Dear friends, I was a dormant introducing broker, since years I was focused on proprietary trading, perhaps almost private, then as you all, a day watching the market maker spreads go so low to 0.8 pips on Eur/usd and not offering to any customers MT4 and losing them one by one, I decided ok to contact FXpro and sign an agreement with them.
I was in UK at that time, and I hadn't so much time, however I had a pleasant phone conversation with one director, a cypriot, Stravos, and then after that I decided that a day I could sign with them and introduce some of my customers willing to trade with a MM and aware of the risk to do so, but when you know and accept, everything is ok.
The point is, that they, for over 1 year, sent me an email periodically to push me to sign and bring some customers, they was polite and nice.. in email, so at some point, when a customer asked me many times to give him MT4, I signed the agreement just for him, a friend perhaps, and a customer since 8 years.
He lost 7.000 eur. But it's not this the point, the broker sent me a 2 lines email and letter saying that we stopped to act in good faith as per their article in the agreement they want to terminate the agreement and do not pay me any commission.
I was in touched even in skyper with the IB desk... any problem at all... never! Just a surprise.
Those commissions are a small amount around 2.000 usd, but what about if the same will be done to 100 IB's? and what about if me, or another with even bigger amount (very easily for an IB arrive to 100.000USD/year) could have or has or had some cheat?
I never seen somethng like this in 8 years of experience, I know I could exepect this from forex, but not from FXPRO.
Of course, in that time I was wathching their banners everywhere... bying traffic everywhere and everywhere again!
F1, rally, soccer teams, Bloolmber, CNBC, Financial times and so on!
I was doing the creps with Nutella, I go in a recipe website and ! FXPRO ads.
Mad.
However, I wrote politely to the IB desk, and they refused to pay me the commissions stating that I did not qualify. I said, what? they explained bla bla, then they sent me a letter giving me 2 months to show that I was in good faith (for what? they never explained what was for them bad faith... was that I haven't sent to them 100 customers per month..).
At that point i was very touched but such ignorance about finance that I said ok terminate the agreement right now and pay me the commissions because what I've heard is too much.
I was fine for them for 2 years, then they terminate me the agreement just when my customer refused to put other money in MT4, and then they give me 2 months to do not justify their mistakes in terminate the agreement without justifications.
So as I said, they terminate the agreement, of course without telling me and without writing me, just they did, disabled the login as IB and so on.
I wrote to them after some day and they said to me what I wrote before. All disabled. I Said to them ok, you are obligated to pay me the commissions due, they said not we are not, the matter is closed.
I wrote to them several times, to compliance etc, asking them to show me in the contract where is written that they do not owe me that commissions, and the total silence.
I tried to contact via phone, 2/3 times I got refused and was told me the compliance offer was in break/lunch.
I asked to contact me via phone many times, they never did.
I asked to forward to directors/CEO my complaints, never done, nor possible to contact them.
Than all this was suspicious to me.
So I did the boring job to do I never want to do, google and look news about the scam. And I found.
I contacted around 100+ brokers, and forums ownwers, and I got some feedback. Especially from Nicosia/Limassol based professionals that knows what is going here in Cyprus!
What is going?
That this broker is acting as a bad mafia guy. There is the good mafia guy that is respectfull of people and the bad one that is the worse has any respect of the people.
These people for what I read in forums, is protected or backed from Cysec, the security commissions, I received emails stating that the board of Fxpro was/is friend of the ex vice chairmain of the Cysec and he was on secret payrol of fxpro and so on.
Now, if somebody complain to fxpro compliance officer and he closes the door in your face and do not take care of a complaint, do not pay the commissions (do not respect the contract or simply a cheat), and we complain to Cysec and they do not answer for 90 days what should we thing?
Should we thing that what we find around the web is true and here in Cyprus there is the biggest scam and scandal about the forex?
