Masterforex/mfxbroker.com not sending me the funds

[MasterForex Broker]

Just Answer me few questions over here.

Question no 1:

Have you read your terms and conditions of the regulator ??At first you have told me that your regulator don't restrict you from taking clients from India.(look the screenshot )Screenshot by Lightshot
then i have taken the issue to your regulator then they slammed you for the violation of their terms and conditions by accepting clients from India were you don't have local license to operate.(look the screenshot)Screenshot by Lightshot

Question no 2:

When you have accepted the clients by breaching terms and conditions of your regulator is these legal??Because as a company you don't even know your regulator terms and conditions mean it's look pathetic.
To be honest you should refund the money by cancelling all transactions which you have accepted by breaching terms and conditions of your regulator.

To my knowledge with your existing IFSC license it don't permit you to operate in country's like Indonesia,Bangladesh,Pakistan were locally Forex trading is banned similar to India. It is also considered as illegal.So advise clients from these country to be more cautions with these broker.As they can easily screw.

We didn't breached terms and conditions of our regulator. We did not have an office in India and we did not supply our services in India.

As soon as our regulator asked to stop work with Indian residents - we have stopped the service provision for all clients from India and asked them to withdraw their funds from their account.

 

[str00005]

We didn't breached terms and conditions of our regulator. We did not have an office in India and we did not supply our services in India.

As soon as our regulator asked to stop work with Indian residents - we have stopped the service provision for all clients from India and asked them to withdraw their funds from their account.

lol...you say that you don't have office in India...But you had toll free number??And live chat???

(Look the screenshot) Screenshot by Lightshot

 

[subr]

@MasterForex Broker you have telling that you don't have any office in India.

But it seems prior to your operation suspension in India by your regulator.It shows that you had special support for India like toll free number for India, live chat operations in hindi, and special email id for India.So why you also produce miss leading information??

Morally you should have issued refund the payment to D's friend P which you have accepted by violating your regulators terms and conditions.It's not good for a company's creditability to keep arguing like these.

 

[Pharaoh]

Any company can easily get a phone number and even live chat for almost an country. Complaints about whether or not the broker has an office in India are a distraction from the main issue. If you want to spend time on this, you should just notify the Indian financial authorities of the large number of brokers offering accounts there. Of course, if you succeed, you'll mostly wipe out your access to online forex trading. If that is your goal, you should create a separate thread for it.

Back to the real issue at hand:

If someone used a 3rd party's credit card or or other funding method belonging to a 3rd party, then the account gets closed and all profits are erased. That's clearly laid out in the terms of service of nearly every forex brokerage.

The only issue I see here is whether any deposits from Mr. P were returned to Mr. P and if the same can be said of any deposits coming directly from Mr. D. If so, then this looks resolved to me. If not, some further exploration of the issue is needed.

 

[MasterForex Broker]

Back to the real issue at hand:

If someone used a 3rd party's credit card or or other funding method belonging to a 3rd party, then the account gets closed and all profits are erased. That's clearly laid out in the terms of service of nearly every forex brokerage.

The only issue I see here is whether any deposits from Mr. P were returned to Mr. P and if the same can be said of any deposits coming directly from Mr. D. If so, then this looks resolved to me. If not, some further exploration of the issue is needed.

Thank you for your comments.

Sure, but in this case there was no issue, if someone used a 3rd party's credit card or other funding method belonging to a 3rd party.

Mr. P was our client. He has made those deposits, сardholder name according to the PayOnline details is Mr. P details, All Company's services have been provided for him in full according to the Client Agreement. Withdrawal have been processed successfully in accordance with our Client Agreement. He has requested the payment notification of his withdrawal - it was sent 25.08.2014.

Mr. D is not the client of our Company, he didn't make any deposit. He has requested a refund as a cardholder, but after checking the documents sent by Mr. D , it turned out that all documents were forged.

 

[Master Yoda]

lol...you say that you don't have office in India...But you had toll free number??And live chat???View attachment 18811

(Look the screenshot) Screenshot by Lightshot

They don't have an official office in India, probably.

 

[AsstModerator]

If I am reading this correctly...

1. Deposits were made from a 3rd party credit card. By the most commonly accepted industry standards, this means those deposits were not valid for trading purposes.
2. The deposit money was successfully withdrawn by the owner of the credit card.

Unless someone has an alternative viewpoint, I think this issue can be marked as resolved.

 

[Master Yoda]

If I am reading this correctly...

1. Deposits were made from a 3rd party credit card. By the most commonly accepted industry standards, this means those deposits were not valid for trading purposes.
2. The deposit money was successfully withdrawn by the owner of the credit card.

Unless someone has an alternative viewpoint, I think this issue can be marked as resolved.

If this is the case then I think that would be the right call