I am submitting the case against: ECMarkets.info
My Case is: We opened account a trading account with ECMarkets.info (directly with Alex Chehade, the CEO of ECMarkets) and they used a trading platform through Naxtrader.com to execute trades. They communicated with Naxtrader.com to configure the platform that would be used for trading. Finally, they informed us the account was ready to be traded as of Monday Feb 22 (below) and we proceeded to trade. We have done very well in profits and suddenly we were notified on Mar 10, they froze our account and said that all trading since the beginning of our trading session with them was invalid because of issues with the platform. Even though they stated that everything was good to go with the account and platform on Monday Feb 22 in email (attached), AND they had complete and full access to the administrative area of the platform and account to notify us right away if there were any issues with the account or platform. But they never did notify us that there was any issue. If there was issues with the platform, this is their area of responsibility, not ours. We have no way to tell if there were any issues, as the platform performed exactly as expected. They immediately sent us back our initial investment and basically have washed their hands of us, hoping we would just go away. This is the type of company where if their users are losing money, the company is very happy, but once their users are making money, they will come up with excuses to not pay profits. It just is not right that companies can operate in such a dishonest way.
We have caught Alex Chehade in a lie with actual proof from skype conversations that were had with himself and then a conversation with a representative of the platform provider Naxtrader.com, Julia Stepanova. View the file "description.pdf" as it shows in colour the relevant comments. First is the conversation with Alex Chehade :
>> [3/10/2016 4:00:56 PM] Elite Capital Markets: so what exactly are you saying
>> [3/10/2016 4:01:03 PM] Elite Capital Markets: in clear terms
>> [3/10/2016 4:01:14 PM] Alex Chehade: no trades before today are valid
>> [3/10/2016 4:01:38 PM] Elite Capital Markets: and all profits made you mean are canceled?
>> [3/10/2016 4:01:45 PM] Elite Capital Markets: i dont understand
>> [3/10/2016 4:03:03 PM] Elite Capital Markets: and what proof do u and they have about ur claims
>> [3/10/2016 4:03:13 PM] Alex Chehade: the algo was off and naxtrader were unaware of the fact the trader was live
>> [3/10/2016 4:05:47 PM] Elite Capital Markets: the platform was in perfect conditions
>> [3/10/2016 4:05:55 PM] Alex Chehade: I know exactly what I'm saying
>> [3/10/2016 4:05:57 PM] Elite Capital Markets: before the profits were made
>> [3/10/2016 4:06:02 PM] Elite Capital Markets: and loses made as well
>> [3/10/2016 4:06:31 PM] Elite Capital Markets: i told naxtrader that this is a live account
>> [3/10/2016 4:06:39 PM] Elite Capital Markets: you sent me a live account 24
>> [3/10/2016 4:06:51 PM] Elite Capital Markets: and told me it is ready for trading
>> [3/10/2016 4:07:04 PM] Elite Capital Markets: naxtrader was aware as well as i told julia
>> [3/10/2016 4:07:14 PM] Alex Chehade: that's not what she said
>> [3/10/2016 4:09:07 PM] Alex Chehade: it's unfortunate for the client who was trading
>> [3/10/2016 4:09:33 PM] Alex Chehade: the environment was not treated as live and in this case the trades will not stand
>> [3/10/2016 4:10:32 PM] Alex Chehade: the settings we configured, they were not functioning
>> [3/10/2016 4:10:53 PM] Elite Capital Markets: what settings did you configure and were not functioning
>> [3/10/2016 4:11:08 PM] Elite Capital Markets: and from what point did you configure the settings
>> [3/10/2016 4:11:15 PM] Elite Capital Markets: what proof of this do you have
>> [3/10/2016 4:11:42 PM] Elite Capital Markets: and why didnt you alert me long before
>> [3/10/2016 4:11:48 PM] Elite Capital Markets: why wait till this time
So, Alex Chehade's stance was that the platform provider was unaware that the trading was live. This is proven as false below from a skype conversation with Julia Stepanova from Naxtrader.com (below and in the section "company replies and other coments" in "description.pdf"). But that aside, ECMarkets should never have given us the go ahead to trade if the platform was not yet confirmed by them. They simply told us that the account and platform was ready to go and we could start trading right away (proof in email in attachment "description.pdf" from
trading@ecmarkets.info). Below is Julia Stepanova's acceptance that we were going to start trading the week of Feb 22:
[2/18/2016 12:48:23 PM] Elite Capital Markets: we need to make all the touch no touch and range options expiry to start from 1 or 2 hours
[2/18/2016 12:48:44 PM] Elite Capital Markets: no touch starts from 36 hours
[2/18/2016 12:52:43 PM] Julia Stepanova: yes
[2/18/2016 12:52:47 PM] Julia Stepanova: ok
[2/18/2016 12:53:13 PM] Julia Stepanova: I'll send u srinshot
[2/18/2016 12:55:17 PM] Elite Capital Markets: ok
[2/18/2016 12:56:06 PM] Elite Capital Markets: then make the payouts from 1 hour for touch to be 70%
[2/18/2016 12:56:33 PM] Elite Capital Markets: no touch from 1 hour 150%
[2/18/2016 12:56:56 PM] Elite Capital Markets: range from 1 hour 80%
[2/18/2016 12:57:47 PM] Elite Capital Markets: or dont worry about the payouts meantime i will agree that with my LP
[2/18/2016 12:57:56 PM] Elite Capital Markets: just make the expiries from 1 hour on all the options
[2/18/2016 12:58:16 PM] Elite Capital Markets: when i agree with the LP then i will tell you what the payouts will be
[2/18/2016 12:58:30 PM] Julia Stepanova: ok
[2/18/2016 12:59:14 PM] Elite Capital Markets: we will start trading by next week
[2/18/2016 1:00:18 PM] Julia Stepanova: the range option are 4 various touch range/no touch range/out of range/ in range
[2/18/2016 1:00:41 PM] Julia Stepanova: are they all start at 1 hour?
[2/18/2016 1:00:58 PM] Julia Stepanova: ok
[2/18/2016 1:01:10 PM] Elite Capital Markets: yes
If ECMarkets was going to accept the use of technology for their trading for their users, it is not the responsibility of the users to ensure it operates to ECMarkets requirements. It is the responsibility of ECMarkets. There is no way a user can understand what is happening behind the scenes of the technology that the broker provides. This is simple case of a broker not willing to pay out profits that they are obligated to. And there are plenty of brokers around the world that do this same kind of trickery.
The attachments contain the trail of emails of our repeated requests for our profits to be sent to us, as well as the email from them stating that the account and platform were set up and trading could commence.