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How Easymarkets Cheats Clients

Discussion in 'Forex and Cryptocurrencies' started by victim of Easymarkets, Jun 11, 2019.

  1. victim of Easymarkets

    victim of Easymarkets

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    Why we take so much risks on forex trading? Our purpose is to make some profits. I believe most of people would agree with me, it isn't easy. However, Easymarkets has very tricky client agreement to mislead their clients in order to rip clients off. They would do anything to put you on a vulnerable position to make losses. Most of investors do not read their client agreement. Many of those terms make non-sense to most of people. How a honest broker make these kind of unfair clauses.
    upload_2019-6-11_14-5-39.png


    I was introduced to Easymarkets by my friends. We used an EA to run my account. Luckly, a profit of AUD 69,303.26 was made in my trading account. Easymarkets decided to only refund my principals but keep the profits with them.


    The excuse they used was that I was introduced by my flat mate, and we communicate with each other. They not gonna pay me the profits.. If we have ever used the same vps or computer to logon, they not gonna pay you profits. That means if Easymarkets finds that their clients in this forum talk to each other, they reserve the right not paying you the profits. It happened on me.

    I have realized that there are many people made losses with Easymarkets. Why they were so care about my trading profits? I just realized that my profits are their losses. You can see that Easymarkets is on the opposite side of their clients through what happended on me. It means that they have positions against you! your losses are their profits, your profits are their losses.

    Fellows, ask yourselves, why they are so care about my profit. How is my profits relate to their operation? There are many good brokers in Australia, just stay away from Easymarkets if you do not want to get ripped off.


     

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  2. victim of Easymarkets

    victim of Easymarkets

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  3. Knobby22

    Knobby22 Mmmmmm 2nd breakfast

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    Report them.
     
  4. StockyGuy

    StockyGuy Observe, Discuss, Apply

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    Wow!
     
  5. satanoperca

    satanoperca

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    Mate before you trade learn how to use the internet to research.
    upload_2019-6-11_21-1-57.png
    upload_2019-6-11_21-7-35.png

    But then read the reviews
    https://au.trustpilot.com/review/easymarkets.com

    I THINK THERE IS MORE TO THIS STORY THAN THE POSTER IS ATTAINING TO.

    AND WHAT IS MORE WORRYING, IF YOU MADE $70K, then you are either lucky and/or stupid for not reading their T&C's.
     
  6. victim of Easymarkets

    victim of Easymarkets

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    You are right. I am lucky and stupid for being cheated by Easymarkets.
    Who can believe that they have those ridiculous clauses to rip their clients off? "Communicate with other account holders" becomes a reason that holds your profits?
    I am here to expose their tricks. Hope this will help some people from not getting ruined by Easymarkets.
     
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  7. Zaxon

    Zaxon The voice of reason

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    Based on the review site you posted, he would have read:

    upload_2019-6-12_0-32-36.png

    So that didn't match his experience. I find it amusing that the word "hustle" was inadvertently used, rather than hassle.
     
  8. satanoperca

    satanoperca

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    Great review, but well an truly automated.

    As I stated above, there is more to this story than what has been told.

    Always remember, there is 2 sides to a story and the truth lies inbetween - somewhere
     
  9. victim of Easymarkets

    victim of Easymarkets

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    Interesting point. Can you please provide some good reasons that not letting clients withdraw profits. I don't think there is any good reason to stop clients withdraw profits if it is an honest broker. I have attached the trading statement that for everyone to view. Tell me about it, do you think I should not get the profits or Easymarkets is just ripping people off.
     

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  10. cogs

    cogs

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    File a complaint with Finance Ombudsman https://www.fos.org.au/ and /or ASIC. It's quite simple online.

    Even if this is written in their PDS, these terms are quite unreasonable - 'in my opinion', FOS may also apply pressure them to clean up their operations, as with ASIC, even if you don't get results in your favour.

    If you have nothing to hide and can provide documentation, file a complaint. You may well get your withdrawal.

    I have been through the process, it is quite simple and often gets results in your favor, after all you are making a complaint against the most corrupt and fraudulent operations that exist today with very little regulations to keep them in line.

    With these brokers it's a case of getting away with whatever they can, until someone calls them out. Sometimes forum postings is enough to get them to behave, as the loss of clientele can be enough to push them under.

    Why didn't they raise the breach of their PDS a long time prior to your withdrawal request?
    Why did they only reject your request once you are profitable?

    If $67k is not allowed I think they may be already be going under.
     
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  11. BlindSquirrel

    BlindSquirrel

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    well GREAT! Now I can't use them either. Thanks a LOT.

    :roflmao:
     
  12. aus_trader

    aus_trader

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    There is a few scammy/unethical brokers out there. Didn't know about Easy Markets although I have heard of them or seen them in an Ad in a website.
    I have also warned ASF members about Forex CT who use pressure tactics to make their clients trade so that they can continue to earn commissions.

    I couldn't read the results from the statement posted above, it was too small. But if you made nearly 70k, it must be a very good EA, because most EA's are not even profitable in the long run.
     
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  13. cogs

    cogs

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    Their selling point used to be fixed spreads, but the spreads are so wide you need institutional information to trade long term time frames to make trading with them viable.

    There appears to be a direct correlation between: Number of clientele a broker has and spread, therefore the maximum allowable clientele profits can be tolerated. With pricing handled further up the chain spread and commission is their bread and butter.
     
  14. aus_trader

    aus_trader

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    Yes all good points. Any broker constantly widening spreads or forcing their clients to continuously trade must not be trusted.
     
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  15. victim of Easymarkets

    victim of Easymarkets

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    Spreads are not the only profits for some brokers. What we call "market maker", they just take whatever your trade. Traders' trades do not go to the market on their platform. Your principal is their profit. That explains why Easymarkets is so care about my profits and do not want to pay. Why a spread-profit targeted broker do not pay clients' profits?
     
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  16. aus_trader

    aus_trader

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    True, I guess a spread cheat broker makes an extra pip here and there by widening the bid/ask spread to trigger stops or profit from client's buy/sell's.

    Blocking withdrawals and keeping the client's money is outright robbery and should be reported to authorities to get your money out and to prevent this happening again. If they keep doing this and complaints keep getting reported the broker may be investigated and prosecuted and possibly banned from operating.
     
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  17. cogs

    cogs

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    Well have you filed a complaint yet? If not why not?
     
  18. cogs

    cogs

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    I actually think there is a lot more to 'spreads' and broker bread and butter income. eg the retail spread is the residual after price feed and broker 'mark up' (x.x) pips, but the wholesale data feed price is more likely approx 22.0 pips away, with variations throughout the day.

    There is various information which supports this theory, like the simple variation between brokers of available spreads up to a worst case. Also at market open you often see raw market price feed with 'wholesale price' which varies per currency pair depending on popularity, until broker's platforms calculate in profit margin (spread) after clearing out all the past weeks data. Brokers have to restart Metatrader every 24 hrs, plus clean out every week.

    Don't forget FX broking is highly lucrative, if they don't get greedy.
     
  19. victim of Easymarkets

    victim of Easymarkets

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    Easymarkets used their unfair clauses to get away. AFCA wouldn't help for those unreasonable terms in the client agreement. Easymarkets claimed I communicated with other account holder and used to be on a same device.

    Firstly, I was introduced by my flat mate, we used to log on to the computer in the living room and that became a reason Easymarkets can stop my withdrawal. I just wanna reveal this devil to the public.
     
  20. cogs

    cogs

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    Ok, you have your reasons, for me there would be 67,000 reasons to lodge a free and easy complaint.
     
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