******: How a Dealing Desk Broker can cheat you with Automatic Slippage

This is a discussion on ******: How a Dealing Desk Broker can cheat you with Automatic Slippage within the Forex Brokers forums, part of the Commercial category; The third Broker answer: Dear AsstModerator, Thank you for your involvement in this thread. With all due respect to Foixx’s ...

Reply
 
LinkBack Thread Tools Search this Thread
Old Oct 17, 2017, 9:10pm   #31
Joined Aug 2012
foix started this thread The third Broker answer:

Dear AsstModerator,

Thank you for your involvement in this thread.

With all due respect to Foixx’s posts and reference to our customer agreement we are unable to withdraw his funds via bank wire.

As all the transactions between Foixx and ****** were conducted via Neteller/Skrill we must act in accordance with the AML provisions. Any violation of these provisions by our company would be unlawful.

We are fully aware of the inconvenience Foixx is addressing here on FPA, but having regard to all of the above we will continue withdrawing his funds via Neteller.

Thank you for your understanding.

Kind regards,
****** Rep.
foix is offline   Reply With Quote
Old Oct 17, 2017, 9:15pm   #32
Joined Aug 2012
foix started this thread Oh sure....I have no problem to get payed with Neteller/Skrill.
The problem is that you want to impose me a 5 months waiting, to receive all my money back !
You said: "Any violation of these provisions by our company would be unlawful"
...but ...I would like to ask to all the readers......is it lawful to block a client withdrawal requests for months?

You said: "....reference to our customer agreement we are unable to withdraw his funds via bank wire"
...but...why you want reference to your customer agreement only when it's convenient for you?

And your customer agreement point 13.5 :
"If the Client requests to withdraw funds from the Trading Account, the Company shall pay the specified amount within three (3) Business Days once the request has been accepted......."
and your web site FAQ section:
13.7 What is the maximum amount for withdrawals/ deposits? ****** does not limit the amount you can withdraw or deposit into your account. The deposit amount is unlimited, and the withdrawal amount should not exceed free margin.

PLEASE, May I know WHERE is it indicated in your Customer Agreement or in your web site that if a client make profit, he will be able to withdraw a maximum of 5000/10000€ a week, and not more, due to your e-wallet limitation?

If you have failed to indicate clearly these kind of conditions....this appears only as an abuse...there is nothing to add !
I was disposal in several occasions to reach an agreement with you, but your total silence until now with me, constitutes in my opinion, not only an abuse .....but a full-on fraud !

I look forward to have the Traders Court public voting, in order to know the opinion about it of all the other forum members.
foix is offline   Reply With Quote
Old Oct 18, 2017, 6:10am   #33
Joined Aug 2012
foix started this thread In his last reply the Broker wrote:
"As all the transactions between Foixx and ****** were conducted via Neteller/Skrill we must act in accordance with the AML provisions. Any violation of these provisions by our company would be unlawful"

....but his statement is purposely inaccurate.

I have deposited always using Neteller, I never used Skrill to deposit.
After my trading account forced closure, was the Broker to write me, asking if I could provide a Skrill account, in order to accelerate the processing of my withdrawal requests (Can I prove it? Yes...look at the 3 emails copy attached, dated 2 August...the day after the account closing...I attach again the closing communication email)
So...the Broker had no problems to execute my withdrawals using Skrill, despite I had deposited only with Neteller.
No violation of AML provisions in this case?......and then...why using a simply Bank transfer is in breach of them?

I really don't think that support this kind of justification can be plausible !
Attached Thumbnails
email6.jpg   email7.jpg   email8.jpg  

email1.jpg  
foix is offline   Reply With Quote
Old Oct 21, 2017, 8:35am   #34
Joined Aug 2012
foix started this thread Moderator question:

If the client made a small deposit via bank wire, would ****** then be able to allow him to withdraw all of his money by bank wire?

If bank wire is not an option, does ****** have any other methods where the client could get all of his funds faster?
foix is offline   Reply With Quote
Old Oct 21, 2017, 8:36am   #35
Joined Aug 2012
foix started this thread The Broker answer:

Dear AsstModerator,

Thank you for your reply.

