How I got RIPPED OFF by EXNESS...

nzkiwi posted:
Don't think you will get any satisfaction from the NZ authorities regarding these NZ registered forex companies. NZ has no regulations regarding forex transactions. It is completely 100% unregulated in this country. I should know as I am a NZ citizen. Further to this I am perfectly happy to undertake research for any one thinking of opening an account with a supposedly NZ regulated broker. I won't charge a cent for this as I am a retail trader who despises these bucket shops as much as anyone. There are only a few companies in NZ that have a physical pressence here. And exness is NOT one of them.

I have a very small account with 'RoboForex'. I was to increase the deposit size, but decided against it, for the time being at least, after reading this thread. This was because my initial small deposit by Credit Card was processed in Russia, whereas they claim to be headquartered in NZ.

They say (on their website) that they are headquartered at: Level 3, 13 O'Connell St, Auckland, 1010, New Zealand

Tel: +64 9 927 8870

About the regulation, all it says is: 'ROBOFOREX LP is a member of Financial Services Complaints Ltd. FSCL is an independent not-for-profit External Dispute Resolution (EDR) scheme approved by the Minister for Consumer Affairs under the Financial Service Providers (Registration and Dispute Resolution) Act 2008.'

I have not read any untoward report about them, neither have I had any unpleasant experience. Only, it's always better to be sure. I am not sure if they are even regulated or not. I then stuck to my main two brokers.

nzkiwi: Do you know anything about these guys?

I called the New Zealand number and was redirected to somewhere in Russia. Unfortunately I am in Wellington so cannot visit the address to see what sort of setup (if any is there). The number is not a valid Auckland central number(normally CBD numbers start with 389) I personally find any company that claims to be regulated in NZ is doing so because they do not qualify for regulation elsewhere. A google search of the address threw up one other tennant in the building. I called to see if they could verify the physical pressence of Roboforex. Unfortunately there was no answer

Update Did a search of the company register relating to Roboforex. Result no such company listed. Did a search based on the address see following link.
https://www.business.govt.nz/companies/app/ui/pages/companies/3267869?backurl=%2Fcompanies%2Fapp%2Fui%2Fpages%2Fcompanies%2Fsearch%3Fq%3D%26start%3D0%26limit%3D15%26entitySearch%3D%26addressKeyword%3D%252013%2520o'connell%2520st%26postalCode%3D%26incorpFrom%3D%26incorpTo%3D%26country%3D%26addressType%3D%26advancedPanel%3Dtrue%26mode%3Dadvanced%26sf%3D%26sd%3D%26entityTypes%3DLTD%26entityStatusGroups%3DALL%26addressTypes%3DALL

This shows up many companies registered to this address. This would have been setup by a shelf company service.

surprising,why most forex brokers have a fake address,why cant they be honest?

nzkiwi: This probably is an office building at 13 O'Connell St, Auckland, and there may be some office on level 3. However, the very fact that they do not have a valid NZ telephone number may prove that they are not 'headquartered' in NZ. Thank you so much for your help and your efforts. Much appreciated!

Dear Mevo,

Your appeal is addressed to 3.2 clause of Client Agreement. https://exness-holdings.com/client_agreement_en.pdf

You could not close USD/LTL orders due to low liquidity of the chosen trading instrument (risk level). In order to learn more about possible actions of our company in this situation, please refer to 3.1 clause of General Business Terms that have been accepted by you. https://exness-holdings.com/general_business_terms_en.pdf

When you sent a request to close all positions EXNESS accepted it for the currency pair which had issues (USD/LTL) and notified that you needed to close EUR/USD orders by yourself as there were not any issues with this currency pair. Instead of closing, in 10 minutes you started to open new positions on EUR/USD that was your personal decision and the reason for losses (3.2 clause of Client Agreement).

After receiving your logs, closing prices of USD/LTL orders had been corrected in your favor and appropriate compensation had been added, after that you successfully withdrew the amount. Thus, your complaint about USD/LTL has been satisfied.

EXNESS is widely interested in long-term cooperation with traders and do not interfere in clients’ trading strategies and always performs its obligations. Also, our company always strives to resolve issues in favor of client that is one of our top priorities. In your situation we exercised the right to close positions on low liquid currency pair in your favor. Your complaint about EUR/USD orders is unreasonable because you could close positions any time.

