Good day,
I have been trading mainly cash indices such as Dow, DAX and FTSE for a number of years now since 2010.
In June 2013, I opened an account with an Investors Europe, who claimed to be a regulated broker both in Gibraltar and Mauritius.
The reasons for favourably considering Investors Europe were:
1) 1 point spread on major cash indices (DAX DOW FTSE etc…)
2) High leverage of 500-1
3) No negative reviews about Investors Europe on the web.
I therefore decided to try them out although they were not a major brand in the online trading arena.
One last issue which I needed to resolve with them before finally opening the account was their stance on Dividend charge/pay on Indices Short/Long Positions. Some brokers charge dividends on overnight short cash indices positions and pay dividends on long cash indices positions, when applicable, whereas other brokers do not charge/pay dividends on cash indices at all.
So before opening a live account with Investors Europe I checked their terms and conditions and there was no mention about their policy regarding dividends and swap. So I sent their support department an email asking several questions regarding issues which I was not clear about and they responded clearly by return email and amongst others they unambiguously stated that they do not charge/pay dividends on cash indices.
So I finally funded my account and started trading on my newly opened account.
And indeed for over 2 years Investors Europe did not charge nor paid me any dividends on any of my trades until July this year when I suddenly and totally unexpectedly found a dividend charge of US$8,486.40 on my account.
I was shocked as this detail was confirmed in writing and in fact they honoured their agreement between us for over 2 years.
I approached them about it but all my attempts to get investor Europe to refund this deduction were rejected.
I then approached the regulatory authorities in Gibraltar and they stated categorically that Investors Europe is not regulated with them and I have similarly been advised this week by the regulatory authorities in Mauritius that Investors Europe is not regulated with them either.
I am not sure who I can approach to get this matter resolved.
These brokers are operating in no man's land and treat possession of our money as the basis of their law enforcement practice, while we traders can do very little to protect our rights.
Can you kindly please assist me in resolving this issue?
Many thanks
Nitzan Tal
I have been trading mainly cash indices such as Dow, DAX and FTSE for a number of years now since 2010.
In June 2013, I opened an account with an Investors Europe, who claimed to be a regulated broker both in Gibraltar and Mauritius.
The reasons for favourably considering Investors Europe were:
1) 1 point spread on major cash indices (DAX DOW FTSE etc…)
2) High leverage of 500-1
3) No negative reviews about Investors Europe on the web.
I therefore decided to try them out although they were not a major brand in the online trading arena.
One last issue which I needed to resolve with them before finally opening the account was their stance on Dividend charge/pay on Indices Short/Long Positions. Some brokers charge dividends on overnight short cash indices positions and pay dividends on long cash indices positions, when applicable, whereas other brokers do not charge/pay dividends on cash indices at all.
So before opening a live account with Investors Europe I checked their terms and conditions and there was no mention about their policy regarding dividends and swap. So I sent their support department an email asking several questions regarding issues which I was not clear about and they responded clearly by return email and amongst others they unambiguously stated that they do not charge/pay dividends on cash indices.
So I finally funded my account and started trading on my newly opened account.
And indeed for over 2 years Investors Europe did not charge nor paid me any dividends on any of my trades until July this year when I suddenly and totally unexpectedly found a dividend charge of US$8,486.40 on my account.
I was shocked as this detail was confirmed in writing and in fact they honoured their agreement between us for over 2 years.
I approached them about it but all my attempts to get investor Europe to refund this deduction were rejected.
I then approached the regulatory authorities in Gibraltar and they stated categorically that Investors Europe is not regulated with them and I have similarly been advised this week by the regulatory authorities in Mauritius that Investors Europe is not regulated with them either.
I am not sure who I can approach to get this matter resolved.
These brokers are operating in no man's land and treat possession of our money as the basis of their law enforcement practice, while we traders can do very little to protect our rights.
Can you kindly please assist me in resolving this issue?
Many thanks
Nitzan Tal