Protect the novice investor public: Awareness about Online Forex Trading Easy Forex

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Old Aug 14, 2008, 3:32pm   #1
 
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Joined Aug 2008
Protect the novice investor public: Awareness about Online Forex Trading Easy Forex

Dear Sir or Madam,

I am asking for little of your attention that may help to protect many novice investors like me from disastrous experiences.

The disastrous experience that I allowed myself with a specific Online Forex Trading Co., named Easy Forex, is of course solely my responsibility. However, in the process I have discovered several serious facts of which I feel obliged to warn the media and novice investor public about, especially within my region of the Middle East.

Discovering these facts was not trivial, since one can not suspect these early enough and also because Easy Forex seems to disguise some of these quite well.

I also call upon authorities that seem to have provided licenses to Easy Forex to consider these facts since the licenses encourage investors like me to engage with the company.

The direct experience with Easy Forex

After viewing an online ad, I became a client of Easy Forex. I was made to feel comfortable and invited to fund my account with little money and risk my money in a market that was presented to me as having endless profiting opportunities. These actually may be true. I felt additionally confident when discovering several licenses Easy Forex claims to have. I allowed myself initial trading losses believing this was a learning process.

Soon after, I seemed to be left quite on my own without the promised client support, because additional client support required me to fund my account with larger amounts of money. Unfortunately, I funded my account further to receive additional support that Easy Forex named personal service.

During this phase of the experience, I was many times advised wrongly about engaging in specific deals, I was chased by calls and alerts all day to deal, and got often trapped when the service and platform was much less responsive in difficult market conditions.

After having experienced high pressure selling tactics, mind manipulation and a non-responsive service & platform, I ended up with severe losses. At this stage I felt trapped and pressured by Easy Forex to continue trading to recover losses.

As a last hope, I asked for someone to manage my account for me. Easy Forex responded to this request with some difficulty but finally a private trader was recommended. However, the losses did not seem to stop happening and I got very suspicious about the quality of the trader, as well as his relationship with Easy Forex.

Shocking facts discovered

With no other hope left and severely financially damaged, I ceased trading and felt that I owed myself an investigation of Easy Forex before moving on.

Licenses

I enquired with staff about Easy Forex licenses and their meaning for the investor. I was told that these licenses ensure high level of client protection and service quality. When I questioned further, I was told that all branches of Easy Forex that service clients are licensed. However in my experience there was no regional branch and all service came from the claimed Headquarters in Cyprus. I wonder whether any license has any effect over the whole company and not just the so called branches.

Internet reviews

As a second step, I searched the internet extensively. First, I discovered reviews that mentioned the technical problems I faced with the Easy Forex platform and the damage caused to investors. Some also stated that Easy Forex is after the so called newbies, meaning non-experienced investors.

A shocking website

Finally, I came across a website called Easy-Forex, which shocked me.

I was confronted with historical evidence of high pressure selling tactics and client manipulation in 2005-7 similar to my own experience in 2007-8. Israeli names of people involved are also stated and checking the website one can discover their high rank within the company.

Clearly form the website one can suspect that Easy Forex serves Israeli interests. Although this may not concern all people, for people like me from the Middle East this is a shocking fact.

Finally, I ask all media and authorities contacted to please consider this information and act for the protection of novice investors like me from such orchestrated financial destruction. In addition Arab people should be told the truth about Easy Forex that is of important concern to them.

I am asking for your understanding for maintaining my anonymity since I seem not to have the right for claims against Easy Forex, do not wish to go through more stressful communications, want to avoid hostilities and simply wish to protect the novice investor public with facts they may not discover early enough. This will at least comfort me little in the life-time difficulties I have inherited from this experience.

Thank you.

An Easy Forex victim
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Old Aug 14, 2008, 4:34pm   #2
 
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FSA !!
NFA !!

Hmmmm
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Old Aug 14, 2008, 5:08pm   #3
Joined Aug 2003
LET THE HOSTILITIES BEGIN!!!!
(Although you guys have no chance against the Israelis

Quote:
A shocking website
What's so shocking about it they all do that forex shops that is not israeli's

Quote:
Clearly form the website one can suspect that Easy Forex serves Israeli interests. Although this may not concern all people, for people like me from the Middle East this is a shocking fact
.

They backers are probably Saudis



Quote:
In addition Arab people should be told the truth about Easy Forex that is of important concern to them
.

