• Please try to select the correct prefix when making a new thread in this folder.

    Discuss is for general discussions of a financial company or issues related to companies.

    Info is for things like "Has anyone heard of Company X?" or "Is Company X legit or not?"

    Compare is for things like "Which of these 2 (or more) companies is best?"

    Searching is for things like "Help me pick a broker" or "What's the best VPS out there for trading?"

    Problem is for reporting an issue with a company. Please don't just scream "CompanyX is a scam!" It is much more useful to say "I can't withdraw my money from Company X" or "Company Y is not honoring their refund guarantee" in the subject line.
    Keep Problem discussions civil and lay out the facts of your case. Your goal should be to get your problem resolved or reported to the regulators, not to see how many insults you can put into the thread.

    More info coming soon.

Problem Mex Atlantic blocked withdrawals

I am having an issue with a company

gbi

Private, 1st Class
Messages
33
I opened a trading account with Mex Atlantic, part of Multibank Group, in June 2023, with a 5K EUR deposit. I started making good profits, more than 5K, with a scalping strategy. Nobody complained about it and I withdrew my initial 5K. On October 3rd I took advantage of a large market volatility and made other 10K profits. Again no compliant on their side. After some days I tried to withdraw part of my profits, but the withdrawal was blocked. I wrote to my account manager Mr. Antonio Ferreira. The reply was that scalping is not tolerated by Multibank and thus my funds were frozen. To have my profits back I should reduce scalping below 20%. I asked where in the client agreement there was such a clause and what they define as scalping, and the only thing they were able to show me was a link to a page (https://multibank.iq/en/scalping-policy), which BTW at the moment is not even existing. The truth is that NOWERE in their trading conditions https://mexatlantic.com/tools/trading-conditions nor in the client agreement https://multibankfx.com/public_file...ccount-forms/MEX_Client_Agreement09122021.pdf it is mentioned that scalping is forbidden. Solely on these terms I carried on my trades. After several email exchanges, they told me I should decrease my scalping trades below 25% (not 20% as they mentioned initially). I accepted to do this and placed a consistent number of trades longer then what they mention as scalping to reduce the scalping volume below 25%, which reduced more than 1/3 of my profits. When I again wrote them to release my funds, the only reply I got was "I’m not sure what’s the request here, but the scalping ratio is still 100%". No attempt at all to settle the question or to analyze the trades. They simply found an excuse not to pay back my profits.
 
I opened a trading account with Mex Atlantic, part of Multibank Group, in June 2023, with a 5K EUR deposit. I started making good profits, more than 5K, with a scalping strategy. Nobody complained about it and I withdrew my initial 5K. On October 3rd I took advantage of a large market volatility and made other 10K profits. Again no compliant on their side. After some days I tried to withdraw part of my profits, but the withdrawal was blocked. I wrote to my account manager Mr. Antonio Ferreira. The reply was that scalping is not tolerated by Multibank and thus my funds were frozen. To have my profits back I should reduce scalping below 20%. I asked where in the client agreement there was such a clause and what they define as scalping, and the only thing they were able to show me was a link to a page (https://multibank.iq/en/scalping-policy), which BTW at the moment is not even existing. The truth is that NOWERE in their trading conditions https://mexatlantic.com/tools/trading-conditions nor in the client agreement https://multibankfx.com/public_file...ccount-forms/MEX_Client_Agreement09122021.pdf it is mentioned that scalping is forbidden. Solely on these terms I carried on my trades. After several email exchanges, they told me I should decrease my scalping trades below 25% (not 20% as they mentioned initially). I accepted to do this and placed a consistent number of trades longer then what they mention as scalping to reduce the scalping volume below 25%, which reduced more than 1/3 of my profits. When I again wrote them to release my funds, the only reply I got was "I’m not sure what’s the request here, but the scalping ratio is still 100%". No attempt at all to settle the question or to analyze the trades. They simply found an excuse not to pay back my profits.
Can you share the exact website address along with copy of the email exchange?
 
