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Tradex Swiss AG

  • #21
  • Aug 1, 2007 5:05pm Aug 1, 2007 5:05pm
does anyone know how swiss regulation works? I see a lot of firms registered in switzerland but what kind of customer protections do they give you?
  • #22
  • Aug 1, 2007 5:51pm Aug 1, 2007 5:51pm
Customer protection as in when the firm goes bankrupt? None - customers get what is left of the funds, which is in most cases not much. Its the same like in the US, or most other places for that matter. The bigger problem is that ANY NUTTER can open a FX broker-business in swizerland (and can do so AGAIN, after his first fx firm went bankrupt). In the EU or the USA its quite hard to meet regulatory requirements so that one is allowed to open such a business and recieve client-funds. This led to many dubious firms and outright scamsters choosing to domicile their outfits in switzerland.
  • #23
  • Aug 2, 2007 5:49am Aug 2, 2007 5:49am
thanks shrike. this is helpful.
  • #24
  • Aug 10, 2007 8:39am Aug 10, 2007 8:39am
Hi..
I am one of the tradex client. Well i am much upset right now with the current situation of tradexfx.com ..their other website is online tradexfx.us
. i do have live account worth 29k with them.. and every thing sound's stuck over there..
I talked with them by phone today.. and they said their account has been frozen by Agencies.. because they were providing 6% to 10% per month turnover on their managed account holders.. that's why GOV is behind them..
I guess they are Broker not a Mutual fund company.. so i think it's illeagal to provide %..
But they are handling managed account.. not talking investment . but trading on thier clients account.. anyway.. they must have done some thing illeagal that's why they are under investigation..
and they told me one more thing that TRADEXFX is shuting down..
As far as People's money concern ,they said wait for 4 week .. as soon as our Bank accounts re-activte, we wil bank wire to people their funds..
Now i am much more worried with the whole situation..
Can anyone else call them and get more information and confirm that this information is correct which they provide me.
Thank you
Hammad

P.S Thier Phone # which is working +1-6173388822 .. no othe rphone is responding .. even their staf isn't picking thier cell phones.

kindly Guide me also , what can i do to get back my money .. i am far away from Switzerland and USA. So what can i do?
  • #25
  • Aug 10, 2007 9:12am Aug 10, 2007 9:12am
Quoting Hammad
Hi..
I am one of the tradex client. Well i am much upset right now with the current situation of tradexfx.com ..their other website is online tradexfx.us
. i do have live account worth 29k with them.. and every thing sound's stuck over there..
I talked with them by phone today.. and they said their account has been frozen by Agencies.. because they were providing 6% to 10% per month turnover on their managed account holders.. that's why GOV is behind them..
I guess they are Broker not a Mutual fund company.. so i think it's illeagal to provide %..
But they are handling managed account.. not talking investment . but trading on thier clients account.. anyway.. they must have done some thing illeagal that's why they are under investigation..
and they told me one more thing that TRADEXFX is shuting down..
As far as People's money concern ,they said wait for 4 week .. as soon as our Bank accounts re-activte, we wil bank wire to people their funds..
Now i am much more worried with the whole situation..
Can anyone else call them and get more information and confirm that this information is correct which they provide me.
Thank you
Hammad

P.S Thier Phone # which is working +1-6173388822 .. no othe rphone is responding .. even their staf isn't picking thier cell phones.

kindly Guide me also , what can i do to get back my money .. i am far away from Switzerland and USA. So what can i do?
Sounds like you are really getting screwed Hammad. Kind of like that poor guy at the AFL-CIO Democratic Debate who saw his pension go up in smoke when his steel firm went bankrupt. Well I for one am NEVER opening an account with a Swiss firm that's for sure!
  • #26
  • Aug 10, 2007 11:39am Aug 10, 2007 11:39am
On their Registration nothing is mentioned of having aBoston Branch. If they are allowed to open their business in Boston, they need permission from the US.
If you sent your money to the US, there is nothing you can do going to the Swiss Authorities.
You could have opened an account with Refco. That is one company that repect US and European regulations.
Not everything with " Swiss " are swiss. Forex Swiss sound swiss but is not swiss.
There is one thing before sending your money to any broker. Find out from other traders for informations!! Just google and then read the forums where the broker are being discussed.
There were strict regulations controlling export of sensitive materials to certain countries from Europe. The CIA and etc were watching. And in spike of the US and European authorities watching, a German firm could still obtain permission from the German authorities to sell Saddam Hussein the material that would eventually give him the Atomic Bomb.
It does not matter where. Every country has crooks when money is concerned. Regulatons and laws won't stop them. We just have to do our homework and find it out.
Switzerland is a small country with 25 semi independant states. Up to a certain level, each state has it's own control on certain issues. On financial issues, try to do business with a firm where the state is noted as a financial center. Example Geneva, Zurich or Basel. There ought to be more strict control. Try choosing well known brokers like Dukascopy or Synthesis Bank.
You need to first find out under what commercial status these " c--k" are registered in the US.
Switzerland has a lot of companies where there is just a Swiss letter box. Just for tax reasons. These are actually US and European companies where their actual business operations are in Europe or the US. Their operations must also be controlled and regulated by the country where they are actually doing the business.
If you contacted them through Boston, go after them in the US. They have to repect US laws. Even if they have only an office, they have to comply to US laws.
  • #27
  • Aug 10, 2007 12:06pm Aug 10, 2007 12:06pm
Thank you highway and MrChip for your reply.
Well They are registered in Swiss jurisdiction but they are registered at NFA website also.. they have moved to USA ..
I am confuse..
==========================================
TRADEX GROUP LLC NFA ID: 0350721
==========================================
Highway i know you are talking about onshore and offshore company..

