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.
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 <[email protected]>
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, [U]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[/U]."
That’s the pivotal point of this scam. Their slogan is “Trade Forex like a Pro” while what they offer has nothing to do with Forex (aka Foreign Exchange Market) since the customers’ “trades” are never even taken there.
What makes them a joke? If FXOpen wanted to operate as a foreign company completely outside the CFTC jurisdiction, they should have maintained no physical presence on the US soil whatsoever. Instead, they had their servers and telephone lines located there. Therefore, the CFTC has every right to sue them as a non-compliant entity in the US. No one to blame for FXOpen but themselves.
Has anyone else received that e-mail? The first one you have posted. Since in my opinion, FxPro is one, if not the, best available brokers. Sure, people are complaining (competitors posing as users), but from what i’ve heard from my friends and colleagues who trade with them, none of them had any issues. So these are some serious accusations.
Check out my thread on this matter under the same title “FXPro scam” on the Donna Forex forum under the “Brokers” section (not sure if forum cross-linking is allowed here, so I’m not posting the link) - other FXPro customers have even posted their screenshots of this email there.
I have one more question. Why would you say that, you shouldn’t trust Russians? That’s irrational. It’s the same as if saying that all the Americans are fat and unintelligent. I have a lot of Russian friends and they are great people. IMHO Russians are the most honest, friendly and helpful people in the world.
It’s based on my personal experience in the Forex industry. Both InstaForex and FXPro happen to be of Russian origin and both turned out to be brutal scams. I don’t mind Russians as people, but I would not trust any Russian-controlled Forex business anymore.
