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RESOLVED Case# 2017-156 | fireiceviper vs trade.com

Discussion in 'Open Cases' started by fireiceviper, Dec 28, 2017.

?

Based on the available evidence, do you believe that Trade.com is Guilty?

Poll closed Jan 11, 2018.
  1. Guilty

    60 vote(s)
    100.0%
  2. Not guilty

    0 vote(s)
    0.0%
  1. fireiceviper

    fireiceviper Private

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    Original FPA Traders Court Submission by fireiceviper:

    I am submitting the case against: www.trade.com

    My Case is: I have been Trading on Trade.com ( Leadcapitalmarkets ) since the end of October) making some good profits on Bitcoin cfd's and Bitcoin cash cfd's, but noticed they where increasing my spreads to beyond reasonable.

    After complaining and having my spreads increased yet again I decided it was time to call it quits so i requested a Withdrawal ... that is when the problems started. I did my request for 8000 euro on the 10th of November, on the 15th i received a message that my account was "under investigation" and my account and withdrawals are suspended.

    After that i told them that i now request my entire balance of 19,482.42 Then they told me they needed a bank statement to process this request, after i sent them the bank statement they transferred my deposits consisting of €5400 and i did receive this, the €14082,42 in profits i did not.

    I Tried to call me account manager but he will not pickup (at al anymore) the general number now always goes straight to voicemail. The live chat has been very kind to me but they can only inform the "relevant" department of my request and say my account is still under investigation and you will hear back once the investigation is finished.

    It has been 1,5 month for a simple withdrawal or "investigation", incredible

    New thread in the Scam Alerts Folder:
    Resolved - Trade.com Money Withdrawal = Account under investigation

    Review is submitted by fireiceviper on 12/17/17

    The company was first contacted about the issue on 11/16/17, the last contact was on 12/27/17

    Details: 15-11-17 Email, account under investigation

    Dear Sir,

    You are hereby put on notice that the activity in your trading account is under investigation.

    We refer you to section 19, Market Abuse and Prohibitive Trading Techniques, of the Terms and Conditions to which you agreed to and govern your relationship with us. They can be accessed here: https://www.trade.com/en/terms-conditions

    Your account will be suspended and all activities, including pending withdrawals are on hold until conclusion of the investigation.

    All further communication between us will be carried out and handled by our Compliance Department.

    Regards,

    George Rodger | Chief Operating Officer




    My initial reply on 15-11-2017

    Dear Mr Rodger,

    Thank you for your email concerning "suspension of my account and investigation into abusive trading activities" I'm quite surprised by this message but i'm sure it will be handled this week, I'm also a bit disappointed that this message came after I placed a withdrawal and that like you stated in your email is going to be place on hold.

    After the investigation is over please transfer my entire account balance to my credit card.

    Also please indicate where I can file a complaint about this investigation? CySec? Forex Peace Army? or do you have an internal complaint system in place? Please let me know..

    With kind Regards,

    Julien




    Filed a complaint on 17-11-2017 ( i could not enter my account again)

    Dear Leadcapitalmarkets,

    Since I have not heard anything back from this investigation or the reason why I am being investigated and after the last message received I noticed that I am now unable to enter my account.

    I am therefore now formally writing a complaint, attached for the compliance department is the required forms. I expect a confirmation of you receiving my complaint within 5 days (as per regulatory requirement) please do not forget to send my reference number of this complaint, so i can refer to it with the regulator.

    Beginning of next week i will file a complaint with the Financial Ombudsman of the Republic of Cyprus and to regulator CySEC. Wednesday 22-11-2017 (7days since my first reply) I will be opening a case with the Forex Peace Army Traders Court and we can continue this discussion over there.

    Please feel free to contact me if you have any further questions.


    With kind Regards,

    Julien



    Live Chat on 17-11-2017 ( I could enter my account again!)

    Marta S3:15 pm Hello. How may I help you?

    tr20209349 Hi Marta, my account has been suspended after i tried to withdraw some money
    i tried emailing, calling my rep, and i filed an official complaint
    buy i need to speak to the compliance department
    but

    Marta S Please be kindly informed that if you have filled an official complaint it has been escalated and once there is an update we will let you know
    in order to proceed with the WD request, we will need POD’s for you deposits made via iDeal deposit on the 19.10.2017 and 20.10.2017.
    We will wait for the requested document for 48 hours. If it is not provided, then we will proceed with sending only the deposited amount 4,800 EUR to your CC MC 4920 due to technical limitations. The rest of the funds will be left on the trading platform. Send it at support@trade.com

    tr20209349 not a problem how would you like to receive this proof? and where do i send it too to you?