In addition, I would like to point out that to resolve this issue we tried to contact you on the phone number you provided during registration but we did not get through. Please provide your real phone number.

If you do not agree with the actions performed by EXNESS you can always dispute them in FDR (NZ), our regulating body, decision of which will be final for both sides.

Best regards,
Alexander Kovalchuk
EXNESS

Alexander,


Ok, which clause exactly beetween 3.1.a and 3.1.i of your general business terms do you claim to have used in this situation ?

'After receiving your logs, closing prices of USD/LTL orders had been corrected in your favor and appropriate compensation had been added, after that you successfully withdrew the amount. Thus, your complaint about USD/LTL has been satisfied.'

WRONG close of my orders happened on OCTOBER 4, after already having been taken for an idiot since SEPTEMBER 18 (that's when trading has been disabled on USD/LTL). And I complaint about the WRONG order close THE SAME DAY (October 4), and just received some pure SCAM emails saying: WE (EXNESS) WON'T CANCEL or CORRECT ANYTHING !, there is no other close try, etc ... (I can post all this emails here if you want) It is after this emails (with LOGS being PROVIDED !) that I just wanted to try to get what I could out of my account, as it was clear to me at this point that you made all this ON PURPOSE, and didn't want to hear ANYTHING. This is exactly the email close I sent:

'Ok, close *ALL* orders so that I can withdraw a little money. What you accept to leave me in fact.'

You say: 'When you sent a request to close all positions EXNESS accepted it for the currency pair which had issues (USD/LTL) and notified that you needed to close EUR/USD orders by yourself as there were not any issues with this currency pair'

So, you are admitting that I requested *ALL POSITIONS* to be closed, but that you EXNESS 'accepted it' just for what you wanted ? That's just crazy. I accepted to have *ALL* positions closed at the same time, not just a part (I NEVER accepted this).
And I did NOT receive any notification about EUR/USD trades, I just received a 'You can close them by yourself' after I emailed:

'I asked for *ALL* orders of my account to be closed, as I always request in this situation, not just the USD/LTL ones so that I take a *MEGA* loss because I told you all trades were hedged ....
 
Damn, now what, I hope EUR/USD gets down, or I take a MARGIN CALL ???'

I could have closed EUR/USD trades at ANY TIME, as there wasn't any problem with this pair, we both know that. I did NOT close them, because this trades were hedging the USD/LTL ones, and needed to be closed AT THE SAME TIME. My request was to close EVRYTHING, or NOTHING, not just on part of the trades, just when there was a big market movement during the ECB PRESS CONFERENCE, so that i take a HUGE loss in matter of seconds.

And it really has to be noted that we would NOT have been in this situation if you corrected the WRONG close of my orders with logs provided when I complaint (oct 4). You only did it WEEKS after, when I posted all the story on forums. You JUST did what ALWAYS was supposed to be done, nothing more ! You just corrected the wrong close by re-closing the orders AS THEY ALWAYS should have been closed. Waouh ! Again, would have been easier for everybody if you did it on october 4 when I complaint. So nothing has been corrected IN MY FAVOR, it just has been corrected as it HAD TO BE INITIALLY DONE. And I didn't receive any COMPENSATION, but I surely SHOULD receive one !

It's always the same: You keep on denying, saying the same thing, when facts are here. This was already the case when the first weeks you denyed that trading was disabled on USD/LTL pair and that I could close the orders by myself. So you may compensate what you have to, but how much time do you still want to make us loose ?

About me opening trades: YES, as I already said it, I had a directional position of more than 7 short EUR/USD lots trades at this point (BECAUSE OF YOU ! I *NEVER* should end in such a situation) and my account equity was showing 750 MBB after the sharp up move during ECB press conference, so I hedged a part and traded for a few minutes to get out of it the best I could rather than closing everything directly with the loss which occured. I ended with around 1000 MBB rather than the 750 which you left me with. It ONLY was to get OUT of the situation the best possible way.

My phone number is correct. I received friday a phone call from Russia (from a phone number ending with 0323), but my phone was just OFF, nothing more. You want to propose something ? Nice. Why don't you write it here so that everybody can see it ? Or send it to me by email please. Thank you.

jeevan007 posted:
surprising,why most forex brokers have a fake address,why cant they be honest?

