RESOLVED Application for retrieval of fund from the deleted MasterForex account

Messages
6
I have an account with Master Forex with the sum of $216 (Two Hundred and sixteen USD) which according them has been deleted from their database without notification of any kind. I noticed this while trying to login because after several unsuccessful attempts I contacted the technical crew for a possible password recovery and only to told that my account has been deleted whereas in June this year I login and accessed same account.

I have written to them a lot of times and I was even advised to write to the claim department which I did. They still said money is irrecoverable.

Please I will appreciate if FPA could help me out.

See below some document to portray my case.
 

AsstModerator

FPA Forums and Reviews Admin
Messages
5,480
I contacted MasterForex about this issue and got a reply...

Hello!

If his account was deleted, we can't help him.
According to our Client Agreement:

3.1.7. In case a trading account is not used by the Client for more than
90 (ninety) calendar days, such account becomes unavailable for trading
operations conduction. The account is moved to archive, if during the
mentioned period the Client do not login to the trading account and do
not conduct any trading or balance operations. In order to make the
trading account available for trading again, the Client should send an
email with a request to recover the account from archive. The email must
be sent not later than 25 (twenty five) calendar days since the moment
when the account was moved to archive. The period mentioned above starts
from the next day after the day when the account was moved to archive.
When the period of 25 (twenty five) calendar days expires, the trading
accounts that were not requested to be recovered from archive, are
deleted from the Company's data base without a possibility to recover them.


Best regards,
MasterForex.
I've added a warning about this policy to MasterForex's review page.
 
Messages
6
what happens to me money in the account

I see it as a point of betrayal, a very wrong managerial technique putting it comparatively with the conventional banks because no matter the length of inactivity your account can only be dormant thereby allowing you the option of reactivating your account at your convenience. what happens to me money in the account?
 

Kiran Thomas C

Private
Messages
25
They should be able to recover the record

I strongly feel they can recover the data with out any issues ,even it is archived ,they would have kept the data some where ,which can be usable atleast by their employees ,in case of an emergency .Else ,they will be able to restore from some backup media's . Normally Bank keeps data of a customer for more than 5 to 10 years ,even though customer closed the account and left the bank for ever .

Else this is a big scam .............FPA should blacklist this broker ,if they are not giving his money.
 

AsstModerator

FPA Forums and Reviews Admin
Messages
5,480
MasterForex has changed their view on this. They now say that this policy of archiving and deleting accounts applies to unfunded accounts. They have retrieved the account in question and restored the balance.
 
Top