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RTFX championship contest= SCAM??
Did anybody successfully open live account to claim contest prize or miles?
From my experience, if you are non-EU,not easy to open live account .They will request documents cerification (cerifitied copied+cerified offical+cerifitied translator).See detailed in RTFX's forum:post of ''RTFX=sc*m''.
If you had joined into their championship contest,had better scan open-account documents and send e-mail for verification first. Just save your time.
Re: RTFX championship contest= SCAM??
I won in January and opened an account after providing them with notarized copy of my driver's license and a utility bill. However, after a week and after my 1,000 euro account made about 10% profit I received an e-mail that they have to close my account because CFTC regulations does not allow me to have an account with them because I'm a US resident and they are not CFTC registered and regulated firm a recent change in CFTC Reg. Is it a scam? I think not but RTFX should have known about this rule before opening my account. They are sending whatever profit I have in the account. So if you are a US resident don't waste your time.
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Re: RTFX championship contest= SCAM??
After being burned for yet another time, I started searching the internet and found out this topic and decided to register just to warn other people about RTFX/the Forex Championship.
STAY AWAY from these thieves, liars and manipulators!!
I have friends from the same city where I live, who got deceived in previous years, they made 1000, 2000, and one even made 6000 miles and they were all taken away without any proof or decent explanation. 6-8-12 months of daily work just evaporated from a single email! One of my friends sent a formal complaint to the body overseeing RTFX, but what happened was really sad - that institution took the broker's side! My friend was offered no proof that he had cheated (which he had not) and instead "the proof" was sent to this overseeing company. My friend was so angry that we was considering taking these liars to court. Eventually he gave up because it was about a demo competition (albeit offering free margin account for 12 months with a chance of real money being made.)
I myself just got robbed from them - they closed my account and offered no proof that I had cheated (which I had not). Moreover, when I asked them why they did not tell me that I was supposedly cheating months ago, so that I could save my time and not play their game every single day, they did not even bother to reply. They are machines, they are not people, they are corporate entities/soulless mechanical creatures, I have seen this over and over again in my communication with them (and other brokers) and that of my friends.
Let me illustrate the trick they use: they offer 7 pairs (the euro, the yen, the cable, the swissy, the euro-yen, the euro-chf and the euro-gbp), but actually it is worth betting on 3 or 4 maximum as the EUR-CHF and EUR-GBP are not volatile at all and one can't make enough pips to get miles or fight for ranking at the end of the month. So one has 5 pairs tops to bet on. Now, there are over 1000 participants playing daily on the championship game, independent of one another, not knowing what other traders trade. Common logic shows that IT IS IMPOSSIBLE for one's trades not to coincide with other traders, when one plays only one pair (for example in previous years it was discovered statistically that the EUR-JPY was the most volatile and miles-giving pair so the majority of players play only the euro-yen because everyone in their right mind wants better odds when competing against 1000 or more traders EVERY day). Are you getting my drift? So when those liars and cheaters from RTFX or the Forex Championship want to deprive someone of their prize they simply say that that trader's trades coincide with other traders, WITHOUT providing proof. They then delete your account and 8-12 months of work are gone with the touch of a button.
Needless to say, their arguments (note, not proof or explanation because they do not give such) cannot hold in any respectable court, should it come to that, but it is a demo and not a live account and hence it is more difficult to bring them to justice.
Bottom line is it is not worth dealing with RTFX or the Forex Championship. They can confiscate your prize at ANY time, they can do pretty much what they want.
Finally, for those who might consider trading a live account with them, you would be subjected to inhuman treatment, you will be considered a liar unless you can prove it. You will be made to feel inferior. Moreover, they have really tightened and expanded their terms. For example, they want a notary or police, town hall or embassy stamp on your ID. I told them it was issued by the national government and with this ID I travel all around the EU and no one asks me for a stamp or another document. It did not help. The police department, the one that issued the ID and owns it, refused to stamp it!! Then they want the documents translated. Not all brokers do that, hence an inconvenience and expenses of money and time.
Then they want you to mail the documents. Why? I have traded with many brokers and most of them only want scanned version of the documents - again expenditures of money and time.
Also, their spreads are really high and the swaps are not fair at all. (the most glaring examples being when one plays for and against the AUD)
I can go on and on but the point is clear. If someone is interested let me know.
Last edited by Capricornus (05-08-2013 15:28:30)