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After several persuasive calls, Mrs. Rose Guion, Head of VIP Sales and Services - CFD1000, convinced me to invest in their Algo Trading solution (CFD1000 Algo Trading) which would give good returns. I was skeptical about investment because which I checked their website on scamadviser.com, the report said "Site is Russian Federation based and one needs to take caution when dealing with them as the indicator was inclined toward high risk. Also I was told that they were regulated by New Zealand however when I wrote to Financial Service Providers Register (FSPR), I was informed there is no such company registered with them.
In-spite of these two warnings I decided to trust on them and invest $1,000 to test the platform. I was informed by Rose that the company is in process of seeking regulation and that it would take time and I must not worry about it being regulated or not. I must say for some time I did see some profits in the account and then almost every few weeks I would receive a call from them stating we are running promotion and that I must invest more funds as they can double it up with their bonus. I decided to invest further $3,000 in it. Hence total equity from me was $4,000 and the total bonus on this account was $1,300.
During the initial few weeks the fund manager would take position and close it max in a day or two with profit or loss. However as the market started to become unfavorable the fund manager decided to allow the loss to continue and did not bother closing the loosing trade. Not only did he allow loosing trade to become even bigger loss but he continued to open new positions in the unfavorable direction. When I asked Rose Guion about this she told me don't worry about it, they are golden trades. Due to complete lack of money management and position sizing the losses continued to grow and eventually they caused a margin call to my account. When I asked them about why did they have to open so many positions in such a small account and why so big size positions, I was told the traders have done their best to manage the account. Surely by no means giving a margin call to client is in the profile of a fund manager.
I am not guru in investing but as per my knowledge most of the fund managers do not allocate more than 2% of the account size for any given trade and it would send shiver down the spine if any single trade exposes risk more than 5% of the account size. For my account, the average risk of the loosing trade was 20% and the highest risk was at 34%. Also there was simply no control in the number of open positions at any given single point of time. Keeping six positions of 0.20 lot and then hedging it with a mighty 1.20 lot size was certainly not a professional decision.
When I asked Rose Guion if the Fund manager have been right on their part of giving me a margin call , I was told they have done their best. Also when I asked how would CFD1000.com help me to recover the losses, I was told to invest more money with them and they will provide maximum bonus to me to help in recover the losses in next 12 - 24 months. Surely my confidence in them is at rock bottom.
I was later informed by Rose Guion that she has been promoted in the company and that she does not handle my account any longer. My account was passed on to Jean Martinez. He has a Russian accent and called me few times from Italian number however when I asked him where he is based, I was informed he is based in London. He wanted me to invest further funds in the account for faster recovery however I told him I want to first see my initial investment recovered before I invest further. He traded my account for few weeks and it was slowly recovering the losses. However one fine day there were suddenly big positions opened and several open positions. I immediately warned both Jean and Rose about not allowing third margin call to my account. Unfortunately in few days the account was again hit with a margin call due to absolute careless behavior of the fund manager who does not seem to understand the meaning of position sizing and money management. It was clearly a deliberate act of opening big positions and causing me a margin call . When I discussed this with Rose, she informs the market contains risks and I should be aware of it and according to Jean I should further invest with them for me to recover my investment.
I followed up with Jean several times however he does not seem to be interested in responding hence I have concluded CFD1000.com is a complete scam and I would like to make it loud and clear to all the existing investors and the potential investors not to deal with this company. They will show you progress for few weeks or possibly little longer however one fine day they will shock you with their sheer carelessness and destroy your account. I have seen this happening thrice with my account. If it was a genuine company, they would have refunded my amount for their negligence however they simply have decided to ignore my mails hence their is little left to talk about them. I have lost $5,000 with these guys and they are absolute crooks and they will eventually steal your hard earned money. They did offer lot of false promises however failed to live up to any of it and continue to ask for more funds in order to recover the investment.
Some more proof of them being dishonest includes:
1) scamadviser.com/is-cfd1000.com-a-fake-site.html
There site is classified with Low Trust Rating and identified as unsafe to use. It is based on Russian Federation with safety level as little as 25%.
2) blacklistedbrokers.com/warnings/search.php?mots=cfd1000
CFD1000 Ltd / 1000Trading Group Corporation is in breach of French law and is not required to follow the basic rules of investor protection, good information or claims processing.
