Dupont FX Review - 1. Stay Away from their Managed A/c (Autotrading A/c). What a load of BS!
2. Determine upfront on their so called `bonus conditions’. Many other brokers don’t have similar conditions, so why accept !
I funded my account with USD5k and received an equivalent amount of bonus. Within about 2 weeks, the account was blown away with a loss of USD9,584.41.
From an analysis of the trades made [as attached], it is clear that the team is at best highly negligent, and at worst, fraudulent! Come on guys, you don’t make monies from your clients with that kind of lot sizes. There were 24 lots buy and 24 lots sell within a minute span, out of a USD10k account! This is irresponsible risk management. Win or lose, imagine the amount of spreads they just made!
Separately, I have another 2 accounts and have been trying to make withdrawals since 1st and 6th May’14. The original investment amounts are USD2000 and USD1000 (6 months ago) and bonuses of USD1000 and USD500 were given. The position of the accounts as at 8 May’14 is as follows:-
I have requested to make withdrawals of USD3347 (2000 + 1347) which are my deposit sums and the winnings’ amounts. However, I was informed on 7 May’14 that I am not allowed to do so as I have yet to transact the minimum number of lots. What a surprise as it was never made known upfront and even the customer service officer in my conversations with him all along have never mentioned these so called bonus conditions’. I am protesting on this matter and will be following up with the broker on these rules and am currently waiting for them to work out theso called’ entitled withdrawal amounts.
My other brokers do not have these conditions and I know a lot of them don’t. Overall, it has been a bad and painful experience. They just want your money. Stay away.
This is an update on my requests 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). At the accounts’ level, the amounts requested for withdrawals are USD1904 (A/C 1) and USD1443 (A/C 2).
It has been more than a week now since I last talked to the officer of Dupont FX (Mr Bader) on 7th May’14 and about 2 weeks overall since I initiated the first withdrawal on the 1st May’14. Mr Bader said that I am not allowed to make the withdrawals as I have yet to transact the minimum number of lots (250 lots were mentioned). I did not agree and protest on these conditions 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 (Mr Bader) for his detail computations and the rules of the bonus conditions etc to support his computations.
As of today, 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.
I note that 4XP, SkyFx, Sunbird FX, DupontFx and now Mercer FX are linked one way or another through a Mr Jake Amar/Mr Jacob Amar who is holding (or previously held) various positions and interests either as the owner, CEO, director, managing partner, partner, senior account manager, business development, support etc. The numerous complaints from the investors who had been trading with them would not all be coincidental.
I would like to let all people know who have suffered hugely with Mercer to take action now … I have filed complaints against them to New Zealand, London, Cyprus authorities as they were not able to compensate for their and their trader Jack Green’s purposeful mistakes … So, whoever else has lost any sum of money, please reply to my message and give me your email so that I will get in touch with you and we can gather more evidence and give to the authorities in addition to what I have already submitted as they have started proper investigation against them now!! Also for anyone looking to further invest with them, please DO NOT and withdraw anything that you have. Stay away from this fraudulent firm.
Let me explain to you all what Mercer is … They contact their clients … tell them ALWAYS that they accept if clients start with small investments also … then make a few good trades and show us that they have made profit and then keep forcing us to increase our investments … If we deny, then they would either pause trading until the client gets annoyed and takes action OR they would simply just wipe off the account on purpose …
These is exactly what happened with me and 3 of my relatives who were with Mercer … Their trader Jack Green was responsible for my account and first, we had started with Dupont Fx (this company is now closed because of again fraudulent activities and the UK govt. had to ban them from operating) and Jack went to Mercer then saying that Dupont has merged with Mercer to go bigger and better … false for sure !!! It seems like Dupont, Mercer, Saberfx all seem to be related to each other … and probably have same owner also who carries all these fraudulent activities … Could be Jacob Amar, Jack Amar, Jeff chesner, David Wylie, David Schiffer … Any of these as per my experiences and my conversations with these fraudulent companies!!!
