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How I got RIPPED OFF by EXNESS...

Mevo
Nov 02 2012 at 07:15
posts 65
Deedou: I can understand how disapointing it is to have the bonus totally removed if you just withdraw a very small part of trading gains and have far more money still on your account than what you deposited to get the bonus. Anyway, it is true that you are supposed to read and understand the rules (terms and conditions) of the bonus (not always very clear or understable) and you are supposed to have been accepted them when accepting the bonus.

Not to defend them, but their bonus terms and conditions states that: '4.5 Any withdrawal of funds [...] will immediately nullify all previously awarded Welcome Credit Bonus and will cause all previously awarded Welcome / Loyalty Credit Bonus(es) to be withdrawn [...]'

When opening an account, or trading, there isn't usually anything special in terms and conditions (you are still supposed to read then, understand then and accept them), but with bonuses, you always have to read carefully this terms, as there is usually cinditions of how much you need to trade, and other things.

I don't think that this is really being dishonest but I can again understand your disapointment. If this is the worst you experienced with a broker until now, you're a quite lucky trader I would say ;)

Jiggy
Nov 02 2012 at 10:42
posts 8
All the very Best to you, hope you get the rest of your money back. Lesson to be learnt here for all.

biosko
Nov 02 2012 at 11:50
posts 65
Bonus is never meant to be bonus. Its just something which can help at beginning or to attract new people. So dont count with bonuses.

Mevo I read your story at FPA. Very interesting. Exness is now at my blacklist. Their support and their excuses = SCAM like.
Atleast they should agreed to pay you 3000metal currency and they would cover their fail, instead of that they acting like idiots. Now I think they lost more than this. A lot of potential customers.
Dont forget to contact authorities.

Good luck.

Mevo
Nov 02 2012 at 12:31
posts 65
Jiggy: Thank you. I won't get the remaining of my money back, seems quite impossible now. But that's fine, I'm OK with it. It's my fault to have opened an account with such a so-called 'broker' and to NOT have took all the money and run when I saw clear red signs (I mean the quotes and spread manipulation of GBP/USD that hit some of my stop orders like posted on FPA was crystal clear, and it was months ago)

Biosko: I'm trying to advertise this as much as I can, so that a maximum of potential customers do NOT open an account with them. I am really convinced that they are a real SCAM (maybe they are idiots at the same time, or they are really good at acting they're idiots, lol) with all I saw. And if I am honest with myself, it really seems that their conditions are TOO GOOD TO BE TRUE. You can't have better spreads than on every ECN networks with NO FEE at all and pay IB (introducing brokers) 36% of the spread on the top of that ! (I was getting 30% rebate on all my trades, and I got this money)

'they should agreed to pay you 3000metal currency and they would cover their fail': That's what an honest broker probably would have done. But hey, as a broker, you don't check your system to see if trades are open on a pair you want to disable ? And you don't say anything before doing it so that your customers know ? And IF such a thing happen (A customer stuck with 9 lots of trades on a pair disabled for trading), you apologize and do your best to solve the situation. Come on, there is very HIGH PROBABILITY that they perfectly knew what they were doing when they disabled it...

I promised them to do my best to shut them down, and I only have one word. Nice letters will go to authorities, no problem about that. And I'm ready to help anybody who was scamed by this guys to write to authorities with their evidences. I hope they will do something.

I don't even remember where I wrote that, but yes, it's sad to have invested so much energy (Great advertisment, great website...) in a scam. They could do something really great by being honest and legitimate, probably growing nicely their customer base, and become a successful broker. It must be even more intersting to run a scam broker, that's was this story tells me.

And there is another thing that I often think about: Regulators are paid BY BROKERS (they pay a fee of a few 1000's $ every year) ! So, again, if you are honest with yourself: It is NOT the best interest of regulators to shut down brokers. We would need a regulator paid by traders who would really be on the side of the traders. In Europe, Mifid directive is a great intention, and great on paper, but when I see how some brokers handle customer's orders by claiming they are 100% Mifid compliant, and being regulated by a EUROPEAN regulator, it's just amazing (ok, the one I'm thinking about is in Greece, lol). Regulators could easily open with the identity of one of their staff, a small account with the brokers they are supposed to 'regulate' to see by themselves what's going on. I doesn't seem they ever do that.

To come back to Exness, they are NOT really regulated for now, so I don't have any regulator to blame, only myself. (They are trying to get a Cysec licence)

James_Bond
Nov 05 2012 at 15:03
posts 556
Mevo posted:
And there is another thing that I often think about: Regulators are paid BY BROKERS (they pay a fee of a few 1000's $ every year) ! So, again, if you are honest with yourself: It is NOT the best interest of regulators to shut down brokers.


I don't think that's true. The money paid by brokers isn't bribery fee, but a fee to cover costs as obviously it takes a lot of time and effort to regulate a company.

In any case, I'm sure if you have hard evidence, a regulator will eventually act on it.

Mevo
Nov 05 2012 at 16:02
posts 65
James_Bond posted:
I don't think that's true. The money paid by brokers isn't bribery fee, but a fee to cover costs as obviously it takes a lot of time and effort to regulate a company.


I never talked of bribery. As you're pointing out, regulator's running costs are paid by the brokers. For a regulator, shutting down a broker = lowering its revenues to cover its costs. Never told that regulators aren't honest or whatever, but would make a lot more sens if they didn't have to think about: Shutting down a broker = shooting themself a bullet in the foot, as the brokers ARE FEEDING THEM. Wouldn't be the case if regulators were paid by traders for example.

You know, I'm really AMAZED by some fully regulated-broker practices. Sometimes, I ask myself what regulators are here for ...

In any case, I'm sure if you have hard evidence, a regulator will eventually act on it.


I will tell you that in a while if they answer to me.

Jeevan s (jeevan007)
Nov 06 2012 at 16:15
posts 26
exness is one of the genuine broker,i dont think there is any fault associated with them,pls change ur mind

Mevo
Nov 06 2012 at 17:13
posts 65
Jeevan: You're right, I have changed my mind. Disabling a pair without notice, having customers stuck with their position, and then driving them crazy for more than one month to finally wrongly close their trades to cause them HUGE losses and refusing to do anything about it until they post the whole story online (1 more month of crazyness), then compensate only a part of what went wrong must be what 'genuine broker' do.

And who is still wanting a broker who doesn't manipulate spreads and quotes these days ? Hopefully Exness does it !

I don't know what your dealer gives you, but it really seem to be some good stuff...

Max (hwlm)
Nov 07 2012 at 00:07
posts 59
Jeevan: Do you work for Exness? Don't even have a system on your profile.

rob559
Nov 07 2012 at 04:00
posts 1916
hwlm posted:
Jeevan: Do you work for Exness? Don't even have a system on your profile.


ya only 2 posts he is one of them for sure

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