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Colmex suspended my account, no contact with the firm

Discussion in 'Scam Alerts' started by Krzysztof D., Feb 6, 2019.

  1. Krzysztof D.

    Krzysztof D. Recruit

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    Hi,

    I have opened CFD account with Colmex on 01/11/19. On 24th of January 2019 I was unable to log into the trading platform. After emailing Colmex Pro support I was informed that my account is suspended for 48 hours due to review of my trading activity. On 25th of January I have send an email asking what are the details of that suspension. Colmex Pro replied on 28th of January stating that in accordance with the Regulation (EU) No 596/2014 some or all of my trading activity may fall within the definition of market abuse. I replied that I have only made 18 trades (36 tickets on 11 symbols) so it should be easy and fast to check if any of my trades fall into the above. Also mentioned that in my long trading career I have not changed my strategy and none other broker has blocked my account.

    Last contact with the company was on 1st of February, but nothing solid from them:

    "
    Kindly note that the Company is putting all of its efforts to make the investigation process as fast and smooth as possible and will update you shortly with the further information needed or the outcome of the investigation in regard of the suspicions raised. At this point the Company does not have an accusation, but merely suspicion that needs to be checked.

    Therefore, kindly consider yourself open for any assistance in the investigation if it will be needed to speed up the process. Any information provided by you will be treated with strictest confidentiality. "

    I have send official complaint to them about it. According to https://www.cysec.gov.cy/en-GB/complaints/how-to-complain/ they did not give me a uniqe reference number. Moreover they did not even reply to my offical complaint.

    Also I have send them withdrawal request. Wanted them to send me all the funds on my account and close it. They did the same, did not even reply to my email.

    Finally I wanted to mention that from the start I was consistable with my strategy and gaining small profits.
     
  2. FxMaster

    FxMaster Lt. Colonel

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    colmexpro.com is this correct website?
     
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  3. Krzysztof D.

    Krzysztof D. Recruit

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    Yes, it is.
     
  4. FxMaster

    FxMaster Lt. Colonel

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    Krzysztof D. likes this.
  5. Krzysztof D.

    Krzysztof D. Recruit

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    The OP has invited the company to this discussion on Feb 11, 2019 at 5:49 PM
     
  6. Krzysztof D.

    Krzysztof D. Recruit

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    I have done it today as I did get a call from them on Thursday. We talked about my strategy. In conclusion they said that it sounds fine from my side and they are ready to unfreeze my account. All I had to do was to sign a statement that all my trading was done by myself and no third parties were involved in taking any of my trades. I have signed it and send it back to them. They also asked me about my previous 6 months at previous broker. My last trades with previous company was May 2018, so it was beyond 6 month period that they asked. I have decided to send them all my trading activity from 2018, why not, it could only speed up the process, right? But it did not. I was trading at prop firm, only equities at NYSE/NASDAQ/AMEX. I have asked my former prop firm if they can provide me with official statement of my trading activity from 2018. They said that most official is whatever I can pull out from prop reports website. So I did it. Go to my prop report website. Generated spread sheet of all my trades from 2018 and send it to Colmex. But they have stated that they want OFFICAL STATEMENT from my previous broker. I have send Colmex my email conversation with my former prop firm, that most official is the data from prop report website. Asked them to resolve my issue till Friday closing bell. And that is it. No response since then. Send them couple more emails, that they have all the information I can gather, that according to our phone call situation was resolved.

    Now I am again in the dark. Like there was no issue. My emails are ghosted by them.
     
  7. Krzysztof D.

    Krzysztof D. Recruit

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    Just got a call from Colmex Pro. They still are stubborn, that they need something official. I did send one more request to my former prop firm i they can attach to my excel file that I have pulled from prop report website. Still no, they do not "offer" this kind of things. Send it back to Colmex, that I am unable to do more than I have already. Waiting for the response, but I am afraid that my funds are gone due to the fact, that I cannot provide official statement of my previous trading activity as it was even crucial for them to solve the problem.
     
  8. FxMaster

    FxMaster Lt. Colonel

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    Keep us updated :)
     
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  9. Krzysztof D.

    Krzysztof D. Recruit

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    Emailing Colmex Pro again about the situation. They still did not send me unique reference number to my complaint that I have sent them on 30th of January, according to https://www.cysec.gov.cy/en-GB/complaints/how-to-complain/ they should have done it till 6th of February. They do not want to proceed my withdrawal even after I have stated that I will not trade with them in the future, they can even ban me from funding any account with them, still no answer to that. In my opinion they want to prolong this situation as long as they can. Unfortunately according to Cysec they after sending the official complaint I can take next steps (Financial Ombudsman) after 3 months from the date I have sent the complaint.

    After first call about the suspended account I was happy that it is resolved. According to phone call all I had to do was to sign the statement (no third parties were allowed with my trading). But when the email come in with the statement to sign, they asked about trading history for past 6 months which I have already described. What I think is that they will come up with stuff like this just to bluff me.
     
  10. Krzysztof D.

    Krzysztof D. Recruit

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    Just got the call from ColmexPro. They said I will receive email tomorrow describing everything and that my inquiry is finished and my withdrawal will be processed tomorrow. But still have doubts. I post when the funds hit my account.
     

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