Problem caesartrade.com scam

[amahendran1984]

Broker TOS all have terms. Some are normal. Some are harsh. Some are licenses to steal. This one falls into the last category.

Dear Pharaoh do you agree my post reply to masmin? Shall i go to File a case?

 

[chemie262]

Hi Amahendran,
after all this discussion I do not think, that you have a reason for a case. The broker did only deduct according to the terms of this deal. One should better read them before one accepts them. There is always give and take. This broker offered obviously an extreme bonus related to the funds.
You did not lose real money but only visual profits.

 

[amahendran1984]

Hi Amahendran,
after all this discussion I do not think, that you have a reason for a case. The broker did only deduct according to the terms of this deal. One should better read them before one accepts them. There is always give and take. This broker offered obviously an extreme bonus related to the funds.
You did not lose real money but only visual profits.

My profit amount 1821$+200$ initial deposit amount total 2021$,If they follow their terms and condition,as account closing fee is 50%, so they need to send 1010$ to me.But they sent 387$.They stole my remaining profit amount.This is also one of the scam.

 

[masmin]

My profit amount 1821$+200$ initial deposit amount total 2021$,If they follow their terms and condition,as account closing fee is 50%, so they need to send 1010$ to me.But they sent 387$.They stole my remaining profit amount.This is also one of the scam.

Please be advised that the bonus (in your case 2x $600 + 1x $200 wrong deposit) is not withdrawable. In the Terms you can read, that this is only possible, if you convert your bonus-account to a normal account and trade a minimum volume. I think their T&C's are a little bit confusing, but at the end all informations are there.

It looks a little bit, that the calculation is as follows:

(~$1800 + $200 - $600 (first bonus) - $600 (second bonus) ) - 50% = ~$400 withdrawable

Could this be the case?

 

[CaesarTrade]

Hello,

It has come to my attention that some traders on this website do not approve of the action we took. And that FPA is concerned with our 50% deduction on closure of accounts which is not true. We only have a deduction fee on the 400% bonus which you will learn shortly why we have it.

Most traders on this site always are looking for transparency, and we do not lack this, as we took the links that addressed the concerns of our company and posted it on our

Facebook page - facebook.com/caesartrade
and our Daily Email that I personally write and inform traders as to ideas on the market forms.aweber.com/form/89/177508589.htm

We have a large following on Facebook that is comparable to significantly larger brokers and attests to the quality service and attention to detail that we provide.
In no way am I hiding the fact but informing traders -every day- what we are about as you will now.

I have blocked out 1 hour to take the time to address the concerns that anyone might have. I feel it's quite worth the read for anyone interested about our company, our goals, and how we came up with the 400% bonus.

First, about me, I worked at Ava FX for several years and, in fact, you will see good reviews about professional capacity on this website (just type in Eric Harbor). I started CaesarTrade FX-CFD early last year as I wanted to create a brokerage where traders are given the opportunity to profit. I issued a press release along those lines that can be found here: prweb.com/releases/forex-trading-vs-gambling/caesartrade-fx-cfd/prweb10258586.htm

My goal then as it is now is to provide good pricing and quality information. And I believe that I am offering those now to traders that no one in the industry is capable of offering nor wants to. I try to build my business organically and word of mouth so I can keep my overhead low and pass the savings to traders.

Starting a forex brokerage is expensive and fortunately it was made easy as I gained the trust and confidence of many traders over the years, but it was not enough to have a sustainable business.
What I thought the market wanted was ultra-low spreads and trading ideas. For many months, I offered ultra-low spreads to traders but all I received were arguments as to my competitive swap-rates - Did you know that I offered that same spread swap-free and issued a press release on it? prweb.com/releases/2012/7/prweb9740094.htm

Yet my customer base did not grow. So what I did was something that I did in my old Ava days, offer bonuses. If you don't know me, I always tried to give a trader some more purchasing power.

I started this by simply offering $100 to anyone that liked me on Facebook. Well, free money helped, and I gave about $100,000 in bonuses. Did you hear a complaint from one trader? By paying out profits helped build my reputation slowly. But what occurred was only 0.01% of the traders re-deposited. And one trader, the only other one than this case, made $800 and told me explicitly that they will not trade with me after withdrawing. I was upset and did not want to send the money, but I did.

