Account Closure Rights

Siddharth

Private, 1st Class
Messages
75
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
 

FringFX

Sergeant
Messages
391
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.
 

Pharaoh

Colonel
Messages
19,959
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.
 

Siddharth

Private, 1st Class
Messages
75
Thanks

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.

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.
 

Pharaoh

Colonel
Messages
19,959
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.
 

Siddharth

Private, 1st Class
Messages
75
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.

Tradesmarter is not included in Forex broker list. Please have it.
 

Pharaoh

Colonel
Messages
19,959
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.
 

Siddharth

Private, 1st Class
Messages
75
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.

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
 

Siddharth

Private, 1st Class
Messages
75
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.


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.
 
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