Nurselizzie
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Hi,
Firstly, apologies if I have posted in the wrong forum/thread - I am not sure if I am being scammed (but I have doubts).
I opened a CMS Trader Mini account in October 2017, with the minimum $500 dollar deposit.
I accepted the Ts & Cs but wasn't aware at the time of the Inactivity Charge - $99.90 per month after the third month of inactivity.
I was getting some signals from somebody there via WhatsApp - I did a few trades, lost more than I won, but my account is still currently $300 in profit. TBH, life got in the way and I forgot about the account, and after the first couple of days, stopped getting WhatsApps.
I remembered the account at the weekend, and contacted them on Monday October 8th to close it. Phone call within a couple of hours. Very friendly man called Danny asking 'what happened?' - I explained that I opened the account and then basically forgot about it. He gave me two options:
1) To close the account now, or
2) To work with him for 'a week of my time' and see if he could make any money for me.
...by this time (finally...) I had done some reading on forex trading scams and said no, I would like to close the account. He had said (when introducing the idea of doing a bit more trading) "the money has already been OK'd to be paid to you but..." (surely if it has been OK'd for payment then what would we be trading with? Hmmm.) Phone call ended civilly (I even thanked him for his time).
Tuesday...
I get an email from Danny containing a screenshot of the Terms & Conditions - specifically the Inactivity Charges clause followed by one line from him saying: "you have to work with me, placing 2-3 trades per day for a month to make you account eligible to withdraw funds."
Again, I had done some reading on forex scams - general procedure seems to be that if you are in credit, to entice you with small wins for the first few days and as you get close to your withdrawal period you seem to become incredibly unlucky and lose all your funds.
I am somewhat torn about the legitimacy of CMS because my partner used them for about 6 months (that's how I got into it) and made around $1500, with no issues over withdrawing funds or closing his account, but some of the reviews I have read on here make me feel incredibly lucky only to have been stung for the remaining $300 (if I lose it); and the pattern of behaviour (toward me) is similar to other reports.
To be honest I am not interested in withdrawing the funds - when I opened the account it was money I could spare (bit of bonus money from overtime etc.). I posted a withdrawal notice because it would be a bit of a bonus if I could get it back, but not if it involves trading with them further, or depositing more money.
No... I am horrified at the idea of accumulating around $1000 dollars of inactivity charges, and wondering whether this is legally enforceable. I am a UK resident and CMS is registered in St Vincent and the Grenadine (for tax purposes, I guess?). Can anyone give me advice please?
If they are a legitimate organisation would they not have notified me of account inactivity earlier?
Can they pursue me for inactivity fees? Can I fight it?
Any advice would be gratefully received.
Many thanks,
Liz
Firstly, apologies if I have posted in the wrong forum/thread - I am not sure if I am being scammed (but I have doubts).
I opened a CMS Trader Mini account in October 2017, with the minimum $500 dollar deposit.
I accepted the Ts & Cs but wasn't aware at the time of the Inactivity Charge - $99.90 per month after the third month of inactivity.
I was getting some signals from somebody there via WhatsApp - I did a few trades, lost more than I won, but my account is still currently $300 in profit. TBH, life got in the way and I forgot about the account, and after the first couple of days, stopped getting WhatsApps.
I remembered the account at the weekend, and contacted them on Monday October 8th to close it. Phone call within a couple of hours. Very friendly man called Danny asking 'what happened?' - I explained that I opened the account and then basically forgot about it. He gave me two options:
1) To close the account now, or
2) To work with him for 'a week of my time' and see if he could make any money for me.
...by this time (finally...) I had done some reading on forex trading scams and said no, I would like to close the account. He had said (when introducing the idea of doing a bit more trading) "the money has already been OK'd to be paid to you but..." (surely if it has been OK'd for payment then what would we be trading with? Hmmm.) Phone call ended civilly (I even thanked him for his time).
Tuesday...
I get an email from Danny containing a screenshot of the Terms & Conditions - specifically the Inactivity Charges clause followed by one line from him saying: "you have to work with me, placing 2-3 trades per day for a month to make you account eligible to withdraw funds."
Again, I had done some reading on forex scams - general procedure seems to be that if you are in credit, to entice you with small wins for the first few days and as you get close to your withdrawal period you seem to become incredibly unlucky and lose all your funds.
I am somewhat torn about the legitimacy of CMS because my partner used them for about 6 months (that's how I got into it) and made around $1500, with no issues over withdrawing funds or closing his account, but some of the reviews I have read on here make me feel incredibly lucky only to have been stung for the remaining $300 (if I lose it); and the pattern of behaviour (toward me) is similar to other reports.
To be honest I am not interested in withdrawing the funds - when I opened the account it was money I could spare (bit of bonus money from overtime etc.). I posted a withdrawal notice because it would be a bit of a bonus if I could get it back, but not if it involves trading with them further, or depositing more money.
No... I am horrified at the idea of accumulating around $1000 dollars of inactivity charges, and wondering whether this is legally enforceable. I am a UK resident and CMS is registered in St Vincent and the Grenadine (for tax purposes, I guess?). Can anyone give me advice please?
If they are a legitimate organisation would they not have notified me of account inactivity earlier?
Can they pursue me for inactivity fees? Can I fight it?
Any advice would be gratefully received.
Many thanks,
Liz
