1. This site uses cookies. By continuing to use this site, you are agreeing to our use of cookies. Learn More.

Account Closure Rights

Discussion in 'General Forex Talk' started by Siddharth, Aug 10, 2012.

  1. Siddharth

    Siddharth Private, 1st Class

    Joined:
    Jun 15, 2011
    Messages:
    75
    Likes Received:
    2
    Hello Everyone,

    Does regulated broker has right to close account of profitable traders ? I traded with option broker 'Tradesmarter' for 4 months and since i was consistently profitable they close my account without my consent. So is it forex trading only for money loosing traders i mean if i was losing money would they have close my account ? Tradesmarter is regulated by ASIC. I have dedicated 6 years of my life learning forex and now if i start making some profit brokers have start closing my account. Can anyone shed light please.

    Thanks
     
  2. FringFX

    FringFX Sergeant

    Joined:
    Jul 18, 2012
    Messages:
    391
    Likes Received:
    1
    Some brokers resort to this kind of tactic, this is nothing new.
    Were you able to withdraw your profits?
    Stay away from them. Trade with your other brokers if you have one.
     
  3. Pharaoh

    Pharaoh Colonel

    Joined:
    Oct 3, 2007
    Messages:
    19,657
    Likes Received:
    2,205
    Almost all Terms of Service from brokers generally allow them to end their relationship with a client at any time without having to give a reason. Bucketshop brokers do this so that they can dump profitable clients that cost them money. Other brokers do this so that they can get rid of "high maintenance" clients (could be abusive clients or could be clients who spend far too much time tying up live support over trivial issues).

    If you successfully got your money out, move on to another broker. If you didn't, start a thread in Scam Alerts.
     
  4. Siddharth

    Siddharth Private, 1st Class

    Joined:
    Jun 15, 2011
    Messages:
    75
    Likes Received:
    2
    Thanks

    Yes i did managed to withdrawal my money but i am really surprised to see regulated brokers involved in this practise. After all this hardship and devotion i am feeling that was just waste. I have opened new account with another broker but i am having same feeling. Anyway i appreciate everyone response here.
     
  5. Pharaoh

    Pharaoh Colonel

    Joined:
    Oct 3, 2007
    Messages:
    19,657
    Likes Received:
    2,205
    Make sure to leave a review for your last broker letting people know that they shut you down. You may end up saving some traders the time and effort needed to open accounts with them.
     
  6. Siddharth

    Siddharth Private, 1st Class

    Joined:
    Jun 15, 2011
    Messages:
    75
    Likes Received:
    2
    Tradesmarter is not included in Forex broker list. Please have it.
     
  7. Pharaoh

    Pharaoh Colonel

    Joined:
    Oct 3, 2007
    Messages:
    19,657
    Likes Received:
    2,205
    I'll pass that on to AsstMod and ask him to get it included.

    It's a binary options broker. I think you are very lucky to have gotten your money. Overall, I've seen far too many complants about withdrawal problems at binary options brokers.
     
  8. Siddharth

    Siddharth Private, 1st Class

    Joined:
    Jun 15, 2011
    Messages:
    75
    Likes Received:
    2
    You are right, i had to face a lot of problem but since this is regulated by ASIC i did managed to pull out my money one way or another. The main problem with option broker is lack of sufficient liquidity and most of the time broker is filling your order against himself which reflects back when profitable client ask for withdrawal.

    Thanks
     
  9. Siddharth

    Siddharth Private, 1st Class

    Joined:
    Jun 15, 2011
    Messages:
    75
    Likes Received:
    2

    Please could also include this broker Optionsclick, i traded with them for one month and i believe they are worst broker. They just close option whenever they want also poor customer service and late withdrawals. Binary Options Trading Platform

    Moderation Team Note: Please use "Contact Us" if you want a site added to the reviews.
     

Share This Page