Don't do that they will probably find out their fellow Arabs are screwing them.

I apologise I am bored finished trading at 8.30 this morning and now am amusing myself.

If there were more jokes about would not have to amuse myself reading this cr@@p
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Old Aug 14, 2008, 5:47pm   #4
 
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Joined Feb 2008
Have taken a look at that web site you mention, shame you didn't see it before joining them.

Thanks for sharing your personal experiences with us.

Gamma: heres a joke for you, theres this guy that finished trading this morning and has done nothing more than stay by his pc when not working and earning money from his proffession, all he's done is search to read crap ha ha. what a laugh.

Gamma: If your bored reading this crap why dont you p*ss off down the pub.
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Old Aug 14, 2008, 6:06pm   #5
Joined Jun 2008
Gamma, you could teach me your trading skills, it would definitely be a good way for you to spend your free time. Finishing the day by 8:00 is but a dream for me
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Old Aug 14, 2008, 6:10pm   #6
Joined Aug 2003
Well if you don't have the intelligence to check something out before you go for it you probably deserve to be stung!
This sounds like some like some Palestinian moan about Israel.
I have not looked at the website but this persons complaint seems to focus more on the Israel issue than any facts.
Here a joke for you Lee shepard:
the reason I do not go to pubs is
1) I have responsibilities.
2) and more importantly One tends to come across characters like yourself in pubs.
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Old Aug 14, 2008, 6:11pm   #7
Joined Aug 2003
Quote:
Originally Posted by Stuart14 View Post
Gamma, you could teach me your trading skills, it would definitely be a good way for you to spend your free time. Finishing the day by 8:00 is but a dream for me
Not a problem
p.m me
Although must warn you I am up 5:30 gmt
and don't always finish by 8 or 9

Last edited by gamma; Aug 14, 2008 at 6:16pm.
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Old Aug 14, 2008, 6:20pm   #8
 
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Regardless of the nationalities involved does this, yet another beginner's forex disaster, not suggest that forex is too dangerous a place for tyros?

I ask this rhetorically, because I don't trade forex so can't speak with authority. But it seems to me that with a market that is never closed, can be affected by the slightest piece of news and is very popular with traders who do know what they're doing, you really need to be watching it all the time you have a trade open.

I make a perfectly good business out of FTSE stocks using EOD data and light monitoring during opening hours - no hassle and plenty of time to think, consider and act. Average trade open for 1-2 days. Would this sort of trading not be better suited to a beginner who perhaps is only just starting to appreciate the need to get the basics right?

Why is it that so many sites push forex trading? - am I missing something here or is it just easy pickings for quasi scam merchants? I presume the punters are pulled in with the tales of quick and easy riches but a few hours on this site soon puts paid to that myth.

Maybe forex is ok for beginners - I note that when Trader_Dante started his excellent guide to trading, the popular vote was for currency. Maybe if I were starting out today I would think the same!
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Old Aug 14, 2008, 6:23pm   #9
 
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Quote:
Originally Posted by gamma View Post
Well if you don't have the intelligence to check something out before you go for it you probably deserve to be stung!
This sounds like some like some Palestinian moan about Israel.
I have not looked at the website but this persons complaint seems to focus more on the Israel issue than any facts.
Here a joke for you Lee shepard:
the reason I do not go to pubs is
1) I have responsibilities.
2) and more importantly One tends to come across characters like yourself in pubs.
Why dont you take another read of the post, better still, look at the site mentioned BEFORE critisizing it you baffoon.

As for meeting people like me down the pub, thats right, people that like to socialise and be civil towards one another and others personal experiences (good and bad) rather than sniping at them from behind your keyboard.

Stop having a bad day and grow up a little and just try and understand what this guy is trying to get across. It's about easy-forex, read whatever else into you like to fit your description but that is the crux of the post, easy forex.

As for responding to this post as I'm sure you'll do, if you have responsibilities then get on with them instead of writing crap on someones thread saying their post is crap when they've felt hard done by (there mistake or not).
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Old Aug 14, 2008, 6:29pm   #10
Joined Aug 2003
Good Point 0007.
But its not currency that is the problem its the trader some people are not cut out for trading specially ones who want their hands held all the time which seems the case with the above
I believe this person would have lost his money if he was property speculating or gold minning or what ever
Someone wanting their hand held while trading well!
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