The brokerage has not been paying out deposits to clients for a number of months after allegedly bumping into operational issues
The €100,000 fine imposed on CommexFX and its owner by the Cyprus Securities and Exchanges Commission (CySEC) has stirred up some controversy across the industry. Clients claim that they haven’t received their withdrawals, and CySEC, not being able to take any additional action, decided to unveil a fine it imposed on the broker and the company’s owner a couple of years ago.
There is no reasonable explanation for CySEC's withholding of this information for two years other than that the regulator is aiming to communicate to the investment community that some action was indeed taken against CommexFX.
Egyptian report says Alimari is detained by the local authorities
After receiving the license suspension notice in mid-June, CommexFX was given a two weeks term by CySEC to repay pending withdrawal requests to its clients. When that term expired, the company was given an extension of two more weeks to handle the issue.
Former employees claim that CommexFX has not, and has never actually held any client funds. According to them, the reason for clients not being repaid has to do with the firm being “poisoned by operational issues." However, they did not elaborate on the nature of these issues.
Alarming Ties
CommeFX's website was registered in October 2011, and was launched shortly after in January 2012. According to a source close to the matter, in March 2015 the company had close to 40 employees and about 6,000 clients. Ever since, the brokerage's clients have experienced substantial difficulties in withdrawing their funds, while the owner, Abdalrahman Alimari, was reported by Egyptian news portal youm7 to have been detained by Egyptian authorities pending another matter.
People close to Alimari say these reports are false, and that he is exploring the possibility of taking legal action against the Egyptian media for slander. They added that Mr Alimari is currently doing everything in his power to retrieve client funds and disburse them to the customers of CommexFX.
Interestingly, Mr. Alimary is also tied to another ailing broker, Merex Markets. Catering mainly to Arab and Chinese clients, Merex Markets offers Forex and precious metals trading and holds offices in Tbilisi and Cairo. Mr. Alimari’s social media profiles underscore his double affinity: His LinkedIn profile indicates that he is the CEO of CommexFX, while the Merex Markets official investors group on Facebook list his social media profile as an administrator.
False Promises
Merex Markets' website states that the company provides managed account services and claims to be using a “faultless system” that returns from 7 to 12 percent per month. The page portraying this information has since been removed from the current version of the firm's website.
Instead, another message has been put up stating, “Did you know an investment with Merex Markets would have yielded an extraordinary return of over 114% in 2012? Some may say that this is nothing but luck. However to repeat the feat with a return over 96% in 2013 is an incredible performance that would turned most hedge fund managers green with envy. Especially when we tell you that over a 24 month period the fund managers at Merex Markets did not have one signal losing month.”
The above message sounds suspicious, not only because of the spelling mistakes, but also because the company claims to be on par with major investment banks, where few trading desks have indeed enjoyed periods of no monthly losses for a number of quarters.
"Administrative Errors" Lead to Liquidation
With Merex Markets asking for a $10,000 minimum investment from its prospective clients, the story doesn’t end well. According to an official message published on the board of the company’s Facebook group, the firm has been struggling financially.
The message continues with a statement that work is being done to find alternative solutions for the ongoing crisis, however the firm denies all rumors about fraudulent activity and the loss of investments with Merex Markets.
A statement about proper liquidation of the firm, a timetable for refunding client deposits and an appropriate methodology when compensating clients follows, with clients being promised to be refunded all amounts due to them - including their investment and profits.
The statement reads further, “The firm is calling on its customers to stand side by side with the company through the next phase until the completion of the review of all dues to the clients of the company.”
“We extend our apology for all the administrative errors that occurred on our part throughout our attempts to get out of the crisis and stress that the company has attempted to recover in various ways and tried hard not to reach this stage,” the message concludes.
The €100,000 fine imposed on CommexFX and its owner by the Cyprus Securities and Exchanges Commission (CySEC) has stirred up some controversy across the industry. Clients claim that they haven’t received their withdrawals, and CySEC, not being able to take any additional action, decided to unveil a fine it imposed on the broker and the company’s owner a couple of years ago.
There is no reasonable explanation for CySEC's withholding of this information for two years other than that the regulator is aiming to communicate to the investment community that some action was indeed taken against CommexFX.
Egyptian report says Alimari is detained by the local authorities
After receiving the license suspension notice in mid-June, CommexFX was given a two weeks term by CySEC to repay pending withdrawal requests to its clients. When that term expired, the company was given an extension of two more weeks to handle the issue.
Former employees claim that CommexFX has not, and has never actually held any client funds. According to them, the reason for clients not being repaid has to do with the firm being “poisoned by operational issues." However, they did not elaborate on the nature of these issues.
Alarming Ties
CommeFX's website was registered in October 2011, and was launched shortly after in January 2012. According to a source close to the matter, in March 2015 the company had close to 40 employees and about 6,000 clients. Ever since, the brokerage's clients have experienced substantial difficulties in withdrawing their funds, while the owner, Abdalrahman Alimari, was reported by Egyptian news portal youm7 to have been detained by Egyptian authorities pending another matter.
