GUILTY Case# 2017-053 | DavidK vs midasglobe.com

[AsstModerator]

I held this back until the vote was done. I was hoping that MidasGlobe would resolve DavidK's issue and fix the items below. Now that the vote is over, I want to share the information and ask your opinion.

The email discussions with Midas Globe included their representative claiming DavidK had violated the company's Terms of Service. The company's representative specifically mentioned some items in its terms of service which anyone thinking of doing business with MidasGlobe needs to know about.

First, they have a minimum trade volume on deposits. This applies even if there is no bonus. For every $100 deposited, 8 full lots needs to be traded. If a client deposits and does not reach this trade volume before trying to withdraw the deposit, the company can impose a penalty. I'm not aware of any other forex broker which has such a policy.

Second, they reserve the right to withhold profits if the company will suffer any fiscal, regulatory, or pecuniary disadvantage. This appears to mean that a legitimate complaint, to a regulator or in public may be used as a reason to withhold profits. If a client makes enough profit, I see nothing to stop MidasGlobe from deciding that sending the profits to the client would put the company at a fiscal or pecuniary disadvantage.


Normally, it takes 3 or 4 Traders Court guilty votes to result in an FPA scam label. In this case I find the policies of MidasGlobe to be extremely dangerous to traders, but the company has only had this one case opened against it.

What action should I take?

 

[mbreitfelder]

This ONE GUILTY verdict should be counted as THREE to FIVE due to their rules which only benefit them and not any "client" whatsoever. Who would go into business with a grocery store (buy groceries) which had these kinds of rules? In the eyes of the buying public, no one would enter that store and spend a penny. I would give them two, additional guilty verdicts just for their own onerous, one sided "Terms and Conditions". I say, Light Them Up!!

 

[FD Forex]

I held this back until the vote was done. I was hoping that MidasGlobe would resolve DavidK's issue and fix the items below. Now that the vote is over, I want to share the information and ask your opinion.

The email discussions with Midas Globe included their representative claiming DavidK had violated the company's Terms of Service. The company's representative specifically mentioned some items in its terms of service which anyone thinking of doing business with MidasGlobe needs to know about.

First, they have a minimum trade volume on deposits. This applies even if there is no bonus. For every $100 deposited, 8 full lots needs to be traded. If a client deposits and does not reach this trade volume before trying to withdraw the deposit, the company can impose a penalty. I'm not aware of any other forex broker which has such a policy.

Second, they reserve the right to withhold profits if the company will suffer any fiscal, regulatory, or pecuniary disadvantage. This appears to mean that a legitimate complaint, to a regulator or in public may be used as a reason to withhold profits. If a client makes enough profit, I see nothing to stop MidasGlobe from deciding that sending the profits to the client would put the company at a fiscal or pecuniary disadvantage.


Normally, it takes 3 or 4 Traders Court guilty votes to result in an FPA scam label. In this case I find the policies of MidasGlobe to be extremely dangerous to traders, but the company has only had this one case opened against it.

What action should I take?

With those kind of conditions they should not even have a licence to trade. MY suggestion would be to label them a scam.

 

[kimmy12]

I held this back until the vote was done. I was hoping that MidasGlobe would resolve DavidK's issue and fix the items below. Now that the vote is over, I want to share the information and ask your opinion.

The email discussions with Midas Globe included their representative claiming DavidK had violated the company's Terms of Service. The company's representative specifically mentioned some items in its terms of service which anyone thinking of doing business with MidasGlobe needs to know about.

First, they have a minimum trade volume on deposits. This applies even if there is no bonus. For every $100 deposited, 8 full lots needs to be traded. If a client deposits and does not reach this trade volume before trying to withdraw the deposit, the company can impose a penalty. I'm not aware of any other forex broker which has such a policy.

Second, they reserve the right to withhold profits if the company will suffer any fiscal, regulatory, or pecuniary disadvantage. This appears to mean that a legitimate complaint, to a regulator or in public may be used as a reason to withhold profits. If a client makes enough profit, I see nothing to stop MidasGlobe from deciding that sending the profits to the client would put the company at a fiscal or pecuniary disadvantage.


Normally, it takes 3 or 4 Traders Court guilty votes to result in an FPA scam label. In this case I find the policies of MidasGlobe to be extremely dangerous to traders, but the company has only had this one case opened against it.

What action should I take?

