During years of trading, I had a
lot of problems with many forex brokers, in fact the usual things like spread
and SL hunting and so on, which everyone complains about, but that did not
worry me. I trade with big targets so I do not worry about increasing the
spread or tight SL
I traded with many companies,
regardless of the weak licenses or even without any licenses, from the Virgin
Islands and Seychelles to Panama and did
not have any real problems
Today I only realized that the
licenses do not protect anyone from the manipulation of companies, my point of
view that ignores the licenses and their strength seems to have been completely
sound and that the most important of the licenses is the desire of the company
to maintain its reputation and transparent transactions
The company I'm talking about is a
Cyprus
licensed company, and even after the recent tightening of the license terms,
its license has not changed but added a new British license, and the funny
thing is that my account was transferred under the British license (FCA),
although this greatly reduces leverage and limits deposit and bonus methods.
The story is simply that I
converted a relatively trivial amount ($ 40) to $ 300 within a reasonable time
I already deposited and withdrawn
from them many times amounts greater than that multiplied twice and my deposits
with them are always higher than $ 2000 and did not make me neglected to trade
with only the value of high margin when trading indicators
Surprisingly, two weeks ago, the
broker surprised me when asked for my verification update, which means the ID
and proof of residence, and I sent it again
During the last period all my
trades were suspended and also withdrawal and deposit
Then they started to request the
identity card (which I sent)
Then I found that the phone number
on my account was deleted without doing so
Finally yesterday morning I found
my balance zero..yes zero
I called technical support over
and over without interest
I started to open a complaint
ticket, but I could not do it, claiming that I opened a complaint ticket hours
ago, als o I did not do that
I went back to the details of the
account and its movement. I discovered that I had submitted a request for
withdrawal all funds at 8 January 2018 ,
which did not happen
A $ 25 withdrawal fee was deducted
even though I do not know which withdrawal method the company has applied for
And yet no clouds I did not ask
for arrived
No funds are in the account
And the account still frozen even
if I tried to do a withdrawal or deposit or circulation graduation list that I
am currently frozen until the activation
Then I found they were asking for
my tax number
And insist that Egypt is among the countries
required of a tax number, which I do not find in any other company
At the end, they sent a PDF file
containing the conditions of the existence of the tax number and the issuance
of the PDF file to the control authorities. After reviewing the full file, I
found that Egypt
and other countries are excluded from attaching the tax number and therefore
the company can not claim it according to the file sent from them
But it also did not reveal
anything
Strangely, so far no one from the
company has answered the frequently asked questions about the withdrawal
request process that I have not done and insist on
I do not know even in the process
that I did not do why they insist on deducting $ 25 transfer commission
although they certainly will not transfer it via Western Union to pay 25$ fee
I also did not receive any
notification via e-mail that I had applied for a withdrawal of funds on any
means of withdrawal
Followers of my own site and
published posts may know that I am one of the most hard-liners in trading
anything. I am always cautious about the many accusations that traders make
unnecessarily and unsupportively and do not react to documented complaints
As I used to do, I did not decide
to publish what I had about the company until I had the clear documents for
every step of that issue
Apart from the small amount of
money but what happens with a very small amount like the amount I'm talking
about it can happen with much larger amounts and for many reasons and within
the justification of many such as justifications and procrastination by the
company through its response and automated programming that does not allow
communication with anyone (currently at least )
Especially since most of the
employees I know from the company have left it to other companies over the past
year and have refrained from explaining anything about the company, and I
respect that of course although I realize they have something to say
I only found a positive side in
what happened. It was a warning to me from dealing with a company that did not
comply with transparency standards and allowed itself to take actions within
the scope of privacy protection. It allowed itself to sign withdrawals on
behalf of the customer and accept transfer commissions on behalf of the customer
during the account freeze period without apparent justification
The caveat is in all cases,
whether the company terminated the treatment of withdrawal or found other
excuses to commit more violations, the most important is the sense of security
with the broker, which is no longer available with that company, which I do not
deny that I have achieved a lot of profits and withdrew from the profits
without any problems Their technical support was wonderful and cooperative to
the extreme
Unfortunately today we lose a well
trusted broker for a long time
The broker name is ETORO
More to come at my own site
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