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Beware of and do not trust them anytime.

Discussion in 'Scam Warnings and Closed Programs' started by pipexch, Feb 26, 2018.

  1. pipexch

    pipexch ECZ Member

    Joined:
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    Hello

    My name is Florian and I am a LIVE account holder with FxPro since October 2016.

    What I use for trading is a self-made robot, which was extensively forward tested through DEMO accounts, on multiple brokers, as well as back-tested "A LOT", in order to optimize settings and find the right balance.
    The robot is built in full compliance with any specifications given by FxPro and/or Spotware, which are the providers of the cTrader/cAlgo platform.

    On 21/03/2017 02:37:33.403 , my account suffered an unexpected and totally unjustified loss of 2113.22 USD. Immediately I raised a ticket with FxPro, which dismissed the case due to the fact that actions were initiated by my robot!

    I analyzed and over-analyzed every aspect of the trades, and I couldn't find any reason on earth why my robot started the closure of the orders. Up to then I had trusted the broker to be a serious one and above all one that treated clients fairly and responsibly.

    I understood the hard way this was not he case!!!

    So I started working on my robot in order to log a snapshot of the open orders status(es) prior to closure in order to better understand why this was happening. While I was still working on the robot, it happened again on 07/04/2017 01:15:08.787. This time, due to the fact that I started limiting my new trades, the loss was of 187.04 USD. My robot works on ticks, and its closure actions are based on the reported net/gross profit values of the open orders.

    It happened again on 10/04/2017 04:04:59.136, with a loss of 275.95 USD, but this time I had my own logs, and was not relying on FxPro analysis and total will to get rid of paying clients. Total loss to date 2,576.21 USD (DO NOT TRUST YOUR BROKER AND TRY TO PRODUCE YOUR OWN LOGS).

    What my logs showed was that the reported NET/GROSS profit values on the platform, for specific orders were reported as 0 (zero), and as such my robot acted based on INCORRECT/FALSE information received from FxPro.

    I took my case up to the Compliance department of FxPro (Ticket #1638242 and Ticket #1686856 , Ref. No.: EU20170013 Account No.: 8102298 Platform: cTrader), but again they dismissed the case as unable to reproduce it and they didn't have other similar reports. Furthermore, by mistake they forwarded me some of their internal communications, showing a total lack of respect for paying customers and a total stance of negligence towards issues being raised, quoting - "Client replied again insisting it is. What should we do now with this, you think we should tell him Spotware confirmed its not from their side, we have no responsibility etc etc and if he pushes he can be escalated to compliance?".

    ALL OF MY EMAIL EXCHANGE IS AVAILABLE FOR REVIEW BY ANYONE WILLING TO.
    My robot code, excluding orders opening strategy, is available for review too.

    Beware of FxPro and do not trust them anytime. Take extra care to have your own set of proof for any issues, although as in my case it will not be considered.

    I have gone through all of the available escalations with FxPro, and now its time to see how the regulators will behave. Moving forward to CySEC.

    All the best
    Florian
     
  2. Fogger

    Fogger ECZ Member

    Joined:
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    I am very sorry for your loss. Scamming is becoming a very serious issue in forex trading and cryptocurrency. Beware of such people. You should also attach some evidence and proof with your post for credibility. What are your thoughts on this?