RESOLVED | masterforex.com big issue. Fail to admit their mistake.

Pharaoh

Colonel
Messages
19,691
So, if PPM had already met the volume requirements, then and only then would the answer given by Roman have become correct.

However, since PPM was just starting out and CLEARLY did not include any information about trading volume, I think it should have been OBVIOUS to Roman that the question was NOT based on having fulfilled additional requirements. Additionally, for Roman to fail to mention that his answer had extra conditions required to make it true lead PPM to make trading decisions based on information that was inaccurate when applied to his account.

All things considered, my best recommendation would be to make an exception to the rules (since they were explained in a way that clearly influence the client to trade in a more risky fashion) and allow PPM to continue trading.

Before MasterForex's representative says that this is unfair, I'd like to point out that my proposal is clearly a compromise. If the rules had been FULLY AND COMPLETELY explained by Roman, PPM could have stopped trading long before losing the amount of his initial deposit and withdrawn some of his funds.

MasterForex risks nothing by this. If PPM's trading style doesn't become more cautions and more successful, he's unlikely to have the account survive to meet the 300 lots minimum. If PPM does end up meeting the volume requirements, MasterForex is very likely to have made back the bonus from charges on the spread.

I also recommend that MasterForex make sure that Roman and all other live chat agents be required to give FULL AND COMPLETE answers to questions like this. Let them know that any more partial answers will make the agents themselves personally liable for repaying any losses their incomplete or inaccurate answers cause.
 

ppm

Private
Messages
21
Hello, all!

Dear Pharaoh, I'll try to explain in another way according to your questions and according to .

It seems that noone did carefully read the full promotion conditions.
There are 2 stages in this bonus distingushed by the clients:

Stage 1. The very beginning when the bonus is just credited to the client's account but it is not withdrawable and it may be abrogated when equity becomes equal to the bonus amount.
As I see now, ppm spoke about this first stage. Also I've noticed that big amount of clients mostly consider this very "stage" and they are mostly planning to loose the whole deposit along with the bonus. It's sad but true, because very little amount of clients pass to the next stage of the bonus.

Stage 2. When trading is profitable and successful and the necessary quantity of lots were traded the bonus becomes a withdrawable part of deposit so that equity condition is no more active.
Sadly, too small amount of clients read this condition and the most profitable and successful traders reach this stage.

Also, there is one more stage which is applicable to all accounts and which is most desirable for our company and for all our clients and all other traders:
Stage 3. Stable, successful and profitable trading.
Alas, successful trading is for the successful minority.

As you can see these 3 stages are A, B and С in your question.
ppm quickly asked a question without the complete image of the matter "Can I trade further when the bonus is abrogated?" meaning "Will the bonus cover my losses after the equity reach the bonus amount?" and I answered him with the full knowledge of the conditions "Yes it is possible." meaning "When all bonus conditions are fulfilled and it becomes a part of your deposit."
A quick question "Can I trade further when the bonus is abrogated?" without mentioning either "equity drop to the bonus amount" or "bonus covers my losses first" generated a quick answer "Yes it is possible."

I ask again: where is my misleading?
I see only a misunderstanding which draw another misunderstanding.




If A, then Roman provided incorrect information. - from clients side, BUT as I was explaining all the time, the answer is completely suits the initial question - from Company's side.
If B, why wasn't PPM allowed to keep trading. - because the bonus was not a part of deposit, not all promotion conditions were fulfilled, he should have traded 300 lots more to proceed trading.
If C, please explain. - Trading without losses OR without such a big risk of the only trade performed may never raise this situation...

Read...Read..Read....



What i asked in live chat is:

14:17 You are now chatting with Roman Gotviansky (Tech. support) - Client Support - English

14:17 Roman Gotviansky: Hello! How can I help You?

14:17 customer: I have a question with regard to your 100% bonus scheme.

14:18 customer: 16 The bonus is abrogated automatically in case after the bonus provision and trading the account's equity becomes equal to the bonus amount.

14:18 customer: can i lose the bonus in full during my trade??say i deposit 1000 usd and you give 1000 usd bonus.

so in total it comes around 2000 USD. Can i trade till my 2000 usd becomes 0 ??
14:18 customer: or
will you cancel my bonus once my equity go below 1000 usd from 2000 usd?


According to your bonus rule you should have answered my question as that we will cancel bonus once the equity(capital comes to 0).And you cannot trade with bonus unless the significant volumes were traded.


But...But..But...

In real what you have replied me as below:

14:20 Roman Gotviansky: you may loose you bonus and then continue trading with the rest amount.

tell me how can i lose bonus and continue trading with the rest amount.??whereas your bonus rules says that my account becomes 0 when i lose the initial capital..

But According to your information were dose a point comes that i can lose bonus at first and still continue trading with the rest amount.??


