FIGfx
Top Rated Alternatives
See all Alternatives
Overall
Hello Javier,
I appreciate your response to my inquiry. I did not come here to slander your company in the least and I do appreciate the "bonus" if you may call it such. Its just ironic how I was able to trade with the "bonus" that was to be automatically removed once my account was stopped out for approximately two weeks.
You stated in your response "Please be kind to go to www.figfx.com and head to the bonus promotion page that you signed up from, read it again, and you will soon notice that it is explained that bonus is removed automatically upon account stop-out." I have done such as i have read it the first time and at no point does it state that the BONUS WILL BE REMOVED UPON ACCOUNT STOP OUT. For proof I have copied and pasted the TERMS of the AUGUST BONUS below for which I signed up for, provided the link and have taken a screen shot of the page....
Instant 100% Welcome Bonus
3 AUGUST 2010 NO COMMENT
Search no more; You’ve already reached the place where you can start with your initial deposit doubled before you even trade.
Just Open a forex trading account and get an instant 100% trade-able deposit bonus and an unbelievable chance to get another 100% bonus again on your next deposit. Over 6,000 traders have tested our unbeatable 100% offer in July and you’re invited to be next. Read the complete terms and conditions of our August bonus and get ready to get started…
How to Get a Free 100% Deposit Bonus?
Open a Forex Trading Account or replenish an existing account and you’re automatically entitled to get up to 100% bonus based on our terms of bonus program listed below.
How do I get the additional 100%, again?
If you’ve been unlucky with your trades and your account has been stopped-out, we will award you a 100% bonus again on your next replenishment of your stopped-out account. This is a great reward offered by FIGfx for loyal clients that were unlucky with their trading and is given to all accounts taking benefit of our August bonus. This is a great chance to recover your losses by getting a second chance to get a 100% bonus.
By adding funds to your stopped-out account, you are automatically awarded the 100% again on the next replenishment/deposit.
Please notice that a total of two bonuses of 100% can be given to a single account, only.
How and When do I get my bonuses?
The initial 100% deposit bonus is credited to your account instantly upon your first deposit. As for the other 100% replenishment bonus, it is credited instantly when you replenish your account after a stop-out.
Note: Credits can not be accumulated. To receive one credit bonus, the previous one will be automatically credited out.
Terms an Conditions
Offer is valid for fully verified accounts only
Offer is valid until September 1st 2010 (00:01 CET)
There is a minimum deposit requirement of $25
The 100% is given maximum two times; Once upon initial deposit, and once on the 1streplenishment after a stop-out
Fund transferred between accounts are not eligible (see exceptions below)
Internal account transfers does not qualify them to get the bonus (see exceptions below)
Bonus cannot be transferred between accounts
Bonus cannot be combined with any other promotions
Only one account per person is eligible to receive the bonus
Participant must make a minimum lot round turn transactions, see table below
Bonus will be applied to an account as usable credit bonus
Bonus does not apply for managed accounts.
Bonus is not withdraw-able until the required round turn lot transactions are completed
Bonus will be removed from an account after 45 days of account inactivity
Offer available in All countries except China, Iran, Malaysia, Kuwait and Australia
Internal Account Transfer Exceptions
For our traders in Iran, Nigeria, Malaysia and Indonesia; FIG will award the bonus on internal account transfers if your account is opened with/by our regional introducing brokers in your region. Currently, users of the following introducing brokers can enjoy the bonus even by internal accuont transfers:
Indonesia: DuyDuy Network (Mr. Kerry Sumbadji)
Nigeria: FIGfx Nigeria (Mr. Uchechukwu Alozie)
Iran: FIGfx Iran (Mr. Iman Salahashour)
Malaysia: FIGfx Malaysia (Mr. Rizal Maslan)
Bonus Award Table
For deposits $25-$125 || Bonus: 100% + 100% on replenishment after a stop-out
For deposits $126-$250 || Bonus: 60% + 60% on replenishment after a stop-out
For deposits $251-$2000 || Bonus: 40% + 40% on replenishment after a stop-out
For deposits $2001-$10,000 || Bonus: 20% + 20% on replenishment after a stop-out
For deposits $10,001-$25,000 || Bonus: 10% + 10% on replenishment after a stop-out
For deposits $25,001-infinte || Bonus: 5% + 5% on replenishment after a stop-out
Please notice that while the 100% bonus is usually credited instantly, it might take up to 48 hours to appear as a credit on your account.
