Beware AGM markets Ltd.! SCAMMERS
note:
A large number of forex companies are registered with the Cyprus Securities and Exchange Commission (CySEC) to take advantage of light regulation while allowing access to all European Union countries via MiFID. Many of these focus on attracting foreign customers. In one incident, a client sued the firm Easy Forex, alleging that it paid brokers bonuses when clients lost money and fined brokers when clients made a profit. An Israeli television report quoted an Easy Forex broker saying, "I had this evil grin on my face one day, when a client lost $35,000 in a quarter of an hour. A guy gets wiped out – I get my commission. A guy comes up a winner and turns a profit – I pay.
Story:
I start to trade on AGM in January 2014
I start with small deposits, and they gave me big bonus (this already for me was quite souspicious)
After a week of 'trading', I'd almost doubled my money, and in 2 i ve made 2000% profit.
So ive decided to check AGM with some withdraws, the first 2 went fine,
but on the third something start to change;
one evening i was trading and the system was clearly manipulated:
when i give an order to buy or sell, system was taking 2-3 sec to complete the order and the price was much higher or lower than expected (something like 10-15 pips for operation);
after the fourth operation like this, i ve decide to stop and send them mail for info.
but no answer!
And no answer about my withdraw!
Then, after 48 h my account was blocked ,
So i ve made a Formal Complaint,
and this was the answer:
Dear Mr .....,
Further to your email below, we would like to inform you as follows:
In accordance with Clause 5.2 of our Terms and Conditions regarding guarantees on behalf of the client “the Client acts for himself and not as a representative or a trustee of any third person, unless he has produced, to the satisfaction of the Company, a document and/or powers of attorney enabling him to act as representative and/or trustee of any third person”. Specifically, our investigation indicated that trading from your account has been performed by you and other customers at the same time from the same IP address without having any authorisation from any of the account holders.
In addition, in accordance with Clause 6.3 regarding electronic trading “the Client agrees not to attempt to abuse the Trading Platform in an attempt to make illegal profits or to attempt to profit by taking advantage of the server latency, or applying practices such as price manipulation, lag trading, time manipulation.”
Clause 9.1 regarding refusal to execute orders states that “the Company has the right, at any time and for any reason and without giving any notice and/or explanation, to refuse, at its discretion, to execute any Order, including without limitation in the case where the Company has adequate reasons to suspect that the execution of an Order is part of an attempt to manipulate the market, trading on inside information, relates to money laundering activities or if it can potentially affect in any manner the reliability, efficiency, or smooth operation of the Trading Platform.”
In this respect, we would like to inform you that the Company has decided to terminate the Agreement between AGM Markets Limited and Mr .......dated on the 16.01.2014 due to violation to the above Company’s Client Terms and Conditions.
In addition, please find attached statement of your account from the date of account opening until date of suspension of your account as requested.
We remain at your disposal for any clarifications you may require.
Yours faithfully
Jean Klein
Director
This is awful, and totally false, i went to my attorney, he sent out many demand letters, but no answer;
the last month i got the second mail:
Kindly be informed that all the transactions on your trading account .... has been cancelled based on clause 10 (a) and (d) of the Company’s Terms and Conditions.
Please find attached the final Trading Account Statement.
Should you have any further question please do not hesitate to contact us.
24/5 Support available Monday to Friday; feel free to ask any questions via LiveChat, by calling us on +357 25 108 302 or by email: support@agmmarkets.com.
Sincerely,
Customer Service Department
Next step will be a court, this process will take a lot of time and other money, till now I hope that my massage will help and aware other people from registering in this cheating system.
note:
A large number of forex companies are registered with the Cyprus Securities and Exchange Commission (CySEC) to take advantage of light regulation while allowing access to all European Union countries via MiFID. Many of these focus on attracting foreign customers. In one incident, a client sued the firm Easy Forex, alleging that it paid brokers bonuses when clients lost money and fined brokers when clients made a profit. An Israeli television report quoted an Easy Forex broker saying, "I had this evil grin on my face one day, when a client lost $35,000 in a quarter of an hour. A guy gets wiped out – I get my commission. A guy comes up a winner and turns a profit – I pay.
Story:
I start to trade on AGM in January 2014
I start with small deposits, and they gave me big bonus (this already for me was quite souspicious)
After a week of 'trading', I'd almost doubled my money, and in 2 i ve made 2000% profit.
So ive decided to check AGM with some withdraws, the first 2 went fine,
but on the third something start to change;
one evening i was trading and the system was clearly manipulated:
when i give an order to buy or sell, system was taking 2-3 sec to complete the order and the price was much higher or lower than expected (something like 10-15 pips for operation);
after the fourth operation like this, i ve decide to stop and send them mail for info.
but no answer!
And no answer about my withdraw!
Then, after 48 h my account was blocked ,
So i ve made a Formal Complaint,
and this was the answer:
Dear Mr .....,
Further to your email below, we would like to inform you as follows:
In accordance with Clause 5.2 of our Terms and Conditions regarding guarantees on behalf of the client “the Client acts for himself and not as a representative or a trustee of any third person, unless he has produced, to the satisfaction of the Company, a document and/or powers of attorney enabling him to act as representative and/or trustee of any third person”. Specifically, our investigation indicated that trading from your account has been performed by you and other customers at the same time from the same IP address without having any authorisation from any of the account holders.
In addition, in accordance with Clause 6.3 regarding electronic trading “the Client agrees not to attempt to abuse the Trading Platform in an attempt to make illegal profits or to attempt to profit by taking advantage of the server latency, or applying practices such as price manipulation, lag trading, time manipulation.”
Clause 9.1 regarding refusal to execute orders states that “the Company has the right, at any time and for any reason and without giving any notice and/or explanation, to refuse, at its discretion, to execute any Order, including without limitation in the case where the Company has adequate reasons to suspect that the execution of an Order is part of an attempt to manipulate the market, trading on inside information, relates to money laundering activities or if it can potentially affect in any manner the reliability, efficiency, or smooth operation of the Trading Platform.”
In this respect, we would like to inform you that the Company has decided to terminate the Agreement between AGM Markets Limited and Mr .......dated on the 16.01.2014 due to violation to the above Company’s Client Terms and Conditions.
In addition, please find attached statement of your account from the date of account opening until date of suspension of your account as requested.
We remain at your disposal for any clarifications you may require.
Yours faithfully
Jean Klein
Director
This is awful, and totally false, i went to my attorney, he sent out many demand letters, but no answer;
the last month i got the second mail:
Kindly be informed that all the transactions on your trading account .... has been cancelled based on clause 10 (a) and (d) of the Company’s Terms and Conditions.
Please find attached the final Trading Account Statement.
Should you have any further question please do not hesitate to contact us.
24/5 Support available Monday to Friday; feel free to ask any questions via LiveChat, by calling us on +357 25 108 302 or by email: support@agmmarkets.com.
Sincerely,
Customer Service Department
Next step will be a court, this process will take a lot of time and other money, till now I hope that my massage will help and aware other people from registering in this cheating system.
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