RESOLVED Case# 2014-050 | marchew vs gftuk.com

marchew

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Original FPA Traders Court Submission:

I am submitting the case against: www.gftuk.com/

My Case is: After couple wining trades they closed my account, sent back my deposit and cancelled all my trades. On the 18.02.2014 I got email :

This is an email notification informing you that due to a combination of business and regulatory reasons GFT Global Markets UK Ltd “GFT” has taken the decision to close your account ******* in line with clause 20.2 of our General Terms.
We ask that you complete a funds request so that we may return all remaining funds to you https://www.gftuk.com/Help/Funds-Req...m/default.aspx.
Please note that GFT will not enter into correspondence concerning account closure decisions.

Best regards,
GFT
Canary Wharf
34th Floor (CGC 34-03)
25 Canada Square
London E14 5LQ
United Kingdom
International: +44 (0) 207 170 0770
Free Phone: 0800 358 0864



I sent withdraw request of all my money: 22,337.54 GBP. One day later I got email:

We have transferred -10000.00 GBP back to your bank account, by wire transfer. If you requested a same day transfer, your funds will be available before the end of business today (or the following business day if your request was processed after today’s cutoff time); otherwise the funds will be available in 2-4 days.

If you have any questions or concerns regarding this transaction, please do not hesitate to contact us using one of the methods below. As always, thank you for choosing GFT Markets.

Best Regards,


Customer Care Specialist

London, UK
GFT Global Markets UK LTD.
Canary Wharf
25 Canada Square
London E14 5LQ
United Kingdom
new.accounts@gftuk.com
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Phone 0800 358 0864
International +44 (0) 20 7170 0770
Toll-Free 0800 358 0864
Fax +44 (0) 20 7170 0754
Website Spread Betting - Forex Trading - CFD Trading - GFT


After that I made another withdraw request of remaining funds: 12337.54 GBP, but then GFT just cancelled all my trades ( some of them older than 10 days).

I already sent formal complain to GFT:

Dear Sir/Madam,


After contacting FCA please accept this letter as a formal notice regarding cancellation all of my trades on the account Nr *******. In my point of view and in line with clause 43.3 of your General Terms you did not have any rights to cancel my trades. In this case I am asking you to pay me back the rest of my funds I requested (12337.54GBP). Please explain as well why my account was closed in line with clause 20.2 of your General Terms.

I already spoke to FCA and the Money Advice Service about the situation. If you do not pay me back in two days, I am going to report that to:

· FCA Home - Financial Conduct Authority

· Action Fraud Action Fraud | Report fraud and internet crime

· Local Police Force

· Office of Fair Trading The Office of Fair Trading

· Financial Ombudsman Service Financial Ombudsman Service: Banking, Insurance & Pensions Ombudsman UK

I got reply:

Many thanks for your complaint dated 19th February 2014.
All complaints from our clients are treated very seriously at GFT and we aim to provide you with a resolution as soon as possible. Please find enclosed a copy of our Complaints Procedure.
In line with the wishes of our regulator, the Financial Conduct Authority (“FCA”), we will endeavor to provide you with the findings of our research into your complaint and a resolution within eight weeks. Should we be unable to provide you with a final response by this time, we will contact you again to explain the reasons why.
If you are dissatisfied with our final response, you are entitled to bring your complaint to the attention of the Financial Ombudsman Service. We will provide you with details of how to contact the Financial Ombudsman Service when we provide you with our final response. Please note, however, that the Financial Ombudsman Service cannot consider complaints made against firms authorized and regulated by the Financial Conduct Authority (“FCA”) until the firm has been given the opportunity to resolve the complaint.

Should you have any questions following receipt of this communication, please do not hesitate to contact me.

We thank you for your kind patience and will contact you again in due course.

Kind regards,

New thread in the Scam Alerts Folder:

Review is submitted by marchew on 02/26/14

The company was first contacted about the issue on 02/19/14 the last contact was on 02/26/14

Details: Dear Ms Rosa,



Many thanks for your complaint dated 19th February 2014.



All complaints from our clients are treated very seriously at GFT and we aim to provide you with a resolution as soon as possible. Please find enclosed a copy of our Complaints Procedure.



In line with the wishes of our regulator, the Financial Conduct Authority (“FCA”), we will endeavor to provide you with the findings of our research into your complaint and a resolution within eight weeks. Should we be unable to provide you with a final response by this time, we will contact you again to explain the reasons why.



If you are dissatisfied with our final response, you are entitled to bring your complaint to the attention of the Financial Ombudsman Service. We will provide you with details of how to contact the Financial Ombudsman Service when we provide you with our final response. Please note, however, that the Financial Ombudsman Service cannot consider complaints made against firms authorized and regulated by the Financial Conduct Authority (“FCA”) until the firm has been given the opportunity to resolve the complaint.



Should you have any questions following receipt of this communication, please do not hesitate to contact me.



We thank you for your kind patience and will contact you again in due course.



Kind regards,





Stephanie Holmes | Compliance Analyst |GFT Global Markets UK Ltd.

d: +44.(0).20.71700770 | m: +44.(0)7766862117 | f: +44.(0).20.71700788 |

e: stephanie.holmes@gftmarkets.com | w: www.gftuk.com

34th Floor (cgc 34-03) | 25 Canada Square | Canary Wharf | London E14 5LQ

Company representatives' emails: Stephanie Holmes <stephanie.holmes@gftmarkets.com>

 

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On the 4th of April I got this message:

Thank you for your complaint on the 19th February, please accept my apologises for the delay in getting back to you.

The outstanding balance on your account is now available to withdraw, the balance is £12,337.54,

Please request to withdraw these funds using this link - https://www.gftuk.com/Help/Funds-Request-Form/default.aspx.

Kind regards,

Stephanie Holmes | Compliance Analyst |GFT Global Markets UK Ltd.

d: +44.(0).20.71700770 | m: +44.(0)7766862117 | f: +44.(0).20.71700788 |

e: stephanie.holmes@gftmarkets.com | w: Spread Betting - Forex Trading - CFD Trading - GFT

34th Floor (cgc 34-03) | 25 Canada Square | Canary Wharf | London E14 5LQ


I did withdraw the same day (4th of April) and then I did another withdraw attempt on th 11th of April. After couple more emails, yesterday (14th of April) I got my money back :)
In this moment I would like to thank you very much FPA and all members involved in my case. I am sure that posted my case on FPA helped me got my noney back.

Please be careful with GFT (Forex.com now), they canceled all my trades, paid my deposit back and they took a chance that I never complaine about that. I wonder how many people never complain and loose money ? For practice like that GFT should pay big penaltys. They also never explain, why they close my account. Obviously they do not like clients making money, they are just another bucket shop market maker broker.
 
I did withdraw the same day (4th of April) and then I did another withdraw attempt on th 11th of April. After couple more emails, yesterday (14th of April) I got my money back :)
In this moment I would like to thank you very much FPA and all members involved in my case. I am sure that posted my case on FPA helped me got my noney back.

Please be careful with GFT (Forex.com now), they canceled all my trades, paid my deposit back and they took a chance that I never complaine about that. I wonder how many people never complain and loose money ? For practice like that GFT should pay big penaltys. They also never explain, why they close my account. Obviously they do not like clients making money, they are just another bucket shop market maker broker.

This is why any trader who feels mistreated needs to complain. To sit back and let things happen not only hurts that trader, it also allows a company to do the same thing over and over again to more traders.
 
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