I opened up several GPBUSD sell orders between April and May last year 2018. The trades are still running and the account is 174,000$ in total profit @ 1.2675 (GbpUsd)
I closed one of the trades 31st of April 2019. And made a withdrawal. A week later that withdrawal is still pending. And my account was disabled. Furthermore I’ve received some weird and disturbing communication from people that say they are representing FXGlory accounting department. No title, position, real phone number or full name listed in the communications.
The disturbing communication I received from Andrew in accounting : " FXGlory received an alert from one of the providers which indicate your request for closing a trade refers to a trade which does not exist with them. We had to obey the provider's procedure in this case and disabling account in order to have a detailed investigation on it. I am waiting for the provider's detailed report and then I will bring my investigation and provider's as well to board meeting and I will inform you about any step in this procedure for sure. "
But the trade closed down immediately at the right price and the funds went straight into the account!!!
This sounds like the exact reason they've used in the past to take clients profits. Their support/technical departement confirmed that ofc that kind of error would never escape them. Or else they would lose money as a broker. So no technical issues, yet it is being brought up to some kind of board vote??!!
Rather than waiting for the same thing to happen to me, i contacted ForexPeaceArmy and opened a scam alert immediately and left this review.
Then point blank this person that claims to be "defending my account" to board members sends a message asking me to write an email on my view on the following ...scalping, trading as third party, trading with negative balance, hedging. None of which applies to me.
Holding my account hostage, i was then told the fastest way for my account to be re-enabled is by giving my consent to remove any illegal trades it might find! It follows: "After your confirmation, accounting team will check with liquidity provider and apply required actions if needed and then fully restore your account in next hours"
Oh my! Is it just me or does it sound like they are trying to remove my profits before enabling my account. If the trades are illegal, then why do they need my permission? If the trades are illegal why do they have to check with liquidity provider before closing? What does this sound like to anyone reading?
p.s. I've never traded news events. I didn't use any of their bonuses. I've never scalped. I've never hedged with another account. I never traded during periods of low liquidity etc etc. Basically not broken any of their Terms and conditions. All i've done is just traded by entering the market when i believed a new trend started over a year ago.
Homi Mildiani (email@example.com) was the one who welcomed me to the company. Answered my questions on FXGlory dodgy reputation online. She convinced me FXGlory was reputable. That the reviews were mostly fake. She said it was just competitors and disgruntled traders who either lost their money or broke terms and conditions. She is now silent to all my entreaties and communication as this happens. Although i haven't been stitched up yet. The current experience is still enough to leave a stinging review. Hopefully they can do better, sort this out immediately so that they can have one real customer that can say something positive about FXGlory.
FBS (Formely known as Poltex FX) scams successful traders. Looks for any reason like you logged in from a different ip address - like a cafe, to disab
FBS is undertaking actions to undermine and eventually confiscate successful clients profits just like they did when they were known as Poltek FX.
Initially i was a client that regularly blew his account balance at FBS. I studied. Got better. created a good business plan, implemented it and was successful. Because of the volume i traded on my accounts, i was even given VIP status.
Now Trading on all my FBS accounts have been disabled till i pass verification again. I've been given a plethora of reasons from IP related issues to AML procedures as the cause.
My problems began when FBS under the guise of wanting to interview successful traders for their blog, started asking odd questions. Asking about my strategy, when i would close my trades etc.
Now over the course of several weeks I've been asked to provide "ALL" of the following. Photocopy of ID, Driving license, passport, utility bill, bank statement, selfie. Then selfie holding each document back and front. Then a manager calls me up, to take a selfie of me on Skype! Then they want certified notorized apostille copy of passport by post.
I've complained yet provided every single document they asked for and done all they've asked in a timely fashion. Yet there is still some delay in re-enabling my account.
FBS support have now become extremely rude, they've informed me i can no longer speak/chat to managers/supervisors and can only get updates via e-mail. But absolutely no updates are forthcoming. I've already had one account blow up on me and taken some losses - FBS realise the longer this goes on, the chances are very high that the rest of my account will also lose all their profits.
i supplied them with the most legal thing that exists to prove my identity - a notorized apostille copy of passport, but that wasn't good enough. They wanted it to come from the embassy and 6 months bank statements. Still not a problem i wrote back, and posted what they wanted same day. They were due to receive it via registered post end of the week. but the pair i was traded recently broke down in my favour and FBS responded by immediately disabling my accounts. I had about 25 of them. They also seem to have closed them at prices that are far from what it should be. When my accounts were disabled on 18/7/2018 11:00 GMT +2, GBPUSD was at 1.3029... highest reached after disabling was 1.3045, lowest was 1.3009. So i basically stand to loose about 170,000 usd
FBS WROTE on july 11th 2018 : After all the required documents will be provided and reviewed and we will be completely sure that your documents are in fact in order and valid, your account will be verified.
They knew they were getting the documents they recently requested very soon. I posted it the same day they asked for it. So no delays there. but disabling my account after GBPUSD broke down after CPI news was just as low a blow as a shady broker could give.
