BROKER TRADING POINT: Issues with swap payments. - RESOLVED
- Thread starter RahmanSL
- Start date
Chris Zacharia
XM.com Representative
- Messages
- 31
Chris A. Zacharia Official Representative – Trading Point of Financial Instruments Ltd.
Dear Rahman SL,
In an effort to maintain our policy of being publicly transparent with customer comments I am following up with this issue although it is in my understanding that this issue is being attempted to be resolved by our employee Andy Draniewicz after investigating this thoroughly with the MT4 software provider Metaquotes for more than 1 week as you state above.
Metaquotes have explained that this was a software issue and promised to resolve this.
From my understanding Andy Draniewicz has made major effort to assist you while Metaquotes is trying to fix this issue.
Below I have explained the case in detail in the same order you address the issues above which I hope will publically address the effort made to resolve this issue.
The case was directly connected with incorrect calculated swaps, however, all of negative swap values which has been credited to your account were incorrect (in your favor 8 trades) not as you have suggested (against you) in your comments above. Moreover, the discrepancies seemed to be random including several trades, in which you have received higher swap values than what would be accurate. I am explaining 25 trades as an example:
#7094384 the swap deducted was -0,13$ should be -0,14 (in your favor)
#7027617 the swap calculated was 0,89$ should be 0,5$ (in your favor)
In case of (70) trades there is a total value of 4.67$ of missing swaps, which should be credited to your account which is something we have promised to do once we find what is making the miscalculation.
"In a nutshell, Trading Point scamming strategy is to credit small positive swaps, but not for the bigger positive swaps (see screenshots)'
With regards to this commen and this inappropriate description of a licensed financial institutuion, I need to say that the highest swaps indeed were credited to your account with incorrect values to your favor (see example of the trade #7094384)
"And, in my case, some of those positions, which should have been credited with positive swaps, were still opened for since 2 days back, but Support e-mailed me saying I have “already closed” these positions on the same day and that’s why no positive swaps were credited.
That was on 3/Mar/2012-Sat after my complaint on 2/Mar/2012-Friday (immediately upon receiving “Daily Confirmation” which was incorrect without the positive swaps)"
-With regards to this comment I need to admit that even in case that most of the trades that were performed- till that moment had been closed within one day, the support desk has managed to give you a concrete answer as they were still investigating the "real problem" properly with Metaquotes, for that delay we do apologize in behalf of Metaquotes.
" On Fri, 2/Mar/2012, when Support did not reply to my dispute with “Daily Confirmation” records, I opened a live support chat and a Mr. Jeet Singh came on the line and I explained my problem. He told me to hold while he check on my account. After 10 minutes of silence, he wrote back to say he will get back to me within 30 minutes in an e-mail. After 2 hours and still no reply, I e-mailed Support to express my dissatisfaction with their live customer support , but absolutely NOBODY got back to me as promised by Jeet Singh.
The next day, Sat 3/Mar/2012, I received my Daily Confirmation of my trading account which again shows no positive swaps have been credited for the larger still open positions. I e-mailed Support once again to dispute the accuracies of the account and NOBODY got back to me."
Please note that our offices are closed during the weekend, therefore, the contact has been established on Monday the 5th of March.
As you have quoted yourself:
“We thank you for choosing Trading Point as your trusted broker. We received your email with explanation. We will investigate your issue and get back to you as soon as possible sir.”
In that stage we had contacted MetaQuotes (MT4 developer) seeking for further assistance, as our system configuration had not contained any errors in this matter. As for the following day in the reply to your next e-mail you had been assured, again as you quote yourself that:
"I would kindly ask you to allow us 3 working days to investigate this matter and come back with the best and fair decision sir. We need to calculate swaps correctly and all instruments and reimburse them.Should you have any further questions, please do not hesitate to contact us.”
