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  • Post #1
  • Quote
  • First Post: Apr 13, 2009 7:15am Apr 13, 2009 7:15am
I just can't believe FXCLUB (aka FOREX CLUB) is listed on the FF site as a PREFERRED broker!

This is my experience with this company.

I opened an account with them about 3 months ago and made a deposit of $100 via credit card to give it a try.
After making some profits, I asked to withdraw $100 and it was refunded to my CC account.
I managed to make some more profits (which is not a small feat since their dealing desk execution style can turn your profit into a loss in a jiffy), and made a withdrawal request for $145 via wire (their rule). This is where the "fun" started.
First they charged me the $5 admin fee and took the $145 out of my account but did not send the money. After one week, I sent an inquiry and was told the banking info I provided (ABA# for wire transfer) was no good. That's hogwash since I have used that info for years to get transfers from other parties without problems. So I insisted I have doublechecked with my bank and the info was valid. In the end, the guy who replied to my inquiries concurred he has called my bank and indeed the info I gave them was correct. So I thought everything has been sorted out and the money will get to my bank in a few days.

But NOOOO! After a week and still no sign of my dough, I fired off another email and guess what, they started repeating the same horsesh!t again, that my account info was no good! I sent back THEIR OWN MESSAGE stating they have verified the info themselves, so this time they told me to make another request for withdrawal! I told them how could I make a new request if the money has already been taken out of the account (though not sent), was that just a ploy to get my request rejected? They kept insisting I do it, so I made a new request (while mentioning it's a duplicate of the previous one) and BINGO! THE REQUEST WAS REJECTED FOR INSUFFICIENT FUNDS!

So if anyone is considering dealing with these clowns, you have been WARNED!
First, cancel your pending withdrawal.

You know fully well how this red tapes go.

im not siding with fxclub, but at least make it easier for them to track their own acts.
Quoting pqt
I just can't believe FXCLUB (aka FOREX CLUB) is listed on the FF site as a PREFERRED broker!

This is my experience with this company.

I opened an account with them about 3 months ago and made a deposit of $100 via credit card to give it a try.
After making some profits, I asked to withdraw $100 and it was refunded to my CC account.
I managed to make some more profits (which is not a small feat since their dealing desk execution style can turn your profit into a loss in a jiffy), and made a withdrawal request for $145 via wire...
Yeah this is complete BS on their part, no question about it. Either they are completely incompetent or just dishonest (probably both). Sounds like you got screwed, but at least it was for a relatively small amount of money...
Quoting pqt
I just can't believe FXCLUB (aka FOREX CLUB) is listed on the FF site as a PREFERRED broker!

This is my experience with this company.

I opened an account with them about 3 months ago and made a deposit of $100 via credit card to give it a try.
After making some profits, I asked to withdraw $100 and it was refunded to my CC account.
I managed to make some more profits (which is not a small feat since their dealing desk execution style can turn your profit into a loss in a jiffy), and made a withdrawal request for $145 via wire...
http://www.nfa.futures.org/basicnet/...d=0358265&rn=Y

One note if you're interested; they ARE an NFA regulated broker, so if all else fails, you could file a complaint with the NFA, although I am unsure if that will do any good or not; FYI...
Quoting TC East
http://www.nfa.futures.org/basicnet/...d=0358265&rn=Y

One note if you're interested; they ARE an NFA regulated broker, so if all else fails, you could file a complaint with the NFA, although I am unsure if that will do any good or not; FYI...
Seems the NFA can only "BlackList" former Officers of corrupt companies. I get their email updates (about 1 per week) where they "shutdown" some dirtbag and say they are "barred" forever. Yea right! That is until they get their next criminal enterprise started with new website/Names/locations ect. You never hear about any prison time. NFA registration looks good on website but I dont think it safeguards any funds. Forex Market is great-its those criminal Brokers that give this market its bad image( u can never know if your account will be there the next day).
FF = Forex Faggots
  • Post #6
  • Quote
  • Edited 12:15pm Apr 13, 2009 12:04pm | Edited 12:15pm
Quoting ragnakore
First, cancel your pending withdrawal.

