Web 2.0 Strikes! Forex Contest Cancelled

12 Comments on this post

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1. Michael Greenberg said:
   I have to side with myfxbook on this one – for the sake of their clients if there are warning signs they must act in their visitors’ best interests
   kudos

   August 6th, 2012 at 3:01 pm
2. Dave said:
   It is nice to be able to count on your readers. However, as a very popular forex website hopefully run by people who know something about fx, it is strange Myfxbook did not due their own due diligence before accepting CommexFx as sponsor.
   In any case, those short term fx contests are just a lottery and give a bad image of the fx business. Pick you side with maximum leverage and you might get a funded account account to play with.

   August 6th, 2012 at 4:43 pm
3. Michael Greenberg said:
   well said on both

   August 6th, 2012 at 5:00 pm
4. Paul H said:
   These ‘contests’ are pointless as is the mirror trading initiatives from Cos such as currensee and Zulu..

   August 6th, 2012 at 5:17 pm
5. John said:
   Seriously michael, who are we kidding here. Money talks. Period!

   And anyone in the capacity of Myfxbook should have done their due diligence if they were indeed trying to portray a Mr. Goody two shoes image. No offence to them, but it looks more like a ‘sure, let’s do it’ followed by damage control (and one that was done just in time)

   I don’t mean to point fingers at Myfxbook but it doesn’t take one to look long enough to understand that now a days competition amongst the brokers continues to grow.

   While the established brokers enjoy their status, the new brokers believe that money can allow them to get away with anything (well just about anything).

   Talking about diligence it should start from the bottom up, the regulatory body. Its becoming a free for all, wild west kind of thing and something that even regulators can’t do much about until the damage has been done and its always too little too late.

   August 6th, 2012 at 6:18 pm
6. Michael Greenberg said:
   knowing the myfxbook guys pretty well i’m sure that they more focused on development than on due diligence and only when clients started fuming did they start checking this out.. happens

   August 6th, 2012 at 6:44 pm
7. CommexfX Limited said:
   Dear All

   First of All we do apologies about the misunderstand that happened in the last two days about our Sponsoring for August contest ,and Commexfx LTD like to explain what happened to make it clear for all parties and remove any concerns you may still have

   Myfxbook Admin sent to Commexfx LTD mail on Sunday morning to announce us that they got some mails from some users that they link between our company and other Company which is ranked as Scam /widen up according to that Myfxbook dont need to be involved in any Dilemma/ hassle/misleading/complains, so they decided to Cancel the Contest from their Side .

   And according to that Commexfx Decided to Run and continue the Contest As it is with same rules and Prize ,as we already have more 2500Registered Competitors and according to that we do respect Myfxbook decision as we respect all the Registered Competitors so the Contest still on from our side and all competitors can check their results on daily base from our Website

   Finally commexfx would like to clarify the that their is no Direct or In direct relation with Any other Investment Firms

   CommexFx Limited is registered with and regulated by the competent authorities of the Republic of Cyprus (CySEC License Number 152/11).

   As a regulated CIF (Cyprus Investment Firm) CommexFx is governed by the regulatory framework of CySEC, the European Economic Area regulations MIFID (Market in Financial Instruments Directive) and a member of the ICF (Investor Compensation Fund).

   As per our publically viewable registration page on the CySEC website, http://www.cysec.gov.cy/licence_members_1_en.aspx
   CommexFx has previously traded as Prime Forex Limited.

   Prime Forex Limited was registered with the competent authorities in the Republic of Cyprus. The company was in the process of applying for CySEC regulatory licensing when certain developments regarding a similarly named company (Prime Forex LLC) were raised.

   At that point, a decision was taken to seek a name change for the company in an effort to disassociate ourselves from Prime Forex LLC, with which there was no connection.

   We applied to the competent authorities of the Republic of Cyprus and Prime Forex Limited was renamed into CommexFx Limited.

   CommexFx Limited is regulated by CySEC

   CommexFx Limited is governed by the regulatory framework of MIFID

   CommexFx Limited is a member of the Investor Compensation Fund

   The regulations CommexFx Limited operates under require constant supervision by our regulators and compliance with our regulatory framework in all aspects of our operations. CommexFx Limited operates under strict regulation concerning the protection of client funds, segregated client accounts, strict anti-money laundering policies, complete accountability with our regulators and even what we are permitted to say in any and all corporate communications.

   The regulatory framework CommexFx Limited operates under is in the public record and open to scrutiny by any and all members of the public.

   Why anybody would prefer to accept forum threads at face value, rather than directing their questions directly to our regulator on record is a question we are unfortunately not in a position to answer as we are not in a position to express an opinion regarding any possible motives for this.

   CommexFx Limited is licensed by the Cyprus Securities and Exchange Commission (CySEC). Our registration and regulation are both in the public record and any and all concerns may be directed directly to our regulators. Contact details may be found on the CySEC website:

   http://www.cysec.gov.cy/

   also our Offices,phones and mails are always available to answer your Questions and Concerns

   Christos Avgoustinos

   General Manager

   Website :www.commexfx.com
   Tel :0035725028910
   Sales :0035725028912
   Fax :0035725028914
   Address :249, 28th October Str., Lophitis Business Centre,2nd Floor, Limassol 3035, Cyprus
    
   Regulated by the Cyprus Securities and Exchange Commission (CySEC) – License Number 153/11

   August 8th, 2012 at 8:29 am
8. Jon said:
   the contests should have an additional factor to normalize the gross rate of return. If you take cues from Varengold Bank’s fx contests, you can see that those who trade aggressively are just as much chance to win as those with conservative strategies because they add an additional factor (standard deviation of the daily account balance change) to create a ‘risk-adjusted ROI’. And it still allows traders to trade however they want. It’s one of the most objective methods I’ve seen to get accurate picture of ROI yet.
   http://www.trading-challenge.com/en/index.html

   When you only measure the gross ROI, those who ‘bet it all in’ and got lucky streak will always win.

   In regards to CommexFx, I probably wouldn’t open an account with them let alone fund them. We’ll see if they pay the winners. The rules of the contest is that the winners are allowed to withdraw their profits without restriction, unless CommexFx changes those rules.

   August 9th, 2012 at 7:24 am
9. Jon said:
   It is super important to remember that “user” regulation, not big brother gov’t regulation comes first. See this forum post for a reminder as to why this is true:

   http://www.forexfactory.com/showthread.php?p=5909939#post5909939 and
   http://www.forexfactory.com/showthread.php?p=5912791#post5912791

   August 9th, 2012 at 8:07 am
10. Michael Greenberg said:
    self regulation is ok but it won’t prevent brokers from scamming clients, proper (not NFA like) regulation, sanctioned by the government, should be in charge of that

    August 9th, 2012 at 8:55 am
11. Jon said:
    Fair enough. You do research on many brokers in the industry. What has your research turned up for CommexFX?

    August 9th, 2012 at 9:00 am
12. Michael Greenberg said:
    never heard of them

    August 9th, 2012 at 9:44 am