    Marta S them*
    tr20209349 Uhm Marta, i did not deposit 4800 eur with my creditcard Read
    Marta S deposits made via iDeal
    Please check my answer above
    Is there anything else I could assist you with?

    tr20209349 no i will be doing this right now, thank you





    17-11-2017 Succes right? (wrong i just received my deposit back... no profits)

    Dear Trade/ Lead Capitalmarkets,

    Included as requested, the proof of deposit for both my ideal deposits.

    With kind regards,

    Julien

    P.s. i have requested in the last email for my entire balance total (deposits+profits) to be transferred to my credit card, if this happens i will no longer have a basis for my complaint and will be dropping it.






    24-11-2017 Complaint received

    Dear Mr Leen,


    We would like to inform you that the Company acknowledges the receipt of your email.
    We will review your case thoroughly and revert back to you with regards to our final results.

    Regards,

    Compliance Department




    Another message from George Rodger on 27-11-2017

    Dear Sir,


    Please be advised that the trading activity on your account is still under investigation for probable breaches of the Terms and Conditions.

    1. We refer you to section 19, Market Abuse and Prohibitive Trading Techniques, of the Terms and Conditions to which you agreed to and govern your relationship with us. They can be accessed here: https://www.trade.com/en/terms-conditions

    Specifically we bring your attention to the first paragraph of clause 19.3 and the first paragraph of clause 19.4, both stated below for clarity:

    19.3. It is absolutely prohibited to use any software , which we determine, at our sole discretion, to have as its purpose to apply any kind of artificial intelligence analysis to our Online Trading Facility and/or computer system(s) with an ultimate goal to gain unfair advantage and exploit our trading facility; in the event that we determine, at our own discretion, that any such artificial intelligence software has been used, or is being used, we reserve the right to take all action as we see fit, including, without limitation, completely blocking access to our Online Trading Facility, blocking and/or revoking your Access Codes and/or terminating your Account.

    19.4 Internet, connectivity delays, and price feed errors sometimes create a situation where the price(s) displayed on our Online Trading Facility do(es) not accurately reflect market prices. The concept of using trading strategies aimed at exploiting errors in prices and/or concluding trades at off-market prices and/or by taking advantage of internet delays (commonly known as ‘arbitrage’, ‘sniping’ or ‘scalping’ hereinafter, collectively, referred to as ‘Arbitrage’), cannot exist in an OTC market where the client is buying or selling directly from the principal; accordingly, we reserve the right, at our sole discretion, NOT to permit the abusive exploitation of Arbitrage on our Online Trading Facility and/or in connection with our Services; any Transactions or Contracts that rely on price latency arbitrage opportunities may be revoked, at our sole discretion and without prior notice being required.

    2. We also refer you to section 8 of the Terms and Conditions regarding Cryptocurrency Products, specifically:

    You should be aware that the Cryptocurrencies are not recognized as Financial Instruments for the purposes of MiFID. When trading in CFDs where the underlying asset is a Cryptocurrency, you need to take in consideration that Cryptocurrencies are traded on non-regulated decentralized digital exchanges. Accordingly, price formation and price movements of the Cryptocurrencies depend solely on the internal rules of the particular digital exchange, which may be subject to change at any point in time and without notice which often leads to a very high intra-day volatility in the prices. which may be significantly higher compared to the Financial Instruments recognized by MiFID. By trading CFDs in Cryptocurrencies you accept a significantly higher risk of loss of your invested amounts which may occur within a very short time frame as a result of sudden adverse price movements of the Cryptocurrencies. Any losses you may incur due to trading CFDs in Cryptocurrencies are not covered by the protections under the Investor Compensation Fund scheme. Likewise, any complaints that you may have or any disputes that may arise between you and the Company in connection with you trading CFDs in Cryptocurrencies are not eligible and shall not be accepted for consideration by the Financial Ombudsman of the Republic of Cyprus.

    3. Finally we also point out clause 6.6 (d) obliging you to keep your usernames and passwords secret and ensure that third parties do not obtain access to our Online Trading Facility.

    To be clear, above clause applies in cases where you have provided your details to third party software, websites or persons.