Minimum Lot Round Turn
15 Lots required for deposits of $25-$125
20 Lots required for deposits of $126-$250
25 Lots required for deposits of $251-$500
35 Lots required for deposits of $501-$1,000
50 Lots required for deposits of $1,001-$1,500
65 Lots required for deposits of $1,501-$2,500
99 Lots required for deposits of $2,501-$5,000
128 Lots required for deposits of $5,001-$10,000
256 Lots required for deposits of $10,001-$25,000
333 Lots required for deposits of $25,001-infinite
Important Notice:
Credit can not be followed by another credit; Hence, bonus can be awarded only once either when opening a new account, or when replenishing an old one. If you have an old credited bonus on your account from a previous offer, it will be removed before you get the August bonus of the same 100%.
Bonus Withdrawal: Fair Usage Policy
Bonus can be withdrawn after completing the minimum required lot round turn
Bonus will be removed from your account upon first withdrawal without completing minimum lot round turn
Additional Bonus requires the exact additional amount of minimum lots as the intial 100% bonus
Trade More, Earn More
Upon withdrawal of the bonus money, the FIG assistant from the payments department will check your account for your pip average. The higher your pip average is, the bigger portion of the bonus money will be withdrawn per your request.
For pip average > 3 pips, withdrawn bonus will be 10% only of the 100% initial bonus
For pip average > 5 pips, withdrawn bonus will be 15% only of the 100% initial bonus
For pip average > 10 pips, withdrawn bonus will be 20% only of the 100% initial bonus
For pip average > 15 pips, withdrawn bonus will be 30% only of the 100% initial bonus
For pip average > 20 pips, withdrawn bonus will be 50% only of the 100% initial bonus
For pip average > 35 pips, withdrawn bonus will be 75% only of the 100% initial bonus
For pip average > 50 pips, withdrawn bonus will be 100% only of the 100% initial bonus
You can check your pip/trade average here anytime
Additional Terms
FIG reserves the right, at our sole discretion, to disqualify any individual that tampers or attempts to tamper with the operation of the Promotion, or breaches the Promotion Terms or Our Terms.
FIG reserves the right to alter, amend or terminate this Promotion, or any aspect of it, at any time and without prior notice.
FIG may make changes to these Promotion Terms and will notify you of these changes by posting the modified terms on the FIGfx Brokers website.
FIG recommends you to revise these Promotion Terms regularly and, by your continued use of the FIGfx Brokers website and services you accept any such modified terms.
FIG assumes that each contributor has read and fully understood our terms of service, scalping policies, affiliate terms of service and other related documentation in regards to his account type.
Any dispute or situation not covered by these Promotion Terms will be resolved by our management in a manner it deems to be the fairest to all concerned. That decision shall be final and/or binding on all entrants. No correspondence will be entered into. If these Promotion Terms are translated into a language other than English, then the English version of the Rules shall prevail where there is an inconsistency.
Now maybe I am missing something but I know what I read when I signed up for the account and it mentioned nothing remotely close to your statement that "you will soon notice that it is explained that bonus is removed automatically upon account stop-out" but maybe you can point it out for me. Thank you.
Overall
Hello kwikdolla
It is always a good thing to read what the road sign says, before taking it. While I was surprised when I started to read you r comment, I finished it with a wide smile on my face.
Just as in 99% of all cases and bad reviews all over the web, a trader missed reading before engaging into a promotion.
Mr. B,
Please be kind to go to www.figfx.com and head to the bonus promotion page that you signed up from, read it again, and you will soon notice that it is explained that bonus is removed automatically upon account stop-out.
As you mentioned exactly, you were losing money until a point where your account was stopped-out, so the credited bonus was simply credited out as we have been doing with all our traders for over a year of our unbeatavle 100% bonus offer.
Good luck in your ventures.
Overall
I have held the following account 126430 with this broker. While I was pleased in the beginning even while losing my money I am disappointed that the broker chose to take back their 100% deposit match without any explanation, email notification or nothing of the sort. I would appreciate if Javier or any other representative of the company can provide an explanation. Until then I advise all current or future traders considering this company to be VERY AWARE!!!
Overall
After reading all this comments from fellow traders. I'm just scared of opening an account with this broker. Looks like this broker is very notorious in blocking accounts and permanently disabling accounts for some simple violations such as having multiple accounts per household. I have traded with many brokers and still do and i can confirm that i have multiple accounts with such brokers as fxcm and liteforex and they have no problem with it. I got to say i'm skipping this broker as this account blocking, account suspending, multiple accounts per household rules and your EA can't make too much money rules is just too much for me.
Overall
Today, the 19th of October, I have received all my funds that I have earned through this broker. My account has been permanently disabled since the 9th of September. Upon thorough communication with FigFX, I have received what I have been owed for over a month.
Thank you FigFX for complying with your account holders
Overall
Javier -
I am Nico's brother, and I can vouch for the fact the other accounts were operated by us. You can not prove that they were controlled all by Nico simply because we are all from the same city. We all use the same EA which we as a group develop, and you also have photo copies of our IDs and bank statements, which clearly show different addresses. Even the fact that not once has one ip that accesses one account has crossed into another account should be a clear sign to you that we are all operating independently. Also, any manual trades that were done outside of the EA do not show up on other accounts. I have large amounts of chat logs and emails to and from my brother and different members of the group showing we all operate our own accounts.
