Discussion of the Live Forex Contest MaxFX Forex Contest

What surprised regulator it is the fact that a licensed broker wiped account and did not sent a statement. Probably it will deal with the Cypriot regulator and with major companies TOPFX. How long it will take, I do not know.

mothaya posted:

MaxFX deleted my profits.

MaxFX blocked my account.

MaxFX did not refund me all my initial deposits.


I advise all to be Careful

We went through our records, it seems we refunded your initial deposits entirely on 03/03, 04/03 and 7/03 where your entire initial deposit was met. Infact you were not charged a cent, all your funds were returned to you.

All documentation and relevant proof was sent to you. Claiming we did not refund you is a false statement, please refrain staining a perfectly fair broker because you were caught cheating.

The big question are, how an ECN broker with regular licensed can have a delay on price for more then forty minute on EUR-USD pair after NFP's news? How an ECN broker can increase and decrease spread just for take stop loss or margin call on our account? How an ECN broker can have a delay of more then 2 minute on EUR-USD comparate with other broker?

And finaly how it is possible that an regulated broker don't send any statement after acccount disactivation? How can I justify to the IRS that I have not gained or lost money from this trading account without a statement?

In four year of trading is the first time that I saw something like this, in a real contest and with myfxbook sponsoring.

FFAM posted:
What surprised regulator it is the fact that a licensed broker wiped account and did not sent a statement. Probably it will deal with the Cypriot regulator and with major companies TOPFX. How long it will take, I do not know.

Good luck mate , please keep us posted . Look like more than one contestant have their account blocked with initial deposit refund only .

I had the same problem as FFAM, but my profit was only 8.70$!

MAXFX please pay profit to clients. We are not wrong. MAXFX dont SCAM trader!!!

MAXFX don't SCAM ?

Look this picture!

Which king of broker during NO NEWS can have a slippage and this kind of execution?

In just 33 second more than 280 pip!

This is the account of bartolj during MAXFX Live Contest.

Good luck to all!

The amount of ignorance is overwhelming. This broker clearly has lagging quotes and issues with liquidity during event times. Many of you have engaged in latency arbitrage where you check the real prices from other broker and leverage the shit out of your 1 min trades thinking how smart you are and returning astronomical profits without risk.

Not to defend MAXFX anyway, just surprised at the amount of denial here. They also voided my trades yesterday (actually they didnt void the trades but made a random manual EURUSD buy order with made up quotes HAHA :D). In any case I compared their quotes to my main brokers, and indeed I also benefited from their lagging quotes, however, I didnt deliberately exploit it and was generally exposed to market risk for a extended period of time. I made similar trades on my LMAX account for instance which were profitable. Trying to get some sense of this and asked them to compare their prices to real market prices and readjust the P/L accordingly.

Obviously, it tells a lot about the broker if you can do latency arbitrage and they really should have came up with legit explanation whats going on. I guess they wont, since thats how bucketshops operate (however would be really positively suprised if they did!). I kinda understand you guys also who feel overwhelmed about your profits being wiped off, Im sure theres alot people who made their profits without exploits. Any case the whole issue would be solved if everyone's trades were settled from the real prices, for instance comparing the prices to some established brokers or whatsoever.

Does anybody from myfxbook reply to email??? I wanna know if i am still in the contest, or in other words who is and who isn't. Because this competition list became a really mess...

Now I'm happy I decided to to participate.
Lame.

SuperOmino posted:
MAXFX don't SCAM ?

Look this picture!

Which king of broker during NO NEWS can have a slippage and this kind of execution?

In just 33 second more than 280 pip!

This is the account of bartolj during MAXFX Live Contest.

Good luck to all!

It was a BIG NEWS, Mario Draghi had a speech at ECB conference. I made a big all in trade on his speech, because it was obvious from his words that the price will hit high on EURUSD.

It was a fair and very riski trade also.

After all MaxFX cancelled my withdraw process, and made my balance with the same amount before this trade.

Should i be angry? Maybe sad? I don't know! But i realy have a mixed feelings on this broker and also this contest...

Just my 2 cents here

p.s.: and it was 130pips in 2minutes

Good luck to all the participants .... :-)

bartolj posted:
p.s.: and it was 130pips in 2minutes

I'm talking about this two operation from your account!
Was on 11 of March at 11:05 and there wasn't news or Draghi talk and no other broker do this kind of slippage in just 33 second.

But if is ok for you, also for me is fine.

wow, wasn't involved in the contest but its amazing how both the first and second place winners had the same trading activity, exact time frames and dates ,open and closes, symbols, and actions, only difference was the lots, But hey congrats to all winners

MaxFX is a fraud - they registered 2 dummy accounts to win the top 2 prizes

https://www.myfxbook.com/members/ReynoldTrader registered Mar 15 10:45

https://www.myfxbook.com/members/gregorbowens registered Mar 15 10:57

12 minutes difference.

More or less same trades. No prior trading activity before this...

Even their broker review page had 2 pages of fake positive reviews until I called them out and they all got deleted - https://www.myfxbook.com/reviews/brokers/maxfx/929508,1

ScamFX more like it

tylytrader posted:
wow, wasn't involved in the contest but its amazing how both the first and second place winners had the same trading activity, exact time frames and dates ,open and closes, symbols, and actions, only difference was the lots, But hey congrats to all winners

It clearly looks like maxFx inserted those 2 dummy accounts just to avoid paying top 2 spots which is 90% of the total prize. Both members registered here on the same date; deposited same amount which is $1000 (why would someone deposit twice the minimum deposit in a contest), traded same crazy lots from 5.00, 10.00).

Well, i think myfxbook should avoid adding these type of bogus brokers otherwise they are only tarnishing their own reputation.

We did contact all three winners and indeed deposited the prizes into their trading accounts. We can confirm that all three of these users are individuals and reside in different countries. All prizes are fully withdrawable with no restrictions.

We are in no position to know the system these individuals used or how/and if they collaborated. Trading-wise they broke no rule of the contest.


Regarding the registrations:

Its a bit rushed to draw a conclusion based on time of registration. A look into the daily sign-ups during our peak registration period for this contest indicates that more pairs or more of users can be found that registered within the same hour, some even during the same minute. The same can be said about people who registered with myfxbook with the purpose of joining the contest.
This should not exclude someone from fair treatment.


  

MaxFX_Broker posted:
We did contact all three winners and indeed deposited the prizes into their trading accounts. We can confirm that all three of these users are individuals and reside in different countries. All prizes are fully withdrawable with no restrictions.

We are in no position to know the system these individuals used or how/and if they collaborated. Trading-wise they broke no rule of the contest.


Regarding the registrations:

Its a bit rushed to draw a conclusion based on time of registration. A look into the daily sign-ups during our peak registration period for this contest indicates that more pairs or more of users can be found that registered within the same hour, some even during the same minute. The same can be said about people who registered with myfxbook with the purpose of joining the contest.
This should not exclude someone from fair treatment.


  

Hi,
Thank you for quick respond . How about same trading activities exactly on both of their accounts ?