Due to importance and level of complication of this issue, we promised to reimburse all missing swap values and in estimated time of 3 working days update you in the progress of the investigation. Moreover, you have been assured that in case of any additional questions regarding this matter you may in all times contact our representatives directly.
However, seems like that time you have already jumped to conclusions and judged the situation as you stated:
"Seems like Trading Point calculate swaps “manually” and needed the extra time to adjust the missing swaps to make them more believable to me."
And you have replied , quote again:
“Thank you for your reply to my 3rd e-mail informing of the none crediting of daily positive swaps for my trading account No. 32575.
Alright, I will wait until Thursday 8/Mar/2012 for Trading Point to make the necessary corrections and credit daily positive swap rates into my trading account dating back to 29/Feb/2012 and also for those already closed positions which should have positive swaps but which were not credited into my trading account.
Let me highlight that my trading system depends very much on daily positive swaps being credited into my trading account to offset some position losses and, in the event my trading account goes into margin call because of these daily swaps, I'll hold Trading Point responsible for that eventuality due to none or delayed crediting of daily positive swaps into my trading account.”
The following events occurred:
“This is the 4th time I dispute the accuracies of my trading account No. 32575 Daily Confirmation sent by Trading Point as I have still not been credited with positive swaps since 29/Feb/2012.
Furthermore, due to delayed and none credit of positive swaps for opened short positions, yesterday (Tues 6-Mar-2012) my trading account has gone into margin call and subsequently been stopped out with low equity. For this, as informed yesterday Tues 6-Mar-2012 I hold Trading Point responsible due to delayed and none crediting of positive swaps into my trading account which would have raised my equity level to avoid margin call and account wipe out……”
As we have investigated that particular comment : "I hold Trading Point responsible due to delayed and none crediting of positive swaps into my trading account which would have raised my equity level to avoid margin call and account wipe out……"
You have received a direct answer that quoted after you:
" ...the missing values have would not prevent the stop outs which occurred during that period. The total amount of 4.67$ will be reimbursed to your account with additional bonus from our side of 5$ with regards for the inconvenience.We have contacted the MetaQuotes( MT4 developer) in your case in order to prevent this kind of situation in the future.Should you have any further questions, please do not hesitate to contact us."
You have understand that as :
"Wow!!! A whole usd5 as “bonus for inconvenience” (and I am not going to bother checking the accuracies of Trading Point’s swap calculations as I am very sure that it’s a BS figure anywhere)….and I supposed they expect me to jump up with joy and be forever grateful for their kind & generous “bonus for inconvenience” my trading strategy which highly depended on daily positive swaps (small & big)…..and that I should shut-up and be silence forever while Trading Point quietly go about applying their new scam to fleece their clients….and they lay the blame squarely on MTQuotes too!"
"In our first e-mail regarding your case, we were informing you that in regards to your comment: "Furthermore, due to delayed and none credit of positive swaps for opened short positions, yesterday (Tues 6-Mar-2012) my trading account has gone into margin call and subsequently been stopped out with low equity." The corrected swap charges would not prevent your account from stop out.
Secondly we have informed you that missing swap values have been credited to your account. As for the further investigation in this case (as we could not find the reason on our side, why the swap charges were not correctly credited to your account) we have contacted MetaQuotes - the MT4 developer seeking additional assistance, as we would like to find why and most important make sure that this kind of situation will be prevented in the future.
Moreover, we asked our Malaysian Representative to contact you personally, as that is the person responsible in matter of handling our Malaysian clients, in order to discuss further details in this matter, but unfortunately, you have not responded to several attempts, as you seem to have your judgment ready in this matter.
I hope all the above has cleared the case for you,
Thank you,
Chris A. Zacharia
Official Representative of Trading Point of Financial Instruments
Dear Rahman SL,
In an effort to maintain our policy of being publicly transparent with customer comments I am following up with this issue although it is in my understanding that this issue is being attempted to be resolved by our employee Andy Draniewicz after investigating this thoroughly with the MT4 software provider Metaquotes for more than 1 week as you state above.
