GUILTY Case# 2018-009 | VilmarK vs Trade.com

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

  • Guilty

    Votes: 70 100.0%
  • Not guilty

    Votes: 0 0.0%

  • Total voters
    70
  • Poll closed .

VilmarK

Private, 1st Class
Messages
37
Any updates? It would be great if they'd resolve your case. Of course, it would be better if they had resolved your issue before you had to go to the effort to file a case.

Hi Pharaoh. Nothing so far. I just tried to call them again. Did the same yesterday. For the first time in 3 months in finally got an answer to my phonecall last friday. I was surprised LCM actually called me back. I had a conversation with one of the employees I mentioned in my case. She was very understanding and told me they would come up with a result by monday because George Rodger had already left the office (it was like 5 o'clock). Next step is CySec I guess.
 

Bollebeertje

Private, 1st Class
Messages
45
Man! This case really needs to be resolved. Like someone mentioned, you are very patient. It really frustrates me that they don't let you know anything about the "investigation". I'm filing also a case against them very soon.
 

VilmarK

Private, 1st Class
Messages
37
This is now moving to Open Cases. Unless Trade.com starts addressing the issue, the vote will begin next week.

Update: Today I received an email from George Rodger, Lead Capital Markets and Chief Operating Officer at Trade.com. Here's what it says:



Dear Sir,

First of all I would like to apologise for the length of the investigation.

However as I am sure you appreciate this involved a large number of transactions that had to be analysed on your trading account as well as to other interconnected accounts either through identical/similar IP addresses or due to identical/matching opening times of trades.

Since you deny using algorithmic or other automated software, and there is no decisive evidence currently to the contrary, the company’s conclusion at this moment in time is that you were participating in or instigating a large scale ‘pump and dump’ scheme in order to manipulate the pricing of various crypto currencies in order to fraudulently and illegally earn profit.

Until we can evaluate all trading transactions on your account and establish which specific ones were genuine and which were part of ‘pump and dump’ co-ordination, all profits will be assumed to be null and void.

Please note despite the fact that here is no official position from European authorities/bodies determining whether the trading on CFDs relating to virtual currencies falls under paragraph 9, Section C, Annex 1 of Directive 2004/39/EU on markets in financial instruments (‘MiFID’) and especially in light of Circular C244 issued by CYSEC we will proceed to inform both the Cyprus and Dutch securities regulators of the above in order to obtain their guidance on how to move forward since we believe illegal activities were carried out.

If in the meantime you wish to highlight specific transactions that were not part of the above suspected ‘pump and dump’ scheme, we would be happy to investigate, evaluate and accord you the profits if such is the case.

Kind Regards,

George Rodger | Chief Operating Officer
 

VilmarK

Private, 1st Class
Messages
37
Pump and Dump....what s that !!!!???

I think it's manipulating the market prices to go up by buying larger amounts crypto (for example BTC) for a higher price. The market will probably follow and when a price is on his top you dump everything to make a profit. Sounds logical to me when I read "Pump and dump". But it seems to me that if you want to do that you got to have millions lol.
 

chitak

Sergeant
Messages
133
I was reading the case and when I reached near the end when they said pump and dump I was really surprised. That's a whole new reason I have never seen before said on here in any of the cases. Even if it is what they say, you can't pump and dump through CFDs in my opinion. CFDs by definition are contracts between you and the broker so since the broker is almost always the market maker and the actual trades are never passed on to the market then how can you pump and dump? I have heard about pump and dump but those are done on small crypto currencies, which I doubt this broker even offers, none of the large currencies can be moved by any group of people. That is all just speculation on my part, I've never traded crypto, but just using common sense and my knowledge of forex/CFDs.

If actual pump and dump is suspected they can pass on all the info to the authorities but they can't just cancel trades, a broker is not the police, because they have a conflict of interest, they can just say anyone was part of pump and dump and just take their profits. And then again Crypto currencies are not regulated nor traded on regulated exchanges so pump and dump laws are most likely not really enforcable.
 

nevmar

Recruit
Messages
7
Please what an excuse as though any trader can affect a market this big,maybe Deutsche Bank or one of the market makers could pump and dump.Speak about delaying tactics.
 
Top