Thank you,
Kaes
Overall
Hello NicoK,
Of course, the way you described your problem is sentimental; It is still a violation.
Everyday, we hear the same explanation many times with little changes in roles, examples:
- Its my father's account
- Its not me, its my wife
- Oh no, thats my friends account
- etc..
For FIGfx, that is all the same. We define this as self-rebate.
The fact that you, opened an account, then decided to open more using different names - For that, you utilized your brother and friend. Read the email you received again, and see what it says.. (--which we believe are used, accessed, controlled by yourself--).
Believe me, you can not technically deny that all three accounts are accessed, controlled, managed by one person. The facts are obvious and are cleat to any FX expert.
Our decision if final, please feel free to consult a lawyer if you are not satisfied.
Have a nice day
Overall
Fig will be shut down before any regulation approvals come their way.
This FIG solutions inc. registered in Delaware does not abide by the strict hedging and scalping rules of the US! Hence this is utter crap!
FIG solutions inc. has to be relying on Cypriot for more than "technical support" if they are lawfully allowing their spreads on the market! This FigFX representative clearly denies that they do!
Overall
FigFX has permanently disabled my account for no reason two days after my second withdrawal attempt. I put together a beta testing group to test my co-workers EA named Ruskinator, an EA coded by my co-worker Jason Rusk that simply acts off a string of signals that certain indicators switch to 1 or 0. The other two traders that were in my group were my brother Kaes and my best friend James. They claimed we are all a single individual running multiple accounts with the EA, absurd!
I cannot believe this SCAM! READ ON for what fig has had to say!
I am one of three members of a beta testing group i put together to test an EA named Ruskinator, a EA compiled simply of a string of indicators. This EA was written and copyrighted by Jason Rusk, a fellow co-worker that I have worked with over the years. The two other forex traders in my group are my brother Kaes, (Also recently has posted in a thread) and my best friend James.
My reactions to the violation of the rules are list below
1- Yes, I live in Redmond, WA? Why is that violating anything? Multiple people can live in the same area talk about starting forex and open accounts!
2- Again yes, My account trades from that IP? Violating anything? It's my laptop in my room ISP Verizon DSL. NOTE: That my IP is different than my brothers, otherwise the letter recived was the same.
3- Yes, EAs and hedging are allowed
4- I had no part in using any VPS server, I only connected to FIG through MT4 on my laptop. My brother Kaes ran his MT4 on a VPS.
Clearly FIGfx is trying to classify us as one person with multiple accounts. I have sent them my WA state ID and bank statement for verification of first withdrawal. They obviously know this is not one person. SCAM!! FIGfx has a dealing office in Delaware so they claim they are U.S. based but they actually originate in Cyprus. Do they have a license to operate an investment firm in Cyprus? NO!!
See for yourself!
http://www.cysec.gov.cy/licence_members_1_en.aspx#47
Overall
you keep telling about tricks and cheats..please tell me what are they.let all people know what my clients and me cheating about.i don't mind if you tell in public.i'm sure many people want to know
Overall
Rizal,
Please, I kindly ask you to go and find yourself a different broker where you, and your so claimed clients can do their tricks and cheats. Most probably you will need to find a new, unexperienced broker. You will have a good time span to do your tricks, before you get kicked out, which as far as I understand is something you are getting used to.
I thank you also, for the confession of your client doing the hedging tricks to claim an unearned bonus.
Should we say thanks and pay him for his efforts? Or hold you tighter as a profitable IB for our business?
Better no, better to wave bye bye for you and for your client.
Find yourself a new playground. Experienced you ;)
As for GIGfx, I had no idea, their site and staff history (the one I know) does not look like a scam company. I really doubt your claims of them being unable to pay 30K.. That's not money finally when it comes to forex.
My famous advise:
Go back to where you learned forex, and ask for a refund. :D
Overall
the sorry email was about client 118300 account which do hedging high volume to get the bonus.please read the email carefully.i apologize for him not for me.don't misunderstand.you said i'm newbie,are you long enough in forex??what is your experience?what you do is only copy and paste it here.regarding GIGFX,they not pay client withdrawal about $30,000.after we made complaint to FPA and legal LAW,only then they got afraid and promise to paid the fund...to existing figfx's client if you don't want to loose your money,take my sincere advise and leave this broker.
Overall
Rizal,
- Your proof was sent to you over email earlier, and you 'confirmed' and said 'sorry', which made re-enable your account earlier this month.
- We have a policy, probably the most strict in the market (and we are proud of). While most brokers beg to get a client, we never hassle to reject accounts that match our criteria. You can ask around, we have refused to serve tons of accounts.
