Hi,
I give my readers (even if I am not on the friendliest terms with everyone) their money's worth, so took the time to write in detail about our offer and reasons we felt we needed to close this particular trader's account.
As it is long, we will provide the conclusion first to Pharoah's four points as I do value opinions that can help improve a situation and implement better business practices as we strive to be the BEST in the industry.
Not second best, and that is why some of my offers appear extreme. It is to provide opportunities that traders may not have had in the past.
Conclusion - after making sure that we can do this and be fair to our other traders:
Pharoah is correct in his comments about some people may not understand our bonus structure, but because the deal is so good the majority accept it or have their friend assist them in the translation.
Conclusion -
1) The client can trade with us again and make a deposit and use our 400% bonus
2) As such, he is entitled to his profit before the error was placed in his account with 30% deduction fee as we lowered it due to the volume of business we have.
At this writing we already paid $580 which is 50% of the deposit and profit before the mistake. He will be entitled to:
The trader made $959.06 profits with a 30% deduction for not reaching the trading volume, which is $671.34
He was sent back $580. He is entitled to $91.34 additional funds.
He can either trade with his $300 Deposit ($200 + $91.34 - We rounded up) and $900 Bonus
Or We will Send him $200 deposit that he made plus the 91.34 in profits that are outstanding.
We need to know from this client by email, not on the forum as we do want a dialogue with him, if he wants to be our client again or close his account (without the 50% deduction)
My offer is the best in both the Forex and Binary Option market.
And I have an open offer of $100 to prove me wrong.
At the moment, all I receive are pot shots by the peanut gallery.
I have taken the time to address concerns and needs of many forex traders with this 400% Bonus Offer.
It gives everyone an affordable and cost effective way to trade.
For the 8 months we offered this, we have not encountered a complaint. But we have encountered several misuses of our offer.
That is testimonial enough that our conduct has been satisfactory in the way we handled ourselves when a disagreement arose.
You are provided with 4x your deposit. With leverage that you can use to your advantage. Additionally, the psychological benefit of not worrying about your money helps a trader.
You are encouraged to withdraw as we do not cancel the bonus. And the trader is allowed to keep using this bonus and trade it as it is equity.
I have given many traders with just $25 the opportunity to hone their skills with a real account. Not a demo account where it doesn't count and there is no emotional involvement.
The growth and demand led us to expand the offer to $1,000, presently.
As such, it's our offer.
We created terms and conditions and a standard of conduct that served us
and our clients well the past 8 months since its inception.
And to keep it viable to the trading community.
Since it's a new offer, no one has experience with it. It is open to anyone with access to the internet and as such we needed to create a list of rules to prevent abuse.
Responding to ISSUE 1 of Pharoah's concerns, which after reviewing what he has to say, has tried to be reasonable in his approach.
Addressing what he believes to be a lack of concern we have for clients funds, to the contrary.
It is our concern in keeping this offer viable that we have the policies that we do. And the reason we closed this trader's account, which he have the right to do.
welcome-page - You will see the quotes below.
But I have made reasonable attempts to explain ourselves as we do want to earn your business.
And feel, to the contrary, this client is carefree with our money. Not the other way around.
This is the proof that Pharoah asked about on why we considered closing his account.
This is from our experience and from our offer - which no one has -
a) "Balancing Checkbooks" - This client came to us from a website that lists all the bonuses forex brokers have to offer. Our bonus is far and above higher than anything on the market, he must of known - or should have that we have terms and conditions in order to keep this viable
on every deposit
Additionally, as you will see below, every client receives an email noting when a deposit occurs. THis client knew that additional funds were in his account.
b) Trading History
He deposited the first time on 8/8 at 10:34 and traded up to 23:19 (Account Blown)
On the second deposit on 8/15 – He started at 10:57 and stopped at 22:57
So his trading habit is during these times.
He made good money on his second deposit.
About 70% of traders from his region, request a withdrawal after about $500.
On 8/16 – He didn’t trade at the normal times. He only traded after he recognized the error was his account at 20:14 He stopped at 22:01
This is a prime example of a trader breaking his normal trading habits in recognition that the mistake was made. Then he went back to his habitual trading times the following week.
For every error that works to the trader's favor there can be errors that work against him as well.
