JadeFX (non)communication
So it’s been a few days now and I must say that I’m not much wiser. There is a lot of speculation online regarding this incident, but sadly very little information have come out of JadeFX and absolutely none from the CFTC. The latter is quite surprising, and also makes me wonder if they really are involved or not. It seems they often put up a press release when they are investigating brokers, but none have been put up for JadeFX.
The alternative is of course a very scary and frustrating one, and that is that JadeFX is another case of Madoff. It has been discovered that in the fine print parts of the client agreement it is stated that under Belize law clients funds are not protected in case of bankruptcy, in direct conflict with the information about this in the FAQ that was posted on the website. There it was clearly stated that clients funds was kept on segregated accounts and could not be touched.
It would be extremely interesting to know who ordered the cutting of the price feed. If it was done by the CFTC I would think they’d put out information about it. I must say that I’m not very hopeful of getting my money out, it might just be a defensive mechanism, but the thing is that it all is extremely strange. The Website is now completely down, and it is of course an active choice by someone at JadeFX, it would have been simpler just not to touch it. For some reason they don’t want us to be able to read the information that was out there. Also the platform is shut down since Saturday, so the only channel that JadeFX have been communication through is now down. And yesterday they also shut down my VPS, again an active act. They’re in complete shutdown mode.
Hopefully there’s more information soon… In the meantime I’m thinking about my options with other brokers, but the thing really is that I don’t have energy for that right now. I’m going on a mini-vacation tomorrow (skiing) for a few days, I will try to completely stop thinking about this for that time.
Here is screen dumps of all the communication I’ve received from JadeFX since this began, so anyone interested can form their own opinion.
Hi, Trading Survival Rule #1 Stay a F*#k Away from Banana Republic unregulated bucket shops. To give them money plays into to the whole evolutionary process and you deserve to loose it! .. just like I did…:D “Live and Learn” - Me
You are right of course, even thou you could work a little on the delivery of the message. The lesson is learned, I have since the failure of JadeFX closed my account at The Collective FX also as it was in the same unregulated gray area as JadeFX was. I’m not saying that the guys behind CFX is the same as Jacob at JadeFX was, just that it isn’t regulated.
I must say thou that it is very easy to get lured by these kinds of brokers. My JadeFX account started as kind of a fun thing to test, with a very small deposit. The problem was that the performance at the Broker was so good compared to some (regulated) ones I also used, that focus shifted more and more to JadeFX, with some additional deposits but mostly by sheer growth. Rather unintentionality it became my prime account. But like we both said; lesson is learned.