Unreasonable confiscation of 2/3 profits by CWG Markets

potatochips

Private
Messages
22
There are no trades in the statements provided. Please upload a complete statement of all trading activity.

I don't know CWG and I don't like the tone or content of their email, however, the members here need to see what kind of trading you were doing in order to form an opinion on the actions of the broker.
Can I know, what is your purpose to ask me to share additional information that is not relevant to the case here? My trades started in 2020, do you mean I have to share all the trades executed since 2020?

The problem I'm stating here, is not about the original profit. I have traded with CWG Markets from 2020 and till end 2021. During this period, I have made partial withdrawals before without any issue. But then, early 2022, where I requested a partial withdrawal, CWG Markets then decided to confiscate profits without giving sufficient justification to me, they cannot tell the period of trades that were against their compliance, and also holding hostage my current account balance with what in their own words were "compliance funds from normal trades" just because I posted the story on FPA. It is very obvious that this rip off has nothing to do with the trading that I have been doing.
 

4evermaat

2nd Lieutenant
Messages
2,273
Can I know, what is your purpose to ask me to share additional information that is not relevant to the case here? My trades started in 2020, do you mean I have to share all the trades executed since 2020?

The problem I'm stating here, is not about the original profit. I have traded with CWG Markets from 2020 and till end 2021. During this period, I have made partial withdrawals before without any issue. But then, early 2022, where I requested a partial withdrawal, CWG Markets then decided to confiscate profits without giving sufficient justification to me, they cannot tell the period of trades that were against their compliance, and also holding hostage my current account balance with what in their own words were "compliance funds from normal trades" just because I posted the story on FPA. It is very obvious that this rip off has nothing to do with the trading that I have been doing.

Although I do mostly agree that at least the current account balance should have already been paid out, it might be a good idea to just generate a complete account statement.

Here is the tutorial:
 

potatochips

Private
Messages
22
Your trading appears to be at the heart of their reason for the confiscation so it has everything to do with your case.
@compu-forex I don't think it is the trading that is the problem, because if it is due to my kind of trading, then why didn't they flag it up to me at the beginning when I first made profits and did withdrawals successfully? Nor were they able to tell me the trading period when it is against their policies.
I don't think producing the trading statement since year 2020 will make CWG Markets return the money. They have kept silent for 6 months now, even with chaser emails but to no avail.

Although I do mostly agree that at least the current account balance should have already been paid out, it might be a good idea to just generate a complete account statement.

Here is the tutorial:
@4evermaat I understand the good thoughts from you and @compu-forex to try seek out whether it is really an issue with the trades, but logically speaking, if it were indeed due to the trades, why can't CWG Markets answer my question for the trading period from whence the profits were calculated and deemed to be against company policies hence justified their brutish action to deduct from my account ?? This was the first question I posed to them when they told me my profits have been deducted. And what is the justification to freeze my account to prevent any withdrawal of remaining funds which they say are "compliance funds from normal trades" when I posted on FPA? If they could give a reasonable explanation that can be discussed in broad day light that perhaps indeed was due to my fault, I wouldn't flag this up in a public forum.

From what I know of other compliant brokers, when an issue of trading against company policies actually are flagged, it will be done immediately, with an explanation properly penned in an email notification to the client, and deducted profits clearly calculated from whence the non-compliant trades placed till flagged time, eventually allowing full withdrawal of the account balance to close the account. This should have been done professionally, unfortunately this case was not well-managed by CWG Markets.
 

4evermaat

2nd Lieutenant
Messages
2,273
1) You make a good point. But if the dispute is about the trading, and that certain trades are in error then a trading statement is fair for the community to make up their own decision. You have to also work with FPA. and generating account statement requires very little effort on your part.

2) I do still agree that undisputed funds should have already been paid out.

Ultimately though, you can see how just trading with bucketshops with little or no transparency is really just asking for problems/heartache.

3) So in short, if you want your dispute about money from trading to be considered, then a trading statement covering the disputed period will be necessary.

The undisputed funds are already covered with existing screenshots.
 

compu-forex

Sergeant
Messages
186
I don't think it is the trading that is the problem, because if it is due to my kind of trading, then why didn't they flag it up to me at the beginning when I first made profits and did withdrawals successfully? Nor were they able to tell me the trading period when it is against their policies.
In the email correspondence from the company, the first paragraph literally says it is your trading....

At the end of the day, I don't have a horse in this race - it's not my money. If you won't produce the requested evidence then I know what I think.

when an issue of trading against company policies actually are flagged, it will be done immediately, with an explanation properly penned in an email notification to the client

That is simply not true. Whilst it (sometimes) does happen shortly after the trades occur, many brokers run their trading compliance checks when a withdrawal request is received. That, in itself, is a major issue which needs addressing but let's be clear, that is often what happens.
 

potatochips

Private
Messages
22
1) You make a good point. But if the dispute is about the trading, and that certain trades are in error then a trading statement is fair for the community to make up their own decision. You have to also work with FPA. and generating account statement requires very little effort on your part.

2) I do still agree that undisputed funds should have already been paid out.

Ultimately though, you can see how just trading with bucketshops with little or no transparency is really just asking for problems/heartache.

3) So in short, if you want your dispute about money from trading to be considered, then a trading statement covering the disputed period will be necessary.

The undisputed funds are already covered with existing screenshots.
@4evermaat thanks for the itemised points, however I beg to differ and would like to disagree.
1. I think the broker is making up excuses by mentioning about my trades, and they were not able to provide specifics in terms of which trading period did I do wrong. I have used the same trading style even in 2020. I think I have provided sufficient statements for this case, I don't need to produce full statement from the beginning when I started trading with them, doesn't make sense and wouldn't add value to this case.

2. Exactly, I should have done more due diligence in checking up their credibility as a broker, however it is apparent now that I have made a costly mistake by choosing to trade with CWG Markets.

3. There is no disputed period. Till now, I don't even know how did CWG Markets calculated the profits that they scammed off me. That's why it was the first question I asked them when they deducted the profits from my account. The figures just didn't add up. To me, it is obvious they put forth a lame excuse of trading against company policies, when in actual they just wanted to scam me.

The so called undisputed funds, are currently held hostage, meaning the money is with them, not me.

In the email correspondence from the company, the first paragraph literally says it is your trading....

At the end of the day, I don't have a horse in this race - it's not my money. If you won't produce the requested evidence then I know what I think.



That is simply not true. Whilst it (sometimes) does happen shortly after the trades occur, many brokers run their trading compliance checks when a withdrawal request is received. That, in itself, is a major issue which needs addressing but let's be clear, that is often what happens.

@compu-forex thanks for the comments, though exactly, it is not your money, nor did you trade with CWG Markets and know that in the beginning they were not like this. My trading style did not change over the trading duration since 2020, and I had successful withdrawals prior to this case.

So far in my trading experiences with various brokers, I've not met a broker that scams like this. Typically, when there is disputed funds, it wouldn't happen after the 3rd withdrawal, a trusted broker would have flagged up to the client the day after trades executed, or a bit later, but not during withdrawals when there was a track record of prior 1 year trading.

In any case, I think it's been enough time and effort that I spent here, and obviously the broker does not seem to care at all, so I'm repeating myself over and over but to no avail.

There is no change to the situation. I've given the latest update in the broker page. I think I'll stop here and not waste any more time. This is not going anywhere.

 
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