3) tradecomplaint.com/trading-reviews-complaints/India/cfd1000-com-reviews-complaints/forex/fx-broker/fraud-fund-mangers-of-broker-cfd1000-com_i12930#.Vbew1vmqpBc&gsc.tab=0
4) .tradecomplaint.com/trading-reviews-complaints/India/CFD1000-com-reviews-complaints/forex/fx-broker/cfd1000-com-cfd1000-broker-are-a-fraud-service-provider-in-forex-market_i13164#.Vbew3PmqpBc&gsc.tab=0
I will share more information about them in near future so that other investors are not cheated. Never allow a broker employee or an IB to trade your account. I urge all the investors of CFD1000.com to withdraw your funds before its too late.
The One
In-spite of these two warnings I decided to trust on them and invest $1,000 to test the platform. I was informed by Rose that the company is in process of seeking regulation and that it would take time and I must not worry about it being regulated or not. I must say for some time I did see some profits in the account and then almost every few weeks I would receive a call from them stating we are running promotion and that I must invest more funds as they can double it up with their bonus. I decided to invest further $3,000 in it. Hence total equity from me was $4,000 and the total bonus on this account was $1,300.
During the initial few weeks the fund manager would take position and close it max in a day or two with profit or loss. However as the market started to become unfavorable the fund manager decided to allow the loss to continue and did not bother closing the loosing trade. Not only did he allow loosing trade to become even bigger loss but he continued to open new positions in the unfavorable direction. When I asked Rose Guion about this she told me don't worry about it, they are golden trades. Due to complete lack of money management and position sizing the losses continued to grow and eventually they caused a margin call to my account. When I asked them about why did they have to open so many positions in such a small account and why so big size positions, I was told the traders have done their best to manage the account. Surely by no means giving a margin call to client is in the profile of a fund manager.
I am not guru in investing but as per my knowledge most of the fund managers do not allocate more than 2% of the account size for any given trade and it would send shiver down the spine if any single trade exposes risk more than 5% of the account size. For my account, the average risk of the loosing trade was 20% and the highest risk was at 34%. Also there was simply no control in the number of open positions at any given single point of time. Keeping six positions of 0.20 lot and then hedging it with a mighty 1.20 lot size was certainly not a professional decision.
When I asked Rose Guion if the Fund manager have been right on their part of giving me a margin call , I was told they have done their best. Also when I asked how would CFD1000.com help me to recover the losses, I was told to invest more money with them and they will provide maximum bonus to me to help in recover the losses in next 12 - 24 months. Surely my confidence in them is at rock bottom.
I was later informed by Rose Guion that she has been promoted in the company and that she does not handle my account any longer. My account was passed on to Jean Martinez. He has a Russian accent and called me few times from Italian number however when I asked him where he is based, I was informed he is based in London. He wanted me to invest further funds in the account for faster recovery however I told him I want to first see my initial investment recovered before I invest further. He traded my account for few weeks and it was slowly recovering the losses. However one fine day there were suddenly big positions opened and several open positions. I immediately warned both Jean and Rose about not allowing third margin call to my account. Unfortunately in few days the account was again hit with a margin call due to absolute careless behavior of the fund manager who does not seem to understand the meaning of position sizing and money management. It was clearly a deliberate act of opening big positions and causing me a margin call . When I discussed this with Rose, she informs the market contains risks and I should be aware of it and according to Jean I should further invest with them for me to recover my investment.
I followed up with Jean several times however he does not seem to be interested in responding hence I have concluded CFD1000.com is a complete scam and I would like to make it loud and clear to all the existing investors and the potential investors not to deal with this company. They will show you progress for few weeks or possibly little longer however one fine day they will shock you with their sheer carelessness and destroy your account. I have seen this happening thrice with my account. If it was a genuine company, they would have refunded my amount for their negligence however they simply have decided to ignore my mails hence their is little left to talk about them. I have lost $5,000 with these guys and they are absolute crooks and they will eventually steal your hard earned money. They did offer lot of false promises however failed to live up to any of it and continue to ask for more funds in order to recover the investment.
Some more proof of them being dishonest includes:
1) scamadviser.com/is-cfd1000.com-a-fake-site.html
There site is classified with Low Trust Rating and identified as unsafe to use. It is based on Russian Federation with safety level as little as 25%.
2) blacklistedbrokers.com/warnings/search.php?mots=cfd1000
CFD1000 Ltd / 1000Trading Group Corporation is in breach of French law and is not required to follow the basic rules of investor protection, good information or claims processing.
