Investors please be aware of this broker, First Prudential Markets Pty Ltd. (“FP Markets”), they will make you lose money and take away all your profits you made.
I have opened an MT4 account with FP Markets and I have made trades on their MT4 platform. Sometimes I lose and sometimes I make profits doing trading. I know there are risks in doing trading, and I have no objection to losing money because of the market change and the trade. However, the problem is with this broker, FP Markets. When I started to have more profits from the trading, FP Markets suddenly cancelled both my account and did not allow me to withdraw my money and my profits! I used my knowledge and experience to trade and I make profits from the MT4 platform, FP Markets would make up some reason to take away and defrauded all my profits!
This is so cherry-picking and is not fair to investors! What is the point of using their products and services when I have profits they just cancel my account and take away all my profits? This is so unfair and is surely a fraud. There is no way you can make money with this broker because they are just a bunch of cherry-picking people who will use you and when you have profits from trading, they will take away all the profits you made. Please be careful not to do trading with this broker, you will only end up losing your time and money trading with them.
Welcome to the forum.
You are obviously upset with your chosen broker. But your post has no matter of fact associated with it at all. Either you have not properly understood the terms and conditions you signed up to with this broker, or they have defrauded you. If it is the latter, you should follow an escalating complaints procedure that should have been explained to you by the broker, or failing that can be obtained by contacting the regulatory authorities in the legal jurisdiction in which they are registered. The Pty Ltd sounds far eastern to me (Australia, Malaysia?) and they have very strict rules of engagement.
First Prudential Markets Pty Ltd (ABN 16 112 600 281, AFS Licence No. 286354). FP Markets is a group of companies which include, First Prudential Markets Ltd (registration number HE 372179), a company authorised and regulated by the Cyprus Securities and Exchange Commission (CySEC License number 371/18, Registered Address: Griva Digeni, 109, Aigeo Court, 2nd floor, 3101, Limassol, Cyprus. FP …
Both Australian and Cypriot broker regulations are very strict. Now if you do follow that documented complaints procedure you are bound to need to provide examples of your trades and where you felt the broker has not acted fairly. There is a big difference between a trader who loses trades explaining in qualitative terms how “it was somebody else’s fault” and a trader who loses trades being able to recount the exact financial transactions that occurred and to be able to prove a broker was at fault.
I hope this has helped a little in reducing your feeling of anger or disappointment with a specific broker. It was you who decided to trade Forex, and so it is you who is responsible for your profits and losses from such a decision.
Thank you for your reply.
I have made complaints to FP Markets and write several times to their help desk and their compliance team for explanation of cancelling my account and my profits. For a week long, I still got no feedback from FP Markets, they just simply ignore my complaints.
I also write to make a complaint of FP Markets to the CySEC, CySEC replied that it does not have restitution powers and therefore does not investigate individual complaints. And again, CySEC asked me to contact FP Markets and resolve the problem with them directly. The regulatory organization cant really help me much in getting back my money.
FP Markets is a scam with people doing all kinds of cherry picking act, they will make up some reasons to suddenly cancel your account and take away all the profits you made. And When i reach out for a valid explanation, got no response and got ignored.
That’s why I’m here to tell people my scam story to let people to be aware of FP Markets, not to lose your valuable money with FP Markets, they cant be trusted cause they will let you make deposit, do tradings, you can lose money but when you make profits on the MT4 platform, they will suddenly cancel your account and take away all your money you made without a valid reason, the regulatory organization will not help you get back the money. This is how their cherry picking scheme and the scam works.
Thanks for taking the time to explain. You have done the right thing about complaint escalation, and it looks like the response from CySec is disappointingly sloping shoulders.
If you are willing to post some practical details of trades you made with FP Markets that were in profit when they closed your account, showing exactly what they did wrong, members of BabyPips may be able to help with supporting your accusation against FP Markets. I do not personally have experience with them, but there are a few threads on here from traders who have had similar issues with their brokers as you have described. Happy to try to do some due diligence if you have dates, pairs, entry point, stop loss, margin and leverage information on past trades that you are happy to share on the forum. We can all learn and maybe help you at the same time.
Regulated brokers are usually required to carefully check all client applications and deposits. Its not always clear they do this very strictly. But obviously they are going to go over the client’s details with a microscope if you’re going to withdraw profits. And if they find you are not eligible to have an account or if you have been trading contrary to the T&C’s, they will not be obliged to send you any profits. But your deposited funds are still yours.
In this case, if the firm is not sending you your deposited funds that suggests something more serious. It might be that they are afraid of being a party to either fraud or money laundering. Is there anything going on which might make them think the deposited funds were not yours, or that you did not obtain them legally, or that one person deposited them but the withdrawal is to another person?
I make no accusations against you, the broker might have simply made a mistake.
How long were you trading with them @RoyY? Also when you say they cancelled your account, does that mean they won’t return your original deposit? How much money did you put in and how much were your profits?