Closing of trading account at xpertmarket.com

katmall689

Private, 1st Class
Messages
55
05/08/14

Sir / Madam,
As a client I must have the right to close my trading account at any time and request for a full refund of the deposit balance as at the time and date of closing my account.
I demanded to close my trading account ( a/c no: 6830 ) with xpert market on 24 April 2014 and requested for a full refund of my deposit balance as at 24 April 2014 which is USD 5013.
Closing of my trading was considered and they started processing my deposit balance of USD 5013 on 25 April 2014.
On 25 April 2014 they sent me by email requesting for more documents which were never done during compliance and before funding my trading account. These documents were also never requested for my first withdrawal of USD 425 a week earlier except the three basics - national ID ( both sides ), credit card used to fund my account ( both sides ) and utility bill bill. I did send them the three basics for my first withdrawal of USD 425 and I need not do it again as it was only one week earlier. I replied that I did not have the other two documents requested and was not told at the very beginning for compliance and the first withdrawal of USD 425. Why now when I wanted to close my account ?
No reply was forth coming but on 28 April they sent me a DEPOSIT CONFIRMATION to fill in and signed before they could process my refund of deposit balance of USD 5013. On the same day I did send them my own written deposit confirmation a few hours earlier. They rejected it and instead sent me their own deposit confirmation document under their company's letterhead which I did fill in, signed and sent back to them by email attachment on the same day. They acknowledged receipt of this document four days later after repeated reminders daily. But my other query on my status of the refund of USD 5013 fell on deaf ears. They kept on ignoring my query on my refund of USD 5013.
During this time as my refund of USD 5013 was under processing they traded on my account and incurred a loss of USD 2,000 just for ONE TRADE. This was done without my permission either written and or verbally. I told them by email that I could not accept the loss of USD 2,000 as my refund was under processing and my trading account was closed already at that time of trading. No reply despite several emails for a few days and the next thing I knew my refund of USD 5013 was cancelled. Now online my deposit balance is USD 2941 instead of USD 5013. This is unfair to me because they are processing my refund of my deposit balance of USD 5013 on 25 April 2014 and why should they use my trading account to trade without my permission, verbally and or written and incurring a loss of USD 2,000 just for one trade with a deposit of USD 5013 ( 20% and never consider the risk and money management at all )? Until now they never reply at all to all my queries by emails or through messages sent online on the trading platform. Their website is xpertmarket.com
I am still waiting for their official reply but so far nothing.
Please advise and let me know whether there are recourses for me to claim my money - USD 5013

Best regards,

Dr Steve Choo
A/C No: 6830
 

katmall689

Private, 1st Class
Messages
55
Closing of my account at xpertmarket.com

05/13/14

Hi Pharoah,
Thank you for all your replies to my problem.
To answer your question - I deposited my trading account by credit card which as for withdrawal I have to send them the copy of my credit card used ( both sides) , my national ID ( both sides ) and utility bill. All these documents were not sent to them as for the very first withdrawal of USD 425. So for closing of my account the withdrawal request for my deposit balance of USD 5013 I need not send them these documents because these documents were sent to them just two weeks earlier for my first withdrawal of USD 425 which I received very fast within three days. But for the closing of my trading account the withdrawal of deposit balance of USD 5013 was rejected immediately unless I submitted in further documents which I did not have in the first place and was never requested for compliance and before depositing for opening of my trading account. I told them immediately by email that I did have the requested documents and sent them by email attachment
my own statement that I had deposited the amount in my trading account. But they rejected it and instead sent me their own DEPOSIT CONFIRMATION under their company letterhead with a few statements that the deposit were meant for trading purposes for I to fill in and signed. On the same day I filled in, signed and sent to them by email attachment. After this had been done I discovered to my consternation that they had traded my account with just on trade of USD 2,000 and lost USD 2,000 on EUROJPY I immediately shot them an email stating that I did not give them permission to trade while my withdrawal request for deposit balance of USD 5013 was under processing and that my trading account was considered closed. Despite several emails after this I received no replies, no explaination and follow up to the processing of my withdrawal of deposit balance of USD 5013.

