i did see a few posts of people still looking for a good forex broker…
just wanted to know everyones opinion about FxEthos (Ethos Capital Limited) …i received an invite from them last week and so far it has been good…but usually everything starts well and then progressively becomes worse and so would like to know if anyone has used them for long…
their speed is good and customer service is fast as well, for starters…but lets see what people have to say…
Since they claimed that FXEthos was a regulated forex brokerage in NZ,we have been asking them for their registration # of the Financial Service Provider Of New Zealand since 17 Oct 2012.
Soon after being asked for the #,they removed the FSP logo from the top page.
On 11 Dec we chatted with a “support staff” and she answered that only live account holders were allowed to see the reg # in the client area.
And she said I had to open my live account and fund it only to see the FSP #
Have a look at the following chat.
08:14 jon greed: and when can FXEthos show us the FSP #
08:15 Melinda Clarke: Please open a live account with us and then you will be able to see the FSP# in the client area
08:15 jon greed: <[email protected]> does not work for us
08:15 jon greed: why did you remove the logo from the top page
08:16 Melinda Clarke: Once you have funded your account, the page with the FSP# and other certificates will be enabled for you to view them
08:17 jon greed: do I have to open your live account only to see the # ?
08:17 Melinda Clarke: Yes Mr john
08:21 jon greed: you said you were registered the FSP, so you MUST provide the # as per request
08:22 Melinda Clarke: The FSP# is provided to all live account holders
08:23 jon greed: you must show us the # on the top page if you really registered member
08:23 jon greed: an adviser of the FSP said so.
08:24 Melinda Clarke: I am sorry but i am not aware of that
Whole transcription of the chat is uploaded here FilePost.com: Download XavierMail.com.pdf - fast & secure!
FXEthos says FX trading accounts with fully segregated trust accounts that offer fund safety.
But have a look at and read this
Ethos - Funding / Withdrawal Methods
ONLY ONE BANKING ACCOUNT WITH THEIR COMPANY’S NAME FOR ALL CLIENTS TO FUND THEIR MONEY AND WITHDRAW FROM?
HOW CAN FXEthos ENTRUST AND SEGREGATE EACH CLIENT’S FUNDS AND ACCOUNTS?
Bank Name : Bank of New Zealand
Bank Address : Alexandra, New Zealand
Account Number : 8064550007
Swift Code : BKNZNZ22
Bank of New Zealand said the above account was a foreign currency call account
So I assume all client’s funds are sent to overseas (India)
Nothing is entrusted nor segregated nor regulated at FXEthos
FXEthos’s registered office address is fake and they don’t have any trustee for fund safety
P.S. 4 Feb 2013
Soon as we updated this post,Karthik Subramanian hastily changed his fake registered address LOL
Does he check out this blog everyday ?
Please have a look this page* His 2nd fake office address
Ethos - FAQ and click"corporate structure"
Their 2nd fake office address by Google Map
Their 1st fake registered office address was same as a lawyer office Ayres Legal.I asked Karthik guy why and he answered “we do share the office with Ayres Legal cause they are our trustee.”
An archived review page about FXEthos at FPA http://archive.is/SNny
URL of Ayres Legal Homepage // Ayres Legal
I spoke to Ayres Legal and Mr Ayres answered
Ayres Legal HAS NEVER BEEN A TRUSTEE FOR FXEthos/Ethos Capital
And Ayres Legal doesn’t share their office address with FXEthos/Ethos Capital
Qn. Where is your office located?
Our registered office address is at;
Level 2, Wall Street Tower,
71, Symonds Street,
Auckland 1010,
New Zealand
Why go to all the trouble of finding out about some random Fx Broker from NZ, with all the good brokers available only a muppet would open an account with them.
FxEthos/Ethos Capital Limited has been in liquidation since May due to insolvency but still promotes their business as a “regulated” brokerage
FxEthos/Ethos Capital Limited doesn’t show us the FSP # yet. although we are awaiting the # for year.
Their excuses are as follows,
1.“It will be updated on our web site in 3-4 business days” -but never updated there.
2.“Open a live account with us so you can see the # in client area”- Why we have to open live account just to see the # ?
3.“FSP # is an accounting info and confidential,so only clients are allowed to see it.we are only liable to the clients”
For example,RoboForex puts up their FSP reg #.do they reveal their “confidential” info ? lol
RoboForex Review
All Details regarding the liquidation and insolvency are at the following link
View All Details
An Insolvency Document regarding Ethos Capital Limited is available at the following link
As per the Insolvency Document
Ethos Capital Limited: Balance Of Funds On Hand $ 0.00
Summary of Claims By The Creditors : $ 959,313.16
Can they repay the debt until Nov 2013?
They don’t put up any announcement on their site regarding this issue yet, isn’t it a fraud ?
EDITED As FXEthos removed themselves from the page and tried to wash away the fact,I post the link to the page archived on 29 Aug 2013
URL View All Details