When I realized that free money doesn't help the situation since traders took, and I didn't deposit again, I started to offer customized accounts where clients can tell me the deals that they want from basically zero spread to 400% bonus. This was popular and I was giving out 50 to 100 to 400% bonuses (redeemable and non-redeemable). And different kinds of spreads. On any deposit - from $25 on up. What occurred was that traders kept asking for $15 or $50 withdrawals and I am not setup for that as 99% of brokers are not neither. And we even negotiated 0.7 pips on the Euro. In fact, one trader read about me from FPA and proceeded to give me a $40,000 charge-back after lowering the AUD/JPY to 1.9 pips spread and STP!

Nevertheless, Indonesia, India, Vietnam, UK, and Bangladesh liked my unique incentives. The terms at that time changed as many traders on Skype contacted me to negotiate even better deals if they brought 10-20 traders. What occurred was that they were negotiating terms that would allow them to trade with us and do arbitrage against another broker. You can read more about it in a great article written by Forex Magnates forexmagnates.com/exclusive-fx-firms-experiencing-arbitrage-in-far-eastern-markets-due-to-abuse-of-bonus-credits-by-traders/
So unlike other brokers, but more like Sam Walton, I listen to the customer and learn and try to offer the perfect product and solution.

When Liberty Reserve shutdown in May and we had $15,000 of deposits locked in the system, we honored everyone of our clients trading without one hassle.

Additionally, the 400% bonus is expensive for us. Most of the time, only market-makers can offer significant bonuses since they provide the liquidity but by offering it with STP we are spotting you the money. The reason we can do this is simply the knowledge that traders actually trade well over time and generate sufficient volume to pay for the bonus. But constantly withdrawing funds makes it hard for us to breakeven which is why we have deduction fees attached to trading. By having a 50% deduction on closing account is so arbitrage cannot be done and want the trader to know that this is a good deal and if he cannot, as the trader who brought this issue up in FPA, we do not want to be of service in this regard. But always give traders the opportunity of our other offers.

I come from a trading background and this offer is for trading. When I traded in NY, your commissions went down as you generated more volume and so did the profit sharing. Additionally, this offer is structured to be better than binary options. As the volume of traders grow, this is a great deal as I can attempt to lower the cost for everyone.

For 3 weeks last year, I offered this 400% offer up to $2,500. But with one complaint, FPA has had a concern which I hope I am addressing here:

The main issue that he has with our company is who is responsible for the mistaken deposit of $200 and bonus of $600 and who deserves the Profits of this. Just to let you know, this is not the first time we have mistakenly added funds into an account but this is the only time we have closed an account for the reasons shown below but make NO MISTAKE the client received his deposit back plus profits that we attributed to his capital.


The principles of our Company when it concerns trading are:

1. If there is a technical issue from our end, we make it right with clients

2. If there is financial issue from our end, we make it right with clients. But broker always reserves the right to break trades and deduct funds that are erroneously placed. This is a concept recognized throughout the globe. The simple example is a bank wrongly depositing a million dollars into a clients account and the client withdraws the million dollars. That is fraud.

This is not a retail transaction where the customer is always right in regards to merchandise.

Nevertheless, we always aim to be of service and please our clients. And I attempted to find a reason to compensated this trader, but we cannot allow traders who abuse our benefits and services which he has done. Because it is not fair to the other traders who do abide by our terms and conditions and have been deducted funds for minimal volume requirements.

-------
The email that the trader in question sent to us and caused us to close the account is this:

Hi,
I want to withdraw 2550$ from my Account.Please process my withdraw request to my Perfect Money Account.Here i give the details.

Trading Account Id : xxxxxx
Withdraw Amount : 2550$
Withdraw Method : Perfect Money
Perfect Money Account ID : xxxxxx

--------

But this client didn't make that amount even if you include his deposit. What he wanted to do was withdraw profit plus his deposit and his bonus that he was credited with.

The client made a profit of $1821.52
He deposited $200
His bonus was $600
That make his equity a total of $2600 which is close to his withdrawal request.

What would have remained was the 200/600 of the erroneous deposit and bonus.


3. To add confirmation as to our suspicion, he sent multiple emails about his withdrawal. Normally, from our experience, this raises red flags.

4. This trader wrote very well and traded excellently, this shows to us that there will be no customer loyalty and he is looking to get as much out of the broker as possible to who he hurts.

5. We still allowed him to trade with our services and had Gail who is from India speak with him several times but he did not want to have a conversation and only wanted his money. I even called.

6. He provided to Gail that he has $2500 (sound familiar) to trade with and wants to test our withdrawal.

7. He wrote a review about us on Forex Peace Army – After that we cannot speak with him. We are a modest company and would rather not receive negative information about our company.