How i joined Tradexfx.com or Tradexfx.us ?

On of my friend did attend Dubai Fx Trading Expo. He meet with their staff in Expo.. and they convinced him.. and after that he convinced me that they are good and supportive..
I thought that he had meet personaly with the owner of Tradexfx.com so they must be legit..
WHo knows what will happen next moment.
anyway what's suggesstion you guys give me to get back my money?
  • #28
  • Aug 10, 2007 12:57pm Aug 10, 2007 12:57pm
[quote=Hammad;1533281]Thank you highway and MrChip for your reply.
Well They are registered in Swiss jurisdiction but they are registered at NFA website also.. they have moved to USA ..
I am confuse..
==========================================
TRADEX GROUP LLC NFA ID: 0350721
==========================================

quote]

They cannot be doing business unless they are also registered in the US. LLC ? So they should fall under US jurisdiction.
And it should be under US NFA rules and control since they are operating there.
You have to find out first to which country's law they are bound to. Probably look under the contract you signed with them.
  • #29
  • Aug 11, 2007 12:36am Aug 11, 2007 12:36am
They are under jurisdiction of Swiss Law.. and their owner is under investigation .. i talked with them by phone. They said wait untill monday.. They wil updat on monday..
I have one question .. Now it's for sure that Tradex is shuting down.
what will happen with our funds?.. wil they refund us via bank wire?.
thank you.
  • #30
  • Aug 11, 2007 4:53am Aug 11, 2007 4:53am
I dont know the specifics of your case, but Neuimex-clients (swiss broker that was shut down earlier this year) will recieve something like 10% of their claims (that doesnt mean this will be the same in your case). The whole process, from shutting down a broker to finally paying out customer claims, can take easily a year or longer.
  • #31
  • Aug 11, 2007 6:00am Aug 11, 2007 6:00am
Quoting Hammad
They are under jurisdiction of Swiss Law.. and their owner is under investigation .. i talked with them by phone. They said wait untill monday.. They wil updat on monday..
I have one question .. Now it's for sure that Tradex is shuting down.
what will happen with our funds?.. wil they refund us via bank wire?.
thank you.
There are a number of ways to do it.
Like getting the Betreibungsamt to freeze or get an inventory of their assets. Then they are not allow to move away what is visible.
While having that done, most are already on the second level. Usually you are supposed to send in 2 reminders of Tradex to pay you. With one in registered letter form - which in 10 days you can proceed to officially contact the Betreibungsamt to get them to pay or to go bankrupt.

Call here,
Betreibungsamt der Stadt Zug
Fischmarkt 1
Postfach
6301 Zug/ZG
004141 728 31 35

Ask them if Tradex is already on their list leading to Bankruptcy. If it is, ask them how you can get in to the list of creditors. If it is not, ask them for the forms you need to fill up to get them to pay. If they are still in business, they will try to pay you before the betreibungsamt will proceed to shut them down.

Once you are in the list of creditors, there is nothing except to wait.
  • #32
  • Edited 7:01am Aug 11, 2007 6:50am | Edited 7:01am
Wrong. Wrong Wrong
Any NUTTER who has his/her Fx or any other kinds of firm bankkrupt will not get permission to start his/her firm again.

It all depends on how one twists the law. If it is a "Société Simple" it is impossible ! ! PLS stop all those partial bullshit. ! !