We typically process all withdrawals in one request, but in this specific case we had to ask foixx to submit several withdrawal requests.

Regrettably, we do not offer any alternatives to e-wallet payment systems.

Kind regards,
****** Rep.
foix is offline   Reply With Quote
Old Oct 21, 2017, 8:37am   #36
Joined Aug 2012
foix started this thread Really unbelievable! From the Broker answer seems that the problem is only the necessity to slip my big withdrawal request in several little requests.
I have already done it...from 1 September with Neteller and after with Skrill as well.
The real problem, that ****** seems to accurately avoid even only to nominee, is that he's paying me only a request a week, and he will need months to complete all them!
If the Broker would pay me a 5000€ request each day, there wouldn't be any problem !
Only yesterday, in fact, another little 5000€ weekly payment is arrived from the Broker.
Almost 3 months are already passed since my trading account forced closure and, with 85000€ still blocked, I will have to wait another 17 weeks in order to have all my withdrawal requests completed....another 4 months.....a total of more than 7 months of waiting !

Dear @****** Rep....it's really very sad to see how you answer only if @asstModerator makes you a question, while at the same time, you continue to ignore all my emails and all my questions in this thread as well.
This shows another time your total lack of consideration and attention towards your clients.

I want to try to make my previous question another time (and I think that, in case of your reiterated silence, I will try every week for the next 17 weeks, so my scam alert thread will be able to rest alive, maximizing the visualizations, in order to inform the greatest possible part of the other forum members, about your regrettable behavior):

When I opened the account with you, I had to agree only with your Customer Agreement (You wrote in the open account page: "By clicking open account, you confirm that you have read and agree with our customer agreement").

But.....in your customer agreement point 13.5, you said :
"If the Client requests to withdraw funds from the Trading Account, the Company shall pay the specified amount within three (3) Business Days once the request has been accepted......."

No mention at all about your maximum 5000$€ amount that a winning client can withdraw every week (note that I say "winning client", because, as I proved in my previous posts, you had no problem at all to complete my several 15000€ withdrawal requests when I was loosing money......and then....where was your 5000€ weekly e-wallet limitation in these cases?)

Moreover in your web site FAQ section, you are even more specific:
13.7 What is the maximum amount for withdrawals/ deposits?****** does not limit the amount you can withdraw or deposit into your account. The deposit amount is unlimited, and the withdrawal amount should not exceed free margin.

PLEASE....another time......may I know WHERE a potential client can be informed of these your withdrawal limitations, BEFORE the account opening, and not only AFTER.....WHERE is it indicated in your Customer Agreement or in your web site that if a client makes profit, he will be able to withdraw a maximum of 5000€ a week, and not more?
Do you think that it is lawful to change the rules to your advantage how and when you want?

And ...last question: for what reason you continue to think that your Customer Agreement must be valid and must be rigorously followed only by your traders, and you evoke it only for your convenience, while, at the same time, you can peacefully go in total breach of it and, with incredible arrogance, into thinking that you are always doing the right thing !

Your behavior is causing me a big financial damage....furthermore you are totally unregulated and you are not able to offer any kind of protection compensation fund for your clients, in case of your bankruptcy.
This fact will espose me for the next months to a big counter-party risk, with my money still retained with you....and this thinking is going to take my sleep!)

Since that by now, starts to be clear, from your totally insubstantial answers, that you have no intention at all to be collaborative, trying to reach a more favorable agreement with me....now I only hope that you can obtain, from this your unfair and unethical behavior, an equally big damage in terms of reputation and credibility, with an FPA Traders Court guilty verdict, that could remain in your review page for the next months, in order to inform of your abuses, and so dissuade, the bigger part of your new potential future clients.
I will post this story in other forex forums as well, in order to maximize these information.
No more anything else to hope for me !
foix is offline   Reply With Quote
Old Oct 25, 2017, 8:37pm   #37
Joined Aug 2012
foix started this thread Moderator request:

I'm confused. What makes Foixx's withdrawal atypical?

Can you please lay out a time table for Foixx to withdraw all of his money as quickly as possible? How many withdrawals for what amounts over what period of time?


The Broker reply:

Dear AsstModerator,

To clarify we never considered foixx’s case atypical.