Metaquotes have explained that this was a software issue and promised to resolve this.
From my understanding Andy Draniewicz has made major effort to assist you while Metaquotes is trying to fix this issue.
Below I have explained the case in detail in the same order you address the issues above which I hope will publically address the effort made to resolve this issue.
The case was directly connected with incorrect calculated swaps, however, all of negative swap values which has been credited to your account were incorrect (in your favor 8 trades) not as you have suggested (against you) in your comments above. Moreover, the discrepancies seemed to be random including several trades, in which you have received higher swap values than what would be accurate. I am explaining 25 trades as an example:
#7094384 the swap deducted was -0,13$ should be -0,14 (in your favor)
#7027617 the swap calculated was 0,89$ should be 0,5$ (in your favor)
In case of (70) trades there is a total value of 4.67$ of missing swaps, which should be credited to your account which is something we have promised to do once we find what is making the miscalculation.
"In a nutshell, Trading Point scamming strategy is to credit small positive swaps, but not for the bigger positive swaps (see screenshots)'
With regards to this commen and this inappropriate description of a licensed financial institutuion, I need to say that the highest swaps indeed were credited to your account with incorrect values to your favor (see example of the trade #7094384)
"And, in my case, some of those positions, which should have been credited with positive swaps, were still opened for since 2 days back, but Support e-mailed me saying I have “already closed” these positions on the same day and that’s why no positive swaps were credited.
That was on 3/Mar/2012-Sat after my complaint on 2/Mar/2012-Friday (immediately upon receiving “Daily Confirmation” which was incorrect without the positive swaps)"
-With regards to this comment I need to admit that even in case that most of the trades that were performed- till that moment had been closed within one day, the support desk has managed to give you a concrete answer as they were still investigating the "real problem" properly with Metaquotes, for that delay we do apologize in behalf of Metaquotes.
" On Fri, 2/Mar/2012, when Support did not reply to my dispute with “Daily Confirmation” records, I opened a live support chat and a Mr. Jeet Singh came on the line and I explained my problem. He told me to hold while he check on my account. After 10 minutes of silence, he wrote back to say he will get back to me within 30 minutes in an e-mail. After 2 hours and still no reply, I e-mailed Support to express my dissatisfaction with their live customer support , but absolutely NOBODY got back to me as promised by Jeet Singh.
The next day, Sat 3/Mar/2012, I received my Daily Confirmation of my trading account which again shows no positive swaps have been credited for the larger still open positions. I e-mailed Support once again to dispute the accuracies of the account and NOBODY got back to me."
Please note that our offices are closed during the weekend, therefore, the contact has been established on Monday the 5th of March.
As you have quoted yourself:
“We thank you for choosing Trading Point as your trusted broker. We received your email with explanation. We will investigate your issue and get back to you as soon as possible sir.”
In that stage we had contacted MetaQuotes (MT4 developer) seeking for further assistance, as our system configuration had not contained any errors in this matter. As for the following day in the reply to your next e-mail you had been assured, again as you quote yourself that:
"I would kindly ask you to allow us 3 working days to investigate this matter and come back with the best and fair decision sir. We need to calculate swaps correctly and all instruments and reimburse them.Should you have any further questions, please do not hesitate to contact us.”
Due to importance and level of complication of this issue, we promised to reimburse all missing swap values and in estimated time of 3 working days update you in the progress of the investigation. Moreover, you have been assured that in case of any additional questions regarding this matter you may in all times contact our representatives directly.
However, seems like that time you have already jumped to conclusions and judged the situation as you stated:
"Seems like Trading Point calculate swaps “manually” and needed the extra time to adjust the missing swaps to make them more believable to me."
And you have replied , quote again:
“Thank you for your reply to my 3rd e-mail informing of the none crediting of daily positive swaps for my trading account No. 32575.