Here brokers are like mushrooms, seem an island open to each king of cheats in forex and background of the founders of such forex firm, this is one of the email I received 2 days ago:
"Cysec's possibly corrupted VChairman:
Mr. Akis Hatzipieris Ex Vice Chairman of Cysec.
Always on holiday leave during his time at Cysec.
Friends with Panagiotis Xydas, a senior manager in FXPRO. They were appearing socially in Cyprus (eat drink have fun),
and Xydas confirms their friendship. Rumors that Akis is on secret FXPRO payroll. Apparently there was no Cysec inspection to FXPRO for very long time if at all.
Crown Forex Scandal:
Check this old scandal out where everybody is trying to keep their mouth shut.
http://www.forexpeacearmy.com/public...www.fxpulp.com
Date of Post: 2010-11-29"
I'm disgusted not so much for the forex scams and regulators of EU/USA etc not stopping this phenomen of illegal licenses that have nothing to do with finance but more to the betting or even lower lever because we are speaking of illegality and criminal acts when such plug ins to cheat are used with the intent to cheat the customer and not doing at all the market maker job, I'm disgusted because the regulator do not answer!!! and back them!
Back them.
Why?
Fxpro for example for what I remembe just few months ago, was a normal firm in my view. Like others, may be more good of other in their aggressivity and growth, so may be they found a good webdesigner, some good programmer to developp apps, money to spend in google adwords, papers, some good contact to start collaborations, paid, with tvs and so on.
Was normal, a classic market maker with a lot of complaints as others.
BUT, when you read, in their site, news day by day, where they get awards from the president of Cyprus... then you see the board tha slowly change and they bring into people that have nothing to do with forex... and have the hands on the politics of Cyprus, and are "friends of friends" may be again of the regulators and so on..
here you see a "lobby" and a dangerous one.
Why? I don't want to be rude with Cypriots, but coming me, from a mafia country, and much more developped, I can see very well in this story
1. how in mafia style is working FXPRO.com with his found, russian, showing his nice gold watch on a lot of site I hope you will now to goole and see...
2. the cypriot politicians are not of course young people using facebook and google, and even not good at all in trading or to undestand what the forex is... and which sophisticated scam industry is behind, are common people and much less preparate to such sophisticated plans to use such names, such CV's to arrive an a goal to legitimate their leadership that is not other than a SAND castle because is based on the cheats done to some WEAK customer.
Weak customers lose today 500, tomorro 50.000 and so on.
Without those cheats, the business was bankrupt. And of course not only for fxpro.
The goal of Fxpro now, is doing the things bigger and bigger, but here the russian dream and cypriot "lobby" behind too will crash.
They are tring to make an IPO to raise the money and to give the hot potato that in these day is VERY HOT, to the pur investors should buy the shares on the London Stock Exchange.
But I hope we will be able to stop this before, because we need to organize and sue them for all the illecits done against us, and we have the proos because a part my case, I've read and I've also some dozen of cases in my hands where I can see detailed proofs of the cheats.
Cyprus is really a nice island, and really nice people,
but the one are around FXPRO are really bad one and they want to wast the reputation of a whole country.
They do not care to put the face of the president of the republic to give an award to them for the job their are doing... poor president he even don't know what is doing and with who is dealing, and probabily he never traded forex in his life and he limited to change some banconote in some airport at a spread of 10% bid/ask, as this is common in EU airports and it's another scam and thread... (:-)))
Sorry for the long post but was due...
I hope to find people like me cheated, and in particular IBs!!! to me is really new that they cheat even IB's, if they cheat IBs and experienced with a background in real finance, non in market makership of videogames, I can't imagine what and how they can cheat the customers that are their counterpart and real enemy to suck the blood!
Hope to have a lot of feedbacks and if somebody want to join with me in a group that want to sue them... we can get help and support in Limassol and Nicosia by accountants that know good lawyers against this lobby and that knows even the minister of finance, so we can win if we want and we can stop the arrogance of not only a broker but a security commissions that is violating with its silence the rights of investors and who deals with firms they are regulating.