If you refer to our previous posts you’ll see that due to limitations on our payment systems we cannot process his withdrawal all at once.

It is not an uncommon practice to ask our clients to submit several withdrawal requests if it exceeds the limitation amount.

This is exactly what happened in foixx’s case, and we are continuously withdrawing his funds.

Once again, we understand the inconvenience as we keep note of all the posts that foixx is publishing in the thread and we wish to thank you for your involvement in it.

Please rest assured we are doing our best to withdraw his funds as soon as possible.

Thank you again for your understanding.

Kind regards,
****** Rep.
foix is offline   Reply With Quote
Old Oct 25, 2017, 8:39pm   #38
Joined Aug 2012
foix started this thread A Forum Member comment:

This is hypocricy. In your terms and conditions you state yourself that "****** does not limit the amount you can withdraw" and "the Company shall pay the specified amount within three (3) Business Days". Yet you limit the withdrawal to 5000€ per week and instead of three (3) Business Days you keep him waiting for months now. This is ridiculous. What a joke of an offshore bucketshop Broker you are. You really deserve the SCAM label if you ask me.

Nothing more to add !!!
foix is offline   Reply With Quote
Old Oct 25, 2017, 8:39pm   #39
Joined Aug 2012
foix started this thread The Broker continues purposely to avoid to talk about the crucial point.
The problem is not to split my big withdrawal request and execute only 5000€ worth withdrawal requests at a time....the problem is that he's paying me only 5000€ a week .....avoiding to indicates where this 5000€ weekly limitation is specified in his Customer Agreement or web site, in order to inform his clients.
In my opinion.... at this point .....a similar vague answer sound only as a joke !
I hope that FPA will decide for proceeding as soon as possible with the public voting, faced to a similar shameless behavior.
foix is offline   Reply With Quote
Old Oct 27, 2017, 5:14pm   #40
Joined Sep 2013
Quote:
Originally Posted by foix View Post
The Broker continues purposely to avoid to talk about the crucial point.
The problem is not to split my big withdrawal request and execute only 5000€ worth withdrawal requests at a time....the problem is that he's paying me only 5000€ a week .....avoiding to indicates where this 5000€ weekly limitation is specified in his Customer Agreement or web site, in order to inform his clients.
In my opinion.... at this point .....a similar vague answer sound only as a joke !
I hope that FPA will decide for proceeding as soon as possible with the public voting, faced to a similar shameless behavior.
Is it pure profit you're withdrawing or initial deposit?
It sounds really ridiculous because for example with Нotforex, max withdrawal PER REQUEST is $10000, no other limitations. They're making scapegoat of AML policy and hiding under rules take out of thin air...
gerryg is offline   Reply With Quote
Old Oct 27, 2017, 7:31pm   #41
Joined Aug 2012
foix started this thread
Quote:
Originally Posted by gerryg View Post
Is it pure profit you're withdrawing or initial deposit?
It sounds really ridiculous because for example with Нotforex, max withdrawal PER REQUEST is $10000, no other limitations. They're making scapegoat of AML policy and hiding under rules take out of thin air...
Profit.
I never had any problem to withdraw while I was loosing money, also for 15000€ withdrawals at a time.
I can understand a limitation PER REQUEST but a max 5000€ weekly limitation is totally absurd, especially if the Broker avoids purposely to mention it in his Terms of Use or web site.
foix is offline   Reply With Quote
Old Oct 27, 2017, 8:41pm   #42
Joined Aug 2012
foix started this thread Moderator request:

I believe this makes it very plain to everyone that Foixx's case is atypical.

You failed to clearly the critical questions. Please allow me to repeat them...

Can you please lay out a time table for Foixx to withdraw all of his money as quickly as possible?
How many withdrawals for what amounts over what period of time?
foix is offline   Reply With Quote
Old Oct 27, 2017, 8:42pm   #43
Joined Aug 2012
foix started this thread Another little 5000€ weekly payment is arrived today from the Broker.
80.000€ still blocked in the account since 3 months.
Seems that I will have to suffer for another 16 weeks - 4 months !!!

