I don't care about if clients going to open an account or not it's not my business
But it literally is your business. You are an IB for ForexGen. You admitted it on the Forex Peace Army forums.
That's why you are promoting (spamming) them all over the internet, even on non-financial websites. You obviously care if clients open an account. You claim to have thousands of clients that you introduced to ForexGen. Thus, claiming that you don't care if someone opens an account with them is an obvious lie. What microscopic amount of credibility you had with me is eroding rapidly.
I care because I joined the FPA to help try to avoid falling into scams. Thus, warning others to look at complaints and consider them before opening an account is important to me.
BTW - My current primary trading account is with a broker that has quite a few scam reviews on FPA's site. I read all the info, considered carefully, and chose them to start trading with. I will note that refusal to transfer money back to the account holder was not one of the complaints against my bucketshop of a broker.
Something else who told you about the fake contacts of forexgen that's the first time to hear that from you
Read the scam thread on Forex Peace Army. They list the fake phone numbers as well as the fake address in Virginia.
There's also another report from a guy who didn't even trade and couldn't get his money out of ForexGen. Yes, it is possible that this is false, but I'm going to need a lot more proof that the shear volume of posts you can place around the web to convince me that ForexGen is legit.
OK, let's try something that isn't even from the FPA. Let's look at ForexGen's website and read the Terms of Service.
ForexGen preserves the right to cancel any transactions found to be erroneous because of the market volatility, failure in the software or hardware of the trading platform or the connected parties. This cancellation is done without consulting with the Customer. The Customer hereby agrees on accepting the consequences of such cancellation either on, or against his favor.
This means they can at any time retroactively remove profitable trades from an account and blame it on "market volatility"
ForexGen Preserves the right to ban any Customer from its trading platform, suspend any accounts temporarily or permanent at any circumstances where the account was suspected to perform one or more of the following forbidden activities:
- Illegal pip hunting.
I thought pip hunting was the point of forex trading. Perhaps I also need a state hunting license and have a legal limit on how many pips I can bag during pip season?
- Illegal scalping.
As opposed to when it's done by a registered member of a Native American tribe?
- Multi IP login at the same time.
- Suspicious hedging of the same currency.
Please send a police car right away! There are some hooligans out on the street corner doing some suspicious hedging!
- Harmful strategies.
Harmful to ForexGen's profits, perhaps???
- Expert Advisor that are not approved by ForexGen.
Now that's a new one on me, and I've read some pretty harsh TOS agreements before. Since when do I need my broker's approval to run an EA?
- Security threatening activities.
- Any other hostile activities that threatens ForexGen, its customers, business partners and counter parties.
Yep! Anything that might harm ForexGen's profits is against the rules. Me posting here might harm Alessandro's attempts to get more customers to join ForexGen, so if I opened an account, I'd already be subject to immediate suspension.
ForexGen risk management office has the right to estimate the risk scope and calculate the remaining funds to be paid out to the Customer after suspension. ForexGen has the sole right to cover its losses caused by the over mentioned activities prior to the suspension.
So, a client dares to hunt for pips, uses his own EA, or does anything else that makes a profit, and ForexGen can lock down the account and can take out as much money to cover its losses as it sees fit.
That looks an awful lot like a license to steal from winning traders to me.
