I too had an account with them that they destroyed in a blink of the eye.
The account grew steadily, and I paid them their 50% but when the market went against them they didn't stop or close the trades and my account disappeared over a few days.
I used them through Alpari in the UK, is there anything I can/should do?
Thank you
Simon
Quote:
Originally Posted by Trader B
Hi Thiago,
Sorry to hear that. There is not much you can do legally. If you had a very large account, it may be worth your expenses taking them to court for fraud. This is very expensive and I am sure they know that usually no one will come after them.
I have been trying to find out exactly how much they made in commissions. While you agree to trading risks and losing money, it would be fair if they returned their commission for this scammy piece of work. But if they were fair we wouldn't have these problems in first place.
With the drop in CHFJPY they have likely destroyed all of their clients' accounts by now, and have not much of an interest in protecting of what is left of their reputation.
I informed MIG about this scam, and they are not willing to disclose the commissions paid (they say it is Swiss Banking Laws - which in fact protects client accounts not bankers commissions). I am still in contact with them so that at least these guys can't be an IB with MIG again - but it seems that brokers don't care who is a scammer as long as they make money. They say it is not their responsibility. Unless you can show them a court judgement or something official that confirms an IB is a crook they are likely legally not obliged to do anything. Will hurt the broker's reputation though.
I encourage you to report things to your broker. Perhaps these fraud artists will be stopped at some point.
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