How can I get my money back

[Emibluz]

Hello, sometime ago, I traded with a big regulated broker. I opened a long position and when I wanted to close the trade after gathering 203pips, the platform did not respond. I contacted live support immediately to ask for help, so that my trade could be closed. The online support said they would do that. I logged on after some hours and found that the trade was not closed and I had lost about 50pips, which leaves me with 153pips. Out of anger, I called support again and they said they would close it, I contacted for about four more times till I lost all 203pips and even 50 more pips. This was very bad because I set my leverage to 1:200. Is this fair? Till today they have refused to look into the situation. What do you make of this? How can I get the broker to pay for the loss because I perceive it was a trick from them to take money away. They are regulated by the Australian regulatory bodies. Is there anyway I can contact them and give them proof of chat and trades.

 

[Enivid]

Report the situation to ASIC.

 

[Rambo35]

I am highly skeptical that an ASIC regulated broker would do that and why their platform was unavailable for such a long time or that they refused to close the trade after you called them. Should this still be the case than do as Enivid suggested and report the case to ASIC, but you need to be able to provide proof of what went on.

 

[Emibluz]

I have come to hate some brokers that advertise themselves claiming to be regulated. In fact, I think they are the bigger thieves here. Nontransparent brokers who play tricks to take people's money away. I regret putting faith in this regulation sh**

 

[Fxpipper]

When it really comes to it, regulated or not, a broker can still shortchange you. I would report the broker to ASIC if the situation is as you'd posted.

 

[highpips]

Whether you report or not, I am pretty sure you've lost your money. These brokers that claim to be regulated are more dangerous that unregulated brokers. If the regulated brokers can't run away with your money, they'll look for a sophisticated method to suck you dry. Please start all over.

 

[vicknic]

When it really comes to it, regulated or not, a broker can still shortchange you. I would report the broker to ASIC if the situation is as you'd posted.

We need to be very careful what broker we choose and how we trade. Most times it is the fault of the trader, trading against all terms. Some brokers have stupid hidden rules that they'll use against you once you start making money. It is very important to read all agreement files to understand all their policies and rules.

 

[Fxpipper]

I agree - currently I trade with two regulated brokers and one unregulated broker, ironically the unregulated broker processes all my withdrawal requests within an hour or two where as the regulated ones take almost a day or two..go figure.

 

[Emibluz]

I agree - currently I trade with two regulated brokers and one unregulated broker, ironically the unregulated broker processes all my withdrawal requests within an hour or two where as the regulated ones take almost a day or two..go figure.

It is not clear that they are worse than unregulated brokers in terms of service rendering. I was only thinking about fund security, which ofcourse does not exist in this business.

 

[Fxpipper]

I guess the unregulated brokers would go all the way out to service their clients since they are unregulated..so far that's the only reason I can think of unless of course, they believe in doing so, whether they are regulated or not..
And on fund security, guess that's an oxy moronic term these days, does make you think, doesn't it? I mean with regard to hedge funds and the million dollar buy ins?