You were 100% provided me a wrong information at first instance...Now i wait for Pharaoh and other members to comment on these...And let then decide who is GUILTY.
 

ppm

Private
Messages
21
So, if PPM had already met the volume requirements, then and only then would the answer given by Roman have become correct.

However, since PPM was just starting out and CLEARLY did not include any information about trading volume, I think it should have been OBVIOUS to Roman that the question was NOT based on having fulfilled additional requirements. Additionally, for Roman to fail to mention that his answer had extra conditions required to make it true lead PPM to make trading decisions based on information that was inaccurate when applied to his account.

All things considered, my best recommendation would be to make an exception to the rules (since they were explained in a way that clearly influence the client to trade in a more risky fashion) and allow PPM to continue trading.

Before MasterForex's representative says that this is unfair, I'd like to point out that my proposal is clearly a compromise. If the rules had been FULLY AND COMPLETELY explained by Roman, PPM could have stopped trading long before losing the amount of his initial deposit and withdrawn some of his funds.

MasterForex risks nothing by this. If PPM's trading style doesn't become more cautions and more successful, he's unlikely to have the account survive to meet the 300 lots minimum. If PPM does end up meeting the volume requirements, MasterForex is very likely to have made back the bonus from charges on the spread.

I also recommend that MasterForex make sure that Roman and all other live chat agents be required to give FULL AND COMPLETE answers to questions like this. Let them know that any more partial answers will make the agents themselves personally liable for repaying any losses their incomplete or inaccurate answers cause.

Thanks for replying Pharaoh..since i am not clear with their conditions i have asked my questions to them by quoting their bonus conditions.But their representative ROMAN have not explained their conditions in FULL AND COMPLETE manner .If he have explained me i would have never traded with them for sure.


few days back I have reported these issue to regulator ..International Financial Services Commission by yesterday evening i got a reply from stating that they have ordered for an inquiry on these..


I hope at least now masterforex can come forward to refund me??let me wait....if not let me sent charge back notice via bank...

@Pharaoh can i take the issue for public polling if masterforex deny to refund the fund??Guide me please.
 

MFX

MasterForex.org Representative
Messages
7
Dear forum members!

ppm made a correct desicion to escalate his claim to International Financial Services Commission. Our Company took part in additional consultations which helped us to reconsider the claim.
Taking into consideration the circumstances of the claim, opinions of forexpeacearmy.com forum members and the practice of Financial Services Commission, there was decided to compensate the rest of losses on his trading account so that the initial deposit amount would be available again so that further trading or withdrawal may be performed.

We are glad that it is finally resolved. This case will be included in our training course for our technical support department to avoid such situations in the future and improve quality of service.

Thank you for taking part in this discussion.
 

ppm

Private
Messages
21
Dear forum members!

ppm made a correct desicion to escalate his claim to International Financial Services Commission. Our Company took part in additional consultations which helped us to reconsider the claim.
Taking into consideration the circumstances of the claim, opinions of forexpeacearmy.com forum members and the practice of Financial Services Commission, there was decided to compensate the rest of losses on his trading account so that the initial deposit amount would be available again so that further trading or withdrawal may be performed.

We are glad that it is finally resolved. This case will be included in our training course for our technical support department to avoid such situations in the future and improve quality of service.

Thank you for taking part in this discussion.

I welcome these First.

After 10 to 14 days effort and right now masterforex have admitted their mistake and agreed to refund the 600 usd.I have made a payout request once it get approved and processed we can close the case officially.

thanks to Pharaoh,Eddiger and MFX Representative for co-operating...
 

Pharaoh

Colonel
Messages
19,691
Was that the Belize IFSC?

I'm glad to see it looks like this is getting taken care of. I hope that MasterForex takes my recommendation and lets their support agents know that providing incomplete information could affect their paychecks.

PPM, please post once your money arrives so that this can be considered to be closed.
 

Master Yoda

Captain
Messages
2,929
I welcome these First.

After 10 to 14 days effort and right now masterforex have admitted their mistake and agreed to refund the 600 usd.I have made a payout request once it get approved and processed we can close the case officially.

thanks to Pharaoh,Eddiger and MFX Representative for co-operating...
Congrats

Inform us once you see the actual money in so the case will be marked as resolved
 

ppm

Private
Messages
21
Was that the Belize IFSC?

I'm glad to see it looks like this is getting taken care of. I hope that MasterForex takes my recommendation and lets their support agents know that providing incomplete information could affect their paychecks.

PPM, please post once your money arrives so that this can be considered to be closed.
Yes Belize IFSC only..

And I have asked for payout on dated 09-05-2014.And still am waiting for the funds get be sent from the masterforex end.

Hopefully they do it...Once i have it i let you know guys. :)
 

ppm

Private
Messages
21
Hi there..I have received my funds via bankwire. So we can close the case now as it have been resolved...
 
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