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