Alright, I will wait until Thursday 8/Mar/2012 for Trading Point to make the necessary corrections and credit daily positive swap rates into my trading account dating back to 29/Feb/2012 and also for those already closed positions which should have positive swaps but which were not credited into my trading account.
Let me highlight that my trading system depends very much on daily positive swaps being credited into my trading account to offset some position losses and, in the event my trading account goes into margin call because of these daily swaps, I'll hold Trading Point responsible for that eventuality due to none or delayed crediting of daily positive swaps into my trading account.”
The following events occurred:
“This is the 4th time I dispute the accuracies of my trading account No. 32575 Daily Confirmation sent by Trading Point as I have still not been credited with positive swaps since 29/Feb/2012.
Furthermore, due to delayed and none credit of positive swaps for opened short positions, yesterday (Tues 6-Mar-2012) my trading account has gone into margin call and subsequently been stopped out with low equity. For this, as informed yesterday Tues 6-Mar-2012 I hold Trading Point responsible due to delayed and none crediting of positive swaps into my trading account which would have raised my equity level to avoid margin call and account wipe out……”
As we have investigated that particular comment : "I hold Trading Point responsible due to delayed and none crediting of positive swaps into my trading account which would have raised my equity level to avoid margin call and account wipe out……"
You have received a direct answer that quoted after you:
" ...the missing values have would not prevent the stop outs which occurred during that period. The total amount of 4.67$ will be reimbursed to your account with additional bonus from our side of 5$ with regards for the inconvenience.We have contacted the MetaQuotes( MT4 developer) in your case in order to prevent this kind of situation in the future.Should you have any further questions, please do not hesitate to contact us."
You have understand that as :
"Wow!!! A whole usd5 as “bonus for inconvenience” (and I am not going to bother checking the accuracies of Trading Point’s swap calculations as I am very sure that it’s a BS figure anywhere)….and I supposed they expect me to jump up with joy and be forever grateful for their kind & generous “bonus for inconvenience” my trading strategy which highly depended on daily positive swaps (small & big)…..and that I should shut-up and be silence forever while Trading Point quietly go about applying their new scam to fleece their clients….and they lay the blame squarely on MTQuotes too!"
"In our first e-mail regarding your case, we were informing you that in regards to your comment: "Furthermore, due to delayed and none credit of positive swaps for opened short positions, yesterday (Tues 6-Mar-2012) my trading account has gone into margin call and subsequently been stopped out with low equity." The corrected swap charges would not prevent your account from stop out.
Secondly we have informed you that missing swap values have been credited to your account. As for the further investigation in this case (as we could not find the reason on our side, why the swap charges were not correctly credited to your account) we have contacted MetaQuotes - the MT4 developer seeking additional assistance, as we would like to find why and most important make sure that this kind of situation will be prevented in the future.
Moreover, we asked our Malaysian Representative to contact you personally, as that is the person responsible in matter of handling our Malaysian clients, in order to discuss further details in this matter, but unfortunately, you have not responded to several attempts, as you seem to have your judgment ready in this matter.
I hope all the above has cleared the case for you,
Thank you,
Chris A. Zacharia
Official Representative of Trading Point of Financial Instruments
RahmanSL
Major
- Messages
- 2,934
First off: For one of the big guns of Trading Point to take the time to give a reply to my post shows the seriousness and extend that they take in protecting the company’s integrity & reputation.
That’s good and, as I have admitted before, I am a sucker for proactive broker’s representative taking the time to post at the FPA forum.
For the record, after presenting my case to management by Trading Point’s Customer Care Department management Andy Draniewicz, their management has agreed and credited FULL reimbursement of my deposit money (plus charges from Moneybookers) amounting to USD520.00….and also, Trading point did not take away the swap discrepancies of usd4.67 and special bonus of usd5 which have been credited into my trading account earlier on. In total, usd529.67 has been credited into my trading account by Trading Point.
