Just want to give you my experience with FxClub (Forex Club) to avoid to others traders to get caught like I did and if you have any idea please I am very interested..
I started to trade with them on fifth July 2011. At the end of September I had 50% of gain in my account (despite they ripped me out once at the end of July by not respecting the 50% of margin requirement by the market authorities).
Already when I recovered completely my loss at the beginning of September the troubles have started (the Act trader platform twice took the opposite side of my order).
But with 50% of profit Fx Club changed completely the rules.
Despite my mails, nothing has changed. At the end of November they had scammed me and had stolen me more than 50.000,00usd in less than 4 months.
Don't think about CFTC and NFA if you are NOT American citizen or resident in the USA they won't help you out !!
This company is a bucket-shop. They are pretty dishonest and have deceptive trade practices and fraudulent unfair practices.
With their IT department they created a sinister software to take you at least for every trade 4 pips and to allow them to froze the trading platform called Act Trader to avoid you to take you gain.
Peter Tatarnikov the CEO is an untruthful person. I advised him about the unfair and dishonest practices of his company he answered me that he is going to take care about it and see the trouble with his IT department, but 3 months later I was still waiting. I had recorded during many days the activity of the trading platform, when I send him two videos, the same day my computer couldn't find the file of the act trader platform and I had to download it again from their website.
About the founder of the company Michael Felice, President and Principal of the firm, he was associate of Index Futures Group (doing business as Jack Carl/312-Futures) with 71 CFTC REPARATIONS CASES and 11 REGULATORIES ACTIONS.
He was associate of Balfour Maclaine Futures Inc with "only" 41 CFTC REPARATIONS CASES and 18 REGULATORIES ACTIONS.
And for the others companies where he was associate usually there were regulatory actions for:
. OFFICE RECORDKEEPING
. SALES PRACTICE
. NFA GENERAL DISCIPLINARY ACTION
. CFTC ADMINISTRATIVE ACTION
Forex Club until now as only one Regulatory action in February 2010 ( FINANCIAL, OFFICE RECORDKEEPING) but the most "funny" is the status of Michael Felice on the NFA website:
. PRINCIPAL WITHDRAWN 07/26/2010
. NFA ASSOCIATE MEMBER WITHDRAWN 07/26/2010
. ASSOCIATED PERSON WITHDRAWN 07/26/2010
. FOREX ASSOCIATED PERSON APPROVED 12/02/2011
. ASSOCIATED PERSON REGISTERED 03/01/2011
. NFA ASSOCIATE MEMBER APPROVED 03/01/2011
As you can see after the regulatory action he wasn't principal and associate of Forex Club neither NFA associate member and one year later he is "coming back"!!
I opened a scam alert folder on forex peace army and a case and the verdict came: GUILTY
scam alert folder:
GUILTY Case# 2012-004 | maxruben vs www.fxclub.com/
Take a look of the videos, I hope this information can avoid others traders to get"caught" like I did.
If you want more proofs just ask me.
PS: if you make some good research on the web you will see that FxClub is more Russian than American.