I have had a trading account since November 2019 which had doubled in value by June this year. Unfortunately, my account manager who does all the trading for me, had a disastrous trading day on 25th June which caused my account to lose €26,000.00 of the profit it had made which was just short of €38k.
The result of this loss is as follows:
1) There is no profit showing on my account to withdraw.
2) I'm being told I can not close my account and withdraw my funding as it is tied into trading contracts. Apparently, until my account shows a profit again, I'm unable to withdraw any funds (profit) from my account.
3) I'm being told by my account manager that there is very little crypto currency trading being done due to the extreme volatility of the crypto market - it's too dangerous to trade! However, after some research online it appears to me Bitcoin volatility is at an all time low?
I am very confused and worried by all of this. Unfortunately, I do not fully understand the markets and how trading accounts operate in any detail. Therefore, I have to take my account managers word for it and trust him. Having made some profit, what I would really like to do now is close my account take what profit there is and withdraw the money I invested. Should I be able to do this without incurring huge penalties - if any?
Furthermore, I do not understand my account status - so maybe someone here can explain these figures for me. My account manager does not seem to be able to explain them in a way I'm able to clearly understand what they all mean?
Balance €48k;
Credit €20.5k;
Equity €42k;
Free Margin € - (minus) 33k;
Total profit/loss € - (minus) 26k. However, when I check for profit/loss 'All Period' it is €33.5k.
Margin level 55.99%.
Used Funds €75k
Many thanks for any advice and guidance you can offer me.
The result of this loss is as follows:
1) There is no profit showing on my account to withdraw.
2) I'm being told I can not close my account and withdraw my funding as it is tied into trading contracts. Apparently, until my account shows a profit again, I'm unable to withdraw any funds (profit) from my account.
3) I'm being told by my account manager that there is very little crypto currency trading being done due to the extreme volatility of the crypto market - it's too dangerous to trade! However, after some research online it appears to me Bitcoin volatility is at an all time low?
I am very confused and worried by all of this. Unfortunately, I do not fully understand the markets and how trading accounts operate in any detail. Therefore, I have to take my account managers word for it and trust him. Having made some profit, what I would really like to do now is close my account take what profit there is and withdraw the money I invested. Should I be able to do this without incurring huge penalties - if any?
Furthermore, I do not understand my account status - so maybe someone here can explain these figures for me. My account manager does not seem to be able to explain them in a way I'm able to clearly understand what they all mean?
Balance €48k;
Credit €20.5k;
Equity €42k;
Free Margin € - (minus) 33k;
Total profit/loss € - (minus) 26k. However, when I check for profit/loss 'All Period' it is €33.5k.
Margin level 55.99%.
Used Funds €75k
Many thanks for any advice and guidance you can offer me.