RESOLVED - GFT cancelled my trades

marchew

Private
Messages
11
Halo everybody

My name is Izabela.

Be careful with GFT. 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-Request-Form/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
View Map→

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,


Please be aware of GFT SCAM practice.
As a proof please find attached statement.


Regards

Izabela
 

Attachments

Pharaoh

Colonel
Messages
19,840
I don't see any harm in going ahead and filing a complaints with the FOS. If they want to give the broker time to respond, I wouldn't be surprised if that clock didn't start ticking until after you filed the complaint. Even if they are right, it will only mean that your complaint will be temporarily placed on hold.

In addition to everywhere else you mentioned, eConsumer.gov is another place you can leave a complaint.
 

chaosscrem

Corporal
Messages
87
I see UK industry standards for FX trading are getting lower and lower. As I remeber this kind of activity is similar to scam artist InstaForex that operates in Russia. Once they cancelled my profitable trades for last few months with no reason. I see GFT UK wants to head the same way. Im not especially amazed because Forex.com has taken over GFT. I have no good opinion about forex.com nor many traders that dealt with them. They are known for closing profitable accounts with no reason and with no excuse. I understand sometimes trade are cancelled because of some error or so on. But its hard to belive they found some error etc. after 12 days after they closed profitable account. Its ridiculous as same as InstaForex. My trades were cancelled several times by FXCM or FXPRO but it has been done the same day I closed positions(just few hours after that). Its ok errors happens. So if GFT is not able to find error and void trades immediatelly what kind of mess is inside this company? Im not sure GFT UK knows about something called MIFID and transaction reporting. And second important thing: on FCA website states that all financial industry companies are responsible for good industry standards. But it looks some companies are exempted from that and from MIFID. So in my opinion the best idea is to keep off from booth mentoined companies.
 

Pharaoh

Colonel
Messages
19,840
There's a simple way for a regulated broker to scam. Improperly take money from clients. Tell everyone who complains to file a complaint with the regulator. Chances are that 9 out of 10 won't do it. Then settle with the 1 of 10 who does file the complaints and keep the money from the other 9.

Unless enough people complain, the regulator won't have enough data to spot the pattern. Should the regulator be blamed if 90%+ of victims can't be bothered to fill out some forms?
 

PipStar

Sergeant
Messages
223
Hello Izabela
I have been in this situation with another UK broker before regarding the complaint procedure and going all the way to the FOS (Financial Ombudsman Service).
You must follow the complaint procedure and give GFT the time to give you a final reply regarding your complaint which as they say they are allowed 8 weeks to reply
but normally they won't take that long. If they don't pay your profits, then you file the complaint with the FOS and I can tell you they take a long time to resolve. Mine took
one and a half years but they found in my favour and the broker then paid me. Often, it is a delaying tactic by the broker who won't have to pay your profits for over a year.
But I hope your case is resolved sooner.
 

chaosscrem

Corporal
Messages
87
There's a simple way for a regulated broker to scam. Improperly take money from clients. Tell everyone who complains to file a complaint with the regulator. Chances are that 9 out of 10 won't do it. Then settle with the 1 of 10 who does file the complaints and keep the money from the other 9.

Unless enough people complain, the regulator won't have enough data to spot the pattern. Should the regulator be blamed if 90%+ of victims can't be bothered to fill out some forms?
You are right. So Izabela- you should make a complain as soon as possible
 

marchew

Private
Messages
11
Thank you everybody for your help.
I sent invitation to the GFT representative to discussion. No answer so far:

Hello

Please be informed that I have started Traders Court on the Forex Peace Army website: http://www.forexpeacearmy.com/traders_court/

I opened a new thread:

http://www.forexpeacearmy.com/forex-forum/scam-alerts-folder/33042-gft-cancelled-my-trades.html

Please join to the discussion.

I already reported my situation to the most institution I mentioned before. Apart that I am going to open new threads with different main forex forums and then I will send you links.

Regards

Izabela
 

stevesmain

Sergeant
Messages
228
This broker has cancelled accounts when they feel they need to based on their own internal legal department. Usually due to the need to comply with various countries regulations. (used to be a client with GFT & they gave notice of this closure).
Perhaps this may be their reasoning based on your country, location? If that is the case they ought to have prevented you from opening an account. Not after the fact.

Keep the pressure on!
 

Pharaoh

Colonel
Messages
19,840
Closing an account because of legal restrictions (new or old ones that were overlooked) is one thing. Grabbing a client's money is a completely different story.
 
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