Can you share the exact website address along with copy of the email exchange?
website is https://mexatlantic.com/
Regarding email exchange I keep of course a copy of all my correspondence, but their messages have a disclaimer stating "This electronic mail message is intended only for the person or entity named in the addressee field. This message contains information that is privileged and confidential... Any dissemination or copying of this message by anyone other than the addressee is strictly prohibited." I am not sure I am legally authorized to make the discussion public. Maybe once they are involved in the thread I can make it public...
 
website is https://mexatlantic.com/
Regarding email exchange I keep of course a copy of all my correspondence, but their messages have a disclaimer stating "This electronic mail message is intended only for the person or entity named in the addressee field. This message contains information that is privileged and confidential... Any dissemination or copying of this message by anyone other than the addressee is strictly prohibited." I am not sure I am legally authorized to make the discussion public. Maybe once they are involved in the thread I can make it public...
Then go ahead and invite them to this thread.
 
Then go ahead and invite them to this thread.
Update.
On November 24th Mr.Antonio Ferreira, my Mex Atlantic account manager, confirmed that he dose NOT authorize me to post his and Multibank emails in any sites. I don't know the legal grounds for this.
He also told that he would forward my email to their legal department, and that he would let me know latest by Monday Nov 27th the decision of the management regarding the withdrawal of the funds.
Since he never got back to me I wrote them twice since then, and just today Mr. Ferreira replied without answering my questions. He just confirms that he does not allow me to publish any exchanged emails, and suggested me to open a complain to cs@multibankfx.com. He likely ignores, or pretends to ignore, that I did from the beginning of the issue by putting cs@multibank in cc to my correspondence with him, but I never had any feedback from them.
Now I am going to invite them to join the tread to solve the dispute here by sending the thread link by email. If there is any officiol invite tool on the site please let me know, I would be pleased to use it.
 
Update.
On November 24th Mr.Antonio Ferreira, my Mex Atlantic account manager, confirmed that he dose NOT authorize me to post his and Multibank emails in any sites. I don't know the legal grounds for this.
He also told that he would forward my email to their legal department, and that he would let me know latest by Monday Nov 27th the decision of the management regarding the withdrawal of the funds.
Since he never got back to me I wrote them twice since then, and just today Mr. Ferreira replied without answering my questions. He just confirms that he does not allow me to publish any exchanged emails, and suggested me to open a complain to cs@multibankfx.com. He likely ignores, or pretends to ignore, that I did from the beginning of the issue by putting cs@multibank in cc to my correspondence with him, but I never had any feedback from them.
Now I am going to invite them to join the tread to solve the dispute here by sending the thread link by email. If there is any officiol invite tool on the site please let me know, I would be pleased to use it.
Did you already shared the link with them?
 
Did you already shared the link with them?
Yes I did in my last email to them. I attach a screenshot of my invitation. I hope they do not forbid me to share at least what I write to them.
Now they have invited me to file an official compliant through the procedure outlined in their policy at the link https://mexatlantic.com/public_file...ntic_PublicComplaintsPolicy_V002_20221027.pdf.
I will do it and repeat all the things they already know and I have shared here.
 

Attachments

  • Screenshot 2023-12-04 142203.png
    Screenshot 2023-12-04 142203.png
    25.9 KB · Views: 22
So I filed an officiant compliant on Dec 6 (see attached). They were supposed to acknowledge it after 2 business days, as per their policy (see attached). Of course no reply whatsoever. I am losing any hope. Anyway I am recognizing I should have read this FCA warning before trading with these guys https://www.fca.org.uk/news/warnings/multibank-group-multibankfxcom
This should serve as a lesson to other traders. BTW it looks like there are a lot of suspicious good ratings on trustpilot https://www.trustpilot.com/review/multibankfx.com Please help me to flag these comments, as a good service to other traders who risk to be scammed like me.
 

Attachments

  • Official compliant Account 599724.pdf
    43.7 KB · Views: 15
  • Immagine 13-12-23 - 09.18.jpeg
    Immagine 13-12-23 - 09.18.jpeg
    109.8 KB · Views: 17
Back
Top