The main address of a company is its 'REGISTERED OFFICE' address and it may be held at a domiciliation service provider. It has to be a REAL street address and some documents have to be stored there, nothing more. Business can be handled from somewhere else. This doesn't make the address 'fake' or the company less legitimate. The fact that a broker is physically present at his registered office address or not doesn't have ANYTHING to do with the fact that they are honest or not.

NZKIWI: Forex USED TO be totally unregulated in NZ. Now, ithere is the NZ FSP which brokers need to be affiliated to, and they have to be part of a dispute resolution scheme too. I agree that we didn't hear too much of NZ FSP as a 'regulator', like we may hear from NFA in USA or FSA in UK, but I really doubt they will let a dishonest broker act being registered in NZ, resulting in giving NZ a bad image.

Mevo posted:

jeevan007 posted:
surprising,why most forex brokers have a fake address,why cant they be honest?

The main address of a company is its 'REGISTERED OFFICE' address and it may be held at a domiciliation service provider. It has to be a REAL street address and some documents have to be stored there, nothing more. Business can be handled from somewhere else. This doesn't make the address 'fake' or the company less legitimate. The fact that a broker is physically present at his registered office address or not doesn't have ANYTHING to do with the fact that they are honest or not.

NZKIWI: Forex USED TO be totally unregulated in NZ. Now, ithere is the NZ FSP which brokers need to be affiliated to, and they have to be part of a dispute resolution scheme too. I agree that we didn't hear too much of NZ FSP as a 'regulator', like we may hear from NFA in USA or FSA in UK, but I really doubt they will let a dishonest broker act being registered in NZ, resulting in giving NZ a bad image.

you seems to have enough knowledge about forex industry, even after all that u still chose exness??? wondering how come such a genius can do this stupid act, feel pity for u,, anyway move on dude, u r fighting a lost battle,, preserve ur energy for future trades rather than wasting time here and trying to win arguments, anyway i am continuously going to trade in exness until i am cheated,, u cant name a single genuine broker in forex, all r like this,

i don't trust roboforex

Jeevan,


I did a huge mistake by opening an account with Exness. What is done is done. I'm now trying to prevent smart traders to do the same mistake. You want to 'continue until you get cheated', that's up to you.

Lol, this battle is lost for Exness, I assure you I will win. I already answered you that I have far enough energy to trade and bring Exness down at the same time, don't worry for me.

Comparing other brokers to Exness, and saying that they are 'all like this' is an insult to all the honest brokers out there, and I would say that there is a lot more honest brokers than dishonest ones.

Alexander (Exness) said: 'to resolve this issue we tried to contact you on the phone number you provided during registration but we did not get through'. This would mean that they now want to resolve the issue ... I'm waiting to see what they propose.

rob559 posted:
i don't trust roboforex

Did you have an account with them?

Mevo posted:
Jeevan,


I did a huge mistake by opening an account with Exness. What is done is done. I'm now trying to prevent smart traders to do the same mistake. You want to 'continue until you get cheated', that's up to you.

Lol, this battle is lost for Exness, I assure you I will win. I already answered you that I have far enough energy to trade and bring Exness down at the same time, don't worry for me.

Comparing other brokers to Exness, and saying that they are 'all like this' is an insult to all the honest brokers out there, and I would say that there is a lot more honest brokers than dishonest ones.

Alexander (Exness) said: 'to resolve this issue we tried to contact you on the phone number you provided during registration but we did not get through'. This would mean that they now want to resolve the issue ... I'm waiting to see what they propose.

then who stopped you in opening an account with the so called 'honest brokers',,

Mevo posted:
 About Etoro, I have to admit that I read quite a lot of not very fair things, but never had an account with them (with what I read, like people having read what happened to me with Exness, it's true that I clearly would NOT open an account with them).

Dear Mevo,

My sincere regrets about your situation, it really does seem absolutely unfair. I am not familiar with Exness, and I certainly don't want to badmouth a competitor broker without any of the necessary information, but in light of your story I really must insist upon some critical differences between the complaints we've gotten over the years from traders and your complaint against Exness.

Most of the complaints we have seen from traders have had to do with lagging issues and freezing in time of market volatility, especially around major news releases. First of all, we have directed all of our efforts towards fixing these technical issues which were really only happening for a small minority of our traders, and indeed we have succeeded in bringing these cases down to a minimum. Secondly, we have always compensated traders for any losses or unrealized profits that they have suffered due to technical malfunctions. As a non-dealing-desk broker, we have absolutely nothing to gain from our traders' losses, on the contrary profitable traders are able to open more positions on which we get to collect the spread.

