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

[Pharaoh]

This company claims it's ECN, but limits profits and also has minimum trade times. Both of those are obvious signs of being a bucketshop. The lies are adding up very quickly.

 

[XLena]

The desire to shift the blame on you. This case is not unique. Guilty.

 

[Frank Cornel]

I have also tried withdrawing funds from ForexMart but to no avail, they just send an e mail saying they are looking into my request and will contact me soon but now 3 months later still nothing.

 

[ruseneca]

they ignoring this fact that they changed their Terms and Conditions just after I made this withdrawal request.

Actually, the legal meaning of the clause is the same, it has not been changed. This will be a problem for you after contacting CYSEC because the terms have been accepted by them. Moreover, you have agreed to the terms! I believe that CYSEC cannot help very much in this case but make sure you use their middleman services.
In addition to that, most brokers offering fixed spreads have similar clauses in their terms as it is harder to manage the risk while using ECN-structured platform with fixed spreads.
As per claims for using additional MT4 bridges, yes, it is possible, many of the brokers have used some additional plugins during their startup period.

Back to the case...Did they correct the result of the trade that was considered to be executed during a news or a gap?

 

[altucano]

They are bastards scam bucketshop! Guilty! They do not worth to have License. We must ask to Cysec to revoce their license

 

[RedasV]

I have also tried withdrawing funds from ForexMart but to no avail, they just send an e mail saying they are looking into my request and will contact me soon but now 3 months later still nothing.

Please can you leave a review if you have the same issue. It will help for my case.
www.forexpeacearmy.com/public/review/www.forexmart.com

 

[RedasV]

Actually, the legal meaning of the clause is the same, it has not been changed. This will be a problem for you after contacting CYSEC because the terms have been accepted by them. Moreover, you have agreed to the terms! I believe that CYSEC cannot help very much in this case but make sure you use their middleman services.
In addition to that, most brokers offering fixed spreads have similar clauses in their terms as it is harder to manage the risk while using ECN-structured platform with fixed spreads.
As per claims for using additional MT4 bridges, yes, it is possible, many of the brokers have used some additional plugins during their startup period.

Back to the case...Did they correct the result of the trade that was considered to be executed during a news or a gap?

No, they didn't correct that trade, they just zeroed the profit on July 26, its after 11 days when I close this trade.

 

[ruseneca]

No, they didn't correct that trade, they just zeroed the profit on July 26, its after 11 days when I close this trade.

Then it will be more appropriate to file a case with the financial ombudsman as stated here
Obviously, they should have corrected the trade result as they claim that only 10% of the final result will be considered as a profit for the trader. In such occasion, you have the full right to complain!

 

[danielsoy]

15 days are more than enough for them, to send u your well earned money.

Guilty.

 

[Pharaoh]

Zeroed the profit. Their TOS only allow them to reduce the profit on specific trades (horribly unethical and proof they aren't ECN), not to steal 100% of it.

GUILTY!