FxOpen.com - Changed T&C - Didn't Inform - Fee To Reactivate Account

[varun_juneja]

All,

I have been a customer with FxOpen since the past 6+ years. I have a micro account with them and might pull a trade or two every 15-18 months for testing the markets. This was never a problem with them. Yesterday, when I logged in to their portal after a year or so, I realized my account wasn't there and neither were my funds ($178).

On contacting them their service desk told me that my account has been deactivated and I should pay $50 to get it reactivated. Their statement is simple - if you want your funds back or want your trading account back pay us $50 since you did not trade for 90 days.

They never sent me even a single intimation informing me that my account would be deactivated. They changed their terms mid-way. An account which was left as it is for 6 years was suddenly deactivated because FxOpen decided to change their T&C and didn't even care to inform me. I traded the way I have been doing for the past 6 years, where did I go wrong?

I would say its nothing more than plan vanilla CHEATING. Their service desk keeps on sending me canned replies, they refuse to reason out with me or even understand what I am saying.

I am not new to the Fx Markets - I have worked for a broker, written research papers, coded quant algo's but I always used to think something like this can never happen to me. This is my first time posting on FPA but I have been following this site from the time it was ForexBas*****.com. I am glad this incident has made me realize how helpless one feels against such crooks.

It is not about $50 but if something is wrong its wrong, and I am sorry won't stand down before telling the world about it. You wanted to impose new T&C no problem do it, but tell the customer. You want to deactivate my account do it, but tell me 30 days before. This is not done.

I hope you the FPA community can help me out by making my voice reach to the one's at FxOpen who matter.

 

[Romeo]

What is their answer actually?
Do they say that their T&C changed and you just had to know about it?

 

[varun_juneja]

They replied by quoting a para from their T&C and told me its my responsibility. How would I have known. Imagine my plight I have an account with them from the past 6+ years and this is my trading pattern - I trade one or two trades just to get a feel after every 12-15 or 18 months. They never pointed out or had a problem. But this time, because they had changed their T&C they deactivated my account and the worst part I wasn't even informed about it.

And now I keep on getting canned replies, that they have to deduct a fee no matter what I reply. My question is regarding their intent - they easily gobbled up my money and had I not asked or noticed my money was gone. They made their sweet profit. This is a new type of fraudulent practice I have seen - that suspend accounts that don't trade, don't inform the client and take away his funds. If he comes back to ask for it, deduct a fee and then return it. Either ways you make a profit.

=============== There are a number of emails I have exchanged this was the first one========

"Dear Customer,

Be informed that in accordance with the point 2.13 of Terms of Business: If Account will be deemed 'Inactive' ("Dormant") if there is no trading activity and/or balance transactions in the Trading Account (no deposits to / withdrawals from the Trading Account) for a period of 90 (ninety) days, and there are no open positions in this Trading Account.
It is the responsibility of the client to check the status and maintain activity on his trading account.

Best regards,
FXOpen Team."

 

[Pharaoh]

I know a few people who have accounts with FXO. I guess I'll be warning them about this little detail that's gotten into the terms.

 

[FxMaster]

All,

I have been a customer with FxOpen since the past 6+ years. I have a micro account with them and might pull a trade or two every 15-18 months for testing the markets. This was never a problem with them. Yesterday, when I logged in to their portal after a year or so, I realized my account wasn't there and neither were my funds ($178).

On contacting them their service desk told me that my account has been deactivated and I should pay $50 to get it reactivated. Their statement is simple - if you want your funds back or want your trading account back pay us $50 since you did not trade for 90 days.

They never sent me even a single intimation informing me that my account would be deactivated. They changed their terms mid-way. An account which was left as it is for 6 years was suddenly deactivated because FxOpen decided to change their T&C and didn't even care to inform me. I traded the way I have been doing for the past 6 years, where did I go wrong?

I would say its nothing more than plan vanilla CHEATING. Their service desk keeps on sending me canned replies, they refuse to reason out with me or even understand what I am saying.

I am not new to the Fx Markets - I have worked for a broker, written research papers, coded quant algo's but I always used to think something like this can never happen to me. This is my first time posting on FPA but I have been following this site from the time it was ForexBas*****.com. I am glad this incident has made me realize how helpless one feels against such crooks.

It is not about $50 but if something is wrong its wrong, and I am sorry won't stand down before telling the world about it. You wanted to impose new T&C no problem do it, but tell the customer. You want to deactivate my account do it, but tell me 30 days before. This is not done.

I hope you the FPA community can help me out by making my voice reach to the one's at FxOpen who matter.

Invite them to this thread and ask them to explain the same here.

 

[varun_juneja]

Thanks guys. One QQ - How do I invite the folks at FxOpen to this thread ?

 

[FxMaster]

Thanks guys. One QQ - How do I invite the folks at FxOpen to this thread ?

Copy the link of this thread and send them via email or live chat

 

[varun_juneja]

Copy the link of this thread and send them via email or live chat

Sorry I thought some official FPA method would be there

 

[varun_juneja]

Done.. here is my email

"
TO: support@fxopen.com

I do agree with the fact that you will release my account but you will charge my $50 as well right? In my previous emails also I have very clearly stated out I am not the one at fault here. I have been trading the same since the past 6 years how can you change your T&C and not even intimate me before deactivating my account.

Anyhow would you be kind enough to document your reply publicly in this thread for the world to view.

https://www.forexpeacearmy.com/comm...didnt-inform-fee-to-reactivate-account.47194/

Also, please be rest assured I will not stop here and its not about $50, if its unfair its unfair !
"

 

[varun_juneja]

I guess my previous post had links and is pending moderator approval... reposting the above post without the links to save time.

Done.. here is my email

"
TO: support at fxopen

I do agree with the fact that you will release my account but you will charge my $50 as well right? In my previous emails also I have very clearly stated out I am not the one at fault here. I have been trading the same since the past 6 years how can you change your T&C and not even intimate me before deactivating my account.

Anyhow would you be kind enough to document your reply publicly in this thread for the world to view.

**FPA Thread Link**

Also, please be rest assured I will not stop here and its not about $50, if its unfair its unfair !
"