So in my case, Jack wiped off my account with a huge amount of sum in the account in beginning December … and it was really scary because he was placing trades with 100 lots and I had repeatedly told him NOT TO place such big trades but he would never listen and always ignored and completely opposite happened to what was supposed to happen with that trade and if wiped off the whole account … I really got scared and tried contacting him but he would first not reply on Skype or Emails or Telephone … and then after a couple of days he replied, saying unfortunately, the trade did not go as expected but he confirmed to me saying that Mercer has insurance on our deposits and he managed to get all my deposits into a new account and additionally gave me a bonus for the profits lost (these are their biggest scams… they try to buy their clients by offering bonuses and ALWAYS take them back if we try to withdraw or don’t do any more deposits saying that these are what the terms of the bonus are … this is just their trick to get us to put more and more deposits) … So, all my deposits were back into a new account and being so scared, I wanted to withdraw all my deposits … but he said that is not possible as it will first have to be a dispute case between me and Mercer where I will not be able to get anything for 3-4 months and then only anything can be decided … which is completely ridiculous as it was my money and I should be allowed to withdraw when I want to … So he was quiet for most of Jan by not placing any trades and then from February onwards, as I had deposited so much into the account, I started to withdraw … For every withdraw I had to argue and fight with him for so long because he would just say I cannot withdraw as I have not been depositing … He used to quote examples saying that he will allow for withdrawal for say 20k and then I need to bring in however 30k into the account … COMPLETELY RIDICULOUS … why would I withdraw if I have to later deposit … completely senseless and this is what they do with all their clients … Obviously, me and all other 3 family members had a lot invested with them and therefore, told him that we are not able to deposit anything anymore … This was definitely not what he wanted and he wanted to show what he is really capable of … So he starts messing up with our accounts … Placing huge Lots (again after we always being against them and he completely ignoring all our emails) and also placing trades opposite to the market on purpose … for example, in End February, when USD was getting very strong … he knew that in the market still he places big lots to buy EURUSD and then closes that at a huge loss and then sells USDCAD … I mean if USD is going strong and we can see it in the market, these are trades he should not be placing … Within an hour, he wiped off 3 accounts with huge sums and placed big lots on my account (biggest account) again against the market … and did not close that trade probably because he wanted to wipe my account with this trade only going forward … and after 3 weeks or so that’s what happened as the hedges could not sustain that trade as it had gone in a huge deep hole thanks to him … When we contacted Jack for wiping the 3 accounts, he said this is normal and he should not be blamed for it … Which is again wrong because even after me telling him to stop placing those trades, he did them on purpose … and then obviously as he had done before with my account, I asked him that we have insurance on our deposits so he should place all of those into a new account … and then he completely denied that too saying that he never said all of that which is not true and as they say, they have our telephonic conversations, they can all be replayed and checked again that I am not lying.
Since Mercer decided not to help me a lot and after a month, I hear that they have terminated Jack because he was a fraud and not working properly for the firm, which I knew by his actions … we demanded that Mercer should refund us our deposits which Jack on purpose lost … and they would not agree and help and said can max. compensate only 25% which was NOT ACCEPTABLE… due to which New Zealand authorities have started full investigation against them and that’s why I request you to also come forward and add more to my complain so that we have an even strong case against them.
The other things that they are famous for are: making trades disappear from our account ie. Obviously trades do not go as planned and start making huge losses so when we are a new client, they do not want to show us negative trades so first couple of times for free they will disappear the trades from our account … and then after that, again these crisis will always come and then they ask us to make for example 10 lots disappear, insert 10k into the account and then they will make these disappear from the account as well so that no losses are reflected on the account and the deposits are safe too etc … Jack did this more than 8-10 times in all of our 4 accounts together … not normal at all but we would have lost our deposits if we would not have agreed to them !!!
Also, they are very good at making amendments to our accounts and amendements to even CLOSED TRADES … For example, after Jack started screwing up our account, I changed all my passwords and did not want him to even touch my account, which had huge lots of losses as open trades … And then one trade had gone positive and I closed those 28 lots with around 5k profit … then after a couple of weeks, I see my account, and that closed trade was disappeared from my account and 20 lots of that same trade ID# was reclosed at 30k loss … I mean this is huge fraud from their side what was done and I have proper screenshots to support this and I asked Jack what happened with that… and he completely said he is not aware of anything happening to the account and I am only the one responsible for this. Then in a weeks time he got terminated … and another person Joe Cannon was given my account and he also did not see that … Then I had to give him my screenshots to him to prove it and then he agreed and again changed that trade to closed at a profit amount but with 20 lots … and I said that is wrong too as I had closed this trade at a profit with 28 lots (as I wanted to just see till what extent they can change closed trades)… and then somehow he again goes back and changes the trade lots to 28 to get it back to properly what I had … I mean this was shocking and FRAUD completely as they changed a close trade’s lot size, closing price etc … which means they can do anything to the accounts and make clients temporarily happy with these FAKE HOPES AND FRAUD ACTIVITIES.
Anyways, all must be thinking what do they do get out of all this … as they do not even take the 10% commission of the profits they promised at the beginning (they NEVER took anything from our account as commission probably because they knew they will eventually wipe off the account … do what they are best at) … They keep forcing us to put more and more deposits so that our account sizes increase … They also temporarily give us bonuses to have more equity in the account and a better margin … This is all because the brokers want to put bigger trades with bigger lots … By doing so, Mercer as a company make a lot of money and probably the brokers get money from the company as bonuses and commissions … I have another MT4 brokers account with another company who have very tight and good spreads and I compared theirs to Mercer and it was very shocking what I saw … The spreads (difference between pips for Buy and Sell amount)for Mercer are very very bad … and that is where they make their money … by placing huge lots so that huge trades and huge income for Mercer is generated and after that even when we are losing those trades it does not matter a lot to them as they still make money … and when they make our trades disappear with extra deposits from us … its win win from them … that they make more money with our extra deposits plus after making a trade disappear they obviously do not refund back the spread income they make …
So in simple words, COMPLETE FRAUD FIRMS run by FRAUDSTERS … Please let me contact you if you have been a victim with Mercer and if you are currently active with them, please trust me and leave ASAP now as you will regret it later not doing so.