- I have no idea what you did to GigFX, and what is this GigFX story you are talking about. But it is good to hear a confession that you were involved in "doing something" to that broker.
- As for your question why we do not serve Malaysia, I would really suggest you read a little over the internet of what Malaysia is actually in the forex field. How brokers deal with it, what was the story around it since 2007 and why 'wise' brokers tend to pass on serving it.
- Your downline members were returned to the pool, because you are no more an agent of FIGfx.
A hint on Forex in Malaysia:
----------------------------------------
in 2008, a few brokers including (FXOpen, PoltakFX, LiteForex, MasterForex, ...) were involved in a massive DDoS attack wave affecting all brokers that were marketing in Malaysia. Brokers accused each other of playing dirty games to grab the Malaysian Market.
PoltekFX was wiped0out from service being the weakest broker at the moment. FXOpen and Liteforex struggled a lot, Instaforex was an inch' of leaving the market because of a 2 months attack.. Some people from behind the scenes did show evidence that Malaysia, is a 'newbie/virgin' market. There were no doubt parties interested in grabbing that load of gold.
Ever since, the Malaysia market was known to be the playgroud of new brokerage firms that just popup of nowhere, head to Malaysia to grab some gold.. Disappear, then re-appear in the market with a new name and new strategy as they have enough money to do it.
FIG, did not want a single individual to even doubt it being a 'gold-grabbing' company, and did not even market it's services in Malaysia. We rather keep it for the big cats ready to kill each other for that market.
Interesting Readings:
--------------------------------
http://www.makemoneykingdom.com/archive/index.php?t-1619.html
http://www.talkgold.com/forum/r204882-.html
http://www.carigold.com/portal/forums/showthread.php?t=119137&page=15
http://www.onix-trade.net/forum/index.php?showtopic=82958&pid=354610&mode=threaded&show=&st=0
http://www.incomepasif.com/fipi-forex-traders-discussion/trader-pemula-(forex-newbies)/
The posts above cover the whole story if anyone is interested to take a look.
Rizal,
Believe me friend, before you ever knew what forex is, there existed cheaters and smart people trying to beat the system. It is much better if you will start learning the right way to do it.. You are still a newbie yourself in a very narrow-minded market.. While you cry over forums for some $10 or $20 of agent commissions, others are roaring to grab every cent in your country. You'd better say THANKS FIG for not contributing to this sabotage.
Overall
do you have any proof that i do self-rebate and managed accounts??please tell me here.i never manage account with figfx.seriously that is serious accusation.why malaysian trader cannot open account with you?are you afraid we do the same as we do to GIGFX to you??and now you deleting all my client from my downline list.why?i'm really happy to work without tricks but now who tricks whom..i always believe that i can do fair business with figfx but now i'm realize that i'm wrong :(
Overall
Rizal,
A good advise you are making here.
FIG itself, on it's offer page asked Malaysian traders not to open accounts with us, but still ;)
As for your IB's offer, Yes; I confirm cancelling that because you simply missed the terms page where it stated no self-rebate and no managed accounts. That is not a 'simple' mistake, that is breaking rules.
Anytime you feel like working without tricks, please feel free to come back again.
Overall
i'm taking back my compliment..don't trade with this broker.i'm figfx ib.after about 2 month become their ib,i can see many weakness.live chat always offline,email not reply.figfx took back my ib's offer because of small client's mistake.figfx doesn't appreciate all my effort that's i've done...don't put your money in this broker
Overall
Thanks for the reply.
You too.
Overall
Hello,
We do not need the CySEC regulation as we do not conduct ant financial services within the Republic of Cyprus.
CIF "Cypriot Investment Firm" is required to have a CySEC regulation, we do not. The Cypriot company (FIG Solutions Limited) is just a technical operator for the FIG Solutions Limited Inc. registered in Delaware.
For the record, FIGfx brokers has already filed, and is currently awaiting for the regulation approval; Jurisdiction and more details will published on our corporate website accordingly and in timely manner.
Thank you for your interest, and have a nice week
Overall
Hi Javier. Any comment?
Overall
Hi Javier,
I am most pleased with your response at least it makes sense. I am an IT person so I can flow with your explanation of how your server responds to requests. I can asure you that there are flaws in the coding, no fault of yours though.
As for using an EA to trade news, I believe that worse issues arise. I have experienced the unpredictable nature of EAs when faced with a fast moving market. Too many orders in too short a time sent to an overloaded server, Lord, you end up not getting anything. I will stick with my manual mode and take my chances.
Regarding my posting of a descriptive message, I take your point. However you will agree with me that under the circumstance I found myself I had no choice. How else would you have been able to resolve this issue? See?
If you would provide your personal email for issues like this, that would help a lot.
Many thanks