Maybe that the Broker considers my condition atypical due to the high amount of my withdrawal request.
Maybe that ****** has only a very little brokerage business, so that he has only clients with little deposits and therefore he's used to handling only withdrawal requests with much smaller amount.
This can be OK...no problem... a lot of other Brokers are specialized only in low deposits and low trading volume clients.
BUT....if this is the case.....****** MUST specify it in his Terms of Use or web site.

Why does he persist to promote in his web site: "Max deposit amount = Unlimited", "Maximum Trading Volume = Unlimited", and in his FAQ Section "****** does not limit the amount you can withdraw", and in his Customer Agreement: "the Company shall pay the specified amount within three (3) Business Days"....avoiding to report any other limitation.

As my case has clearly showed these statements are totally false, and he continues to lies......purposely !
And surely this is not a behavior of...as he claim....a reputable and honest Broker.....this shows that he wants only deceive his clients.

If I'd had the possibility to know his absurd 5000€ withdrawal weekly limitation, before my account opening, surely I would have chosen another Broker....and no problems would come out for nobody !

Really difficult to understand how ****** doesn't realize that if he persist with this misleading behavior, his reputation will be destroyed in no time....and this will not be a big deal for him !
foix is offline   Reply With Quote
Old Oct 28, 2017, 12:38am   #44
Joined May 2012
Quote:
Originally Posted by foix View Post
Another little 5000€ weekly payment is arrived today from the Broker.
80.000€ still blocked in the account since 3 months.
Seems that I will have to suffer for another 16 weeks - 4 months !!!
The way I see it is that you are still getting your money back albeit slowly. Frankly if this broker refuses to pay out what effective legal recourse do you have? You can huff and puff all over the internet and get some self satisfaction but that doesn't change the equation one bit.
Brumby is offline   Reply With Quote
Old Oct 28, 2017, 8:43pm   #45
Joined Aug 2012
foix started this thread
Quote:
Originally Posted by Brumby View Post
The way I see it is that you are still getting your money back albeit slowly. Frankly if this broker refuses to pay out what effective legal recourse do you have? You can huff and puff all over the internet and get some self satisfaction but that doesn't change the equation one bit.
And so you suggest to stay quiet and by thanking the Broker, that in all his generosity, he's continuing to pay me.....even if a little bit at a time...in a total of 7 months of waiting?

You said: "Frankly if this broker refuses to pay out what effective legal recourse do you have?".....I can't understand your question......I will have all the legal recourse of the world !....my trading activity was regular, I made profit regular ....the Broker has to pay my withdrawal requests in 3 business day, in compliance of his Customer Agreement....stop!
I would have no problem to win a lawsuit in this case....my intention is to try to avoid it, by leveraging on the importance of a good reputation for the Broker.

You have to consider that in September the Broker had stopped any payment to me without any reason.
After one months he started again to pay me only after my FPA Scam Alert thread, where he publicly admitted that the "investigation" against me was concluded (obviously this was an excuse... because no investigation starting was never notified to me) and that my trading activity had to be considered fully regular.
And this was a big first result for me, without legal recourse....probably without the thread clamor, nowadays i'd still be waiting without any payment.

Now I hope that the possibility of a FPA Traders Court guilty verdict (that would remain in his FPA review page with a dissuasive effect for new potential clients and so with a big damage in term of reputation...and consequently...business), could have some positive effect in order to have my money back much more quickly, hoping that the Broker wants to avoid to be labeled as a Scam, in front of one of the bigger forex traders community worldwide.

In my opinion if someone suffers an injustice, he must react, in any way, as far as he's able to do.
foix is offline   Reply With Quote
Reply

Thread Tools Search this Thread
Search this Thread:

Advanced Search

Similar Threads
Thread Thread Starter Forum Replies Last Post
How to tell a difference if Your Broker is a Dealing Desk or Non-Dealing Desk vanko123 Forex Brokers 0 Dec 18, 2010 5:34am
Dealing Desk aulifications? SanMiguel General Trading Chat 3 Aug 3, 2010 12:12pm
Non Dealing Desk brokers Trdr Forex 2 Nov 1, 2009 7:04pm
Dealing Desk chilltrader Spread Betting & CFDs 18 Aug 28, 2009 9:01pm

Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)