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Pankaj S.

  • 2 Reviews
  • 2 Helpful Votes
  • 0 Thank Yous

Experience: Finance, Computers & Technology

Member since November 2015

  • Reviews

    2

  • First Review

    1

  • Thank Yous

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  • Fans

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  • Profile Views

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Review Distribution

2 Reviews by Pankaj

12/2/19
Never commit for a long term plan with this service provider else you will be stuck with it and there is absolutely no refund or change of plan possible even if the current plan does not meet your requirement. As I understand you
Will have one month to review prior to cancelling your plan. In my case, the first month, I had no issues. I started to have the issue after 2nd month. I tried to explain my concerns with the Support / Sales however they send you a long list of policies and procedures which in short tells you that you will have to live with the service whether is meets your needs or don't. They do provide good specs when comparing with other service providers however their VPS are not designed for MT4 traders. The minute you run 3 instances of MT4 on a 4GB/ 4 CPU plan it will stop responding. I have VPS server from other providers with 2 GB / 2 CPU and can run 6 instances of MT4 without any issue.

I asked them to kindly refund my pending months as it does not meet my requirement however they declined the request. On black friday they had interesting option of dedicated server which I asked if I could swap my current VPS to the dedicated server and pay the difference. Below response from the Sales:

"Greetings, there is no direct upgrade path possible from 1 package to that, but you are welcome to purchase a new package if it better fits your needs to expand/grow as you see fit."

I finally give up on them and no longer want a refund and any service they offer.
11/15/15
After several persuasive calls, Mrs. Rose Guion, Head of VIP Sales and Services - CFD1000, convinced me to invest in their Algo Trading solution (CFD1000 Algo Trading) which would give good returns. I was skeptical about investment because which I checked their website on scamadviser.com, the report said "Site is Russian Federation based and one needs to take caution when dealing with them as the indicator was inclined toward high risk. Also I was told that they were regulated by New Zealand however when I wrote to Financial Service Providers Register (FSPR), I was informed there is no such company registered with them.

In-spite of these two warnings I decided to trust on them and invest $1,000 to test the platform. I was informed by Rose that the company is in process of seeking regulation and that it would take time and I must not worry about it being regulated or not. I must say for some time I did see some profits in the account and then almost every few weeks I would receive a call from them stating we are running promotion and that I must invest more funds as they can double it up with their bonus. I decided to invest further $3,000 in it. Hence total equity from me was $4,000 and the total bonus on this account was $1,300.

During the initial few weeks the fund manager would take position and close it max in a day or two with profit or loss. However as the market started to become unfavorable the fund manager decided to allow the loss to continue and did not bother closing the loosing trade. Not only did he allow loosing trade to become even bigger loss but he continued to open new positions in the unfavorable direction. When I asked Rose Guion about this she told me don't worry about it, they are golden trades. Due to complete lack of money management and position sizing the losses continued to grow and eventually they caused a margin call to my account. When I asked them about why did they have to open so many positions in such a small account and why so big size positions, I was told the traders have done their best to manage the account. Surely by no means giving a margin call to client is in the profile of a fund manager.

I am not guru in investing but as per my knowledge most of the fund managers do not allocate more than 2% of the account size for any given trade and it would send shiver down the spine if any single trade exposes risk more than 5% of the account size. For my account, the average risk of the loosing trade was 20% and the highest risk was at 34%. Also there was simply no control in the number of open positions at any given single point of time. Keeping six positions of 0.20 lot and then hedging it with a mighty 1.20 lot size was certainly not a professional decision.

When I asked Rose Guion if the Fund manager have been right on their part of giving me a margin call, I was told they have done their best. Also when I asked how would CFD1000.com help me to recover the losses, I was told to invest more money with them and they will provide maximum bonus to me to help in recover the losses in next 12 - 24 months. Surely my confidence in them is at rock bottom.

I am not interested in profits and would like to get my investment back. Would you have any suggestions on how I go about dealing with CFD1000.com to seek justice. This will serve as a warning to their potential as well as existing clients. I am happy to provide further details if this would be required.

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Pankaj S.'s review of CFD1000 earned 2 Very Helpful votes

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