The reason, as given by Andy Draniewicz in his last e-mail to me, for total and above my initial deposit is that “…it seems to be only fair and resalable to reimburse your account by Trading Point….and due to delay of resolving the issue by the software provider and, as we are temporally unable (issue needs to be solved on MT4 provider's end) to provide you with the quality of service acceptable by our standards, the only fair, reasonable and responsible action to take.”
And Andy Draniewicz further indicated in his last e-mail to me that Trading Point “has nothing to hide on any forum or any public site, so you can feel free to post the truth..”.
So there, we now have the finale saga!
1)Is Trading Point a “Scam Broker”?
The answer is “NO”! And I would like to add that due to the proactive actions & initiatives taken & shown by Trading Point’s management, I now believe Trading Point is not a scam broker as they appear to be quite transparent and open in discussing & solving client’s issues/problems.
Their Support might have been a bit slow in responding adequately to my first few complaints, but at the end of the day, their more senior personnel did step in, took charge, and resolve most of my issues.
The remaining issue of random crediting of positive swaps is, as Andy Draniewicz has informed in his last e-mail to me, “…the error has been located and MetaQuotes is working on that matter as we speak.”
As for the full and over reimbursement of my initial money into my trading account, as I have already posted here and also told Andy Draniewicz in e-mails, “Money is not, has not, and never was the issue here” and, as such, (as also relayed to Andy Draniewicz in an e-mail) “"I don't know whether I want or should accept that money reimbursed into my trading account since it's no longer my money. However, for now, I'll treat that account as a practice Demo account, and will carry out normal trades as I would on my other trading accounts.”
As informed by Andy Draniewicz, I “may decide to wait for the bug to be resolved by Metaquotes or you (I) may decide to withdraw these funds at any time.” I think I will keep that account running and stay on with Trading Point since I now have no reason to move out.
I believe, and trust, Trading Point will follow up with a final post update here pending full investigation by MetaQuotes into the error in their server.
==========================================
In light of these new developments in this case, I would like to request AssistantModerator to move this post out of the “scam alert” folder into a more suitable section since, to be fair to Trading Point, it is no longer appropriate to be in this section as it will give the wrong impression to other traders and also clients of Trading Point.
Thank you.
That’s good and, as I have admitted before, I am a sucker for proactive broker’s representative taking the time to post at the FPA forum.
For the record, after presenting my case to management by Trading Point’s Customer Care Department management Andy Draniewicz, their management has agreed and credited FULL reimbursement of my deposit money (plus charges from Moneybookers) amounting to USD520.00….and also, Trading point did not take away the swap discrepancies of usd4.67 and special bonus of usd5 which have been credited into my trading account earlier on. In total, usd529.67 has been credited into my trading account by Trading Point.
The reason, as given by Andy Draniewicz in his last e-mail to me, for total and above my initial deposit is that “…it seems to be only fair and resalable to reimburse your account by Trading Point….and due to delay of resolving the issue by the software provider and, as we are temporally unable (issue needs to be solved on MT4 provider's end) to provide you with the quality of service acceptable by our standards, the only fair, reasonable and responsible action to take.”
And Andy Draniewicz further indicated in his last e-mail to me that Trading Point “has nothing to hide on any forum or any public site, so you can feel free to post the truth..”.
So there, we now have the finale saga!
1)Is Trading Point a “Scam Broker”?
The answer is “NO”! And I would like to add that due to the proactive actions & initiatives taken & shown by Trading Point’s management, I now believe Trading Point is not a scam broker as they appear to be quite transparent and open in discussing & solving client’s issues/problems.
Their Support might have been a bit slow in responding adequately to my first few complaints, but at the end of the day, their more senior personnel did step in, took charge, and resolve most of my issues.
The remaining issue of random crediting of positive swaps is, as Andy Draniewicz has informed in his last e-mail to me, “…the error has been located and MetaQuotes is working on that matter as we speak.”