3) tradecomplaint.com/trading-reviews-complaints/India/cfd1000-com-reviews-complaints/forex/fx-broker/fraud-fund-mangers-of-broker-cfd1000-com_i12930#.Vbew1vmqpBc&gsc.tab=0
4) .tradecomplaint.com/trading-reviews-complaints/India/CFD1000-com-reviews-complaints/forex/fx-broker/cfd1000-com-cfd1000-broker-are-a-fraud-service-provider-in-forex-market_i13164#.Vbew3PmqpBc&gsc.tab=0
I will share more information about them in near future so that other investors are not cheated. Never allow a broker employee or an IB to trade your account. I urge all the investors of CFD1000.com to withdraw your funds before its too late.
The One
You guys are highway robbers. I lost $5,000 because you opened massive orders in my small account and gave me a margin call. When I ask why you did it, your agent Rose Guion says it was a new trader. If you are genuine than return my money which you lost for your carelessness. You can't claim rosy picture after stealing away money from your clients. Pathetic and shame on you for doing such a sinful act. Beware all Trade2Win users, refrain from dealing with this company if you do care for your investments.
a new trader? to open such crazy positions and they tell you its a new trader? WTF!! man this is crazy, i wont say that every one tagged as scam should be judged as scam, but instances like this tells you enough is enough really bad quality and services.
krishnoparik
Newbie
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All brokers are not trust able. Please deal with brokers very careful.
Well, we all know that its not easy to trust a broker with huge amount of money, but for you to make sure that you are with good and trusted broker, check if they are license to operate such business. and read their terms and conditions for your references.
Brokers are like estate agents. They get the job done but they are self interested. So you can't trust them in that respect. Ask for reports etc. They won't steal your money as European legislation prevents it. Some people are scared of Cypriot brokers but it makes no difference in fact the FCA has no real structure for handling complex broker set ups. So unless the broker went under no chance compensation.
I work with some high net worth traders at www.tradersclub.london and I get this a lot about Brokers. I have been in finance for years so there is little I don't know. Good luck.
I work with some high net worth traders at www.tradersclub.london and I get this a lot about Brokers. I have been in finance for years so there is little I don't know. Good luck.
Regulation is an important point but not the key one. Only your experience can help you to understand what you value most in you broker. For example traders with good capital can be ready to pay additional fees or spread markups for safety, while for scalpers or other type of traders some other features will be more demanded. But think we just need to find a balance in this case?
"..Regulation is an important point but not the key one"
Not the key one???
You got to be kidding
Why do you think then there is so much bad press about "thinly" regulated FX brokers?
Or in other words why do you think there are hundreds if not thousands of FX brokers as compared to fewer Equity / or even Futures Brokers (FCM)
Simply to start a FX brokerage in many jurisdictions the barrier of entry is very low hence $2 companies can declare them selves a Broker
Where as to be a broker of Equity and Futures major recognized exchanges one has to have a solid backbone in capital/ qualified manpower
Compare the cost of being a broker registered in Seychelles or Malta to becoming a FX futures broker dealer on CME or ICE
From a consumer point of view you should be concerned about
-Transparent market
- Broker default protection
- True visible open liquidity
Not the key one???
You got to be kidding
Why do you think then there is so much bad press about "thinly" regulated FX brokers?
Or in other words why do you think there are hundreds if not thousands of FX brokers as compared to fewer Equity / or even Futures Brokers (FCM)
Simply to start a FX brokerage in many jurisdictions the barrier of entry is very low hence $2 companies can declare them selves a Broker
Where as to be a broker of Equity and Futures major recognized exchanges one has to have a solid backbone in capital/ qualified manpower
Compare the cost of being a broker registered in Seychelles or Malta to becoming a FX futures broker dealer on CME or ICE
From a consumer point of view you should be concerned about
-Transparent market
- Broker default protection
- True visible open liquidity
So what would you choose then
A) UK FCA regulated broker with complete protection from FSCS
B) Some Tinpot country regulated broker with no reputation and protection!
I guess ultimately we have to trust others if we want earn something, although earning money through any online trading business is not that easy task. I usually trade with reputed brokers and more than one broker at a time but i keep necessary capital with these brokers by making regular profit withdrawals.
So propgix when you say reputed meaning? what is your exact criteria?
Of course we have to built trust on brokers we can not make tradings without broker in forex market. I had full trust on Fresh forex broker they are giving me many advantages in trading. No fee on conducting transactions, fastest execution ,Narrow floating spread and lowest commission on ECN accounts.