Even if it was only one case this seems strong enough to get an FPA scam label. I m doing my research now for several month on several brokers and I do also have some victims from this company. So strong enough. By the way a group of victims from several broker websites in Europe will be at the European Parliament on tuesday 11.07.2017, so tomorrow. There are some petitions from victims from Italy and Hungary. ESMA and Ombudsman wil be there and a lot of press. Action will be taken to stop the criminals and make trading more safe.

 

[Tryingtrader]

This is so clearly a bunch of bandits who have set up a trading platform with the sole purpose of stealing money from the general public. There is no integrity or the slightest concern for customers. If this was taking place on the High Street they would be arrested for larceny (now called THEFT) and sent to jail. Here we can only hope they get labelled as SCAMMERS double underlined!!

 

[mbreitfelder]

Even if it was only one case this seems strong enough to get an FPA scam label. I m doing my research now for several month on several brokers and I do also have some victims from this company. So strong enough. By the way a group of victims from several broker websites in Europe will be at the European Parliament on tuesday 11.07.2017, so tomorrow. There are some petitions from victims from Italy and Hungary. ESMA and Ombudsman wil be there and a lot of press. Action will be taken to stop the criminals and make trading more safe.

Thank you for your great information!!

 

[kimmy12]

Thank you for your great information!!

You are very welcome. Its so important. Finally press in Europe gets more and more interested in the business from these criminals who are extremly smart in always opening new websites with new names and scamming people. Always check extremly intense, where there is the original holding behind the website !
Mostly it is not where you think it is and where they tell you they are.

 

[mbreitfelder]

You are very welcome. Its so important. Finally press in Europe gets more and more interested in the business from these criminals who are extremly smart in always opening new websites with new names and scamming people. Always check extremly intense, where there is the original holding behind the website !
Mostly it is not where you think it is and where they tell you they are.

Except for France which just let off two entities after investigating them for years. Yes, these guys "White Label" their web sites so that it is very easy to just produce 5 new web sites per day. They are the scourge of the human race.

 

[Pharaoh]

I suggest giving them an ultimatum. Fix their scam TOS and pay DavidK all his money or be correctly labelled as SCAM.

 

[doctorcomputador01]

I held this back until the vote was done. I was hoping that MidasGlobe would resolve DavidK's issue and fix the items below. Now that the vote is over, I want to share the information and ask your opinion.

The email discussions with Midas Globe included their representative claiming DavidK had violated the company's Terms of Service. The company's representative specifically mentioned some items in its terms of service which anyone thinking of doing business with MidasGlobe needs to know about.

First, they have a minimum trade volume on deposits. This applies even if there is no bonus. For every $100 deposited, 8 full lots needs to be traded. If a client deposits and does not reach this trade volume before trying to withdraw the deposit, the company can impose a penalty. I'm not aware of any other forex broker which has such a policy.

Second, they reserve the right to withhold profits if the company will suffer any fiscal, regulatory, or pecuniary disadvantage. This appears to mean that a legitimate complaint, to a regulator or in public may be used as a reason to withhold profits. If a client makes enough profit, I see nothing to stop MidasGlobe from deciding that sending the profits to the client would put the company at a fiscal or pecuniary disadvantage.


Normally, it takes 3 or 4 Traders Court guilty votes to result in an FPA scam label. In this case I find the policies of MidasGlobe to be extremely dangerous to traders, but the company has only had this one case opened against it.

What action should I take?

I held this back until the vote was done. I was hoping that MidasGlobe would resolve DavidK's issue and fix the items below. Now that the vote is over, I want to share the information and ask your opinion.

The email discussions with Midas Globe included their representative claiming DavidK had violated the company's Terms of Service. The company's representative specifically mentioned some items in its terms of service which anyone thinking of doing business with MidasGlobe needs to know about.

First, they have a minimum trade volume on deposits. This applies even if there is no bonus. For every $100 deposited, 8 full lots needs to be traded. If a client deposits and does not reach this trade volume before trying to withdraw the deposit, the company can impose a penalty. I'm not aware of any other forex broker which has such a policy.

Second, they reserve the right to withhold profits if the company will suffer any fiscal, regulatory, or pecuniary disadvantage. This appears to mean that a legitimate complaint, to a regulator or in public may be used as a reason to withhold profits. If a client makes enough profit, I see nothing to stop MidasGlobe from deciding that sending the profits to the client would put the company at a fiscal or pecuniary disadvantage.


Normally, it takes 3 or 4 Traders Court guilty votes to result in an FPA scam label. In this case I find the policies of MidasGlobe to be extremely dangerous to traders, but the company has only had this one case opened against it.

What action should I take?

8 standard lot for every 100usd????....with 100:1 leverage???....please!!! Only the policy show the bad faith of this guys....