As for the full and over reimbursement of my initial money into my trading account, as I have already posted here and also told Andy Draniewicz in e-mails, “Money is not, has not, and never was the issue here” and, as such, (as also relayed to Andy Draniewicz in an e-mail) “"I don't know whether I want or should accept that money reimbursed into my trading account since it's no longer my money. However, for now, I'll treat that account as a practice Demo account, and will carry out normal trades as I would on my other trading accounts.”
As informed by Andy Draniewicz, I “may decide to wait for the bug to be resolved by Metaquotes or you (I) may decide to withdraw these funds at any time.” I think I will keep that account running and stay on with Trading Point since I now have no reason to move out.
I believe, and trust, Trading Point will follow up with a final post update here pending full investigation by MetaQuotes into the error in their server.
==========================================
In light of these new developments in this case, I would like to request AssistantModerator to move this post out of the “scam alert” folder into a more suitable section since, to be fair to Trading Point, it is no longer appropriate to be in this section as it will give the wrong impression to other traders and also clients of Trading Point.
Thank you.
Chris Zacharia
XM.com Representative
- Messages
- 31
Chris A. Zacharia Official Representative – Trading Point of Financial Instruments Ltd.
Dear Rahman SL,
It is in my understanding that my colleague Andy Draniewicz has been in contact with you and has already informed you about this but it is my duty to also share this publicly to maintain our policy of being 100% transparent with our customer comments.
I am very pleased to inform you that on Friday the 23rd of March 2012 Metaquotes has confirmed to have corrected the issue you have noted. On Monday and Tuesday of this week we have made several tests on test accounts and I can confirm that the issue has been resolved.
I hope you can now continue trading with Trading Point flawlessly and that our service and execution is up to your standards.
Thank you,
Chris A. Zacharia Official Representative – Trading Point of Financial Instruments Ltd.
Dear Rahman SL,
It is in my understanding that my colleague Andy Draniewicz has been in contact with you and has already informed you about this but it is my duty to also share this publicly to maintain our policy of being 100% transparent with our customer comments.
I am very pleased to inform you that on Friday the 23rd of March 2012 Metaquotes has confirmed to have corrected the issue you have noted. On Monday and Tuesday of this week we have made several tests on test accounts and I can confirm that the issue has been resolved.
I hope you can now continue trading with Trading Point flawlessly and that our service and execution is up to your standards.
Thank you,
Chris A. Zacharia Official Representative – Trading Point of Financial Instruments Ltd.
RahmanSL
Major
- Messages
- 2,934
1) Yes, I confirm that Trading Point trading platform problem with none crediting of positive swaps have been solved since the beginning of this week.
2) Yes, Trading Point's Customer Care Department management Andy Draniewicz has been most attentive and helpful throughout the problematic issues until the problem has been resolved. And to him, I extend my sincere thanks and appreciations.
3) Yes, I will continue to trade with Trading Point as my confidence in them has been established since they indeed has proven their sincerity, transparency, and generosity (in refunding my full initial deposit which was stopped out) shown throughout their investigation into & solving my case.
And I very much appreciate Chris A. Zacharia in taking a personal interest in my case too.
Henceforth, this case has been resolved satisfactory to all parties and should now be considered "CLOSED - SOLVED".
2) Yes, Trading Point's Customer Care Department management Andy Draniewicz has been most attentive and helpful throughout the problematic issues until the problem has been resolved. And to him, I extend my sincere thanks and appreciations.
3) Yes, I will continue to trade with Trading Point as my confidence in them has been established since they indeed has proven their sincerity, transparency, and generosity (in refunding my full initial deposit which was stopped out) shown throughout their investigation into & solving my case.
And I very much appreciate Chris A. Zacharia in taking a personal interest in my case too.
Henceforth, this case has been resolved satisfactory to all parties and should now be considered "CLOSED - SOLVED".
