Mercer FX – What you need to know!
I have 3 trading accounts with Dupont FX and I am currently unable to withdraw my monies in 2 of the accounts and had the other blown away under a managed account (autotrading) due to irresponsible risk management.
What is the link between Mercer FX and Dupont FX! Before I answer that, I would like to share with my fellow traders on my experience with Dupont FX.
I opened 2 accounts with Dupont FX about more than 6 months ago. The initial deposit sums were USD2000 and USD1000 and bonuses of USD1000 and USD500 were given respectively.
As at 8 May’14, the position of the accounts is as follows:-
A/C 1 :- Deposit [2,000] – W/drawal [1,000] + Wins [904] + Bonus [1,000] = Balance [2,904]
A/C 2 :- Deposit [1,000] + Wins [443] + Bonus [500] = Balance [1,943].
I have requested for withdrawals since 1st May and 6th May’14 for the total amounts of USD3347 which are my deposit sums (USD2000) and the winnings’ amounts (USD1347). The bonus amounts are not being withdrawn. At the accounts’ level, the amounts requested for withdrawals are USD1904 (A/C 1) and USD1443 (A/C 2).
In my teleconversation with an officer of Dupont FX (Mr Bader) on 7th May’14, I was informed that I am not allowed to make the above withdrawals as I have yet to transact the minimum number of lots (250 lots were mentioned). It came as a surprise as it was never made known upfront and even the customer service officer (Mr Justin Green) in my conversations with him all along had never mentioned these `so called bonus conditions’. I am not agreeable and I protested on these conditions. The officer (Mr Bader) said he will work out my so called entitlements and without prejudice to my rights, I agreed for him to work out and show me his computations. Since then I have followed up with 2 emails to him for his detail computations and the rules of the bonus conditions etc to support his computations.
It has been about 12 days now since I last talked to the officer (Mr Bader) and coming to 3 weeks since I initiated the first withdrawal on the 1st May’14. They have yet to process my withdrawals and or otherwise to show me their computations nor have they contacted me or replied my emails. Based on the events so far, I am not sure of them refunding my monies which tantamount to acts of cheating and dishonesty.
Separately, I opened another account with Dupont FX in Apr’14 with a deposit of USD5000 and a corresponding bonus of USD5000. The account was blown away within 2 weeks and an analysis of the transactions (as attached) show that the team is at best negligent and at worst fraudulent. Any prudent manager will not stake 24 lots buy and 24 lots sell within a minute span and hope to make a windfall on a professionally managed account. The miscalculation had resulted in a loss that just wiped out my account.
Where are the stop losses and risk management that are supposed to be always in use as represented in Dupont’s website. And the managed account is supposed to be a proven safe investment with a high rate of return and its ultimate goal is to maximize the clients’ profits while ensuring minimal risk etc etc. The results speak for itself!
Also in my dealings with Dupont FX, I note the following red flags which I had fail to act on. Although it is too late now, it is a lesson learnt.
i) DupontFX is not registered with any regulatory body
ii) support team members hiding behind the veil. In a number of my communications with them, they do not identify themselves and just signed off as `support team’. Any reasons for being discrete? Just check out the major brokers which support team will be proud to disclose their personal names. This lends personal touch and of course transparency!
iii) Daily/monthly confirmations were never sent
The links between Mercer FX and Dupont FX!
DupontFX’s office is in Gibraltar and the telephone number recorded in our communication is +44 203 1501 652. Mercer FX has an office in Gibraltar and the contact telephone number is +44 203 1501 642. Note the similarity and the close proximity of the numbers. They should be located within the same area. This should also explain the reply I received when I phoned Dupont’s office on a Friday. The person who replied informed that there were just a few staff working on that day and their customer support including Mr Justin Green would not be in today and certain days of the week as they are at the other office. However, Mr Green should be in on Sunday. Were they then at Mercer’s office?
Both have a common top management and support team and likely common ownership. Based on information that is publicly available, Mr Jake Amar/Mr Jacob Amar is the CEO Co founder at Mercer Capital Ltd and Chief Executive Officer and Director of DuPont Financial and a member of Support Team DuPont Financial. He is also BD and Partners at Sunbird FX and was Owner CEO at Sky Financial Ltd and the senior accounts manager at 4XP. Mercer FX is a subsidiary of Mercer Capital Ltd. There is a Miss Anna Peters who is the Dutch Account Manager of DupontFX and she is also the Senior Account Manager of Mercer Capital. I did deal with Miss Peters for support matters on my DupontFX accounts. There are likely others but which is not made known publicly.
Overall, it is a bad and painful experience although it has been a valuable lesson. Will I get back my monies and any recourse for their negligence? To the perpetrators of these dishonest acts, you know who you are and you should take responsibility for your actions.
To my fellow traders, I hope these information and feedbacks will help you make better informed decisions on whether to trade with them. Separately, you may want to check out what happened to 4XP.