May 9, 2018 - 5 Stars I've been reading through the reviews posted here. All i see are complaints about speed of verification and issues with withdrawal or deposits that can easily be explained away by common errors in banking. Also a couple of simple misunderstandings with regards to FBS terms and conditions...
All this petty stuff is really annoying and unhelpful. Real genuine traders need websites like this to try and help separate the chaff from the wheat: means separate the scam brokers from the legit brokers. But how can that happen with these sort of petty traders with personal vendettas writing reviews.
If i had read these reviews half a year ago, i might never have opened an account at FBS. I wouldn't be where i am today as a successful trader with FBS. . My personal experience is they've been courteous, helpful and are completely legit. After completing verification and your first withdrawal, there are no issues to speak of.
The only thing i would wish changed is the leverage based on equity. I would rather it was based on actual account balance ... or that the levels that leverage change to be raised.
Worrying about whether your broker is legit or not can influence your trading. So removing that worry lets you focus on other things - like perfecting a winning trading style. I HIGHLY recommend trading with FBS for that peace of mind. Keep up the good work.
Reply by FBS Official Rep submitted May 11, 2018 Dear Chaosbegone!
Thank you for such a kind review. It's a pleasure that you rate FBS so highly.
As for the leverage, please, kindly be informed that Equity displays the real amount of client's funds, which he/she can use in trading. As a big broker, FBS allows to use unfixed profit in trading. I.e. a client can open orders with the profit of the positions that were not closed yet. Therefore, these funds should be taken into account for available leverage level calculation.
We wish you profitable trading and successful future work with FBS!
Reply by FBS Official Rep submitted Jul 20, 2018:
We totally understand your feelings regarding such a thorough verification procedure of your account, which was caused by objective reasons.
First of all, your ID that was initially provided for verification was expired. Secondly, as it was revealed later, you have failed to provide us with the fact that you are a UK citizen, which is why verification procedure was complicated significantly and multiple documents were requested in addition. Being a regulated company, we are obliged to follow the rules of KYC, AML and Terrorism Prevention Act, which means we must verify the identity of our clients properly and request valid documents, and the revision must be particularly thorough in when the documents are questionable and when millions are at stake.
In your case the situation was also complicated by the fact that your trading account was operated from the devices and IP addresses that belong to another FBS client. Obviously, further investigation was in order, because according to the rules of Anti Money Laundering and Terrorism Prevention Act we must be completely sure that the client is not a nominal account holder. You do understand that such an investigation takes more time, more documents requested.
Furthermore, the last document sent by you shortly before your account was terminated was your Bank Statement, which clearly indicates that the funds were received by you from the third party, who had access to your trading account and has logged in with trading access multiple times.
On July 18 your Bank Statement was reviewed by our Compliance Officer and those transactions have confirmed our concerns proving that it’s highly possible that a third party is directly connected to the funds deposited by you and to trading on your account, which directly violates the AML policy and Terrorism Prevention Act.
Upon revealing those new circumstances, the decision has been made to terminate your account immediately and close orders at current prices. It happened at 11-25 AM.
Since the first time we have requested to renew your ID GBPUSD has moved more than 450 pips in the direction of your open position. If you see malice in the actions of the company by closing orders at market price of 1,3100 at 11:25 AM specifically, we would like to draw your attention to the fact that they could have been closed earlier at 1.3300 or 1.3400, or 1.3200б but that did not happen, as you can see.
Your orders were not annulled, they were not closed at non-existing prices. You have earned a huge profit as a result of your trading and as soon as we have official approval from HMPO (Her Majesty’s Passport Office) confirming that the passport provided in fact belongs to you, you will be able to withdraw your significant profit via the same method and to the same payment details that were used for deposit in accordance with AML Policy.
We do realize how upset you are with how long it takes to verify your documents properly. On the other hand, as a result you’ll have a full set of documents for AML check. Unfortunately, our strict verification procedures have revealed certain violations from your side, in particular providing access to your account to the third party, who possibly may be a beneficiary of the funds on your account. We do not claim that you are not the rightful owner of those funds, however since we have discovered violation of AML rules, the decision has been made to terminate your account. We are not able to reliably ascertain all the circumstances of this relation to the third party, which is why we simply make a decision based on facts.
We are sorry that verification in accordance with AML policy and Terrorism Prevention Act may take such a long time and require all sorts of documents, then again, we did our best to do the job fast but thorough not violating the strict rules that regulate our activity.
We would appreciate it if you could publish your Trading Statement so that people could understand the amount of funds involved and the reason why this case is investigated with such precision. Besides, your trading success can motivate others to start a career in trading.
This company is the absolute worse. Their sales representatives constantly spam and harass you to deposit. And when you do deposit, suddenly there's issues withdrawing. Their verification system is a complete joke and designed not to work. It's OK if you lose money ... but if you make any kind of significant amount they will find some reason to not to give it to you.
I'm actually with two other amazing brokers and was trying to diversify my substantial portfolio by adding another broker:InstaForex. I had already read the reviews here but wanted to see for myself... oh boy, did they show me!
STAY AWAY FROM INSTAFOREX. Just like it says at ForexPeaceArmy, instaforex is the lowest of the low!