You know fully well how this red tapes go.

im not siding with fxclub, but at least make it easier for them to track their own acts.
Please read the post again.
This is NO red tapes.
I have tried some other seedy brokers b4 like Moneyforex and even They have sent back my money! (and...yeah, with the same banking info!...)
Quoting pqt
I just can't believe FXCLUB (aka FOREX CLUB) is listed on the FF site as a PREFERRED broker!

This is my experience with this company.

I opened an account with them about 3 months ago and made a deposit of $100 via credit card to give it a try.
After making some profits, I asked to withdraw $100 and it was refunded to my CC account.
I managed to make some more profits (which is not a small feat since their dealing desk execution style can turn your profit into a loss in a jiffy), and made a withdrawal request for $145 via wire...

This is a very unfortunate thing to have happened to you, pqt. I've dealt with fxclub in the past and they've always been upfront and honest to me. My advice would be to contact the NFA, as TC East stated, or further pursue this with Forex Club. As I stated before, I've never had any problems with them and trusted them as much as I trust any other NFA/CFTC regulated brokers.

I wish you the best of luck.

Quoting 8fingers
That is until they get their next criminal enterprise started with new website/Names/locations ect. You never hear about any prison time. NFA registration looks good on website but I dont think it safeguards any funds. Forex Market is great-its those criminal Brokers that give this market its bad image( u can never know if your account will be there the next day).
Hmm, I don't agree with you on this one. To assume that the NFA is powerless and that all Brokers are criminals who wipe out accounts is adverse. While I do agree that brokers can make mistakes- they are humans and humans are entitled to do that- I doubt that "preferred brokers" who have been around for years and have a good clientele will purposely distort someone’s account for such a small sum. Brokers make money when people trade with them. They’re not going to lose a customer over $50.
Quoting pqt
Please read the post again.
This is NO red tapes.
I have tried some other seedy brokers b4 like Moneyforex and even They have sent back my money! (and...yeah, with the same banking info!...)
Again I reiterate on cancelling your very first Withdrawal Request.

Same thing happened to me with Northfinance; I requested withdrawal, then they claim I cannot get a wire out because the account was partially (a few percentage, about $150) funded with egold (many years ago). After some chat with them, I was allowed to withdraw the full amount to egold only. I already lost 10~20% trading there and they now want me to lose more through egold. egold outexchange then was -25% through a Singaporean company. I could not withdraw through egold as well because they already have the amount ready for wire but not wiring. I have to cancel the wire request first and then agree with the egold crap.

This is why I am suggesting you to cancel the first withdrawal request ensuring that you have funds back into your account then chat with them and request anew directly to the same person you talked with about the wire and immediately follow it up with the same person.
What they do if you no longer have the credit card you made the initial deposit with?
$100 dollars? really? and you wonder why the NFA doesn't want this business!! write the nfa a letter about your $100 scam so that they can send three officers to investigate.

maybe the reason that the nfa is trying to knock leverage down to 10:1 they dont get 1000 complaints a week about a $100 dollar account getting scammed out of 5 bucks!
  • Post #11
  • Quote
  • Last Post: Apr 1, 2010 3:39am Apr 1, 2010 3:39am
Quoting Voldemort
$100 dollars? really? and you wonder why the NFA doesn't want this business!! write the nfa a letter about your $100 scam so that they can send three officers to investigate.

maybe the reason that the nfa is trying to knock leverage down to 10:1 they dont get 1000 complaints a week about a $100 dollar account getting scammed out of 5 bucks!
What is that BS you came up with? Seriously do you have more common sense than a 5-yr old kid?
I TRIED A SMALL ACCOUNT TO CHECK OUT THEIR RELIABILITY.If they want to scam me of $100, do you think I would want to use them as my main account or trust them with $1000 or $10000 ?
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