I have been trading with BMFN over some period of time. On 2, 9 and 21 May 2014, I gained some profits and BMFN cancelled all of them. On 14 May, they told me: "The entry prices of the following tickets have been corrected to the true tradable market price. Tickets [...]. Your account has been up-dated." They listed 4 tickets of 2 May and one of 9 May. I replied to them the very same day, contesting the cancellation.
Later, on 22 May (after the last successful batch of trades), the sent me an e-mail:
"Dear [XY]
All your positions have been closed and your account has been disabled due to trading at non tradable prices. You will receive an e-mail from our Compliance department shortly.
Thank you
Trading Department"
Since then, they do not reply to my e-mails and I cannot login to their system. On 6 June, I sent them a reminder and a request for withdrawal but they do not respond in any way. Later, I sent them a couple more e-mails but the situation is still the same. Last week on 9 and 11 September 2014 I sent them two e-mails urging them to no avail.
The subject of this thread and of the case I am filing (and will paste the link of) is ONLY the denial of the deposit, not the legitimacy of the trades cancellation. These are two different cases and I will try to solve them separately.
I would like to point out that in the other case here at FPA, they refused to comment, invoking the arbitration clause as the only legitimate dispute resolution scheme (correct me if I am wrong but the bottom line is the invocation of the arbitration clause in para 23 of the Client Agreement).
I would like to especially bring the reader's attention to para 7 lit. b) of the Electronic Trading Agreement which governs our relationship:
"BMFN reserves the right to terminate User’s access to the Systems in its sole discretion, without notice and without limitation, for any reason whatsoever, including but not limited to, the unauthorized use of User’s Access Codes and/or account number(s), breach of this Agreement, or breach or termination of any agreements User has entered into with BMFN. Upon termination, cancellation or discontinuance of this Agreement, all rights granted in this Agreement will terminate immediately and revert back to BMFN, and User shall discontinue use of the Systems, and if applicable, shall return or destroy, as requested by BMFN, all software (including all copies thereof)."
In short, I gained profit, they refuse to pay both the deposit and the profits and they do not communicate. At this place(and in the Cases thread), I want to get my deposit back.
Later, on 22 May (after the last successful batch of trades), the sent me an e-mail:
"Dear [XY]
All your positions have been closed and your account has been disabled due to trading at non tradable prices. You will receive an e-mail from our Compliance department shortly.
Thank you
Trading Department"
Since then, they do not reply to my e-mails and I cannot login to their system. On 6 June, I sent them a reminder and a request for withdrawal but they do not respond in any way. Later, I sent them a couple more e-mails but the situation is still the same. Last week on 9 and 11 September 2014 I sent them two e-mails urging them to no avail.
The subject of this thread and of the case I am filing (and will paste the link of) is ONLY the denial of the deposit, not the legitimacy of the trades cancellation. These are two different cases and I will try to solve them separately.
I would like to point out that in the other case here at FPA, they refused to comment, invoking the arbitration clause as the only legitimate dispute resolution scheme (correct me if I am wrong but the bottom line is the invocation of the arbitration clause in para 23 of the Client Agreement).
I would like to especially bring the reader's attention to para 7 lit. b) of the Electronic Trading Agreement which governs our relationship:
"BMFN reserves the right to terminate User’s access to the Systems in its sole discretion, without notice and without limitation, for any reason whatsoever, including but not limited to, the unauthorized use of User’s Access Codes and/or account number(s), breach of this Agreement, or breach or termination of any agreements User has entered into with BMFN. Upon termination, cancellation or discontinuance of this Agreement, all rights granted in this Agreement will terminate immediately and revert back to BMFN, and User shall discontinue use of the Systems, and if applicable, shall return or destroy, as requested by BMFN, all software (including all copies thereof)."
In short, I gained profit, they refuse to pay both the deposit and the profits and they do not communicate. At this place(and in the Cases thread), I want to get my deposit back.