    We are currently analysing data from the Bitcoin exchanges and our liquidity providers as well as data held on our systems. Once we have completed this analysis and assessed against your trading activity we will inform you further.

    Best Regards,

    George Rodger | Chief Operating Officer





    27-11-2017 Asked them to join the scam alerts thread

    Dear Sir,

    Please be advised that i have created a thread about this issue on Forex Peace Army and i invite you to come and join me over there so we can put this matter to rest out in the open.

    http://www.forexpeacearmy.com/community/threads/trade-com-money-withdrawal-account-under-investigation.52976/


    If you require any other assistance, please feel free to contact me.

    With kind regards,

    Julien





    28-11-2017 Thread not yet active, i made a small mistake

    Dear Sir,


    At the time of writing yesterday the thread i linked to was not yet active, I do apologize if you clicked the link and the thread was not yet visible.
    The thread is fully visible now and i ask you to join me in discussing the exact problem with my account.

    http://www.forexpeacearmy.com/community/threads/trade-com-money-withdrawal-account-under-investigation.52976/


    With kind regards,

    Julien




    28-11-2017 Am i missing something?


    Dear Compliance Department,

    Thank you for for acknowledging my email, could i please receive the unique complaint number that i need for the regulator?

    With kind regards,

    Julien





    05-12-2017 Number me

    Dear Sir,


    We hereby provide you with your personal Reference number with regards to your case for your consideration: LE20170037


    Kind Regards,


    [Redacted] | Legal and Compliance Advisor



    05-12-2017 Its a party everyone can join!

    Hello [Redacted],


    Thank you very much for your reply regarding my complaint number.
    I was now able to complain to CySec and have filed an official complaint with them.
    Also i would like to invite you and your company to join me on Forex Peace Army scam alerts forums to discuss this matter on perhaps finally come up with a resolution,

    Here is the link to the forum

    http://www.forexpeacearmy.com/community/threads/trade-com-money-withdrawal-account-under-investigation.52976/

    If you need any other information, please feel free to contact me,


    With kind regards,

    Julien

    Company representatives' emails:
    George Rodger <George.rodger@Leadcapitalmarkets.com>
    Compliance Team <complianceteam@Leadcapitalmarkets.com>
    Legal Team <LegalTeam@leadcapitalmarkets.onmicrosoft.com>
    Support Trade <support@trade.com>
    info@trade.com <info@trade.com>
    info@leadcapitalmarkets.com <info@leadcapitalmarkets.com>
    "Ali Sylla" <Ali@trade.com>

    Attached Files:

    1. trade account plus statement 28 12 2017.png
    2. trade account zonder naam.png

     
  2. AsstModerator

    AsstModerator FPA Forums and Reviews Admin

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    Since you already invited them to your Scam Alerts thread, I've gone ahead and sent the formal FPA invitation. Please post an update on January 5th to let me know if there has been any contact or progress.
     
  3. fireiceviper

    fireiceviper Private

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    There has been no contact or progress...
     
  4. AsstModerator

    AsstModerator FPA Forums and Reviews Admin

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    I'm moving this to Open Cases now. The voting begins next week.
     
  5. mparama

    mparama Private, 1st Class

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    Market Maker Brooker
    they omly accept client that loose money. if you are a winner one they try to stop you taking all your profits.
    I think you have been lucky to get your deposit back.

    GUILTY...
     
  6. chitak

    chitak Private, 1st Class

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    So you are not allowed any AI according to their terms??? That is an exceptionally unusual clause, because they offer MT4 which is famous for it's flexibility with EAs(artificial intelligence). So they are basically leaving a loophope in their contract which allows them to cancel anyone who uses EAs profits. There is no way that clause can be enforcable.

    Since most traders will lose trading BTC CFDs that broker thought they can make some money, but when someone comes along and makes a profit they try to do anything in their power to cancel profits.

    Looks like a big scam.
     
  7. Pharaoh

    Pharaoh Colonel

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    Looks GUILTY to me.
     
  8. Tryingtrader

    Tryingtrader Corporal

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    Very lucky to get your money back. Take this as a lesson on life and never trust any deal that sounds too good to be true. They will ALL be scams. Guilty!
     
  9. fireiceviper

    fireiceviper Private

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    Thing to note is, i made all the trades manually no AI? or EA?
     
  10. fireiceviper

    fireiceviper Private

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    I just received an email informing me that the remaining balance in my account will be returned tomorrow! i will keep you guys updated!
     
    Bollebeertje likes this.

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