We will not compensate him from the time of the erroneous deposit. This is made clear previously and in our terms and conditions -
welcome-page
5.12 The company is entitled, by its own discretion, to cancel any trade that has been executed due or in connection with an error, system malfunction, breach of the Agreement by Client, etc. The company's record will serve as decisive evidence to the correct exchange rates in the world markets and the wrong rate quote given to the client, and the company is entitled to correct or cancel any trade based on the correct exchange rates.
c) Additionally, the abuse of the system is from our experience with this correspondence:
On every Deposit made in our System, a client receives an email that a Deposit was made. On the 15th he was sent 1 for the Deposit and 1 for the Bonus, on the 16th he was sent 2, 1 for the bonus and 1 for the deposit. There is no excuse for him to say that he never received it. He is very good on a computer and writes emails actively.:
It shows like this -
Hello Mahendran,
Your deposit has been approved and the funds were transferred to the trading platform.
Regards,
Caesar Trade
Email 1 on August 22 - He wants to withdraw 2550 (this include deposit and bonus)
Hi,
I want to withdraw 2550$ from my Account.Please process my withdraw request to my Perfect Money Account.Here i give the details.
Trading Account Id :
Withdraw Amount : $
Withdraw Method : Perfect Money
Perfect Money Account ID :
Email 2 on August 23 – He increased the Withdrawal amount.
If i receive to my Bank,they charge the heavy amount of Fees and Exchange Fee,i want to receive my profit through either Moneybookers or Perfect Money,So please send my withdraw amount to MB or PM.Here i give the details.
Trading Account Id :
Withdraw Amount : 2600$
Withdraw Method : Perfect Money
Perfect Money Account ID :
Withdraw Method : Moneybookers
Moneybookers Email Address :
Thanks & Regards
After back and forth – August 23 – We wrote.
Hi
You made profits of $1821.84
Where do you believe that you made $2,600?
Email 3 on August 23 – He responded- We don't understand what his misunderstanding was
Sorry for misunderstanding.Here i give the new withdraw request.please check it and process my withdraw request.
Trading Account Id :
Withdraw Amount : 1800$
Payment Method : Perfect Money
PerfectMoney Account :
THESE MULTIPLE WITHDRAWAL REQUESTS AND PRICE ADJUSTMENTS IS WHAT BROUGHT THE MISTAKE TO OUR ATTENTION - So quickly he agreed to the changes, through email...
We did close his account – as these actions don’t fit the profile of an honest trader taking advantage of an amazing offer.
d) We have a girl on staff from India. After closing the 400% account, we contacted him several times to speak with him. He made the claim that he has $2500 to deposit with us and is testing our withdrawal system.
Other than that he demanded full compensation. Not recognizing our terms and conditions.
e) From his postings on FPA, he still does not even acknowledge that we have the right to send him money with deductions attached:
First FPA posting by trader with a claim that is not true.
They deducted 1800$ from my account.But they sent only 387$.They stole my remaining profit amount.
Another posting, well -finally-it took him a while to realize. But why didn't he contact us about this?
Actually they need to send 1080$,As per their terms and conditions 40% of withdraw fee for the withdraw amount 1800$(before complete the required lot),So my withdraw amount 1080$,they sent only 387$.Please tell me what can i do now?
Another posting, Pharoah requesting terms and conditions –
There are two – the one describing the 400% and our normal terms,
welcome-page
Which I list below
9. Closing an account and cancellation of the agreement
9.1 Either party may terminate this Agreement by giving ten days written notice of termination to the other. Either party may terminate this Agreement immediately in any case of any breach of this Agreement or event of Default by the other Party. Upon terminating notice of this Agreement, Client shall be under the obligation to close all open positions, otherwise, the notice shall become void, or the Company shall have the right to close all open positions without assuming any responsibility.
9.2 Upon termination, all amounts payable by the Either Party to the other Party will become immediately due.
Another posting, he did not send any emails wanting a dialogue – he only made demands. He also contacted us with “pseudo” names. When he wrote to us, we responded with great service until he pushed us so much that we recognized it was the trader and not a potential client.
They Penalizing me for their mistake.I sent lot of email to them,they are not respond me,please tell me what to do now?
Another posting by trader – Why didn’t he ask this first? He is very good at writing on FPA but not directly with us
They cancelled my remaining profit amount 862$ ie. generated after the wrong deposit amount.Now i ask few question to you.
1.The remaining profit amount 862$ is not only generated from their wrong deposit amount 800$,At that time my equity was 1200$ something.Then why they cancelled my profit amount 862$?
2.The wrong deposit amount made by their,that is not my mistake their mistake,then why disabled my account and charge the 50% fee?
Please check these screen shot and now tell me mistake from my side or their side?
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We have taken the time to examine the situation and respond.
We find from all of our research that there was no way he was not aware that he was trading with a mistaken deposit.
Through time stamps, through repeated requests and abuse of the withdrawal system, this was brought to our attention and we feel that we have taken a more than reasonable approach and solution to this matter.
Sincerely,
Eric
