hantecfx deduct my ib commission

forexreward.org

ForexReward.org Representative
Messages
7
Im an IB of this co, My Ib acc no is 3930. they deduct 546.38 usd from my commission without providing any proper details from my account. one of my client opened account hantecfx under my ib in late april or early may 2013.He traded up to 20th of june-2013 after that he stooped trading with them and during that time he made $3209 total rebate.

after 1 and half months in aug-20th of 2013 hantec send us an daily confirmation email where we saw that they deduct $546.38 from my commission.
after seeing this we contact with them and asked for the reason, they only informed me that that client has some due balance so according to the agreement they deduct from my commission.
Ive no problem withthere agreement, but in their agreement it is alos mentioned that if there are any due amount lesft by any trader it has to be paid within 5 days other than ib shall pay that value. my question is he joined in april/may he traded till june 20th, but no one from hantec informed me that my client has some due amount left.
if they informed me in due time i can hold his rebate amount and adjust from that amount, but they informed me when he stooped trading and after almost 1 and half month later. so that he can collect his rebate from me, than they charged me.
I sent several emails to them to provide me proper documentation of that due amount, and also asked for the reason why they didnt inform me on time. bcz its not acceptable that they informed me 2-3 months later of client join and after 1and half months after the clinet left.

And ive doubt that that client is known by them, i mean some one of hantec ppl and that client made this intentionally, some one from hantec person helped him to do so. other than why not they informed me earlier within 2-3 months period, only informed and deduct amount after he stooped trading and getting rebate from my side.
so that i cant get $546.38 from that client and had pay him hiss due rebate.

So im requesting FPA team to investigate this issue and get back my $546.38 from this hantecfx.

i have all the email and monthly report from their side.

thanks.
 

Pharaoh

Colonel
Messages
19,927
Invite Hantec to come to this thread and explain why they waited so long to inform you.
 

Master Yoda

Captain
Messages
2,929
Even if they have a valid reason to deduct this amount is has expired as it took them over 4 months!
 

Pharaoh

Colonel
Messages
19,927
Find all the email addresses you can for Hantec. Send a message with a link to this thread and an invitation to please come and explain the issue.
 

Hantec Markets

HantecFx.com Representative
Messages
7
Dear ForexReward,
In response to your query regarding the deduction of $546.38 from your IB account in lieu of defaulted payments from one of your clients, we would like to go through again how this came about and why.
After having traded with us for around 3 weeks and having deposited multiple times, on the 7th of June 2013 at approx. 04:30 am your client deposited an amount via credit card. Due to the time of night, credit card charges could not be deducted until a few hours later. Unfortunately, within an hour, the client had been stopped out due to negative trades, leaving a balance of $53.62 . Because of this , the $600 credit card charge paid to the payment provider for this deposit could not be taken from the client account.
Subsequently, the card provider contacted us stating that the client had contacted them claiming that his card had been stolen weeks earlier and that he was not involved in any of the trading. The card provider withheld payment of these funds. A lengthy investigation ensued (causing the delay) and ultimately, after producing evidence that the client was indeed aware of his trading activity and had made those payments himself, the credit card provider recognised this and the matter was resolved. Up until that point, the potential amount that could have been defaulted was the value of the deposit + the charge. Following the acceptance of the legitimacy of the payment, the amount outstanding was $600. Minus the balance in the client account, the amount due was $546.38. Having not been successful with our communication with the client, and exhausted the avenue of reclaiming that amount directly from the client, we took the decision to exercise our right to deduct the amount from the rebate you received from that client account. That was done on the 19th of August. At that time, you had not withdrawn any rebate received from your client from your rebate account.
In your IB agreement with Hantec Markets, it is clearly stated in section 7.1, that you, as an introducing broker, ‘are liable for any breach of or by the customer of any of its obligations to Hantec Markets.’ This includes events where the customer fails to ‘pay a sum or take any action when due.’
You have mentioned that you had already paid the client at that stage, however we would like to point out that you had not withdrawn from us any of the rebates accumulated by that client at the time of the charge being deducted from your rebate account.
With regards to your assertion that the client is somehow known by Hantec Markets and that this was all a ruse to deduct $546.38 from your rebate account, with all due respect we believe that to be a preposterous claim (in addition you had claimed during a communication with us that this client had done the same with another broker).
In conclusion, I hope this aids in explaining better the circumstances in which this action occurred, and whilst we appreciate the cost and disruption that your client’s actions caused to both you and us, we believe the decision taken to be fair and in accordance to our terms with you.
Regards
Hantec Markets Ltd.
 

