Resolved - My horrible experience with Markets.com

[markets.com]

Markets.com does not issue compensation for emotional distress. The compensation which we offered you was in response to the technical issues which you experienced. We did conduct an investigation and responded accordingly. As is standard in the industry, all bonuses are subject to certain trading terms and conditions, this is in accordance with internal policy as well as with EU regulation, however, once you declined to sign the legal waiver we closed the matter as legally we cannot compensate customers without signature of the legal waiver.

 

[prosperity2013]

You are repeating the same lies over and over again. From my side, I repeat again. I was NEVER offered a compensation. The compensation that I asked for was not for emotional distress. It was for the technical error that Markets.com could not fix and for which I was hassled for over a month and a half.I refused to sign a waiver to get back money that Markets.com stole from me since I saw no reason to sign a waiver to get back money that is rightfully mine. When a customer opens an account with $1000 and $500 is missing from their account suddenly, why should he or she sign a waiver to get back the $500? In similar fashion why should I sign a waiver to get back money that is mine and that you tried to scam me of? As for the bonuses being subject to certain trading conditions and terns this is applicable to bonuses that are given for opening trading accounts. It is not applicable to bonuses that are offered due to problems that Markets.com could not fix.
It is common sense that when you offer me compensation for mistakes from your side, I would need to sign a waiver. I was agreeable to do this and sent emails to Markets.com that I would do so if I was compensated. But you sent me a waiver to sign to return the money that was mine and this is what I refused to sign. You have NOT offered me one red cent as compensation, so stop your lies. I have many evidence back and forth emails from Markets.com which will prove how badly I was hassled and treated.
I sent the waivers to one of the moderators of FPA who wholeheartedly agrees that there are a lot of unnecessary and unconnected stuff in the waiver that has nothing to do with the specific issue and I am justified in
not signing it. I am sure Markets.com knows how bad the lapses have been from their side and hence asking me to sign such a waiver.
You owe me a compensation and I deserve to be compensated. As time passes by, the lies and the callousness with which I am being treated is making me more and more angry. I will pursue this further and will not let it go until it is resolved and Markets.com takes responsibility and makes amends for their actions.If Markets.com cares for customer service as you claim, prove it by taking responsibility and setting things right with the people who have complaints against you.

Markets.com does not issue compensation for emotional distress. The compensation which we offered you was in response to the technical issues which you experienced. We did conduct an investigation and responded accordingly. As is standard in the industry, all bonuses are subject to certain trading terms and conditions, this is in accordance with internal policy as well as with EU regulation, however, once you declined to sign the legal waiver we closed the matter as legally we cannot compensate customers without signature of the legal waiver.

 

[Pharaoh]

It depends on the waiver.

If the waiver is "This $500 represents full and complete compensation for the incident on (date) where you have previously claimed to be owed $500. You agree to make no further claims regarding that incident.", that's understandable.

If it's "This $500 represents full and complete compensation for anything we ever have or will do to you and/or your account.", that's another matter entirely.

 

[prosperity2013]

Yes; the first one is understandable and justified. I would have been fine signing such a waiver.
the second one is not and this is what they wanted me to sign.
they wanted me to sign a waiver which had nothing to do with the incident or the compensation.

If the waiver is "This $500 represents full and complete compensation for the incident on (date) where you have previously claimed to be owed $500. You agree to make no further claims regarding that incident.", that's understandable.

If it's "This $500 represents full and complete compensation for anything we ever have or will do to you and/or your account.", that's another matter entirely.[/QUOTE]

 

[markets.com]

We reiterate that we simply cannot disburse funds without the signed legal waiver, we are obliged to comply with multiple European laws and regulations on disbursement of funds whether the funds are considered as compensation, bonuses, refunds or anything else. Please be reminded that this is not at all specific to your case but is consistent with our rules and regulations and all customers are obliged to follow this procedure. As for the terms of a bonus, the policy is applicable to any bonus whatever they may be issued for, not only to welcome bonuses. We do, in fact, value our customer service highly and that’s why we checked the records on your case which clearly show that you were offered compensation and bonuses so your accusation to us of lying is unjustified and inappropriate in all the circumstances.

 

[prosperity2013]

I repeat again that I was NEVER offered a compensation. I made it clear to Markets.com that I would sign a waiver if I was offered a compensation. I was sent 2 waivers to sign for markets.com to return the money that was missing from my account. It was my money and NOT a compensation.I would have posted these waivers here but it contains a lot of personal info and since I do not want these on the website to protect my privacy, I am not doing so. I tried to delete these and post but it would not work. I did forward it to one of the moderators at FPA and he agrees that I did the right thing by not signing it since it contained things that had nothing to do with the issue in question.The bonus was offered to me with no strings attached but was taken out of my account when I withdrew some money.My Account Manager at that time offered me this.Since he was working for Markets.com at that time and one of the reps, Markets.com is accountable for the promise that he made.
We keep going back and forth with this and it makes no sense. I would like to know if Markets.com is willing to resolve this. If you do and compensate me, I will sign a waiver. I will also post messages that the matter has been satisfactorily resolved.We can then close this and move on. If you are interested in resolving this, please contact me. You have my info and phone number. If not, I will pursue this further on my own.

 

[Pharaoh]

Hello Markets.com Rep,

I can't believe that European law requires a 100% fixed format for all waivers attached to compensation over a dispute. Why not see if you can come up with a waiver that meets all the various legal needs of your end, yet still satisfied the client?

You can start by taking this very simple one that I wrote:

"This $500 represents full and complete compensation for the incident on (date) where you have previously claimed to be owed $500. You agree to make no further claims regarding that incident."

and pad it out in all the usual "party of the first part", "party of the second part" etc. lingo that keeps lawyers gainfully employed as well as making it all happy and binding.

Just make sure to specify exactly what the dispute was, when it happened, what the amount disputed was, and that the waiver applies only to that dispute. If you are really afraid of further disputes with this client, consider tying this whole thing into closing the account and ending the relationship with the client.

It really shouldn't be that hard to do. Surely someone at Markets.com went to law school and didn't sleep through all the classes on contracts, waivers, and negotiations.

 

[prosperity2013]

Brilliant Pharaoh. Had a good laugh and thanks for that. Laughter is a great medicine.

Hello Markets.com Rep,

I can't believe that European law requires a 100% fixed format for all waivers attached to compensation over a dispute. Why not see if you can come up with a waiver that meets all the various legal needs of your end, yet still satisfied the client?

You can start by taking this very simple one that I wrote:

"This $500 represents full and complete compensation for the incident on (date) where you have previously claimed to be owed $500. You agree to make no further claims regarding that incident."

and pad it out in all the usual "party of the first part", "party of the second part" etc. lingo that keeps lawyers gainfully employed as well as making it all happy and binding.

Just make sure to specify exactly what the dispute was, when it happened, what the amount disputed was, and that the waiver applies only to that dispute. If you are really afraid of further disputes with this client, consider tying this whole thing into closing the account and ending the relationship with the client.

It really shouldn't be that hard to do. Surely someone at Markets.com went to law school and didn't sleep through all the classes on contracts, waivers, and negotiations.

 

[prosperity2013]

Can anyone recommend a good lawyer in London or Europe?

Brilliant Pharaoh. Had a good laugh and thanks for that. Laughter is a great medicine.

 

[Pharaoh]

Finding a lawyer is easy. Finding a good one who won't charge a fortune is challenging.