Someone should publish a coffee-table book of all the ridiculous "explanations" brokers come up with! The one from HiwayFX would fit among the top. I hope the claimant will be able to get his money back. Seems to me he is a victim of Hiway robbery...
Based on the happy outcome of this case, I'll vote NOT GUILTY. However, this does serve as a warning to first read a broker's term and conditions before opening an account.
I just want to point that naveem is not the one on trial here. It's very easy as a bystander to judge that he should have withstood pressure, blah, blah, blah... But if Banc the Binary were an honest business, which they are not based on many other complaints, there would be no need for pressure...
Client agreement looks fishy as well...
Guilty, no doubt. The so-called insurance claim form is most bizarre. But there is more that's wrong.
I read the client agreement provided by AlgoRates (at Client Agreement) and that should raise a red flag; especially this clause:
20. Whenever the...
I guilty vote from me as well. The case is very well-documented on Amin's part and one member was able to confirm that the trades would have been possible based on a demo account.
BTW, I'm impressed by Amin's trading skills. Turning $500 into $50,000 is quite an accomplishment.
This would all be very entertaining in a surreal way were it not the fact that people are actually scammed out of their money. This is so sad, really... Is this a case yet?
I always wondered why so many brokers went to Cyprus and I didn't really trust it. Now it's good to know that there is oversight and that CySEC take their work seriously.
Sounds guilty to me. If they can run a business and have capital for trading, they can pay the trader his balance. Banking crisis is not relevant and just an excuse. I didn't see any good reason being given by forex metal not to pay.
This is not a matter of whether or not the trader should take responsibility. The issue at hand is the agreement instantpip had with the trader. The trader did question the situation with the one specific trade (size and lack of SL), but was assured that everything would be fine. So the trader...
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