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Resolved - Trade.com Money Withdrawal = Account under investigation

Discussion in 'Resolved Issues' started by fireiceviper, Nov 27, 2017.

  1. fireiceviper

    fireiceviper Private

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    I have been Trading on Trade.com since last month (the end of October) making some good profits on Bitcoin cfd's and Bitcoin cash cfd's, but noticed they where increasing my spreads to beyond reasonable.

    After complaining and having my spreads increased yet again I decided it was time to call it quits so i requested a Withdrawal ... that is when the problems started. I did my request for 8000 euro on the 10th of november, on the 15th i received a message that my account was "under investigation" and my account and withdrawals are suspended.

    At that point you can try and mail them back or call support (don't try to call your account manager he will no longer pick up...) they will either not respond or say your account is still under investigation and you will hear back once the investigation is finished.

    On the 17th of November i contacted support again and they told me they could transfer some of the money if i gave them my bankstatement.

    Also on the 17th of November I filed an official complaint with Trade.com compliance department (filled out the form and sent it per email) and I also stated that "I will file a complaint with the Financial Ombudsman of the Republic of Cyprus and to regulator CySEC. Wednesday 22-11-2017 (7days since my first reply) I will be opening a case with the Forex Peace Army Traders Court and we can continue this discussion over there."

    (also i could not enter my account on the site anymore, the next day i could)

    On the 18th of November i had enough and tried to withdraw the remaining money.

    On the 20th of November i received a notification that 4800 euro has been sent to my credit card and 600 to my bank account. This was my initial deposit and the money did arrive.

    On the 22th of November i contacted support again and decided to give them a little bit more time to sort out the mistake they had made ( in my innocence...)

    On the 24th of November i received confirmation that my official complaint had been received, but they did not include an official complaint number.

    On the 27td of November i received an email from the same person who put my account under investigation in the first place referring to https://www.trade.com/en/terms-conditions points

    19.3 (using software) (nope) and 19.4 (Internet, connectivity delays, and price feed errors) (also a big fat no)

    and also refering section 8 of the Terms and Conditions regarding Cryptocurrency Products that basically states:
    "any complaints that you may have or any disputes that may arise between you and the Company in connection with you trading CFDs in Cryptocurrencies are not eligible and shall not be accepted for consideration by the Financial Ombudsman of the Republic of Cyprus." ( i wonder why they included this....)


    Also point 6.6 about sharing logins and passwords ..that also did not apply.


    That is the current situation 14082.42 of my profits that they are unwilling to release for no apparent reason at all except possibly this or that and i did none of those things.

    I'm still going to file a complaint with CySec and the Financial Ombudsman of the Republic of Cypres because in my opinion if Cysec can control the leverage (they just lowered the max leverage on crypto cfd's they must be responsible.)
     
  2. veri5

    veri5 Corporal

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    crooks are asking for some penalty imposed
     
    fireiceviper likes this.
  3. FxMaster

    FxMaster Lt. Colonel

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    Few steps that you must follow to draw their attention to your issue,
    Follow the suggested steps below:
    Invite them to join this thread via email (Send an email to every possible address).
    Go to their website and invite them to here via Live Chat
    You will find their email and address here https://www.trade.com/en/contact-us

    Also, Share your story as a review here www.forexpeacearmy.com/forex-reviews/11129/www.trade.com

    You can also share your story on their social media pages mentioned below:
    https://www.facebook.com/Tradecom/ (Click on MORE and you will find write review option there)https://www.youtube.com/channel/UCSBYPnXK51BCLwoH0Y1TM-w

    https://twitter.com/TradeComEN

    https://itunes.apple.com/US/app/id1120178110?mt=8

    https://play.google.com/store/apps/details?id=com.trade.android
     
  4. fireiceviper

    fireiceviper Private

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    I asked them to join us in this thread through Email and also through support.
     
  5. fireiceviper

    fireiceviper Private

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    Received an email today (30-11-2017) with updated terms and conditions :

    12.5. You acknowledge and accept that in the case of no activity, including funding or trading in your account within a period of sixty (60) calendar days or more we reserve the right to classify your account as an Inactive Account (‘Inactive Account’) and furthermore reserve the right to charge you an administrative fixed monthly fee of ten USD ($10.00) or alternative currency equivalent.


    In cases where your account remains inactive for a period exceeding 12 months, an Annual Inactivity Fee shall apply, which will be deducted at a rate of one hundred USD ($100) or equivalent per quarter, minus any monthly inactivity fees already charged. The Annual Inactivity Fee may be charged by the Company at any point subsequent to the 12 month period being exceeded and applies retroactively.


    In the event that your account balance is zero we reserve the right to classify your account as dormant. To reactivate your account you are required to communicate directly with the customer support department.

    So now they are going to charge me after 60 days of inactivity... wow... incredible. They are not allowing me to withdraw my money or to trade on their platform... so i dont agree with the new terms and conditions... now what?


    Minor updates:
    28-11-2017 sent an email to the compliance department asking for my official complaint number that i need for the Cyprus regulator and Financial ombudsman. .. (no reply yet 30-11-2017)
    30-11-2017 Called support again today, asked for my official complaint number and a status update... no updates still under investigation and they would escalate my question/complaint to the "relevant" departments...

    I have been "escalated" to the "relevant" departments so many time now that surely a hasty answer must been coming quickly now... (right....)
     
  6. FxMaster

    FxMaster Lt. Colonel

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    Regarding 60 days inactivity, talk with customer care and tell them that whats going on with your account (may be that is autoemail for the inactive accounts). Moreover, if you don't get a proper response until the end of the week then write me back. I`ll give you more suggestions on how to get your funds back.
     
  7. fireiceviper

    fireiceviper Private

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    Unfortunately no replies ...unbelievable this way of doing business..
     
  8. fireiceviper

    fireiceviper Private

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    05-12-2017 received my "official" complaint number today from Trade.com ( Leadcapitalmarkets ),

    I filed my official complaint on 17-11-2017 and according to website from CySec they will have to resolve my complaint within 2 months ( or explain why they need more time to look into it, within maximum three months from the day of the complaint). so about the end of February... great

    I have now filed a complaint on the CySec website now ( you can find the form here https://www.cysec.gov.cy/en-GB/complaints/how-to-complain/ )


    Also talked to the support again today ( 05-12-17): account still under investigation...
     
  9. VilmarK

    VilmarK Private, 1st Class

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    Hi Fireiceviper,

    So I'm not the only one having withdrawal issues with this company. Thanks for the advice and will definitely have a look a these links you're putting up in your post. For me it's a total amount of 33K that they are unwilling to release also for no apparent reason. They come up with all kind of bullshit and it's been 4 weeks for me now. Nothing so far. Their lack of communication is insane and have all the characteristics of a fraud. Good luck mate! Keep us posted. I will too.
     
  10. FxMaster

    FxMaster Lt. Colonel

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    Contact Rebecca here WinChargeback, she will help you to get back your money.
     

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