CMS Trading is taking 70 Cents/Barrel of oil in roll-over

Monjed Alqenaei

Private, 1st Class
Messages
82
I and a close friend of mine (Mr. Homoud ALtawhid) opened two accounts with company back in September 2015.

I was initially running both accounts because my friend was new to Forex.

We were dealing with crude oil (Texas).

To our surprise after one month opened positions in both accounts were closed.

So I called Mr. Mohammed Omar (mohammed.o@cmstrader.com) asking him the reason, he replied that the contracts ended!

So I said what about the roll-over?

He replied we don’t have a roll-over policy in CMS Trading!

So I sent him an email informing him that I’m closing my account (almost $40K), because closing my positions every month don’t suit me.

To make a long story short he talked to his company and as a special service they agreed to the roll-over for both accounts!!

So we started trading and increased our balance, myself ($176K), friend ($23K) and we made good profits.

In Feb 2016 I noticed my balance is short of $6020!!

So I sent an email (In Arabic) to Mr. Omar, and he replied that’s because of the spread we take on a barrel of oil which is (70 cents per barrel), and we started that from day one!!

Again in the 17th of March I send emails to Mr. Omar, but this time in English from the emails I’m including you will notice clearly that it started from December 2015, and also you notice the ignorance of the company, no company in Forex takes a spread of 70cents on crude oil, and if I’m opening both sell and buy position the spread will cancel itself in most cases or it will be few cents only, and not like what CMS is doing!!

So I was forced to close a buy position with a loss of $70K, and waited till the past few weeks in finding a company we trust to move the opened positions of my friend to it, So CMS Trading will not deduct ($560) monthly from his opened 400 barrels (S&B).

Our first request is for CMS Trading to give us our money back they took from the so-called 70 cents/barrel policy from December 2015 to May 2016, and also the money I lost because I made a bad decision effected by their bad policy.

Secondly.. to warn people of CMS Trading.
 

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Monjed Alqenaei

Private, 1st Class
Messages
82
I sent 3 emails to Mr. Omar, inviting him to comment on my complaints.

He either doesn’t have an answer, or he don’t give a damn about his company reputation!!
 
Messages
11
It's sad to find another CMS Trading scam victim here. We have also been recently scammed by this crook. We are trying to recover our fund through lodging credit card chargeback with our credit card issuing bank. I suggest you can try that if your money was deposited recently via credit card.
Other than that, perhaps you may need to engage private investigator and professional legal service to fight your case.
 

Monjed Alqenaei

Private, 1st Class
Messages
82
T
It's sad to find another CMS Trading scam victim here. We have also been recently scammed by this crook. We are trying to recover our fund through lodging credit card chargeback with our credit card issuing bank. I suggest you can try that if your money was deposited recently via credit card.
Other than that, perhaps you may need to engage private investigator and professional legal service to fight your case.
===

Thanks for the advice.
 
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