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Traders Court FAQ - Other Questions

Discussion in 'FPA Traders Court FAQ and Instructions' started by AsstModerator, Jan 31, 2011.

  1. AsstModerator

    AsstModerator FPA Forums and Reviews Admin

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    I'll add to this as necessary. Please be aware that the rules are new and may need to be adjusted.

    1. Do I need the rank of Private to file a Traders Court case?

    No. That requirement doesn't apply to the FPA Traders Court.

    2. What about companies already rated SCAM?

    Please don't file cases against those companies. They've already been declared to the scams by the FPA, so a bunch of Guilty verdicts won't help.

    3. What does a Guilty verdict do?

    It turns your 1 star review into a Zero star review. It gets listed on the company's review page at the FPA. It gets mailed out to the entire FPA membership.

    4. I still want to declare the company to be a scam. What do I do?

    First, do a Traders Court case. The Scam Investigations Committee is still around and will take on cases selectively where they think the most good can be done.

    Usually, 3 or 4 guilty verdicts is needed for a scam finding. The number needed can be greater or smaller depending on the circumstances.

    5. Shouldn't there be more questions in this FAQ?

    Probably. I'll try to add more as they come up.
     
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  2. AsstModerator

    AsstModerator FPA Forums and Reviews Admin

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    6. What does and doesn't qualify for a trader's court case.

    Scams come in many forms. The FPA does have some limits.

    If you experience some slippage or requotes, this isn't a scam. It happens in reality. If you can prove by arduous statistical analysis that your broker is cheating on trades, that does qualify. The standard of proof will be high. One or two trades is not proof of the use of malicious cheating software.

    If the slippage is large or spread is large around news time, that is normal market behavior and does not qualify for a Traders Court case.

    If you have slippage or get a margin call because of a gap opening after the weekend, that is almost always normal market behavior and does not qualify for a Traders Court case.

    The FPA is about forex. If you have an issue specifically for a trade on something other than a forex pair on a forex, binary, or CFD broker, that doesn't qualify for a Traders Court case. If a forex or binary options broker refuses to process a withdrawal without a valid reason, that does qualify.

    Bonuses are at a broker's discretion. A broker declining to award a bonus or cancelling a bonus is almost always within the terms of that bonus. Since bonuses are voluntary on both sides, the FPA will generally not get involved in this sort of dispute. If all trading terms needed to collect a bonus have been completed and the broker then refuses to honor the terms, the FPA will allow a Traders Court case.

    The FPA strongly recommends that you have all of your documents approved by the broker before you deposit money with the broker. If you trade without having your documents submitted, you may have trouble collecting your profits. The FPA will look into cases like this, but warns that these cases may require more evidence. If anything about your documents makes the FPA even slightly suspicious that the documents have been altered, the FPA will dismiss your case.

    Refusal to process a withdrawal without a valid reason is one of the most common forms of scam done by forex brokers. As long as your case is not tied into a documents or bonus issue and you have given the broker a reasonable amount of time to process the withdrawal, this sort of case is nearly always accepted.

    The FPA Traders Court is primarily about protecting traders against scams. Company employees and associates may complain in Scam Alerts and on review pages, but the FPA is not equipped to get into contract disputes of this sort. Associates includes IBs and affiliates.

    Other forms of scam, fraud, and extreme unethical behavior by forex companies do qualify. Since there are so many variations, some of these will need to be looked at on a case-by-case basis.


    7. What can I do if I can't file a case or my case is dismissed?

    You are no worse off than before you read this. You still have or can leave a 1 star review for the company. You still have or can post your thread in the Scam Alerts Folder. You can still file complaints with regulators.


    8. What's the fastest way to get my case dismissed?

    That's easy. File the case and then disappear. If you don't respond to questions in your case file or Scam Alerts thread, your case will be dismissed. Unless you can show you were a prisoner of war, stranded on a desert island or were confined to a hospital, your case is unlikely to be reactivated. Filing the same case again when your case has been dismissed will result in the new case being dismissed.

    This policy is necessary. If your case goes public and you aren't around, how do you expect the FPA to deal with your issue if the company decides to answer? How would a judge in a court of law would react if you filed a complaint and then you didn't bother to show up for pre-trial questioning?

    People really have filed complaints with the FPA, disappeared for months, and then come back and blamed the FPA for not doing anything. The FPA can't help people who can't cooperate and help themselves.
     
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