8. We have worked hard to build a good reputation and offer something special in the industry. It’s priced so we can offer it to as many traders who are interested in a good deal or trying something that is better than binary options. Trying to tear us down is his prerogative but does show that he wants it his way .

At the end of the day, I have offered $100 to anyone who can find a better deal than my 400% bonus and no one has. In the future, I am sure there will be other good deals but I have taken the time to address the needs and concerns of many traders with this offer.

I thank you for the time it took in reading this and look forward in hearing from you and can be reached at Contact Form for Caesar vcita.com/v/caesartrade/contact

And the opportunity to serve.

Eric Harbor
ceo
CaesarTrade.com

 

[amahendran1984]

Please be advised that the bonus (in your case 2x $600 + 1x $200 wrong deposit) is not withdrawable. In the Terms you can read, that this is only possible, if you convert your bonus-account to a normal account and trade a minimum volume. I think their T&C's are a little bit confusing, but at the end all informations are there.

It looks a little bit, that the calculation is as follows:

(~$1800 + $200 - $600 (first bonus) - $600 (second bonus) ) - 50% = ~$400 withdrawable

Could this be the case?

No.you are wrong.Now i explain.My profit amount 1800$+initial deposit amount 200$ + the wrong deposit amount 800$. Total Balance 2800$.My First bonus credit 600$.Total Equity 3400$.Please check this screen shot.

Now as per their terms and conditions

Total equity(3400$)-600$(First Bonus)-800$(Wrong deposit amount)=2000$ withdrawable

The 50% Account closing fee. So 50% of 2000$ = 1000$

So they need to send 1000$ to me,but they sent only 387$.

They cancelled the profit amount 862$ ie. generated after the wrong deposit made,

one more point, the profit amount 862$ not only made from wrong deposit amount 800$,made from Including my equity.At that time my equity is 1200$ something

Now you agree they scammed me?

 

[Pharaoh]

I see 2 different sets of calculations. Eric, can you reconcile yours with the $3400 shown in ahahendran1984's screenshot?

Imagine if a trader opens an account under this deal, makes a couple of small trades, ends at break even, and then decides he wants to close the account for any reason. He's just lost 50% of his money.

This is another reason I warn people to avoid bonuses. They always come with far too many strings attached.

3. To add confirmation as to our suspicion, he sent multiple emails about his withdrawal. Normally, from our experience, this raises red flags.

Based on what I've seen here, many otherwise normal people freak out if a withdrawal isn't processed within 5 seconds. If frequently checking up on a withdrawal is considered to be a red flag, that would flag a very large number of innocent traders.

4. This trader wrote very well and traded excellently, this shows to us that there will be no customer loyalty and he is looking to get as much out of the broker as possible to who he hurts.

Good writing skill is inversely proportionate to loyalty to a company? Being a good trader is inversely proportionate to loyalty to a company?

Does this mean that those who can write clearly and trade well should skip trying out your brokerage if they become dissatisfied with their current brokerage?

Even if I were to accept your assumption for the sake of argument, I would assume that a brokerage would place adequate restrictions, such as minimum trade volume, on any bonus to avoid having the broker be hurt.

At the end of the day, I have offered $100 to anyone who can find a better deal than my 400% bonus and no one has. In the future, I am sure there will be other good deals but I have taken the time to address the needs and concerns of many traders with this offer.

Here's my entry:

Open an account at a high leverage broker and don't accept any bonus. Since the broker is high leverage, the trader doesn't need a bonus to play with higher trade volumes if desired. 100% of all profits go to the trader and the account balance is 100% withdrawable at any time without regard to how many lots have been traded and with no account closing fees - no matter how often the trader emails in to check on the withdrawal, no matter how well the trader writes, and no matter how well the trader trades.

So, do I win the $100?

 

[amahendran1984]

-------
The email that the trader in question sent to us and caused us to close the account is this:

Hi,
I want to withdraw 2550$ from my Account.Please process my withdraw request to my Perfect Money Account.Here i give the details.

Trading Account Id : xxxxxx
Withdraw Amount : 2550$
Withdraw Method : Perfect Money
Perfect Money Account ID : xxxxxx

--------

But this client didn't make that amount even if you include his deposit. What he wanted to do was withdraw profit plus his deposit and his bonus that he was credited with.

The client made a profit of $1821.52
He deposited $200
His bonus was $600
That make his equity a total of $2600 which is close to his withdrawal request.

