I found this thread searching for providers with similar problems on zulu. Zulu is not a scam, but they are not a good business to be a provider for. There are better opportunities with managed accounts , PAAM accounts starting a signal service etc… Being a zulu provider is horrendous, It takes 50 days for a payment to process and you can only have one open payment request at a time. you will not find out if you qualify for a payment or not till the 50 days is over. Zulu trade found a way to screw me over me over $6000 and i’m currently having research done on them to make a formal complaint to the NFA as well as other authorities and get them audited . From what i can tell you is they are an NFA member but they don’t have any US offices and they put Delaware on their homepage is a headquarters when these are in fact just virtual office addresses. They are really incorporated in the Netherlands, and Cyprus. Zulutrade is an IB for many brokers but is also owned by the same owner of AAFX which loves to have live zulu accounts on it so they can dealing desk the risk from the users on zulutrade.
To be honest I wouldn’t go for these signal services anyway. I have my own way of trading and I’m happy with it.
Xaxaaxaxaxaxa that’s the most stupid comment I have read in a long time!
You are another unsatisfied provider that had a drawdown of who know how many K pips and bursted into flames many followers with you. And then you cry to get commissions !! Seriously!
You know, do yourself a favor, and go open a managed account - as this are what the PAMM account you are talking about for. For sure this is the best fit for you - somebody to manage your accounts!
Zulutrade is a gold mine, if utilized correctly, you know a lot of cranky traders try to change the system - like we want this to be like this, payments to be executed immediately, or, for slippage to not exist, but then forget that you are all aware of everything when you agree to use the platform, coming afterwards and *****ing over something that you initially agreed is a ridiculous ! Don’t you thing the same way guys?
I think he not correct in his approach and plz do not believe him.
Are you talking about the post I was quoting or my comments?
Hm, starting November 25, 2013 Alpari will no longer support ZuluTrade. Is there a reason to worry about ZuluTrade’s
trustability or it’s just Alpari’s strategic move. Does any one know another reliable broker supporting ZuluTrade?
Hey i apologize if this has already been mentioned but Forexmagnates has warned brokers against working with Zulutrade among others i.e. Tradency, My Fxbook, and Tradeo earlier this year ( http://bit.ly/12ph1bt ) because of the way they connect with MetaQuotes (hack protocol).
So that would explain why some brokers are now no longer supporting these providers…
I am seriously shocked also. That zulu trade is scam and proving true is something that disturbs me. For one thing, they are registered but they could also align with a broker to manipulate the trades. Most times the disconnection and slippage, but their demo accounts are so functional, yet their live accounts are suspicious. If such broker regulated by the FCA, SIBA etc group could do these evils, it brings doubts to the guaranteed strength of regulation in the market.
There are many reliable brokers that zulutrade support also - check them out and you will find what you are looking for. My favorite is aaafx - no extra charges , no commissions, and full refund policy on market volatility.
What metaguotes were stating were false accusations of hacking of the side zulutrade - I am sorry but there were working just fine for years - prior to this scam to come out. Have you noticed that the mt5 has also copy systems? How convenient to actually post the accusation and scary brokers away, in order to push their new product, just my two cents.
Zulutrade is not a scam. They are regulated of course - one of the toughest regulator of all - NFA
I noticed you’re defending Zulu in a lot of different threads, are you a member of their staff?? I mean no offense but even if ForexMagnates are lying, would you make the sake accusations against MetaQuotes???
I got this from a friend who works for a broker and this is directly from the MetaQuotes support centre.
Zulu trade scam? This is shocking though, I will go do my research.
Forexlight. go ahead but I doubt you will find anything.
I have couple of live accounts for the past some years, and could tell you, that except for the numerous variations of traders (I think they should behave more professionally) and consider this as one of the serious flaws to work upon in the future, followers are quietly happy earning their returns. I would suggest to you to open a demo account and see for yourself how the platform is designed. However, my comments are based only and primarily on my experience.
PS. while as users we may get good service what im saying is Metaquotes is warning brokers to use service providers other then the ones mentioned in the announcement because they have been using reverse engineering (reverse engineering is about hacking client MT4 terminal to access client account and provide their service)
This is a clearer zoomed in image of my previous post, taken directly from the MetaTrader support Centre
did you read the rest of the story:
"ZuluTrade’s CEO Leon Yohai spoke to Forex Magnates in order to provide his position on the situation, which also represents the wider consensus within ZuluTrade.
<<In relation to the latest public announcement made by MetaQuotes, we would like to clarify that ZuluTrade does not hack any network protocol, and this has been communicated to MetaQuotes repeatedly. ZuluTrade uses completely legitimate and documented methods to connect with collaborating MT4 brokers and has never violated the terms & conditions of MetaQuotes” explained Mr Yohai.
Mr Yohai is not the first to subscribe to the point of view that MetaQuotes intends to internalize the entire signals sector by creating a difficult modus operandi for the third party landscape. “It seems to us that MetaQuotes has decided to monopolize the signals business, targeting fully legitimate competitive vendors like ZuluTrade, by using inappropriate methods such as secretly deploying mechanisms to broker MT4 servers to block a list of IPs. For ZuluTrade this caused only insignificant downtime (as opposed to other services) and currently all our services operate normally”>>
Let’s present all the story.
Cheers Dima, i wasn’t actually aware of this. But now that Zulu are saying 1 thing and MetaQuotes are saying another how do we know what are the facts? Has there been any other developments since this article?
Hello there, I remember the other two parties - Tradency and MyfxBook that were accused also denying it. Search in forexmagnates to find the articles and the comments of the industry as well as are prevailingly against what metaquotes did.
Glad we resolved this old topic off.
Purplemoney, are you satisfied with the answers you’ve got? hope your spirits are cooler now
A post was split to a new topic: Zulutrade affiliate feedback
I spent with Zulutrade about 10 years as affiliate and a trader. This year I have reached the minimum amount for payout first time. And Zulutrade has declined my first earnings due the 700 points rule. I need to say that the main essence of the situation is not that I was fined, but that with one click someone crossed out all the accumulated funds. Not only for a specific month, or for specific trading positions, but absolutely all the funds that I have collected on this account since the moment it joined ZuluTrade.
I wrote to trader department and talked to manager. He said that the 700 points rule will be canceled in few days for traders with live forex accounts. But month passed… and Zulutrade declined all my funds second time. Do I need to say that this was done on the basis of the same open trading positions, for which all my savings were destroyed the previous time?
And what do you think, all these (so far) about 1000 dollars of commissions were paid back to the users who paid for them, or Zulutrade kept them for themselves, taking them from the users and not paying the trader? Can it be called a fraud in this case, or what is it called? However, they still take commissions from followers for my work. And I can suspend (not delete) my Zulutrade account only when all orders on the account are closed.
The questions to Zulutrade:
If You decline all my current, past and future earnings, why can’t i suspend opening the new trade positions and wait when the old positions (for which you decline all my earnings) will be closed, and i can deactivate my account?
If you decline trader’s earnings, why don’t you pay back those comission to the followers?
I don’t even ask you why do you decline all the accumulated funds but not a part of them for the specific trade positions. But the question is: where’s the common sense?