ForexScam posted: report this on Forex Peace Army too.
I have posted every details of the story on FPA, in the Scam Alert Folder. You can have a look there if you want. It's just becoming better lately, I have got a good part of my money back just yesterday. Will post more about it soon.
Weren't they marketing for the ECN Arbitrage Bot at one point? ( off topic) .
I don't know. And I only had a 'Market maker' account, maybe their ECN account is working correctly ??? I'm not sure.
Who in their right mind would trade such a bizarre cross pair, your asking for trouble. There will be limited liquidity and all that comes with a product not high in volume and participants. Early in the rule book, trade with major or at least known pairs as there is volume and major players. I can understand what you were trading and your method, but really mate cant you just stick to more logical pairs. Im on the fence with this one. Hope they refund you, but let it be a lesson to everyone dont trade products with low volume or few participants
I can only agree with the OP. One time I was stupid enough to open an account there. Luckily I only funded it with a very small amount of money, because I already had a bad feeling after first getting in touch with their 'support' desk. They didn't even seem to be able to help me with a straightforward question about a wire transfer. At one point I thought I was chatting with a bot, but it actually turned out to be a real person (unfortunately).
Then there is the ridiculous withdrawal fees with a minimum fee of $40.
The reason for opening an account with them was because of the good reviews on FPA. After trying to post a negative review it didn't get published on FPA, so reviews on there are not reliable either.
Don't touch this broker with a ten foot pole if you are any serious about trading.
Jaypipin posted: Who in their right mind would trade such a bizarre cross pair, your asking for trouble. There will be limited liquidity and all that comes with a product not high in volume and participants. Early in the rule book, trade with major or at least known pairs as there is volume and major players. I can understand what you were trading and your method, but really mate cant you just stick to more logical pairs. Im on the fence with this one. Hope they refund you, but let it be a lesson to everyone dont trade products with low volume or few participants
That's a whole different discussion. It's about them allowing him to trade this pair and then suddenly changing their minds and not allowing clients with open positions on the pair to close them.
I agree Ruben, and first glance at their website gives one the heebie-jeebies. I would stick with the top brokers and if your unsure or cautious go with white label. Find them on currenex' website. Again trust you get the settlement Mevo ;)
ForexTU-James: I recovered a part of my money (All details on FPA). I finally (only) lost around 1000 EUROS in this story that I probably won't ever see again. I will write to New Zealand Financial Service Providers service to let them know how a company registered with them behave and to Cysec in Cyprus because Exness is seeking an European Licence there.
About liquidity, it's an absurd excuse, even very exotic pairs have at least 2 or 3 million liquidity all the time. Only problem with exotics is that the spread is higher. And Ruben answer to you about that is 100% correct. Thanks Ruben ! ;)
Ruben: Totally agree with you. I guess we all have to learn that the hard way to really understand how all this works. I remember how I was asking myself what slippage was at the very beginning. My first very badly choosen broker soon teached me ;)
I'm not related with them at all (except being a customer), but I would say Oanda is a great choice for a beginning. I would rate them as the most honest market maker around. And their support is always helpful when needed. Exness support is just unbelievable, and I know you're not exagerating at all by writing what you wrote. I've been there ;)
I fully agree with Ruben regarding his comments on XE Markets - According to me, they are also very strange on their bonus trading system.
I funded my account with $5k and received a welcome bonus of $1.5k - after a few month, my account was showing $17k around and I decided to withdraw a short part of my 'work' done. So, I requested a withdraw of $3k which was executed, but the whole bonus was removed. Then, as I didn't touch my initial deposit on which the bonus was calculated, I asked the help desk to give me an explanation for this. They mention as soon as I withdraw, even $5, they will cancel my bonus as it is the company policy.... BUT, I can fund more money and I will get a new very 'exciting' bonus.
So, the meaning of this : They are only looking for loosing traders who keep on adding some more money into their account as they probably need to get some fresh money inside
Why is it like that : a simple explanation can be that they are running out of cash to pay the different withdraw, so that's the reason they are pushing so hard to get some new fresh money inside.
The Management called me regarding this problem and they just told me off and explained this is all brokers procedure.
I just withdraw my entire account and will keep on woking with my other brokers who are very reliable.
Not sure it suits your post, but this is an other point to show the 'honesty' of this broker - AVOID THEM !
AVERTISSEMENT SUR LE RISQUE ÉLEVÉ : Le trading de devises comporte un niveau de risque élevé qui peut ne pas convenir à tous les investisseurs.
Leffet de levier crée un risque supplémentaire et une exposition aux pertes. Avant de décider de négocier des devises, examinez attentivement vos objectifs dinvestissement, votre niveau dexpérience et votre tolérance au risque.
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