Following the seeking of legal advice, I have been advised to chose my words carefully and omit specific names from the following piece. I leave it to those who know what is going on to fill in the blanks by themselves:
As many of you know a certain platform has not allowed me to login for the last 2 days. At first I was not overly concerned as this happens VERY often with the platform in question and I thought it was just a routine technical issues. 3 hours later, when the market started to sell off, it became more of a pressing concern. All inquiries from me as to what was happening were ignored and phone calls not answered. Eventually, and only after the reaction of the community who could tell something fishy was happening, I got an email stating that my account is normal and they have detected multiple log ons from me and they can not see an issue. This is the equivalent of spitting in my face and saying its raining. i.e. A blatant lie.
They also claim to have tried to contact me to talk about it. My phone has rang only twice today. Once from a family member and once by Etisalat. I have received no help and even if I had, what good would it be 2 days into the problem after denying it?
Suffice it to say after this I contacted CySEC, who were about as helpful as a pair of glasses to a man with no nose. At this point (it was brought to my attention by someone in twitter), they finally admitted there “may be” a problem and said they were looking into it (28 hours later….).
Here is my opinion on it; this company does not give a damn and I base this on the following observations and experiences:
1.) This is a company that previously told me not to aim to make money for copiers and aim for only 3% returns.
2.) A company that randomly closes peoples positions citing ID verification. Well if you are concerned about ID, why did you let them open the positions in the first place? How many millions did take from hundreds of thousands after that?
3.) This is a company that lets people spam, scam, make multiple accounts to dupe people and cares nothing for them.
4.) A company that has multiple failures, some lasting days, and pretends not to be aware. I am sure ALL of you are familiar with at least one episode of this.
5.) I feel they were aware of the fact we were all leaving to HF, and knowing the markets would turn against us, locked us out to basically take our equity. I believe it was targeted and calculated with malice of thought. I believe that they have only come forward to address the problem 2 days later as a combination of the following:
A.) Because they have become aware that we have reported them to authorities and are seeking legal advice.
B.) They have realised that people are not idiots can see what is happening.
C.) They figured we would all have been wiped out by now.
6.) This is not a real broker but a gaming platform as many have put it in the past.
Please note, this is not a way to pass blame for bad trades. I always admit mistakes. When I lost my 300K on Saxo, did I blame Saxo? Nope. When the market tanked yesterday, did we make excuses on HF? Nope. We logged in and hedged and limited draw down to 7% of account equity. Our plan was, as said to Michele01 and Markofay hours before this all happened, that if it did happen, we would have closed our green EURUSD sell and use the capital to hedge (like we did on HF). However, being unable to log in, we could do nothing. That is the truth of the matter and we all experienced together in frustration how it happened and would not be resolved.
Now at the end of the day 95% of the people reading this, won’t believe me. I did not believe many others before who had similar experiences with them. I used to say “Hey they are regulated”. Then I realised being regulated by CySEC means nothing whatsoever. No wonder why all these semi dodgy brokers are regulated there. Anyway I don’t blame those who doubt, afterall who is going to believe the one Arab guy vs the marketing efforts of that whole company. But I want you to think carefully about what you have seen the last few days and put the pieces together. See who has been changing their story and see who has not. If you do that, you will come to the correct conclusion. And please consider the following, if they did this to me, what is to stop it happening to you in future?
I wish to make clear now, as I always do, my intentions. I will not be communicating further with this company anymore or addressing them in any further posts. If they wanted to solve things, they would have done so by now so any future correspondence will be through legal channels as I intend to take this, which I consider theft against myself, as far as the law will let me. I am convinced that the many thousands I personally have on deposit there are forfeited, because even if I am able to log in again in future, I am sure they will never let me withdraw knowing that I’m moving elsewhere, more so after publicly making this post. However, the truth is more important and I think that justice will come out. As hard as they want, they can not keep something like this hidden. In their greed, they have taken a step too far and their actions will only further prove their guilt. I am not someone who will simply run and hide, and they will hear from me soon through appropriate channels, which they cannot ignore.
Moral of the story, once we give our money to a broker we are at their mercy, they can do anything they want, and we are powerless over it. Regulation by CySEC or other clown organisations means nothing. All it means is that when you are cheated or victimized, you have an organization that you can complain to that will either ignore you, or tell you to write them a letter, which they will then ignore. There is a special word for crooks like this but I am too polite to use it.