
1 trader has found this review helpful

Review for

Jun 8, 2018,
Registered user

My account number: 916896

Your system is deliberately making us lose and is not reliable during news. Please check order 11061523 and order 11061529. The stop loss was programmed by the EA to be just 150 points with a slippage of 100 so it should only be 250 max. But your system registered the stop loss to be 894 points. Price of entry was at 1.30401 and your system put it at 644 points. That is just too far from allowable prices set by the EA. Price of entry was at 1.34214 and it set the stop loss to 1.2977 which is very far from its settings.

May 24, 2018 - 1 Star My account number: 916896

Two issues:
1. NOt an honest broker. They say one thing and do another in withdrawals. Probably, they are expecting that no withdrawals will be made. Stay away.
2. Their system will ignore your stop loss during news event and will do the stop only after incurring losses. Not reliable in trading news.

Issue 1. I was informed when I made my deposit that my withdrawal will be processed as refund to the card that I used in deposit after 6 months which is consistent with other forex brokers. 6 months came and I requested for withdrawal to the card since I need to put money in my dollar account so that it wont be closed (my local currency is not dollar) only to be informed that cant be done and only to through paypal. I told the agent about it but gave me garbage and took forever to reply that I thought agent hanged up on me. I asked for the history of the chat in the first month but agent wont give it to me.

Issue 2. Its not a guarantee in their system that your stop loss will be honored. During news events, there are instances that it will be bypassed and will instead be closed by Pepperstone very far from your original stop loss and after incurring big losses.

Reply by Martin submitted May 29, 2018 Hi Erick,

Thank you for your feedback.

Our apologies if our services did not live up to your expectations, as this is not the kind of perception that Pepperstone would want from clients.

Regarding your withdrawal, please note, we had switched our card funding method to the more secure "3Dsecure" option. As such, we were/are no longer able to process deposits/withdrawals using the particular card method you had used in 2017. Therefore, the available withdrawal option to you, was the other deposit method you had used, which was PayPal.

Please note, we are at the mercy of our liquidity providers to provide you with the best possible spreads. This is not always possible during periods of low liquidity such as news events, hence why we do not recommend our clients trade during them.

During fast moving market events, a stop loss or margin stop out will be executed at the next price available after the trigger point is reached. This is commonly referred to as slippage, and occurs when we provide you with the raw pricing from our pool of liquidity providers.

Review for

Mar 11, 2017,
Registered user

Details of FBS Frauduelent Business Practice

Account number 7151270

FBS employ double deductions in their zero spread account when the trader is already profiting. Their modus is that they will treat the net profit as a gross profit where the commission and swap will again be deducted. For example, when I made $17.24 in my first trade, they correctly reflected the amount in my balance as well as in my statement. But when I made another $15.33 in the succeding day, they only added $4.87 where the addition became grossly wrong because the amount that should total to $15.33, became only $4.87 (I have files to show).

When I brought this to the attention of FBS, their dealing department justified it by treating the net profit as gross and deduct the commission and swap AGAIN (I have the file they have sent to show it) to arrive at a way smaller amount.

What happens is that my net profit of $37 is reduced to $22 where they took almost half from the profit through double deduction.

This business practice is scary because it means they are cheating their clients. This means you do not want us to profit. What if the amount is already big? This malpractice is not obvious unless one will scrutinize their statements and monitor their account. Their system cannot be trusted also.

Their advertisement is also false. It says their commission is begins at $20 per lot but when in fact it is $30 per lot ($.30 for .01 lot) and they will deduct it twice (including the swap) when you are already beginning to profit.

I have files to show if only they could be attached here.
Reply by FBS Official Rep submitted Mar 13, 2017:
Dear Sir!
We are grateful to you that you have raised the issue with our Customer Support first.
Though, it seems that, unfortunately, the official answer of our agent seemed unsatisfactory for you, so we will try to clarify this issue here more thoroughly.

Considering the commission issue, we would like to point out, that the commission on Zero-spread account type still starts from 20$. For example, the commission for order opening for EURUSD currency pair (1 lot volume) is 20$. You can check it on our site - ( Regarding the commission for the currency pairs that you have chosen (GBPUSD, USDCAD, EURGBP) - as you may see it from the table on the site, for all of them the commission for 1 lot is 30$ indeed.

In regard to the commission deduction issue let’s see how the profit on Zero-Spread account is calculated using the example of your order.
Currency pair: GBPUSD
Volume: 0.02 lot
Opening price: 1.21645
Closing price: 1.21669
1 lot = 100000 base currency.
First, let’s calculate one point value.
The formula is:
One Point Value = (Contract x (Price + One Point)) - (Contract x Price), where:

· One Point Value – one point value in the quote currency;
· Contract – contract size in the base currency;
· Price – currency pair price;
· One Point – price point (one point).