Your second question - No I did not receive any explaination whatsoever for all the things that had happened.

Best regards,

Dr Steve Choo
A/C No: 6830
 

ilearn2t

Sergeant Major
Messages
711
Hello katmall689

05/13/14

I have to send them the copy of my credit card used ( both sides).

A few words of warning:

If you believe this broker is fraudulent, they already has got hold of your name, address and card data, giving them details about your security code on the back of your credit card might allow them to steal money from your "credit" account.

Can't understand why a business firm would need to know the details on the back of a credit card for anyway. :confused:

Good luck
ilearn2t
 

katmall689

Private, 1st Class
Messages
55
Closing of my account at xpertmarket.com

05/13/14
Sir / Madam,

Thank you for your warning.

Forewarned is forearmed.

But in my case highly unlikely they will get any money from my credit card because I had informed the credit card authorities not to allow any payment to xpertmarket.

:confused::confused::confused::confused:

Moreover my credit card is always up to the limit of my credit facility. Even if they can they will only get less than USD 10 which is not worth it. Any amount above USD 100 the credit card authorities will call me to confirm the payment first before releasing the money.

They also have to answer a few questions from the credit company to establish my identity.But so far so good. I am still waiting for their reply on my matter of my withdrawal request of my deposit balance of USD 5013.

Have you come across any similar case like mine?

Any advice, suggestion and recourse from you are most welcome.

Thank you for your time, attention and consideration.

Dr Steve Choo
A/C No; 6830


A few words of warning:

If you believe this broker is fraudulent, they already has got hold of your name, address and card data, giving them details about your security code on the back of your credit card might allow them to steal money from your "credit" account.

Can't understand why a business firm would need to know the details on the back of a credit card for anyway. :confused:

Good luck
ilearn2t[/QUOTE]
 

Pharaoh

Colonel
Messages
20,118
Contact your credit card's issuing bank. Ask to speak to the fraud department. Explain exactly what happened. Ask if a chargeback is apprpriate for your situation.
 

katmall689

Private, 1st Class
Messages
55
Closing of my account at xpertmarket.com

Contact your credit card's issuing bank. Ask to speak to the fraud department. Explain exactly what happened. Ask if a chargeback is apprpriate for your situation.

05/15/14

Hi Pharoah,
Thank you for your advice. But in Singapore it is very difficult to do what you suggested because there are tight checks made on both payor and payee by the credit card's issuing bank. The credit card's issuing bank stated that they have to be fair on both sides. When we made a payment online in Singapore we always get a sms informing us of the details the payment is made. If we deny making this payment then we have to call them IMMEDIATELY, failing which they assumed everything is alright for this payment to go through. Even if we decided not to allow this payment to go through later we are only given a week to do so with supportive documents in your favour. After the grace period of one week is past then we have no more rights to stop this payment anymore unless it is claimed to be fraudulent by the courts of law in that country, not in Singapore. If we decide to go further despite all these checks then we have to pay accordingly for further investigations, lawyer's fees, administrative charge and if need be extraction of cases from the Court overseas. All these charges can be quite substantial and it may not be worthwhile to pursue this matter further because the chances of success is almost nil.
Thank you for your time, thoughts and attention on my matter.

Best regards,

Dr Steve Choo
 

katmall689

Private, 1st Class
Messages
55
Closing of my account at xpertmarket.com

Time to go to plan B.

Complaints to any and every regulator that will listen.

Don't forget econsumer.gov - Your site for cross-border complaints.

Sir,
Thank you very much for your interest in my case.
Yes I had done that yesterday, complaining to fca.co.uk
and they are looking into my matter. They will revert within 12 working days or longer as mentioned in their email to me ( instant reply to me after I sent them my complaint.).
Today I will try econsuner as given by you.
Thank you once again for your time, attention and consideration.
Yesterday xpert market traded again for me losing another 1500, leaving a nil balance now. But they put in a bonus of USD 2,200 as seen in my account online.

Best regards,

Dr Steve Choo
 
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