To use chat, please login.
Back to contacts

BPGE (PAMM account) (By BP33 )

The user has deleted this system.

BPGE (PAMM account) Discussion

BP33
Apr 13 2016 at 12:08
121 posts
clte posted:
Will the window of opportunity for joining Sector 1 and the other accounts close at some point in time, or can I join at any point in time in the future?

Any point in time is fine, there's no time limit at all :)
mcpeacock
Apr 13 2016 at 14:33
11 posts
Just received the agreement for my signing - seems something doesn't fully stroke with your (BP33) statement of 'Minimum deposit is still USD 500 but to make it worth your while you really should be considering USD 1,500 or more.' -
as in clause 5.1 the following is stated:

/quote: '5.1. By signing this Agreement, the Client opens a Managed Forex Account with PriorFX Limited, with the minimum required deposit of 5000 USD or their equivalent in GBP, EUR, CHF or JPY. Deposits below the above mentioned amount are acceptable, but an additional fee of 9.99 $ per month ( per account ) is charged. The company has the right not to accept deposits made below the amount of 500 USD. ' /endquote

in addition - you had not earlier mentioned a minimum term?
/quote: 3.1. This Agreement takes effect on the Commencement Date, but not prior to funding has been received into the Client’s Managed Forex Account to the amount not less than the required minimum, as defined in Art. 5.1. further below, for the Initial Term of one (1) year (hereinafter referred to as the Initial Term). /endquote

is this correct?
BP33
Apr 13 2016 at 17:20
121 posts
This is from their standard form, so with that in mind...

Regarding 3.1 - I'll have to get back to you after talking with my colleague. I think we might have missed that.

Regarding 5.1 - In my opinion, it's not really worth your while unless depositing USD 1500+. You can however still deposit USD 500.

What 5.1 used to say, before we negotiated and had it changed, is that the minimum investment is USD 10,000.

You're of course not obligated to sign it if you don't want to, but the only way anyone is getting a minimum deposit of USD 500 is with those terms.

This is not a bucket shop like Hotforex where they don't care who signs up and wants to blow 500.

Also just because someone wants to invest, doesn't mean they have to be accepted.

majamivice
Apr 14 2016 at 06:22
52 posts
Agreemant says:
4. By signing this Annex, the Client states that he/she accepts the following maximum drawdown:
45%

9.1.9. He/she agrees that the available funds in the Managed Forex Account may be lost partially
or fully as a result of the limited account’s management talking into account the maximum
drawdown specified by the client which PriorFX Limited provides subject to the terms and
conditions of this Agreement. The System will initiate a closure of all open positions and
discontinues further trading if the maximum drawdown level is reached thus limiting the losses.

Does it mean that if account exceed maimum 45% drawdown they close our acounts or what? I don't really understand that as it can happen that we have more than 45% drawdown but that doesn't mean account will be blown.


Franck44
Apr 14 2016 at 06:22
21 posts
Hi BP33

My deposit is about 1 000$.
I'd be scared that priorfx charge my account with additionnal fee 9,9$ per month !

Thank's for your help BP.
 

BP33
Apr 14 2016 at 09:16
121 posts
mcpeacock posted:

/quote: 3.1. This Agreement takes effect on the Commencement Date, but not prior to funding has been received into the Client’s Managed Forex Account to the amount not less than the required minimum, as defined in Art. 5.1. further below, for the Initial Term of one (1) year (hereinafter referred to as the Initial Term). /endquote
 

Gerting back to you on this, as mentioned above.

3.1 (and indeed that whole form) has nothing to do with the strategy. That form is an agreement between the client (you) and PriorFX.
It's stating that agreement is for 1 year.
You are not locked in as an investor for any period of time. You can come and go as you see fit :)
BP33
Apr 14 2016 at 09:24
121 posts
majamivice posted:
Agreemant says:
4. By signing this Annex, the Client states that he/she accepts the following maximum drawdown:
45%

9.1.9. He/she agrees that the available funds in the Managed Forex Account may be lost partially
or fully as a result of the limited account’s management talking into account the maximum
drawdown specified by the client which PriorFX Limited provides subject to the terms and
conditions of this Agreement. The System will initiate a closure of all open positions and
discontinues further trading if the maximum drawdown level is reached thus limiting the losses.

Does it mean that if account exceed maimum 45% drawdown they close our acounts or what? I don't really understand that as it can happen that we have more than 45% drawdown but that doesn't mean account will be blown.



It means you, as the investor, are accepting a drawdown of up to 45% for Sector 1 Moderate (it's 25% for Sector 1 Low).

Should the drawdown somehow actually reach 45% then the percentage of the open trades assigned to you will be closed automatically.

This is because you are not saying you accept a higher drawdown, so they are obligated to do this.
If they don't close your percentage of the open trades and something really bad happened like it went bust, then you could sue them because you said you accepted up to 45% drawdown so why was it allowed to get worse?

If you actually do want to accept a higher drawdown, you are more than welcome to cross out 45% and put a higher percentage.

If you want a lower percentage, then you must choose Sector 1 Low instead.

Just to make it absolutely clear: If you crossed out 45% and put something like 35% then that would be completely stupid and you can expect to lose money because Sector 1 Moderate is configured to work with anything up to 45% and is for the entire account only.

Hope that helps :)


Jamal20nat
Apr 14 2016 at 09:58
38 posts
I deposit via neteller 3000usd. Priorfx deducate from trading account 108.29usd chage. They told 3.1% charge if its then chrge 93 usd. And they also told its neteller fee, deducate from neteller account. But charged from priorfx account. Is it priorfx charge???
majamivice
Apr 14 2016 at 09:58
52 posts
BP33 posted:
majamivice posted:
Agreemant says:
4. By signing this Annex, the Client states that he/she accepts the following maximum drawdown:
45%

9.1.9. He/she agrees that the available funds in the Managed Forex Account may be lost partially
or fully as a result of the limited account’s management talking into account the maximum
drawdown specified by the client which PriorFX Limited provides subject to the terms and
conditions of this Agreement. The System will initiate a closure of all open positions and
discontinues further trading if the maximum drawdown level is reached thus limiting the losses.

