When dealing with a dodgy broker that has taken your money as an individual is it best to press further or just take what you can get?

futurein64

Recruit
Messages
1
Hello, recently started trading decided to go with a EuropeFX. they assigned me an account manager who was meant to train me how to trade properly but instead would pressure me constantly into adding more money into my account. To keep things short I noticed many red flags while trading with this company but clearly I noticed them too late, as on Easter Monday a couple of weeks ago I found that trades had been opened on my account without my consent, inevitably causing me to lose £1.6k in the recent Crude Oil crash. Of course I immediately opened an investigation with the company but they insisted that I must have opened these trades myself as no one in their company has access to my account. (However, I know this isn't true as I've personally seen my account manager have access to my account and I wasn't even using my account on the day the trades open as I was spending Easter with family - unfortunately I do not have proof of this).

I realised that it would be a struggle to get my money back to I attempted to go to different scam consultant websites. However, many of them have not gotten back to me and the ones that did have told me that the amount I've lost is too small for them to take on my case. I am aware that many wouldn't think much of £1.6k but I do not have a lot of money and I have even less due to my work being cancelled from the current situation. the money taken from me was meant to pay my rent.

I decided to continue to pursue the company that took my money and pointed the inconsistencies with my account and why I knew it wasn't me that opened it. They got back to me the next day still claiming that no one has access to my account but they wanted to offer me £400 as compensation for my troubles. I am certain that them offering me money is a sign that they know they've committed something dodgy but don't want to admit it. If I accept the money they want me to sign a waiver and immediately close my account. At first I wanted to take them to court and fight back but since no one is taking on my case and I desperately need the money back I do not mind coming to an agreement with the company themselves.

I want to know how do I respond to their offer (which I believe is them indirectly paying me to shut up) buy asking for more money indirectly. I want to just close this chapter of my life but the amount they're offering is too low. I'd Like to send a responding email, countering their offer and basically saying if they pay me more I won't take this any further. Right now they are acting like they still don't know what's going on so I don't know if being direct with my intentions is wise.
 

4evermaat

2nd Lieutenant
Messages
2,014

compu-forex

Sergeant
Messages
149
IMHO, take the money and run, unless you have exceptionally deep pockets. Court action rarely works out well for anyone other than the lawyers.

There is a lot to be said for being "right" and standing your ground but cash in the hand is all that really matters at the end of the day.
 

The Reaper of F

Sergeant
Messages
198
they assigned me an account manager who was meant to train me how to trade properly but instead would pressure me constantly into adding more money into my account.
Is he a licensed money manager? If he isn't, you can sue him directly for legal reason and he'll be blacklisted for life.
 

4evermaat

2nd Lieutenant
Messages
2,014
Is he a licensed money manager? If he isn't, you can sue him directly for legal reason and he'll be blacklisted for life.

In Cyprus? < $2000 USD??? :rolleyes: Good luck with that.

The OP has better luck with FPA and maybe getting Cy FO involved.

But I do also agree here with @compu-forex and I actually had written something to this effect but it was lost in a browser refresh.
 
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