Broker is DEFUNCT-HELP!!! | Forex Factory

Options

Permalinks
Print Thread

Similar Threads

Reliable Broker with nano lot, micro lot broker, leverage 1:400, 1:500 35 replies

A Fx Broker Needed Because No Broker Allowed* In Malaysia 26 replies

The Best Broker to become an Introducing broker for? 0 replies

help, help, help (templates) 5 replies

Broker is DEFUNCT-HELP!!!

  • #1
  • First Post: Edited 2:52am Oct 6, 2006 1:55am | Edited 2:52am
-looks like this is for real...

http://www.nfa.futures.org/basicnet/...03&contrib=NFA

------------------------
I have an ccount with COESFX and was unable to reach them for the entire day. Can anybody help me of how to approach or take next steps.

Appreciate your help!
Thanks<!-- / message -->
  • #2
  • Oct 6, 2006 2:01am Oct 6, 2006 2:01am
That link didn't work mate ...
You can quit and they won't care, but you will always know.
  • #3
  • Edited 2:52am Oct 6, 2006 2:09am | Edited 2:52am
Quoting Akuma99
That link didn't work mate ...
Thanks- It should work now.
  • #4
  • Oct 9, 2006 5:53pm Oct 9, 2006 5:53pm
I have a pending account with them BUT decided not to put any (wire) money.

I have learned NEVER to use wire money funding my forex accounts:
1. I experienced that brokers that require wire money are rude and can do anything to my trades because they have my money captive/hostage (this goes to GFT!!!!)
2. If a broker tries to screw me, I can complain with my CC company for breach for contract - no i havent done this - FXCM was a little fair so I did not do it with them..
3. saves me the money if the broker sinks...
  • #5
  • Oct 9, 2006 8:10pm Oct 9, 2006 8:10pm
who said they were defunct? an NFA investigation does not mean defunct. it could, but it doesnt mean that for sure. although, im far from an expert on NFA, i try to stay as far from that stuff as possible:
Relax and be happy.
  • #6
  • Edited 1:00am Oct 10, 2006 12:58am | Edited 1:00am
never mind...
  • #7
  • Oct 10, 2006 3:16am Oct 10, 2006 3:16am
Quoting BurgerKing
I have learned NEVER to use wire money funding my forex accounts:
1. I experienced that brokers that require wire money are rude and can do anything to my trades because they have my money captive/hostage (this goes to GFT!!!!)
But you can't use credit cards for stock brokerage firms either. Forex brokers and stock brokers pretty much have the same policy. I don't know about Forex brokers, but in the stock brokerage world, a firm that doesn't take CC deposits doesn't mean that they're not legit.
Binary Options Trader
  • #8
  • Oct 10, 2006 7:46am Oct 10, 2006 7:46am
I don't think that CoesFX is defunct. I'm still trading on their MetaTrader platform. However, I'm told that anyone on their old platform is not able to trade.

The NFA action is, supposedly, the result of an accounting error. When CoesFX made the clearing switch to SpotFX, they did not produce the right reports to show that customer funds were covered. So, NFA immediately took action to stop them from trading until they could prove otherwise. If CoesFX goes back online in the next day or so, we'll know whether or not this was correct.

Since I have my primary funds with CoesFX, I did call to make sure their Fidelity Bond was in place, just to make sure. I think I'd be a bit more concerned if I was with a broker who didn't have the bond protection that CoesFX does. In any case, I, like other customers, am anxiously waiting to see how this works out.

I'll probably keep my funds here for the moment. Part of the reason is that I don't feel like I have a better place to put my money. Execution on their platform has been great and, with the exception of this issue, I haven't run into any problems. But, in my view, this is a rookie mistake that CoesFX should have prevented from happening in the first place.
  • #9
  • Oct 10, 2006 9:09am Oct 10, 2006 9:09am
Quoting rishi
-looks like this is for real...

http://www.nfa.futures.org/basicnet/...03&contrib=NFA

------------------------
I have an ccount with COESFX and was unable to reach them for the entire day. Can anybody help me of how to approach or take next steps.

Appreciate your help!
Thanks<!-- / message -->
If after everything clears up and it still leaves a bad taste in your mouth i will take my money some place else.
If I Go Broke Trying Then I Will die happy.
  • #10
  • Oct 10, 2006 9:29am Oct 10, 2006 9:29am
Quoting Moe
If after everything clears up and it still leaves a bad taste in your mouth i will take my money some place else.
I'm sure a lot of people will be doing this. Kind of sad to see a small mistake lead to many customers withdrawing their money, but after all, it is understandable. Scary stuff, but goes to show that one should limit their account balance to the greatest extent that their system would allow them to trade unaffected.
  • #11
  • Oct 10, 2006 9:48am Oct 10, 2006 9:48am
Quoting twinchell
I'm sure a lot of people will be doing this. Kind of sad to see a small mistake lead to many customers withdrawing their money, but after all, it is understandable. Scary stuff, but goes to show that one should limit their account balance to the greatest extent that their system would allow them to trade unaffected.
I think the really sad part is that CoesFX really has a great vision. I mean, the fact that they are plugging a ton of liquidity providers on the backend of MetaTrader is just awesome. The result would be fantastic for traders - tight or no spreads and excellent execution. It's disappointing to see this misstep, though.

I'm hoping they recover. But, as twinchell said, it's important to diversify your holdings with different brokers. That's wise advice. Moe will be happy - I'm looking at efxgroup as well for a portion of my funds - provided they can get MT4 up and going. We'll see how things shake out.
  • #12
  • Oct 10, 2006 11:45am Oct 10, 2006 11:45am
regarding efxgroup

had a chat with their support. No eta for mt4 platform and also no plans for allowing hedging either. Anyone know otherwise?
  • #13
  • Oct 14, 2006 8:14am Oct 14, 2006 8:14am
Quoting merlin
who said they were defunct? an NFA investigation does not mean defunct. it could, but it doesnt mean that for sure. although, im far from an expert on NFA, i try to stay as far from that stuff as possible
merlin,

Perhaps not quite defunct but they've got issues. I closed my COESFX-SpotTrader account because I couldn't trade for two days.
The following was excerpted from the SBFX website:

SBfx Administrator Join Date: Mar 2000Location: USAPosts: 222 Downloads: 352Uploads: 29Rep Power: 2

CoesFX Update: Do to continuous delays’ with opening our user’s accounts, lack of communications’, withdrawal of NFA membership and constants change in agreements, SBFX would like to inform our users that we will be ending our clearing relationship with COESfx / SpotfFX effective 09/011/06.
  • #14
  • Last Post: Oct 15, 2006 1:59pm Oct 15, 2006 1:59pm
once a company have problems like this its hard to trust them again.
If I Go Broke Trying Then I Will die happy.
0 traders viewing now