Original FPA Traders Court Submission:
I am submitting the case against: www.afb.com.kw
My Case is: THE CASE Aganist
Name:Arab Financial Brokers
URL: http://www.afb.com.kw
Business: Forex
Address:Monther Building - AL Salhyah
Kuwait City - State of Kuwait
Regulatory:AFB a closed shareholding corporation registered under the Kuwait Commercial Law by the ministry of commerce and industry; Registration details through (www.kuwaitchamber.org.kw).
Although the company says that the spreads are fixed all times on the main page On its website and on the Frequently Asked Questions page they said/
(Hedging your position will turn your margin to zero on this pair)
(AFB doesn't increase its spreads in volatile market. offer our clients fixed spread policy).
BUT they change the spreads and they have done this before when I was trading USD/YEN pair and when I asked the customers service they said the margin change ONLY in the pair contain the YEN BUT when I was trading GBP/USD pair they changed the spreads and I lost all my balance and all my hedging closed!!
Because I had hedging positions and I lost all my balance $ 14944
And my balance became / $-39 that’s happened on 31-12-2010
And they said that they announced on their web site
About these increases in spreads that may happen and the customers should visit the website every time to know the changes??
Of Course I did not see any announcements and How they do the policy change without given A Proper NOTICE Period ??
My Name/ Mohamed Ashraf Refaat
Account / 3509
New thread in the Scam Alerts Folder:
Review is submitted by Mohamed Refaat on 05/07/11
The company was first contacted about the issue on 01/01/11 the last contact was on 01/06/11
Details: The Company replies via "DealingDesk" dealingdesk@afb.com.kw
and said they Announced on their web site
About these increases in spreads that may happen and the customers should visit the website every time to know the changes??
and sent me this link http://afb.com.kw/en/news?id=135699&type=AFB
without given any Notice Period!!
Company representatives' emails: BO SV <backofficesv@afb.com.kw>
I am submitting the case against: www.afb.com.kw
My Case is: THE CASE Aganist
Name:Arab Financial Brokers
URL: http://www.afb.com.kw
Business: Forex
Address:Monther Building - AL Salhyah
Kuwait City - State of Kuwait
Regulatory:AFB a closed shareholding corporation registered under the Kuwait Commercial Law by the ministry of commerce and industry; Registration details through (www.kuwaitchamber.org.kw).
Although the company says that the spreads are fixed all times on the main page On its website and on the Frequently Asked Questions page they said/
(Hedging your position will turn your margin to zero on this pair)
(AFB doesn't increase its spreads in volatile market. offer our clients fixed spread policy).
BUT they change the spreads and they have done this before when I was trading USD/YEN pair and when I asked the customers service they said the margin change ONLY in the pair contain the YEN BUT when I was trading GBP/USD pair they changed the spreads and I lost all my balance and all my hedging closed!!
Because I had hedging positions and I lost all my balance $ 14944
And my balance became / $-39 that’s happened on 31-12-2010
And they said that they announced on their web site
About these increases in spreads that may happen and the customers should visit the website every time to know the changes??
Of Course I did not see any announcements and How they do the policy change without given A Proper NOTICE Period ??
My Name/ Mohamed Ashraf Refaat
Account / 3509
New thread in the Scam Alerts Folder:
Review is submitted by Mohamed Refaat on 05/07/11
The company was first contacted about the issue on 01/01/11 the last contact was on 01/06/11
Details: The Company replies via "DealingDesk" dealingdesk@afb.com.kw
and said they Announced on their web site
About these increases in spreads that may happen and the customers should visit the website every time to know the changes??
and sent me this link http://afb.com.kw/en/news?id=135699&type=AFB
without given any Notice Period!!
Company representatives' emails: BO SV <backofficesv@afb.com.kw>
Attachments
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