forexreward.org

ForexReward.org Representative
Messages
7
Dear ForexReward,
In response to your query regarding the deduction of $546.38 from your IB account in lieu of defaulted payments from one of your clients, we would like to go through again how this came about and why.
After having traded with us for around 3 weeks and having deposited multiple times, on the 7th of June 2013 at approx. 04:30 am your client deposited an amount via credit card. Due to the time of night, credit card charges could not be deducted until a few hours later. Unfortunately, within an hour, the client had been stopped out due to negative trades, leaving a balance of $53.62 . Because of this , the $600 credit card charge paid to the payment provider for this deposit could not be taken from the client account.
Subsequently, the card provider contacted us stating that the client had contacted them claiming that his card had been stolen weeks earlier and that he was not involved in any of the trading. The card provider withheld payment of these funds. A lengthy investigation ensued (causing the delay) and ultimately, after producing evidence that the client was indeed aware of his trading activity and had made those payments himself, the credit card provider recognised this and the matter was resolved. Up until that point, the potential amount that could have been defaulted was the value of the deposit + the charge. Following the acceptance of the legitimacy of the payment, the amount outstanding was $600. Minus the balance in the client account, the amount due was $546.38. Having not been successful with our communication with the client, and exhausted the avenue of reclaiming that amount directly from the client, we took the decision to exercise our right to deduct the amount from the rebate you received from that client account. That was done on the 19th of August. At that time, you had not withdrawn any rebate received from your client from your rebate account.
In your IB agreement with Hantec Markets, it is clearly stated in section 7.1, that you, as an introducing broker, ‘are liable for any breach of or by the customer of any of its obligations to Hantec Markets.’ This includes events where the customer fails to ‘pay a sum or take any action when due.’
You have mentioned that you had already paid the client at that stage, however we would like to point out that you had not withdrawn from us any of the rebates accumulated by that client at the time of the charge being deducted from your rebate account.
With regards to your assertion that the client is somehow known by Hantec Markets and that this was all a ruse to deduct $546.38 from your rebate account, with all due respect we believe that to be a preposterous claim (in addition you had claimed during a communication with us that this client had done the same with another broker).
In conclusion, I hope this aids in explaining better the circumstances in which this action occurred, and whilst we appreciate the cost and disruption that your client’s actions caused to both you and us, we believe the decision taken to be fair and in accordance to our terms with you.
Regards
Hantec Markets Ltd.

Your delay is not acceptable form e. because in ur 7.1 that is also mentioned that client has to pay the due amount within 5 days. that means within 5 days if client didnt pay than ib has to pay but u informed after almost 2 months, by this time he withdrawn his rebate from me. why u allow him this 2 months to withdraw his fund from us. i paid almost 2500 as rebate, but if u inform me on due time i can hold 543 from him. but u allow him 2 months gap to withdraw the fund from us than u charged me, and im not responsible for ur thought or ur delay, i cant, its indicating that some one from ur side already involved with him other than why not u ppl inform me earlier and why u deduct the commission only he withdraw the fund from me.

and about my withdrawal, this is not related to clients payment, bcz we pay client in e-currency not in bank wire, and u pay me or not pay(without any proper reason, like if broker scam us) i have to pay my client. and i did. and it is not understandable that u tried to reach the client for 2 months but u dont have any time to just inform me during that time. how its possible that . im still requesting FPA to recover my money from hantec.
 
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