Hi all, no LR issue, All is Wire Transfer. Below is a copy of all the correspondence:
Dear valued customer,
Hereby inform you that your account #...... has been applied with a correction of unaccrued swaps according to the paragraph 6 of the Swap-Free Agreement. Swap-free service has been disabled for your account also.
6. The Сompany reserves the right to remove the Customer's sub-account from Swap-free group to the one with simple accounts and to correct
unaccrued swaps for the period of standing in Swap-free group in case of abusive acts detection.
Sincerely yours, Dealing department
InstaForex Companies Group
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Dear Chief Dealer InstaForex, Could you please provide the reasons for your actions
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Dear all,
This is my second e-mail today as I have not received any response from you after today's shocking actions from your side. First of all a "Chief Dealer" sends me a message with no signature at all or contact information accusing me of "abusive acts" whatever that means and I am very concerned as the matter is about a lot of money. I cannot get in touch with the person who sent me the e-mail as he is not replying or anyone else to discuss this misunderstanding I believe.
Second, after a few hours of dealing with the stress, I decided to inform all departments in order to solve the problem in the shortest time. At the end you may find the original e-mail I have received. Please read it carefully. I understand the necessity of monitoring and supervising client's activities in order to protect your interests but I can assure you that I have in no way broken or violated any rules or acted abusive. No matter how bad I feel, no matter your accusations, I decided to provide some additional information in order to make things clear. As a captain I travel a lot therefore my trading strategy can be nothing else than a long term one. Based on what I found advertised on your site:
Swap-free accounts
"When trading on the swap-free account with any currency pair, a trader does not gain or lose any amount regardless of the position volume. Even keeping the trade open for a long time, a trader can be sure that only the exchange rate will affect the trade outcome."
I decided that this exactly fits my needs. Holding a position for a long time in my opinion will sooner or later turns out a winner. The only problem is the rollover fees that sometimes could be more than the profit. So this is my strategy and if you are patient enough to wait you can see it works.
I don't understand based on what the swap-free service was disabled for my account and why did you applied this correction. The only thing that comes to my mind is the withdrawal request from yesterday (10/5/2013) even though it's not my first. Is there anything wrong that I want to use the money I made over the time? Or maybe when somebody starts making profits you're kicking him out? Is this the best broker? Don't think so. It is a shame with so many awards to treat your customers this way ( or maybe that's your way of doing business).
After all the information provided above I expect to delete the swaps correction, return my account balance to the one before correction and restore my account to the swap-free group.
Please confirm the receipt of this message and inform me as soon as possible for the actions taken.
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Dear Client,
We understand your position, but the correction can not be refunded back.
Swaps deduction has been applied in full accordance to the rules you
had accepted while opening a trading account with us.
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Oh yes the correction can and I hope it will be refunded back ASAP so I can continue trading. Do it the same way it was done when funding my account for the first time. Then somebody did not notice the correct amount transferred so after a week of correspondence and a couple of e-mails there it was - the deposit correction is there in my account history. So don't tell me that it can not be undone. Yes it can, Yes it can be undone just as it was done. Neither a Chief Dealer gave me a reason for his/her actions, nor I was given any explanation at all. According to the paragraph 6 of the Swap-Free Agreement:
6. The Сompany reserves the right to remove the Customer's sub-account from Swap-free group to the one with simple accounts and to correct unaccrued swaps for the period of standing in Swap-free group
in case of abusive acts detection.
Explaining my strategy in my previous e-mail was in order to show you that there were no abusive acts from my side. What I see now is that my money has been stolen and could be considered as an abusive act from your side. In my view there is nothing abusive in the long term trading, is there? I thought that it was a technical mistake that you have made with the swaps correction. If you really understand my position as written in your reply you would immediately undo your actions. Yes, I have signed a contract but no rule was ever violated and there is no reason to act according to the paragraph 6 of the Swap-Free Agreement. Was it coincidence that I sent a withdrawal request the day before the correction or maybe it is a violation of a rule? Please specify what exactly are the abusive acts that you are accusing me of. I understand you are desperately trying to find an abusive act but there is none. Only accusations with no evidence is not good enough for your actions.
The one responsible for this has to bear his responsibilities and accept the fact that it is his/her mistake. It is great that you understand my position, but I don't understand yours. I would very much like to hear it and I'll appreciate if you explain it to me the way I have explained mine. So please contact me on the phone given below and send me an email as well. Await your corrective actions and please inform me in due time (not later than Saturday, 25th May 2013). It is not a matter of 5 bucks, it is a matter of more than 70,000 USD (seventy thousands) that were deducted from my account.
A week after all this drama started I still believe that you will understand it is your mistake and give me back my money.
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The fact of using the strategy of solely holding positions against swap (other words, positions with negative swap) for a long time is the abusive act itself. It is easy to notice that the only pairs with the highest swap-rates have been choosen by you for trading. Providing a swap-free service, the Company takes the duty of paying swaps on itself instead of client, so in situations similar to yours, we can not accept such abusive using of this service.
We apologize, but the decision will not be reconsidered.
If you have any questions please do not hesitate to contact us in future.
Thank you for your letter.
Sincerely yours, Dealing department
InstaForex Companies Group
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