IntegrityFX goes offline following withdrawal issues; client losses ensue – FinanceFeeds Exclusive
FinanceFeeds has been informed that retail FX broker IntegrityFX has taken its website offline, resulting in potential client losses. The website now displays a message which says “This site is now under maintenance“, the message having been displayed yesterday. The company, which purported to be regulated in the United Arab Emirates, has, according to information […]
FinanceFeeds has been informed that retail FX broker IntegrityFX has taken its website offline, resulting in potential client losses.
The website now displays a message which says “This site is now under maintenance“, the message having been displayed yesterday.
The company, which purported to be regulated in the United Arab Emirates, has, according to information provided to FinanceFeeds, been the subject of many requests by customers for withdrawals, that have largely been met with silence.
An introducing broker (IB) and signal provider who has clients that had traded with IntegrityFX stated to FinanceFeeds
“IntegrityFx.com just went under. The broker was supposedly regulated in the UAE (not dubai), but really it wasn’t. The site is now under maintenance. It wasn’t my money, but a client’s money that copied my signals. He lost over $80,000 altogether across all of the accounts.”
According to a further report which is publicly available on a retail FX trading forum, posted yesterday, some further information has been made available for those concerned.
The forum post states
“Integrity FX live servers are showing no connection. 3 live trades were opened shortly before the disconnect, and I don’t think that was a coincidence. totaling 0.03 lots and then suddenly it went offline….almost intentionally. Over 5 months now since first contact that went unanswered and nothing from customer service. I am not 100% sure if it was a scam or if these guys just ran out of operating funds. Either way, we suffered the loss of funds, track record, and time wasted trying to contact the broker regarding it.”
“This broker started out really well over a year ago. But around May or so they started to have liquidity provider (LP) issues, which they rectified. But as of June 18, 2015, they have ceased communications with their clients as far as I can tell. After repeated attempts to contact their support via skype, live chat, and email, no response has been given. Their live servers are still online, but over the past week or so we noticed price feed gaps (mt4 journal logs do not show any disconnects). We suspect additional LP/bridge problems. I now understand that the very recent disconnects (past week from this review date) may be related to oneZero bridge.”
“Withdrawals were requested well over 3 months ago from a client. But nothing. My understanding is that funds may be used as operational funds to secure LP credit instead of being solely on behalf of the individual clients to deposit and withdraw as they please (minus any trading profits/losses).”
“According to the owner of the account that I’ve managed, they may be having some cash flow issues. But regardless of their current operating expenses situation, client funds are supposed to be separate from that. I really don’t know what to say. Their live servers are technically still operational, but they are not acknowledging our communication. I don’t want to say scam, but they are acting in a way that is consistent with someone who has run off. I understand now why some of my peers insisted on getting away from retail whenever possible. This requires larger starting capital, but I can sometimes see why as counter-party risk is a real issue.”
Caveat emptor, as they say….