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hi Guys,
I have to let you guys know my bad experience about a broker "GO Markets".
I am a customer of "GO Markets Pty Ltd." which is a Forex Broker in Australia with AFSL 254963
and ABN 85 081 864 039. I am using its platform to do the Forex trading and stock index CFD trading.
I have lots of existing CFD positions which is worth more than AU$10,000 and those existing positions
should be kept rolling over and over based on the contract month by month until I close it. This
rollover rules are based on the terms and conditions when I opened those positions.
However I got an email from "GO Markets Pty Ltd." on 18/Nov/2014. It was telling me my existing
"positions will not be rolled over to the next contract month.", "Any positions that remain open
on client accounts will be closed on the last trading date and profits/losses crystallised" which
is 17/Dec/2014. And my positions "will be switched to 'Close Only' on Monday, November 24, 2014.
This means that it will not be possible to open new positions in these symbols but instead only
possible to close positions that are already open."
This big change from the broker side and in such a short notice would bring big loss (at least
$10,000) to my portfolio. So I emailed them to ask them about it and they emailed me back to
suggest me to change my current positions into their another new finance product called CFD2 which
is very different from my current CFD positions and would charge daily swap fees on my positions
which would bring big uncertainty and possible losses to my portfolio.
In my opinion, broker has no right to change the customer's existing positions in any way against
the original terms and conditions when those positions were opened, especially cancelling the
rollover functions which is a basic function for CFD trading and close client's existing positions
as broker's will and for broker's best interest.
Please look into this issue and help me stop "go markets" do that ASAP. At the same time, please
be aware of what "Go Markets" is doing if you are an existing customer or planning to open an account
with them.
Best Regards,
I have to let you guys know my bad experience about a broker "GO Markets".
I am a customer of "GO Markets Pty Ltd." which is a Forex Broker in Australia with AFSL 254963
and ABN 85 081 864 039. I am using its platform to do the Forex trading and stock index CFD trading.
I have lots of existing CFD positions which is worth more than AU$10,000 and those existing positions
should be kept rolling over and over based on the contract month by month until I close it. This
rollover rules are based on the terms and conditions when I opened those positions.
However I got an email from "GO Markets Pty Ltd." on 18/Nov/2014. It was telling me my existing
"positions will not be rolled over to the next contract month.", "Any positions that remain open
on client accounts will be closed on the last trading date and profits/losses crystallised" which
is 17/Dec/2014. And my positions "will be switched to 'Close Only' on Monday, November 24, 2014.
This means that it will not be possible to open new positions in these symbols but instead only
possible to close positions that are already open."
This big change from the broker side and in such a short notice would bring big loss (at least
$10,000) to my portfolio. So I emailed them to ask them about it and they emailed me back to
suggest me to change my current positions into their another new finance product called CFD2 which
is very different from my current CFD positions and would charge daily swap fees on my positions
which would bring big uncertainty and possible losses to my portfolio.
In my opinion, broker has no right to change the customer's existing positions in any way against
the original terms and conditions when those positions were opened, especially cancelling the
rollover functions which is a basic function for CFD trading and close client's existing positions
as broker's will and for broker's best interest.
Please look into this issue and help me stop "go markets" do that ASAP. At the same time, please
be aware of what "Go Markets" is doing if you are an existing customer or planning to open an account
with them.
Best Regards,
