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FXPro scam

Discussion in 'Forex Broker Discussion' started by pipsbuster, Feb 24, 2011.

  1. pipsbuster

    pipsbuster New Member

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    Below is the message I received from FXPro having successfully traded Forex Megadroid with them for over a year:

    "Dear ,

    In order to safeguard all our clients, including yourselves, please be notified that as of today 21:00 server time, and at least until 02:00 AM server time, we will not be accepting trading using Expert Advisors (automated scripts coded in MQL4). This is due to the reduced liquidity available in the market, at these times, and the aggressive trading characteristics of your EA that may affect the smooth operation of the electronic platform.

    Please take particular note that any active trades, between these times, will need to be closed manually via your terminal."

    Just wanted to warn everyone of this scam brokerage.
     
  2. prav

    prav Moderator
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    Thanks for the info, and sad to hear this news...
     
  3. pipsbuster

    pipsbuster New Member

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    I think those of us who have suffered from the FXPro actions should submit an email complaint to their regulators in Cyprus - the CySEC (Cyprus Securities and Exchange Commission) at legal@cysec.gov.cy
     
  4. pipsbuster

    pipsbuster New Member

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  5. pipsbuster

    pipsbuster New Member

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    As I continue my research on FXPro, more and more shocking info on this hillarious Russian scam pops up. For one, a member on another forum has pointed out the following statement on the FXPro website:

    "Execution venues

    Execution venues are the entities within which the orders are placed or to which FxPro transmits orders for execution. For the purposes of orders for the financial instruments provided by FxPro, we act as principal and not as agent on the client's behalf. Therefore, FxPro is the sole execution venue for the execution of the client's orders. FxPro does not transmit the client order in the external market if the order is for a financial instrument provided by FxPro."

    Source: https://www.fxpro.com/trading/conditions/execution-rules
     
  6. pipsbuster

    pipsbuster New Member

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