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

[Teodor Jackson]

This is the broker himself that forged these rules...

However there is nothing about money left on such account in the rule they refer to. So they cannot use it as an excuse to return the money.
I didn't read the whole agreement though.

This is Russian broker I understand?

 

[Mark Austin]

Libaabba

This is outrageous...stealing by inertia. I think we should all jump all over this one. It has got me worried with a couple of old accounts I have with other brokers.

 

[James R]

Guilty

This is a totally unacceptable practice and outright fraud!

 

[LeFrog]

A bit underhand I believe. Perish the thought but imagine being hospitalised or unwell and that login to your account or trading is the last thing on your mind at the time, only to find your funds have disappeared when you are ready to trade again. The sum involved here is relatively small but consider a $10K or $50K account for instance.
Wouldn't it be nice for the broker to sent a reminder in the form of an email before the 90 day period and before the closing of the account?
Guilty for being sneaky.

 

[csloh]

Guilty

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

Forex Traders are all at risk as Money is in the hands of the broker! DEFINITELY VOTE GUILTY!

 

[oneaemeka7]

Scam Broker

Brokers that make policies that will enable them to steal their clients funds should be labeled as " SCAM BROKERS". If this case goes public, I will vote guilty too.

 

[habibat]

Recruit

If it goes public i too will vote them Guilty. it's unbeliveable

 

[dineshydv]

Definitely a bucket shop. I found one more statement which indirectly says "During Asian session whenever we want, we can give you margin call and can close your losing trades to make sure we get maximum profit."

3.1.23. During the period of low liquidity of currency markets (00:00-07:00 GMT+2), in case of emergency, Client’s leverage can be reduced without preliminary notification.
link: http://www.masterforex.org/files/new_docs/customer_agreement.pdf

Also I tried contacting them via online support. When I asked them about withdrawal process for archived account - the support person disconnected the session. Looks like 1000% bucket shop...

 

[Sazu]

Guilty

With the technology of today, there is no excuse why a company is not able to recover a database record!!!

This is not so much as scam as it is plain old theft!!!

 

[Wayne C]

What can you say...A reputable or honest brokers would NEVER have such clause...Indirectly Masterforex use those terms to 'cheat' clients' money!...I will definitely warn ALL traders to stay away from MASTERFOREX!