Run Around

You’d think opening a new trading account would be a simple process, wouldn’t you? It seems not with Fxpro!

They require proof of residence which is no problem, I sent over 3 pieces of proof of address with my name stated clearly on them. They have all been rejected for various reasons; older than 6 months despite it being dated 30th November 2009, can’t accept online statements despite it being identical to a piece of paper from the bank. They also rejected a third party payment when I was using my wife’s debit card as mine is still in process at the bank. We sent over a POA (Power Of Attorney) but it seems they don’t accept POA from a family member. It now looks like I’ll be trading next Monday if I’m lucky. Talk about a complete farce. Highly frustrating knowing I’m missing winning trades whilst getting the run around with the broker. All I can do is wait I guess and be hopeful it finally goes to plan ASAP.

    • marco
    • May 26th, 2010

    A pain in the backside, John ,but they are all terrified of money laundering ,IG is just as bad.
    Well ,i thought i had got over the overtrading demon ,but not so.Just the other day i opened the charts (just to see how they were performing)out of hours ,and saw a very tempting trade .i took it and wiped out a week of profits.You gotta laugh .
    Ihave been checking the old GG trailing system between 6-10 am still very good results ,and if one applies two loss and you stop method i beleive its very viable.The thing i like about the old GG trailing method is its risk to reward is excellent as it allows you to catch some big moves .If one trades it only between 6-10 and 1-4 pm i think it could be very profitable.
    Anyway i will be keeping away from looking at charts out of hours and i can still be tempted to trade when i should be doing other things .

    • Graham
    • May 26th, 2010

    In the meantime, you could try ODL’s intro account, all you need is one form of ID. You can then upgrade to the next account size once you have settled and they already know you, so it is a walk in the park. I highly recommend them – my girlfriend uses them as well – never a moment’s hassle.

    I walked away from FXPro as a result of their idiocy.


    • Hi Graham,

      Thanks for that, I’ll certainly look in to them if fxpro insist on being dummies. Hope you’re well.

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