Unlike what you claim about Exness, we have never manipulated spreads in any way shape or form, we have never delayed withdrawals as long as we've gotten the proper documents for the first withdrawal, and we have certainly never disabled trading on an instrument in general, let alone without any notice or compensation. As a result we have been recognized as a legitimate broker by the FPA for as long as we've been around.

I sincerely hope that your online activity leads Exness to reconsider their treatment of your case and compensate you accordingly.

Best regards,
Andy, eToro Team

Lol even brokers are supporting Mevo now :D

biosko posted:
Lol even brokers are supporting Mevo now :D

That's pretty amazing ;)

Andy, eToro Team posted:
Most of the complaints we have seen from traders have had to do with lagging issues and freezing in time of market volatility, especially around major news releases.

Yes, that's correct, this is what I read the most about, people complaining about your platform which was freezing. Some people may had their withdrawals delayed due to the lack of proper ID documents, and just complained first, then corrected their own mistake after.

I was one day in court defending myself a case, and the judge said something that I found really great: He said that he always considered FIRST that people are of good faith when they claim something. If you are saying that this problems were some technical issues and you have worked to fix them, it must probably be true. At least I don't see anything that could tell us it isn't the case. So, this is very good.

Exness claims a lot of things too, but in this case, I have all the evidences showing that what they claim is NOT the reality. All have been uploaded on FPA for everybody to be able to see them.

Thank you very much for your post Andy !!

Jeevan posted:
then who stopped you in opening an account with the so called 'honest brokers'

You never stop ;) Who said I don't have accounts with honest brokers ? Where do you think I'm trading right now ? Who said you can't have multiple accounts with as many brokers you want ?

As I said a lot of times now: Exness conditions are amazing, they are just too-good-to-be-true. I have been attracted by their conditions and didn't do correctly my homework before opening an account, and then I was st*pid enough to not run when I saw the red lights. Ok, I did it. What's you next crazy question ? ;)

Mevo posted:

biosko posted:
Lol even brokers are supporting Mevo now :D

That's pretty amazing ;)

Andy, eToro Team posted:
Most of the complaints we have seen from traders have had to do with lagging issues and freezing in time of market volatility, especially around major news releases.

Yes, that's correct, this is what I read the most about, people complaining about your platform which was freezing. Some people may had their withdrawals delayed due to the lack of proper ID documents, and just complained first, then corrected their own mistake after.

I was one day in court defending myself a case, and the judge said something that I found really great: He said that he always considered FIRST that people are of good faith when they claim something. If you are saying that this problems were some technical issues and you have worked to fix them, it must probably be true. At least I don't see anything that could tell us it isn't the case. So, this is very good.

Exness claims a lot of things too, but in this case, I have all the evidences showing that what they claim is NOT the reality. All have been uploaded on FPA for everybody to be able to see them.

Thank you very much for your post Andy !!

Jeevan posted:
then who stopped you in opening an account with the so called 'honest brokers'

You never stop ;) Who said I don't have accounts with honest brokers ? Where do you think I'm trading right now ? Who said you can't have multiple accounts with as many brokers you want ?

As I said a lot of times now: Exness conditions are amazing, they are just too-good-to-be-true. I have been attracted by their conditions and didn't do correctly my homework before opening an account, and then I was st*pid enough to not run when I saw the red lights. Ok, I did it. What's you next crazy question ? ;)

\

ok pls name those honest brokers,, hey come on this isnt a crazy question,i really wanna know

Jeevan, return to page 4 of this thread, we talked about quite a few brokers. You were already here ... If you have additional questions about other brokers, just send me a private message.

Why, you're not that confident with Exness anymore ? ;) You finally understood ?

Mevo posted:
Jeevan, return to page 4 of this thread, we talked about quite a few brokers. You were already here ... If you have additional questions about other brokers, just send me a private message.

Why, you're not that confident with Exness anymore ? ;) You finally understood ?

i am still trading in exness,not faced any issues yet, however i am interested in knowing the honest brokers which u feel, i really value every traders suggestion, i contribute here only to share my experience never intended to have an argument with anybody, so i conclude my conversation with this, my sincere apology if i have hurt u with my comments,,hope u prove ur accusation and claim ur compensation,, trade well,,