FX-Interest Reply

From FX-Interest Admin:

AN FX-I UPDATE
10th March, 2009
Dear All Fx Members,
We can see that some of you, even some of our most supporting ones, have been very wary these days of the goings on! We are NOT out of the frame. When we said we are a family, those were not just words. Believe us, we are passing through the same agony and dissatisfaction at not being able to deliver what we promised. The delay in payments, the sore issue of it all, is something we never apprehended will occur with Fx Interest. . But it has.... A few members have also accused us with entrusting the lion’s share of our trading with one broker. That may be correct on the face of the immediate disservice in terms of payment, but when we did it the broker was still one of the best in the business. It was beyond our apprehension that they would fail. It could have happened to anyone, as it has to those trading directly with LPOAs. But the redeeming factor as of now is that the broker is trying to regroup, and all their funds (investments) are insured. We don’t see any possibility of loss of assets placed with them. We cannot predict a definite date, but a solution may not be too far to seek. And once a solution is in place, all payments and pending withdrawals shall be cleared with topmost priority. These may look like difficult times, but we see no disaster ahead as some are making out ! NO WE DON’T!!! All that we need from our members, new and old is to amass a huge reserve of patience! Yes, EYTC Ltd has crossed many hurdles, and it WILL. May we request all our members, PLEASE STAY BY US.
The broker issues may require a little more elaboration, from the cues we get on the forum. Here are a few things that we can offer by way of clarification.
• Some of you mentioned on the forum that we should have opted for interbank trading. True, but we couldn’t possibly do it because we needed MT4 which doesn’t allow transfer of signals (even from any broker) to another platform. In any trading method, you may see the optimum condition in one broker but not in the other one (you may confirm this by searching the internet if you wish).
• Any broker will have his own policy and trading platform. When you select a broker, some points should be considered: Its regulation, platform, spreads… Our broker in question had all these features which suited our usage-profile. Their current problems in cash flows and inability to pay has not only affected us but also all other enlisted traders ...we have said that before. This is surely bad internal management on their part, but we were taken a bit by surprise when the transactional flow was suddenly interrupted. We understand the general economic meltdown has a role to play here, but not to that extent if they could manage their spreads through informed trading techniques, weaknesses that have now come to light. Unfortunately we placed the majority of the funds with them because of their good standing, because our choice was consciously guided on the basis of their performance records. Members are insisting that we disclose the identity of the broker. Of course we can, but we are biding our time. First, because the terms of privacy and security debar us and, most importantly, that will serve a negative purpose at a time when recovery is being attempted. We hope this clarification should suffice, at this critical hour.
• In the meantime a pressure group has come into play. Complaints have been filed with the FSA and NFA (the broker is both NFA and FSA regulated) by this pressure group that’s as affected as we are, and we are joining them. We have held meetings with them, but it appears that no solution can be found overnight. Although that might not sound too musical now - it will take time. FSA and NFA officials are at it, but have expressed similar opinions. In the situation that we are, there is no option but to keep a close watch on every single positive development and should we see any spark of light, we will keep you informed. We really don’t know how long it will take BUT there is no worry as your money is insured with them. So please don’t worry, we all just need to wait. There is no need to do anything, we are here and we are doing our best to resolve the problem as soon as possible, but again emphasize that we don’t know how long it might take.


A FEW REQUESTS FROM YOUR ADMIN.

1- Please do not send new support tickets or emails regarding your pending withdrawals as it will cause more delay in our work and you might find responses a little too tardy . In many cases repetitive emails or tickets may not get attended owing to the sheer volume that it poses. Please understand and cooperate. This is a temporary situation and we want you to believe that.
2- We shall keep updating you with any news. We will open a new thread on the Forum for the latest position, and would welcome your suggestions there. We will share every bit of info with you till the crisis is resolved, hopefully earlier than we think.
3- Interests are there to be withdrawn but we request our members to exercise some self-imposed check on the amounts they ask and the frequency they choose. After all that we have explained before, we hope there will be no need for panic withdrawals. Please help us to tide over this situation, in our mutual interest. FX-I is there to stay, despite WHATEVER...WHATEVER....the public forums might want you to imagine. We would try our level best to stick to the dates we have declared or would be declaring in future to make payments, but we hope and expect you to realise that in certain cases overruns might be inevitable if payments from the broker are not forthcoming as also the fact that accounts have to be checked.

REGARDING OUR STATUS AS A PRIVATE VENTURE

We are a private entity on and from 1st of March. All sign-ups from that date have been or are being deleted. Changes in the registration page and the rules are pending owing to some connection, server and script problems. The modifications shall be integrated with the script very soon.

We are here. Reach us. Stay with us, stay by us. Once again, it is just a passing phase.

With regards
Your Fx Administrator