The matter is rather simple. I became an Introducing broker of GAIN Capital - FOREX.com UK Limited( that is authorized and regulated by the Financial Conduct Authority. FCA No. 190864.) on April 27th by signing the contract with them which is attached to this letter and they also sent me payment schedule A also attached to this letter.
I have brought 2 clients and they made a lot of trades for 3 month until got transferred to different platform and withdrew their money.
Both of them traded with Dealbook Spreadbetting account on currencies, which I signed up in the agreement to represent as well.
When I asked to withdraw my commissions Gain Capital refused to do so saying that I didn’t sign up for corresponding products to represent them. They base this on the payment schedule A that they sent me. That is what they say:
“
You referred 2 customers to us who traded on DealBook. Those 2 customers traded spread betting FX instruments exclusively. This product is not covered in the rebate agreement. Spot Forex is covered, not Spread Betting FX. All other SB refers to indices and commodities instruments as they are calculated on a notional volume basis.
“
I am sure they just found the reason not to pay me. My conclusion is based on 2 main reasons.
1. Payment schedule agreement is obviously meant to cover all instruments available on their platforms as no Introducing Broker works for free. I am sure other IBs got paid based on this schedule for FX Spreadbetting.
2. Even if phrase “all spot foreign exchange” in Part 1 doesn’t include spread betting, according to them, then Part 4 stating “all CFD trades and spread bets by Originated Customers through GAIN Capital’s Dealbook platform in each month during this Agreement that are not otherwise addressed in Parts 1, 2 or 3” surely must cover spread betting FX since it clearly states “ all spread bets” that are not mentioned above.
My point is that they have to pay me either according to Part 1 which is less money(around 15000$) or according to Part 4 which is much more.
Sincerely,
Thank you.
Dmytro Momot
I have brought 2 clients and they made a lot of trades for 3 month until got transferred to different platform and withdrew their money.
Both of them traded with Dealbook Spreadbetting account on currencies, which I signed up in the agreement to represent as well.
When I asked to withdraw my commissions Gain Capital refused to do so saying that I didn’t sign up for corresponding products to represent them. They base this on the payment schedule A that they sent me. That is what they say:
“
You referred 2 customers to us who traded on DealBook. Those 2 customers traded spread betting FX instruments exclusively. This product is not covered in the rebate agreement. Spot Forex is covered, not Spread Betting FX. All other SB refers to indices and commodities instruments as they are calculated on a notional volume basis.
“
I am sure they just found the reason not to pay me. My conclusion is based on 2 main reasons.
1. Payment schedule agreement is obviously meant to cover all instruments available on their platforms as no Introducing Broker works for free. I am sure other IBs got paid based on this schedule for FX Spreadbetting.
2. Even if phrase “all spot foreign exchange” in Part 1 doesn’t include spread betting, according to them, then Part 4 stating “all CFD trades and spread bets by Originated Customers through GAIN Capital’s Dealbook platform in each month during this Agreement that are not otherwise addressed in Parts 1, 2 or 3” surely must cover spread betting FX since it clearly states “ all spread bets” that are not mentioned above.
My point is that they have to pay me either according to Part 1 which is less money(around 15000$) or according to Part 4 which is much more.
Sincerely,
Thank you.
Dmytro Momot
