Master Yoda
Captain
- Messages
- 2,929
your chat proves nothing, it's just you accusing them without supporting your point
also I find it funny this is the only post you have on FPA, actually it's your only activity
RESOLVED - @@ xemarkets company stolen 12000$ from me with evidence@ i wait help
your chat proves nothing, it's just you accusing them without supporting your point
also I find it funny this is the only post you have on FPA, actually it's your only activity
doyalgauranga
Recruit
- Messages
- 1
I think it maybe the XE guys had a valid reason to not accept the client BUT the person made 11000 plus bucks and he earned the money not from them, so they just shamelessly pocketed the money. They could have refused to accept him and then give him whatever he earned once they where so careless to let him trade without authorization. C'mon it is just a COMMON SENSE. If he would loose I guarantee nobody would give him anything. Is it as clear as the daylight. Who in a world would say: sorry you are not authorized, and buy the way do not worry that you lost 20000$, luckily because you are not authorized we have to return you your deposit and we do it from our pocket, we are so nice. Are you kidding me? In this is not a scam? I mean the very fact that they have such a thing in their T&C is the sign of a scam. I know the documents might not be OK and so on but who gave them the right to pocket 11000$ that doesn't belong to them and was only earned through their platform and by the way they got their spread money form each trade?
This broker is 10 years on the market and does not care to loose its reputation for couple of dollars that are not theirs in a first place. I think FPA should take a strong stand here to protect the traders. Ok, there is maybe nothing legal you can do about it but you are powerful and influential enough to make sure the "big shots" become more conscious of what they are doing towards the traders. They should care for their reputation and from their replies I do not see the do at all. Buy the way I just wanted to open an account with them but after reading all this... God forbid. Plus definitely tell all my friends not to even conciser these company. I'm sad to see FPA is not behind the case.
Pharaoh
Brigadier General
- Messages
- 20,316
AML laws would make it illegal to send money to someone with documents that appear to be altered.
Clients need to get their docs verified up front. Far too many ignore the need for this until after they've made money.
The issue is two-fold.
First, many clients want to open and start trading in 5 minutes. Any broker that says "don't send money, send docs first and give us up to a week to check them" would lose a lot of potential clients.
Second, there are real cases where crimes are attempted using forex accounts. This can be money laundering, or can involve stolen credit cards.
For example: Two accounts are opened using stolen credit card info. Both deposit $100. The more-or-less hedge each other with risky trades. The first account is wiped out, the second one gets $200.
The second account (now with about $200) will try to come up with reasons to refund to a different source. If that fails, the initial $100 goes back to the card. Either way, suspicious docs pop up and about a week later, the first account does a chargeback because the $100 was not an authorized transaction. If the credit card wasn't refunded, a chargeback by the real owner could happen at any time.
In this scenario, the broker paying those profits is not paying money owed to a trader. Any payment made would be rewarding a criminal.
Of course, it's not going to be just 2 accounts with only $100 each. This will be done across a large number of accounts, all of which will generally have larger deposits.
If the original poster in this thread can get his docs verified by the regulators, I'm sure he'll get his profits. If not, then the broker did exactly the right thing by holding back the money.
Clients need to get their docs verified up front. Far too many ignore the need for this until after they've made money.
The issue is two-fold.
First, many clients want to open and start trading in 5 minutes. Any broker that says "don't send money, send docs first and give us up to a week to check them" would lose a lot of potential clients.
Second, there are real cases where crimes are attempted using forex accounts. This can be money laundering, or can involve stolen credit cards.
For example: Two accounts are opened using stolen credit card info. Both deposit $100. The more-or-less hedge each other with risky trades. The first account is wiped out, the second one gets $200.
The second account (now with about $200) will try to come up with reasons to refund to a different source. If that fails, the initial $100 goes back to the card. Either way, suspicious docs pop up and about a week later, the first account does a chargeback because the $100 was not an authorized transaction. If the credit card wasn't refunded, a chargeback by the real owner could happen at any time.
In this scenario, the broker paying those profits is not paying money owed to a trader. Any payment made would be rewarding a criminal.
Of course, it's not going to be just 2 accounts with only $100 each. This will be done across a large number of accounts, all of which will generally have larger deposits.
If the original poster in this thread can get his docs verified by the regulators, I'm sure he'll get his profits. If not, then the broker did exactly the right thing by holding back the money.
Master Yoda
Captain
- Messages
- 2,929
As long the person who started this thread has no updates soon I suggest we will close this case
Master Yoda
Captain
- Messages
- 2,929
what was the regulator reply?
Also, the FPA didn't refuse to help you, but since your case is not easy asstmoderator has offered you to contact the regulators
I even showed you how to contact the regulator
Also, the FPA didn't refuse to help you, but since your case is not easy asstmoderator has offered you to contact the regulators
I even showed you how to contact the regulator
Pharaoh
Brigadier General
- Messages
- 20,316
The FPA didn't refuse to help. The ONLY refusal was regarding taking your Traders Court complaint public - based on AsstModerator agreeing with the broker that there are serious inconsistencies in some of your ID documents. Under those circumstances, the FPA can't ask a broker to violate AML laws.
You still have your review and your complaints thread here. You've been advised on contacting regulators.
You still have your review and your complaints thread here. You've been advised on contacting regulators.
Similar threads
