GUILTY Case# 2016-136 | RedasV vs forexmart.com

Based on the available evidence, do you believe that ForexMart.com is Guilty?

  • Guilty

    Votes: 68 100.0%
  • Not Guilty

    Votes: 0 0.0%

  • Total voters
    68
  • Poll closed .

RedasV

Private
Messages
24
Original FPA Traders Court Submission:

I am submitting the case against: www.forexmart.com

My Case is: Here is a thing about this "regulated" broker. Actually yes, they are regulated at CySEC as "Tradomart Ltd"
www.cysec.gov.cy/en-GB/entities/investment-firms/cypriot/71294/
But this license doesn't mean anything for them and I read that regulated at CySEC same as unregulated at all.
So I opened an account without any bonus, because bonus its just makes more trouble for you when you want to withdraw them. And I made few small trades just to test this broker with execution speed to look how things work. I made two withdrawals by skrill, it was just around 50 € and received them just next working day, but suppose to get in 1-7 working hours www.forexmart.com/deposit-withdraw-page
It's all fine, receiving funds next day it's not bad at all. Until I made this trade: Screen Shot 2016-07-21 at 10.02.55.
As you can see I made withdraw after few minutes of 1000 € and 23.90 € is their fee.
I made this withdraw early morning 2016 July 15 hoping to receive them same day, but of course I didn't. So I wrote them an email and here is what they say:

Dear Redas Vilimas,

We are checking your withdrawal request. There will be a delay.
Thank you in advance for your kind understanding and cooperation.

Best Regards,
Finance Department
ForexMart
www.forexmart.com

I wrote them back everyday since now, but no replays from them. All I have now is just live support (chat), but all they say that I have to contact Finance Department, because we are not dealing with finance issues.

And that's not all about this fraud broker. When I made this 1000 € profit on that account they started to use MetaTrader 4 Virtual Dealer Plug-in. Here is a video about it:
www.youtube.com/watch?v=cqNUVf5ShnY&list=PLAYYLFaEfmnAoxOYaPo7GXGySMo5oV9VY&index=7
So what they do to me, is if I want to open or close position, or open or close pending order I have to wait 10-20 seconds. Thing is that everything is OK with other new account I just opened.
I will open a case against this company, have nothing else to do.

New thread in the Scam Alerts Folder:

Review is submitted by Redas on 07/19/16

The company was first contacted about the issue on 07/14/16 the last contact was on 07/21/16

Details: This is one and only email I got from Finance Department on 2016 July 18:

Dear Redas Vilimas,

We are checking your withdrawal request. There will be a delay.
Thank you in advance for your kind understanding and cooperation.

Best Regards,
Finance Department
ForexMart
www.forexmart.com

I was writing them every day after they send me this letter, but no answer at all. All I have is just their live support (chat), but they are just saying "please be patient and wait an answer from Finance Department, unfortunately, we have no detailed information at the moment because we have no access to finance information".

I'm keep asking them by email and live support a unique reference number that I could fill this form:
www.cysec.gov.cy/en-GB/complaints/how-to-complain/
they just keep ignoring me.

I'm also attached screenshot from yesterdays chat on Skype with Support Dep.

Company representatives' emails: Finance ForexMart <finance@forexmart.com>
Natalia Marina <natalia.marina@forexmart.com>
Support30 ForexMart <support30@forexmart.com>
Client Support <support@forexmart.com>

 

Attachments

  • Screen Shot 2016-07-21 at 10.02.55.png
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  • Email.pdf
    108 KB · Views: 4
  • Screen Shot 2016-07-21 at 12.49.11.png
    116.4 KB · Views: 1

RedasV

Private
Messages
24
Today I talked with my manager Natalia Marina and she promised me that my issue will be fixed today. I asked her to write me an email as a proof of what she said, but still no email from her.
Also I'm adding my statement of that trade I made.

Statement.png
 

AsstModerator

FPA Forums and Reviews Admin
Messages
5,661
I've just send the formal FPA invitation to join the discussion. Post an update later this week to let me know if anything new has happened or not.
 

RedasV

Private
Messages
24
Still no answer from ForexMart why they declined my withdrawal and no reply to this thread and case I opened against them.
 

RedasV

Private
Messages
24
Only just now I received an email from antifraud@forexmart.com saying that "withdrawal was declined in accordance to Clause 35.6 of our Terms and Conditions". This time clause 35.6 www.forexmart.com/terms-and-conditions is saying that:
"The Company, at its sole discretion, reserves the right to modify pro rata, any trading profits exceeding 10% of deposit, prior and/or during to market closure for any specific or all financial instruments, and/or during any major news announcements."
So thank God I saved all of this terms and conditions just after I was waiting my funds and it's totally different:
"You agree that if a trade has fallen into a gap that resulted in a change of equity of the account of greater than 10%, then Company has the right to adjust the result of the change to 10% from the account".
So all this time when I was waiting my funds and explanation why there is a delay, they were just correcting their Terms and Conditions.
I added the original Terms and Conditions pdf file, please take a look.
 

Attachments

  • Terms and Conditions.pdf
    428.5 KB · Views: 22

AsstModerator

FPA Forums and Reviews Admin
Messages
5,661
I see multiple issues.

1. The company failed to provide a unique reference number needed to complain to Cysec/Cyprus Financial Ombudsman on request. That alone is a very serious breach of the company's responsibilities.

2. The company's original TOS allowed a limit of profits in gaps and confiscate profits above 10%. This shows that the company is not hedging itself against the real market often enough.

3. Changing the TOS to widen the company's ability to confiscate profits only further reduces any confidence that the company has any ability to hedge itself against any outside source.

Any Cysec regulated company should provide a unique reference number for dissipates when a client makes a request. If the company does not want to deal with newstrading, the company should ban news trading. If the company does not want to hedge client net positions to cover weekend gaps, the company should ban holding positions over the weekend.

I expect the company to provide that reference number and to fix their TOS immediately. If not, this case will go to a vote next week.

Normally, it would take 3 Traders Court cases to qualify for an FPA Scam Finding. This case may lead to something different.
 

AsstModerator

FPA Forums and Reviews Admin
Messages
5,661
Forex Mart's representative emailed this...

"To get unique reference number client should first send an official complaint to us - https://www.forexmart.com/assets/pdf/Complaint Handling Procedure.pdf
If he will not be satisfied with official response, he can escalate his request to CySEC with unique ref number.
That's the procedure.

Client have received detailed explanation of our position, we can discuss it again with him by his request or official complaint.
"
 

RedasV

Private
Messages
24
So I guess they are ignoring just me, because they didn't send me any of this Complaint Handling Procedure. I just filled this form and send to compliance@forexmart.com

And yes they send me an explanation of this withdrawal decline, bet they ignoring this fact that they changed their Terms and Conditions just after I made this withdrawal request.

I really don't know what else I can do to receive my profit. Just hope you can help me FPA!
 
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