People close to Alimari say these reports are false, and that he is exploring the possibility of taking legal action against the Egyptian media for slander. They added that Mr Alimari is currently doing everything in his power to retrieve client funds and disburse them to the customers of CommexFX.
Interestingly, Mr. Alimary is also tied to another ailing broker, Merex Markets. Catering mainly to Arab and Chinese clients, Merex Markets offers Forex and precious metals trading and holds offices in Tbilisi and Cairo. Mr. Alimari’s social media profiles underscore his double affinity: His LinkedIn profile indicates that he is the CEO of CommexFX, while the Merex Markets official investors group on Facebook list his social media profile as an administrator.
False Promises
Merex Markets' website states that the company provides managed account services and claims to be using a “faultless system” that returns from 7 to 12 percent per month. The page portraying this information has since been removed from the current version of the firm's website.
Instead, another message has been put up stating, “Did you know an investment with Merex Markets would have yielded an extraordinary return of over 114% in 2012? Some may say that this is nothing but luck. However to repeat the feat with a return over 96% in 2013 is an incredible performance that would turned most hedge fund managers green with envy. Especially when we tell you that over a 24 month period the fund managers at Merex Markets did not have one signal losing month.”
The above message sounds suspicious, not only because of the spelling mistakes, but also because the company claims to be on par with major investment banks, where few trading desks have indeed enjoyed periods of no monthly losses for a number of quarters.
"Administrative Errors" Lead to Liquidation
With Merex Markets asking for a $10,000 minimum investment from its prospective clients, the story doesn’t end well. According to an official message published on the board of the company’s Facebook group, the firm has been struggling financially.
The message continues with a statement that work is being done to find alternative solutions for the ongoing crisis, however the firm denies all rumors about fraudulent activity and the loss of investments with Merex Markets.
A statement about proper liquidation of the firm, a timetable for refunding client deposits and an appropriate methodology when compensating clients follows, with clients being promised to be refunded all amounts due to them - including their investment and profits.
The statement reads further, “The firm is calling on its customers to stand side by side with the company through the next phase until the completion of the review of all dues to the clients of the company.”
“We extend our apology for all the administrative errors that occurred on our part throughout our attempts to get out of the crisis and stress that the company has attempted to recover in various ways and tried hard not to reach this stage,” the message concludes.
Cheetah Fund Investors Lose $9 Million in Alleged Fraudulent Scheme
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
📸 Instagram: https://www.instagram.com/fmevents_official
🐦 Twitter: https://twitter.com/F_M_events
🎥 TikTok: https://www.tiktok.com/@fmevents_official
▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official
Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
📸 Instagram: https://www.instagram.com/fmevents_official
🐦 Twitter: https://twitter.com/F_M_events
🎥 TikTok: https://www.tiktok.com/@fmevents_official
▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official
Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
📸 Instagram: https://www.instagram.com/fmevents_official
🐦 Twitter: https://twitter.com/F_M_events
🎥 TikTok: https://www.tiktok.com/@fmevents_official
▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official
Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
📸 Instagram: https://www.instagram.com/fmevents_official
🐦 Twitter: https://twitter.com/F_M_events
🎥 TikTok: https://www.tiktok.com/@fmevents_official
▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official
Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/company/financemagnates/
👍 Facebook: https://www.facebook.com/financemagnates/
📸 Instagram: https://www.instagram.com/financemagnates_official
🐦 X (Twitter): https://twitter.com/financemagnates/
📡 RSS Feed: https://www.financemagnates.com/feed/
▶️ Telegram: https://t.me/financemagnatesnews
Don't miss out on our latest videos, interviews, and event coverage.
🔔 Subscribe to our YouTube channel for more!🔔
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/company/financemagnates/
👍 Facebook: https://www.facebook.com/financemagnates/
📸 Instagram: https://www.instagram.com/financemagnates_official
🐦 X (Twitter): https://twitter.com/financemagnates/
📡 RSS Feed: https://www.financemagnates.com/feed/
▶️ Telegram: https://t.me/financemagnatesnews
Don't miss out on our latest videos, interviews, and event coverage.
🔔 Subscribe to our YouTube channel for more!🔔
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/company/financemagnates/
👍 Facebook: https://www.facebook.com/financemagnates/
📸 Instagram: https://www.instagram.com/financemagnates_official
🐦 X (Twitter): https://twitter.com/financemagnates/
📡 RSS Feed: https://www.financemagnates.com/feed/
▶️ Telegram: https://t.me/financemagnatesnews
Don't miss out on our latest videos, interviews, and event coverage.
🔔 Subscribe to our YouTube channel for more!🔔
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/company/financemagnates/
👍 Facebook: https://www.facebook.com/financemagnates/
📸 Instagram: https://www.instagram.com/financemagnates_official
🐦 X (Twitter): https://twitter.com/financemagnates/
📡 RSS Feed: https://www.financemagnates.com/feed/
▶️ Telegram: https://t.me/financemagnatesnews
Don't miss out on our latest videos, interviews, and event coverage.
🔔 Subscribe to our YouTube channel for more!🔔