FXT2: Has anyone decided to pay debts to clients of Forex Trend?

There is a new twist in the case of Forex Trend - clients are offered to move to a new company by closing their positions in the market. Earlier it was reported that the new successor of FT, Concorde Capital, will not have funds to pay out to the affected clients, which, however, is not promised in the statements. Despite the fact that it is offered to generate their funds in a personal account and move with it to FXT2, nowhere is it written that there will be possible any compensation.

Forex Trend (FXT) 2 calls

On the resumed Forex Trend (FT) website, on July 1, the news appeared about the possibility of applying for the transfer of accounts to a new company. The news does not say what kind of company it is, what principle will be used for withdrawals, and when they will start. For now, it is all called the FXT2 project. To transfer, you need to go to your personal account and fill out the appropriate form, which must be available by August 15, 2015. In this case, in order to make the transition, the client must close all positions on trading and investment accounts, and all funds must be on a single balance account (EBS).

On July 2, it was publicly announced that the old withdrawal requests were cancelled. Everything was done "centrally". However, after 4 minutes there were technical problems and adding new transfer requests was suspended...

One wonders why everything is happening so fast - withdrawal requests are deleted, the transition is only 1.5 months, no details about the new company or payouts are voiced. In addition, the announcements are worded very briefly and in such a way that it is not clear whether FXT2 will pay debts to Forex Trend. But now FT definitely does not have any debts to clients, as there are no applications.

The company's website is working in the same mode, no changes in working conditions, information about the company, regulation, main office addresswhich has long been closed, or even the PAMM rating simply does not exist. FT continues to disappear, with no hope of any compensation. Who will risk cooperating with Forex Trend 2 in the future, it is difficult to imagine.

Under the face of FXT2 is Concorde Capital?

Recall that On June 16 it became known The company Concorde Private Equity, a member of the Ukrainian investment banking group Concorde Capital, is going to create a broker to whose accounts it will be proposed to transfer all the deposits of FT clients. Concorde Capital will not become the legal successor of Forex Trend, i.e. there will apparently be no payments on unreturned funds, however, some preferential terms of transition from one bankrupt broker to a newly created one are voiced.

Concorde Private Equity is entering a new market and has signed an agreement with Forex Trend Limited, according to which all FT clients will be able to transfer their funds to a new broker, since the current company is unable to service its obligations.

Unfortunately, the Forex Trend website does not give any details about the new broker and how the compensation will be paid. So everyone has only to wait.

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