Also we need help to inform EU regulators of what is happening and to make complaints to OldMutual and other institutions where some of those "non executive" directors are coming from in this board bios.
Sincerely.
I was in UK at that time, and I hadn't so much time, however I had a pleasant phone conversation with one director, a cypriot, Stravos, and then after that I decided that a day I could sign with them and introduce some of my customers willing to trade with a MM and aware of the risk to do so, but when you know and accept, everything is ok.
The point is, that they, for over 1 year, sent me an email periodically to push me to sign and bring some customers, they was polite and nice.. in email, so at some point, when a customer asked me many times to give him MT4, I signed the agreement just for him, a friend perhaps, and a customer since 8 years.
He lost 7.000 eur. But it's not this the point, the broker sent me a 2 lines email and letter saying that we stopped to act in good faith as per their article in the agreement they want to terminate the agreement and do not pay me any commission.
I was in touched even in skyper with the IB desk... any problem at all... never! Just a surprise.
Those commissions are a small amount around 2.000 usd, but what about if the same will be done to 100 IB's? and what about if me, or another with even bigger amount (very easily for an IB arrive to 100.000USD/year) could have or has or had some cheat?
I never seen somethng like this in 8 years of experience, I know I could exepect this from forex, but not from FXPRO.
Of course, in that time I was wathching their banners everywhere... bying traffic everywhere and everywhere again!
F1, rally, soccer teams, Bloolmber, CNBC, Financial times and so on!
I was doing the creps with Nutella, I go in a recipe website and ! FXPRO ads.
Mad.
However, I wrote politely to the IB desk, and they refused to pay me the commissions stating that I did not qualify. I said, what? they explained bla bla, then they sent me a letter giving me 2 months to show that I was in good faith (for what? they never explained what was for them bad faith... was that I haven't sent to them 100 customers per month..).
At that point i was very touched but such ignorance about finance that I said ok terminate the agreement right now and pay me the commissions because what I've heard is too much.
I was fine for them for 2 years, then they terminate me the agreement just when my customer refused to put other money in MT4, and then they give me 2 months to do not justify their mistakes in terminate the agreement without justifications.
So as I said, they terminate the agreement, of course without telling me and without writing me, just they did, disabled the login as IB and so on.
I wrote to them after some day and they said to me what I wrote before. All disabled. I Said to them ok, you are obligated to pay me the commissions due, they said not we are not, the matter is closed.
I wrote to them several times, to compliance etc, asking them to show me in the contract where is written that they do not owe me that commissions, and the total silence.
I tried to contact via phone, 2/3 times I got refused and was told me the compliance offer was in break/lunch.
I asked to contact me via phone many times, they never did.
I asked to forward to directors/CEO my complaints, never done, nor possible to contact them.
Than all this was suspicious to me.
So I did the boring job to do I never want to do, google and look news about the scam. And I found.
I contacted around 100+ brokers, and forums ownwers, and I got some feedback. Especially from Nicosia/Limassol based professionals that knows what is going here in Cyprus!
What is going?
That this broker is acting as a bad mafia guy. There is the good mafia guy that is respectfull of people and the bad one that is the worse has any respect of the people.
These people for what I read in forums, is protected or backed from Cysec, the security commissions, I received emails stating that the board of Fxpro was/is friend of the ex vice chairmain of the Cysec and he was on secret payrol of fxpro and so on.
Now, if somebody complain to fxpro compliance officer and he closes the door in your face and do not take care of a complaint, do not pay the commissions (do not respect the contract or simply a cheat), and we complain to Cysec and they do not answer for 90 days what should we thing?
Should we thing that what we find around the web is true and here in Cyprus there is the biggest scam and scandal about the forex?
Here brokers are like mushrooms, seem an island open to each king of cheats in forex and background of the founders of such forex firm, this is one of the email I received 2 days ago:
"Cysec's possibly corrupted VChairman:
Mr. Akis Hatzipieris Ex Vice Chairman of Cysec.