So, we are calculating one point value for 0.02 lots on GBPUSD.
GBPUSD rate = 1.21645.
Contract = 2000 GBP.
One Point Value = (2000 x (1.21645 + 0.00001)) - (2000 x 1.21645) = 2432.92 – 2432.9 = 0.02 USD.
The difference between your opening and closing price is 24 points.
Thus, your gross profit (before commission and swap deduction) is 0.48$ (0.02 x 24 points).
This profit you see in the profit column in your MT4.

Next, let’s check the Statement that you have sent to us.
1) First of all, we need to sum up the gross profit of all the orders:
7.44+3.74+3.89+3.85+2.29+10.01+0.77+0.37+0.36+2.04+0.86+0.44+0.48 = 36.54$
This is the profit which you had before commission and swap deduction.
2) Second, we need to deduct the sum of all swaps:
36.54 - (0.32+0.08+0.16+0.16+0.25+0.06+0.51+0.25+0.25+1.35+0.68+0.68+0.68) = 36.54 - 5.43$ = 31.11$
3) Third, we need to deduct the sum of all commissions:
31.11 - (1.2+0.3+0.6+0.6+0.3+0.6+1.2+0.6+0.6+1.2+0.6+0.6+0.6) = 31.11 - 9 = 22.11$
This is your net profit. This profit you see in the “Closed P/L” column -

As you may see, your profit has been calculated correctly, according to the commonly accepted formula.

We hope that we have managed to clarify all the issues and look forward to successful future cooperation!

Review for (.eu)

Jan 13, 2017,
Registered user

Penchant for Passing the Buck

Account number: 357169

This is my second issue with OctaFx and this time, I am giving them a 1 star rating. My first issue was simple and it took 4th attempt of chats for them to identify the problem to be able to resolve it. I was given two passwords and used the investor password which prevented my account to trade and copy from the signal provider. I should have used the trader password and this was resolved on my 4th chat. In the first three chats, I was always pointed to the signal provider and MQL5 when all along the problem is just with my password with OctaFx.

This time, the problem is scary because it is already the integrity of the system MT4 that I am using to trade with them in question. My account is tied to a signal provider where it automatically opens and closes position based on the position made the provider. On January 13, 2017, the signal provider open a sell position for EUR/USD at 1.06271 and closed at 1.06213 which should have been a profit. Instead, my account closed its position on its own (not initiated by me or the signal provider) during the lowest drawdown of the trade thus incuring me a loss. I contacted OctaFX's help desk and was told I cannot be helped. At first, the buck was passed on the signal provider as before but when I explained that the signal provider opened and closed the position on profit and the reason why I incurred a loss because my account closed its position earlier on its own.

AGain, I am passed to metaquotes by stating that it is not their problem if the system you provided me to trade with you having integrity issue. It scared the shit out of me because it meant that OctaFx account closes positions on its own during the lowest drawdown of the position.

I was just doing this a trial run before I infuse a larger money to trade bigger. Good thing I made a very conservative exposure to test how things are going with OctaFx. its scary. What if the exposure is big? OctaFx will just close the position on its own and then tell me they cannot me and talk to some entity I have not dealt with.

Of all the issues encountered, I am passed to someone else. No, I will not recommend this broker.
Reply by OctaFX Rep submitted Jan 16, 2017:
Dear Mr. Henares,
Thank you for contacting us.
As far as we can see, your orders were initiated by the signal you were using. (If you have any print screens of your orders, please, feel free to share them on the forum.) However, as we've already underlined, the signal you purchased from MQL5 system is not a part of OctaFX and its services. MQL5 system is a part of MetaQuotes, a MetaTrader 4 developer and has no connection to OctaFX. All we do is provide you with an opportunity to trade on MT4 platform. Also, your Signal Provider doesn't trade with OctaFX, so the open/close prices may vary (different brokers may have different liquidity providers). Unfortunately, this situation is beyond our power, so please contact your Signal Provider for further clarification.
Kind regards,
OctaFX Rep.

Review for

Jan 9, 2017,
Registered user

Support in this site is terrible. After paying for the subscription, I did not get any help or any support no matter how many emails i sent them. Its not working.

Worst of all, it is written here that they are not giving refunds. This business pratice qualifies as a scam. I am beginning to lose hope that this will be fixed because I am not getting any support from MQL5. They just responded to the paypal messages when I asked for refund but no response in their website.
1 trader has found this review helpful

Review for

Jan 4, 2017,
Registered user

Stay Away from FXCM

I withdrew my money from them with the end of coming up with a larger amount to be able to trade with their Zulu service and was given this excuse for delaying withdrawal;

"-Your account has insufficient funds and/or open position(s). All withdrawal requests are subject to review based on the following: available balance, floating profits/losses, and number of open positions. At this time your account does not have sufficient usable margin to withdraw the amount you requested. To resubmit your withdrawal request for a different amount, please log in to"

Stay away from this broker. They will think of every possible way to keep your money. I should have read this forum before and did not use this broker because of their history of unethical business practice.
1 trader has found this review helpful