Resolved - Sterling Gent Trading sends my deposit to another broker without authorisation....!!!

[alexx71]

For some reason you pop up from no where and you are very active in this thread ONLY and for some reason you are worshiping everything has to do with this broker.

Can you be honest and reveal your relation with this broker?

Allow me to correct you, without being a regulated MM you can't trade on behalf of a trader. You are one rude arrogant person to decide that I don't have a clue.

About the $1800, why the trader must pay the conversion fees? based on what? there is an IB agreement between the IB and broker and the trader is no side of this agreement and therefore I see this action as very brutal and it is enough for me recommend against trading with this broker.

P.S. it's Master Yoda for you

I'm suspicious about people that come from nowhere and begin to write defending a broker and write only in one specific thread.....
forgive my many doubts....

 

[FX_Truth]

I'm suspicious about people that come from nowhere and begin to write defending a broker and write only in one specific thread.....
forgive my many doubts....

Honestly never even heard of this broker. I just came into peace army, that is correct. I just have been in this market for a long time and it annoys the piss out of me when ignorant people ***** and complain about brokers when they really have no idea what they are doing and shouldn't be even involved in this market. My apologies if people think I'm somehow affiliated.

If big bird want to go to the regulators, then he should. I just don't see it as the brokers fault when it seems from the brokers post that you had never even spoke to them until **** hit the fan and you want to look for someone to blame with the deepest pockets.

 

[FX_Truth]

For some reason you pop up from no where and you are very active in this thread ONLY and for some reason you are worshiping everything has to do with this broker.

Can you be honest and reveal your relation with this broker?

Allow me to correct you, without being a regulated MM you can't trade on behalf of a trader. You are one rude arrogant person to decide that I don't have a clue.

About the $1800, why the trader must pay the conversion fees? based on what? there is an IB agreement between the IB and broker and the trader is no side of this agreement and therefore I see this action as very brutal and it is enough for me recommend against trading with this broker.

P.S. it's Master Yoda for you

This is absolutely wrong. You do not have to be regulated. You can sign an LPOA and have anyone trade for you. Do your homework before you go shooting your mouth off about something you clearly have no clue about.

Another thing in which you are clueless. When you convert money there is a few. That fee is paid by that person whose money was converted. Therefore, they are responsible for the conversion fee. That's not a difficult thing to understand. If you need me to slow down and explain it slower for you I can so that. Just let me know.

P.S. Your P.S. Is Stupid.
P.S.S. Really think about using a P.S. It's laughable but I don't expect anything less.

 

[alexx71]

About Lpoa with unregulated entity I think is possible make an agreement with them. Is more or less as sending money
to unregulated broker... can you do ? Yes, but you're exposed to more dangers and if something goes wrong you
don't have the chance to complain to regulators. This is just what I think.... it would be good moderate the terms of talking here...
enemies are scam brokers not who think different...

 

[AsstModerator]

FX_Truth has been banned for uncivilized conduct. Spam Cat was very full from the weekend crop of spammers, but I managed to convince him to eat FX_Truth for dessert. He will not be missed.


Can someone explain to me what instrument was being traded which required currency conversion?

 

[Master Yoda]

FX_Truth has been banned for uncivilized conduct. Spam Cat was very full from the weekend crop of spammers, but I managed to convince him to eat FX_Truth for dessert. He will not be missed.


Can someone explain to me what instrument was being traded which required currency conversion?

A. He hurt my feelings

B. I am not sure, but $1800 as conversion fees is a lot and we need to see the agreement where is says fees should be paid and by whom

 

[bigbird]

A. He hurt my feelings

B. I am not sure, but $1800 as conversion fees is a lot and we need to see the agreement where is says fees should be paid and by whom

There is no agreement in place, that I'm aware of, because absolutely NO notification (by SGT) was given that my funds were to be converted from GBP to USD - and at what cost. If they had emailed me and requested that I confirm knowledge/ authorisation of the required conversion (by the trading system) of the funds that I had deposited with SGT (for their safe-keeping), and that I also new of the horrendous costs to be incurred - this would have been the correct way for a broker to behave. No such request for confirmation (and subsequent agreement) exists.

The instrument being traded was FX.

 

[Sterling Gent]

SGT has provided an honest and open account of this situation. We do not find it useful to get caught up in a general conversation after we have presented the facts. Our main objective was to answer the points raised by BigBird.
Big Bird lost money through this investment with a MM and trading strategy. While this is unfortunate, SGT is no way responsible for the trading of strategy chosen by BigBird nor any other advisory aspect concerning that relationship. SGT is a broker and executes trades.
BigBird seems to dispute basic industry procedures and is attempting to somehow find SGT at fault, rather than addressing the rather obvious issue that the strategy HE CHOSE lost money. SGT has suggested to BigBird that he may have many issues with his IB and his MM but not once did BigBird include them on any correspondence or skype conversations with SGT.

We are of the opinion that BigBird has no case against SGT for the following reasons:

1. It has been confirmed that SGT paid the full balance of funds back to BigBird.
2. The Liquidity Provider (Gallant) Account was opened in the name of SGT to provide liquidity to the specific Trader that was trading the strategy BigBird chose. When a client opens an account with any Broker, nobody asks that broker which LP’s they use. If Brokers did business the way BigBird thinks, every broker would have to notify every client every time they use a different liquidity source. This is simply not the way it works.[/I][/I]) Using Big Birds argument, SGT would need to communicate with every client every time a Manager made a trading decision. That’s what the LPOA is in place for!
3. Regarding BigBird’s comment “The conversion was not unauthorized”: SGT is authorized to follow the instructions of the Trading Agent (MM) by way of the LPOA signed by BigBird. BigBird’s MM’s very first trade was to convert the GBP balance to USD in order access the Trader’s strategy. Simple. We do have an email from BigBird’s IB confirming that the initial GBP investment was to be exchanged from GBP to USD in order to access this particular trading strategy. The investment from BigBird was received in GBP, it was traded in USD and Big Bird received back GBP. Why is SGT at fault and held accountable for decisions made between Big Bird, the MM and the IB?
4. The reasons regarding the time taken to process BigBird’s withdrawal have been clearly documented. Once we communicated directly with Big Bird, he was informed.

SGT has nothing more to add in this forum. We thank FPA for this facility. Regards SGT Team.

 

[AsstModerator]

I'm still waiting for an explanation of what was being traded which required Sterling Gent to have to set up an account at another broker. I've never seen a forex broker do anything like this before.

 

[bigbird]

I'm still waiting for an explanation of what was being traded which required Sterling Gent to have to set up an account at another broker. I've never seen a forex broker do anything like this before.

The instrument being traded was forex currency pairs.