Always on holiday leave during his time at Cysec.
Friends with Panagiotis Xydas, a senior manager in FXPRO. They were appearing socially in Cyprus (eat drink have fun),
and Xydas confirms their friendship. Rumors that Akis is on secret FXPRO payroll. Apparently there was no Cysec inspection to FXPRO for very long time if at all.
Crown Forex Scandal:
Check this old scandal out where everybody is trying to keep their mouth shut.
http://www.forexpeacearmy.com/public...www.fxpulp.com
Date of Post: 2010-11-29"
I'm disgusted not so much for the forex scams and regulators of EU/USA etc not stopping this phenomen of illegal licenses that have nothing to do with finance but more to the betting or even lower lever because we are speaking of illegality and criminal acts when such plug ins to cheat are used with the intent to cheat the customer and not doing at all the market maker job, I'm disgusted because the regulator do not answer!!! and back them!
Back them.
Why?
Fxpro for example for what I remembe just few months ago, was a normal firm in my view. Like others, may be more good of other in their aggressivity and growth, so may be they found a good webdesigner, some good programmer to developp apps, money to spend in google adwords, papers, some good contact to start collaborations, paid, with tvs and so on.
Was normal, a classic market maker with a lot of complaints as others.
BUT, when you read, in their site, news day by day, where they get awards from the president of Cyprus... then you see the board tha slowly change and they bring into people that have nothing to do with forex... and have the hands on the politics of Cyprus, and are "friends of friends" may be again of the regulators and so on..
here you see a "lobby" and a dangerous one.
Why? I don't want to be rude with Cypriots, but coming me, from a mafia country, and much more developped, I can see very well in this story
1. how in mafia style is working FXPRO.com with his found, russian, showing his nice gold watch on a lot of site I hope you will now to goole and see...
2. the cypriot politicians are not of course young people using facebook and google, and even not good at all in trading or to undestand what the forex is... and which sophisticated scam industry is behind, are common people and much less preparate to such sophisticated plans to use such names, such CV's to arrive an a goal to legitimate their leadership that is not other than a SAND castle because is based on the cheats done to some WEAK customer.
Weak customers lose today 500, tomorro 50.000 and so on.
Without those cheats, the business was bankrupt. And of course not only for fxpro.
The goal of Fxpro now, is doing the things bigger and bigger, but here the russian dream and cypriot "lobby" behind too will crash.
They are tring to make an IPO to raise the money and to give the hot potato that in these day is VERY HOT, to the pur investors should buy the shares on the London Stock Exchange.
But I hope we will be able to stop this before, because we need to organize and sue them for all the illecits done against us, and we have the proos because a part my case, I've read and I've also some dozen of cases in my hands where I can see detailed proofs of the cheats.
Cyprus is really a nice island, and really nice people,
but the one are around FXPRO are really bad one and they want to wast the reputation of a whole country.
They do not care to put the face of the president of the republic to give an award to them for the job their are doing... poor president he even don't know what is doing and with who is dealing, and probabily he never traded forex in his life and he limited to change some banconote in some airport at a spread of 10% bid/ask, as this is common in EU airports and it's another scam and thread... (:-)))
Sorry for the long post but was due...
I hope to find people like me cheated, and in particular IBs!!! to me is really new that they cheat even IB's, if they cheat IBs and experienced with a background in real finance, non in market makership of videogames, I can't imagine what and how they can cheat the customers that are their counterpart and real enemy to suck the blood!
Hope to have a lot of feedbacks and if somebody want to join with me in a group that want to sue them... we can get help and support in Limassol and Nicosia by accountants that know good lawyers against this lobby and that knows even the minister of finance, so we can win if we want and we can stop the arrogance of not only a broker but a security commissions that is violating with its silence the rights of investors and who deals with firms they are regulating.
Also we need help to inform EU regulators of what is happening and to make complaints to OldMutual and other institutions where some of those "non executive" directors are coming from in this board bios.
Sincerely.