Does it mean that if account exceed maimum 45% drawdown they close our acounts or what? I don't really understand that as it can happen that we have more than 45% drawdown but that doesn't mean account will be blown.



It means you, as the investor, are accepting a drawdown of up to 45% for Sector 1 Moderate (it's 25% for Sector 1 Low).

Should the drawdown somehow actually reach 45% then the percentage of the open trades assigned to you will be closed automatically.

This is because you are not saying you accept a higher drawdown, so they are obligated to do this.
If they don't close your percentage of the open trades and something really bad happened like it went bust, then you could sue them because you said you accepted up to 45% drawdown so why was it allowed to get worse?

If you actually do want to accept a higher drawdown, you are more than welcome to cross out 45% and put a higher percentage.

If you want a lower percentage, then you must choose Sector 1 Low instead.

Just to make it absolutely clear: If you crossed out 45% and put something like 35% then that would be completely stupid and you can expect to lose money because Sector 1 Moderate is configured to work with anything up to 45% and is for the entire account only.

Hope that helps :)


Ok,thanks.
But do you think that it could happen and in that case if it would be better if we accept more than 45% drawdown? On Hotforex I don't think we had such limitation.
BP33
Apr 14 2016 at 10:08
121 posts
Jamal20nat posted:
I deposit via neteller 3000usd. Priorfx deducate from trading account 108.29usd chage. They told 3.1% charge if its then chrge 93 usd. And they also told its neteller fee, deducate from neteller account. But charged from priorfx account. Is it priorfx charge???

This really isn't something I can help you with. I don't work for Neteller or PriorFX.

BP33
Apr 14 2016 at 10:14
121 posts

majamivice posted:
Ok,thanks.
But do you think that it could happen and in that case if it would be better if we accept more than 45% drawdown? On Hotforex I don't think we had such limitation.

I would swap the word 'limitation' with 'protection' :)

Hotforex would only automatically close trades if you were already very close to losing all of it.

I think if I had to choose between two very bad things like losing 45% or losing almost certainly 100% then I'd choose the 45% option :)

You can make it higher if you wish, but the account will still trade within the spec of 45%
majamivice
Apr 14 2016 at 11:59
52 posts
BP33 posted:

majamivice posted:
Ok,thanks.
But do you think that it could happen and in that case if it would be better if we accept more than 45% drawdown? On Hotforex I don't think we had such limitation.

I would swap the word 'limitation' with 'protection' :)

Hotforex would only automatically close trades if you were already very close to losing all of it.

I think if I had to choose between two very bad things like losing 45% or losing almost certainly 100% then I'd choose the 45% option :)

You can make it higher if you wish, but the account will still trade within the spec of 45%
Ok,thanks BP33!
Lee (leeb77)
Apr 14 2016 at 12:08
39 posts
I have asked PriorFx if there is a $9.99 charge for smaller deposits and if we are 'locked in' for a year but if BP has any news on that too it would be good, otherwise will wait to hear back from them...
BP33
Apr 14 2016 at 12:31
121 posts
There definitely is a USD 9.99 per month charge on account balances below $5,000 - exactly as it says in the client agreement form (which is an agreement between the client and PrioFX).

It's the same form that mentions 1 year, and that has nothing to do with the actual strategy - there is a separate form for that, which makes zero mention of any length of time.

Igor Furlan (ISFurlan)
Apr 14 2016 at 14:38
46 posts
So, if there's a charge of 9.99 USD/month and I invest 500 USD, there'll be some months when I'm gonna lose money if the market performs slow. Am I right?
Igor Furlan (ISFurlan)
Apr 14 2016 at 14:39
46 posts
Well, I see that joining with only 500 won't worth my investment. I prefer to save more money until I have these 1500 USD.

My account is already open with PriorFx through the link you posted here, do you know if I can request the documents to join the account futurely?
Franck44
Apr 15 2016 at 11:33
21 posts
Hi BP

what a bad news for this additionnal charge of 9,99$. It's 1% of less profit per month :(
BP, It would be great of asking them to minimize this fee

I can see my deposit of 1000 USD today on my account, but i didn't receive my form for sector1. The support priorfx don't answer my 2 email of tuesday and wednesday. Argh.

Best regards all

Nascap (Anasreds)
Apr 15 2016 at 11:39
17 posts
Dear BP33,

I am one of your investor. My question is, how you determine the percentage allocation
to trade depends on the balance in account? How you determine the open lot for each currency to trade depending on various account balance amounting from 1.5k to whatever amount?

Lee (leeb77)
Apr 15 2016 at 12:19
39 posts
Just to let everyone know I heard back from PriorFx - there is a charge of $9.99 a month for a deposit under $5k but there is no minimum term of investment or contract - the year mentioned previously means those terms (in terms of charges, etc..) a valid for a year. Hope that helps some of you as I had found it somewhat confusing.
BP33
Apr 15 2016 at 13:56
121 posts
Franck44 posted:
Hi BP

what a bad news for this additionnal charge of 9,99$. It's 1% of less profit per month :(
BP, It would be great of asking them to minimize this fee


You must be joking?

I've already mentioned it is that or a minimum of USD 10,000 initial deposit.

Plus the profit you'll make, if we use BPGE as an example, more than makes up for this and is well above 20% per year.

I'm really not amused by complaints about such an insignificant fee. Extremely shortsighted.
Please login to comment .