RESOLVED Case# 2011-080 | Alexander Godwin Ekpa vs www.masterforex.org

[Alexander Godwin Ekpa]

Original FPA Traders Court Submission:

I am submitting the case against: www.masterforex.org

My Case is: 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.

New thread in the Scam Alerts Folder:

• https://www.forexpeacearmy.com/forex-forum/scam-alerts-folder/16899-re-application-retrieval-fund-deleted-account.html
  

Review is submitted by Application for retrieval on 09/12/11

The company was first contacted about the issue on 06/09/11 the last contact was on 09/28/11

Details: Hello,

Unfortunately the account is deleted from the database and it is
impossible to restore it.
So, no operations can be carried out with this
account.

Bestr regards,
MasterForex.

28.09.2011 13:03, Alexander Godwin ïèøåò:

Company representatives' emails: support@masterforex.org" <support@masterforex.org>

 

[Pharaoh]

No explanation at all why they deleted your account?

 

[Alexander Godwin Ekpa]

Automatically deleted because I did not login to trading section for a period of ninety days.

 

[Sylvie O.]

I think we should invite Masterforex to discuss about the case before it goes public.

 

[Laurie Gold]

I agree with Sylvie. I can understand them deactivating an account after a period of time but to not return the clients funds or worse to say hey there is nothing we can do and your money is now ours is a bit flip.

 

[Pharaoh]

Deactivating an unused account can be reasonable, but there needs to be a way to reclaim the funds and/or reactivate it. I agree we should invite them in.

Yo AsstMod! Care to email an invitation?

 

[AsstModerator]

I asked them about it and got a quick response. They wrote...

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.

It looks like if you let things go for 55 days, they take and keep your money. I've posted a warning about this policy on their review page.

 

[Laurie Gold]

Time period

I think the policy is harsh, and a scam in itself. I agree posting a warning on their review page is a great idea. However, I read the time period as 115 days (90+25), not 55 days. Did I miss something?

 

[Pharaoh]

We could all chip in and buy AsstMod a new pair of glasses and a calculator for Christmas.

Yeah, I think that the policy in itself is a license to steal. Inactivity fees from some brokers are bad enough, but this amounts to total confiscation of all funds in less than 4 months.

Should we also assume that MasterForex doesn't keep backups of their records?

 

[Sylvie O.]

If this case goes public, I'll vote GUILTY for sure!