Société à raison Limité - SARL is sort of LTD.
Société Anonyme - SA is also LTD with minimum 100k capital
These two are sort of share companies.
Before 2007 1 st July, this year - There are at lesat 2 sharholders to form a company. Thus these companies can have as many share holders it wants.
If you have been bankrupt before ( not on personal level nor on Socété Simple level ) you are allowed to have shares in a SARL or S.A.
What the authorities would probably not permit is to give you ( if you were bankkrupt in a previous business of the same kind ) a single signature to run the company.
Other share holders will hold the responsabilities to sign for the company.
In the US or other countries, what most people do is just to use the name of another member in their family. Does that make any difference?
Or to buy into an existing company. There are enough ways to get back into business. As comsumers, just open your eyes. Always check on FX websites on Broker comments !!
Why do you think in the US, Europe or elsewhere ppl open LTD companies? Personal fortune protection and the possibility to restart again in a business.! Over here one is double taxed. On personal income and on LTD company tax. If you are doing well, you could be taking only 1/3 of the profit home. The rest go to the state. On everything you are buying with the profit you took home, you still have to pay sales tax ! In Europe, between 18-20% additional.
France and Germany are worse.
  • #33
  • Aug 13, 2007 10:54pm Aug 13, 2007 10:54pm
Quoting highway
There are a number of ways to do it.
Like getting the Betreibungsamt to freeze or get an inventory of their assets. Then they are not allow to move away what is visible.
While having that done, most are already on the second level. Usually you are supposed to send in 2 reminders of Tradex to pay you. With one in registered letter form - which in 10 days you can proceed to officially contact the Betreibungsamt to get them to pay or to go bankrupt.

Call here,
Betreibungsamt der Stadt Zug
Fischmarkt 1
Postfach
6301 Zug/ZG
004141 728 31 35

Ask them if Tradex is already on their list leading to Bankruptcy. If it is, ask them how you can get in to the list of creditors. If it is not, ask them for the forms you need to fill up to get them to pay. If they are still in business, they will try to pay you before the betreibungsamt will proceed to shut them down.

Once you are in the list of creditors, there is nothing except to wait.
Thank yoU Fellow for information regarding this company.. Can you tell me the e-mail ID also of This company?.


i contacted with Dana last Night . He was on duty in Boston office of Tradex. He said that we have good news that their fund can be released untill friday so they will procced our W.D requests.. But i still have a doubt..
So i wana contact Betreibungsamt as a caution.... i wil contact with them today.. I need their e-mail ID also. kindly Tell me.. and Do you know any english website of Betreibungsamt?.
I searched all websites were in Their language not in english.
See you around.
  • #34
  • Aug 15, 2007 8:36am Aug 15, 2007 8:36am
good luck hammad. let us know how it turns out
  • #35
  • Aug 15, 2007 12:26pm Aug 15, 2007 12:26pm
hello Mr Chip..
Yes ofcourse i will..
Thank you so so much HighWay for your great help at Skypee.
==============================================
I talked with an employ of tradex.. She said to be patience.. and asked to do fax withdrawal request.. even i have sent W.D request by e-mails. but she asked for Fax.. and said so many times that don't worry it's only matter of time and as soon as they wil get out from investigation they wil Procceed W.D requests but it's Final that Tradexfx.com is shuting down.
I asked so many time that why you are under investigation.. she replied so many times I DON'T KNOW. :surprised ..
==============================================
I Will keep update..
thank you for this great commounity Forum and quick Support.
see you around.
  • #36
  • Aug 21, 2007 9:57am Aug 21, 2007 9:57am
Hello Hammad,

Do you have any additional information about the funds??
  • #37
  • Aug 22, 2007 1:45am Aug 22, 2007 1:45am
Sir i have talked so many times with their Boston Office. they are saying that your Funds are Safe in your accounts... Untill the investigation will comeplet, they can't complete our W.D requests.
They have said me so many times that funds are safe.
Who knows ?
See you around
P.S they have given me new time frame of 3 to 4 weeks.
  • #38
  • Aug 22, 2007 9:25am Aug 22, 2007 9:25am
Have you been able to speak with anyone in Switzerland?
  • #39
  • Aug 23, 2007 12:57am Aug 23, 2007 12:57am
Yes MR Chip,
i did contact with Betreibungsamt. They said i will need to come to Switzerland and will have to sign documents then they can help me.
They can't provide documents online, so some one should be there to visit their office and sign documents. They said you can sign a paper and send some one else on behalf or you from switzerland..
Problem is now i don't know any one in Swizterland in feusisberg and i personaly never vistited that country.
Tradex people are still saying the same time frame [4 weeks]. even they told 1 week ago the same time frame.
Suggesst me now what should i do?
  • #40
  • Aug 27, 2007 10:07pm Aug 27, 2007 10:07pm
Hi

does anyone have any updates on tradex ... where when how to wothdraw??
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