Dear Sirs,
First of all let me tell you that you are doing a great job. Congratulation.
I will try to explain my problem briefly.
Two months ago I have opened a managed account with Legend Trader Ltd, Hong Kong ( legend trader com).The value was 10.000 $.
Before opening I made alll the research, including your review page and I didn't find anything against them. I have discussed on the phone with their CEO, Mr Khalid Alam , and he agree to open a demo to show me their way of trading. After one week they increase the value of demo account with 15%.He told me also that they guarantee the initial investement against losses with insurance , reinsurance and an exotic option against my account. For this I have to pay 3500$. Which I did.
In the contract is write that they will use only 5% of the account in the begging as margin till they increase the value with 5%. After this they will use only the profit to cover the margin and not touch the initial investment.
And if the market turn against them they will stop autopmaticaly the account if it comes again to 10.000$.
I have deposit 10.000$ to Tadawul FX Swiss and I sent 3.500$ to LT for insurance.
They start to trade and in the first two weeks they made 40% gain.I was very happy with their way of trading. But in the next 3-4 days they start to take trades like they wanted to finish the account and they lost 50% of the account so 7.000$.I called them every day to tell them to stop trading till the market will calm( they told me they lost cause the market is crazy) but they continuu to trade and to take losses.
I will show you the statment of the account and you will understand my allegation.( ex; they opened 2-3 hedge position at -2000, -3000 to close in couple of hours even worst.)
Finally on the 16th May I convince hem to stop trading and not to take any other trades. The value of the account was 3.800 with a hedge GBPJPY minus 2.000$, 2 lots
They said not to worry cause is only 100pips and they will closes in profit and recover the loss.
In order to calm me down they propose me to be their representant in Europe and they will give me a commision for this. They even put me on their site like contact.
I have waited for 1 month and they didn't close this position which is still active.
Meantime I asked them many times to action the insurance and the option in order to restore the value of the account.They said is not posible cause in order to do so the value of the account must be zero. I asked them to give me the insurance policy like the contract says but they argue they cover this policy with their own account and cannot give me anything.
I asked the also to start open other position and to try recover, but during 1 month nothing.
So last Friday I took the decision to close the account and asked LT to restore the value of the account.
They didn't answer and I dont think they will.
For all this allegation I have documents( contract, oficial letters ,statments bank transfers).
After I asked for help of FPA , Khalid Alan called me to propose me a deal.To send me a Letter of Guarantee for the 60% of the money, but this LG is isuued but his company and to be paid in 45 days. Not bank endorsement, just a paper.
Please be kind and give a suggestion how can i solve this.
Thanks
First of all let me tell you that you are doing a great job. Congratulation.
I will try to explain my problem briefly.
Two months ago I have opened a managed account with Legend Trader Ltd, Hong Kong ( legend trader com).The value was 10.000 $.
Before opening I made alll the research, including your review page and I didn't find anything against them. I have discussed on the phone with their CEO, Mr Khalid Alam , and he agree to open a demo to show me their way of trading. After one week they increase the value of demo account with 15%.He told me also that they guarantee the initial investement against losses with insurance , reinsurance and an exotic option against my account. For this I have to pay 3500$. Which I did.
In the contract is write that they will use only 5% of the account in the begging as margin till they increase the value with 5%. After this they will use only the profit to cover the margin and not touch the initial investment.
And if the market turn against them they will stop autopmaticaly the account if it comes again to 10.000$.
I have deposit 10.000$ to Tadawul FX Swiss and I sent 3.500$ to LT for insurance.
They start to trade and in the first two weeks they made 40% gain.I was very happy with their way of trading. But in the next 3-4 days they start to take trades like they wanted to finish the account and they lost 50% of the account so 7.000$.I called them every day to tell them to stop trading till the market will calm( they told me they lost cause the market is crazy) but they continuu to trade and to take losses.
I will show you the statment of the account and you will understand my allegation.( ex; they opened 2-3 hedge position at -2000, -3000 to close in couple of hours even worst.)
Finally on the 16th May I convince hem to stop trading and not to take any other trades. The value of the account was 3.800 with a hedge GBPJPY minus 2.000$, 2 lots
They said not to worry cause is only 100pips and they will closes in profit and recover the loss.
In order to calm me down they propose me to be their representant in Europe and they will give me a commision for this. They even put me on their site like contact.
I have waited for 1 month and they didn't close this position which is still active.
Meantime I asked them many times to action the insurance and the option in order to restore the value of the account.They said is not posible cause in order to do so the value of the account must be zero. I asked them to give me the insurance policy like the contract says but they argue they cover this policy with their own account and cannot give me anything.
I asked the also to start open other position and to try recover, but during 1 month nothing.
So last Friday I took the decision to close the account and asked LT to restore the value of the account.
They didn't answer and I dont think they will.
For all this allegation I have documents( contract, oficial letters ,statments bank transfers).
After I asked for help of FPA , Khalid Alan called me to propose me a deal.To send me a Letter of Guarantee for the 60% of the money, but this LG is isuued but his company and to be paid in 45 days. Not bank endorsement, just a paper.
Please be kind and give a suggestion how can i solve this.
Thanks