What would have remained was the 200/600 of the erroneous deposit and bonus.

Dear Eric Harbor,
First i welcome you to this thread.Here i will answer your question.

Yes i accept first i made the 2550$ withdraw request on 23 aug 2013,My balance was shown 2800$,credit 600$ and total equity 3400$.Here is the screen shot..I thought 2600$ is my profit amount and 200$ is my deposited amount.So i decided to withdraw 2550$.Then you sent the mail to me,"You made profits of $1821.84 Where do you believe that you made $2,600?" Here is the screen shot., Then i saw,you made 800$ erroneous deposit to my account on 16 Aug 2013, Then i realise 2800$-800$ = 2000$(1800$ Profit +200$ initila deposit amount) is my real balance,So i again made a withdraw request 1800$ on 23 Aug 2013.

3. To add confirmation as to our suspicion, he sent multiple emails about his withdrawal. Normally, from our experience, this raises red flags.

4. This trader wrote very well and traded excellently, this shows to us that there will be no customer loyalty and he is looking to get as much out of the broker as possible to who he hurts.

5. We still allowed him to trade with our services and had Gail who is from India speak with him several times but he did not want to have a conversation and only wanted his money. I even called.

6. He provided to Gail that he has $2500 (sound familiar) to trade with and wants to test our withdrawal.

7. He wrote a review about us on Forex Peace Army – After that we cannot speak with him. We are a modest company and would rather not receive negative information about our company.

Yes i agree lot of emails regarding withdraw request,Here i explain the reason.

At that time there is no live chat on your website,So trader contact only email support.

First I made 2550$ withdraw request on 23 Aug 2013.Then i realize 2550$ is not my profit amount.Again i made 1800$ withdraw request on same day,I already explain this story above.

I have requested 1800$ to my Perfect money account,Then you sent the mail to me "We can't send your profit amount to your Perfect money account,We can only refund your deposit amount 200$ to your Perfect Money account and send profit via bank transfer"

Then again i have requested a withdraw 1800$ to bank transfer on same day 23 Aug.

On 27 Aug The profit amount 1800$ deducted from my account, but not refund my 200$ to my Perfect Money account.Then i sent email to you,Here is the screen shot.

Then i received the mail on 27 Aug 2013,"your account disabled",You mentioned the reason for "We put in an additional $200 deposit and $600 into your account.Where you never made a deposit.That is abuse of our offer.So you have to received your profit up to erroneous deposit was made,575$ profit + 200$. There is a 50% closing of account. we sent $387.72"
Here is the screen shot.

So you cancelled my remaining profit amount after wrong deposit made.

The wrong deposit made by you,then how can you said abuse your offer.

There is no live chat at that time,so that i sent lot of emails,If you have a live chat,i was clarify my doubts within 10 min and there is no need to sent lot of emails.


What you said? i am not ready to speak with you.How can you say like this. I sent lot of emails to you,They are not responding and i called to skype,they are not pick my skype call. They are not ready to add my skype Id.I have a evidance.

04 sep 2013 i sent the email ,"come to this thread and explain why my account disabled? if you are not come to this thread then FPA declared a Scam company" after that he came here.

I sent lot of emails to asked, why my account disabled? They are not ready to respond my emails. Then i was sent email"i was looking to deposit 2500$,why you are not respond me",after that i received the call from one of the customer support Name Gail.I asked about my remaining profit amount,she told me "first you deposit 2500$ after that we will solve your problem".Then they enabled my account,But not ready to send my remaining profit amount.


Dear Eric one final question,you agree my profit amount 1821$ and initail deposit amount 200$.total balance 2021$.

As per your terms and conditions,The account closing fee 50%,So you need to send 50% 2021$ ie 1010$ to me,But you sent only 387$.

If you are a Genuine broker,If follows your terms and conditions.Why you are not send my remaing balance 1010$-387$ = 623$?
Answer this question.

 

[amahendran1984]

Dear Pharaoh's,
Please go through my reply post to Caesar Trade. He accept my profit amount 1821$ + 200$ initial deposit amount. Why they disabled my account and stole my remaining profit amount? why again they enabled my account? wrong deposit is not my mistake,their mistake. As per the terms and condition account closing fee 50%. If they are a genuine broker pay to 1010$(50% of 2021$).please ask them.

 

[Master Yoda]

,

One thing I have to tell you, a broker who offers 400% bonus is a broker who is NOT covering his position and making his profits of traders loss.
And this is very obvious.