ODMARKETS SCAM, let's see if the FSP truely protects clients

[Amin EL-HAKIM]

For the first time in the business, an FSP licensed broker offering 30 seconds trades (they call it gold options) claims abuse. ODMARKETS offers 30 seconds Gold Options. As usual, options close at a predefined time, however the difference here is the profit isn't predefined. It means that on a market run of 100 pips, you can win or loose 100 pips and you can do nothing about it. Yet, after being extremely successful, they claimed abuse based on their terms and conditions. Funny thing is, their terms and conditions do not have anything to say about that. I leave you with the verified statement. An FSP and NZ authorities is in process. Let's see how much the FSP protects the clients.
P.S: I had a forex account with them with nice results too but not that formidable, since gold is a true runner. That one is disabled also after 35 days of trading and claimed to be abuse.

 

[1wildhorse]

do they actually cite any particular reasons why your trading pattern constitutes 'abuse' or just a vague 'it is in violation of our t&c' without actually quoting a particular clause?maybe just being profitable would constitute 'abuse'.in other words HOW DARE YOU MAKE MONEY?YOU HAVE TO LOSE OR WE HAVE TO PAY YOU.THIS IS STRICTLY PROHIBITED.......

 

[1wildhorse]

in fact a claim that you 'abused' their terms and conditions would have to be backed up by clauses within the t&c specifically explaining why your trading was in fact abusive.otherwise(it may be different in other countries,but in canada there is a law that states) under the fraud laws(canada) there is a term known as an 'UNFAIR NONDISCLOSURE' which basically says that the perpetrator attempts to create a false impression in the victim's mind(in this case an unsubstantiated accusation that you have 'abused' their terms and conditions).this may be considered fraudulent activity if no specific clause is being cited by the company in question.hope that helps.

 

[Amin EL-HAKIM]

FSP and NZ Regulator haven't responded for over a month. FPA case filed, email invitations sent to the company.