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Broker denied me from opening an account

  • #1
  • First Post: Oct 4, 2010 4:05pm Oct 4, 2010 4:05pm
Yesterday I planned to open a live account with mbtrading and planned to put $400 in this broker.

I filled all the forms fields and submit it. It took 20 minutes to me. They asked me if i want to join in their telephone survey. I filled it and set the time when they will call me.

today they didn't call me and after asking support, finally they send me the following reply:

Quote
Due to the risk involved and the information provided, we feel you are not suitable to trade with our firm. .
Therefore with all these variables, we concluded it would be in our best interest not to provide you an account at this time.

There is no reason to send this mail. My country is not resticed by them, we have highest number of soldiers in united nations missions. I have no crime record against me and all my fault is I filled the form my total deposit will be below $1000 and my total equity is below $15,000.

It is directly a slap in my face as they don't deserve to send such a reply. They collected all my personal informations and now when they saw $400 minimum deposit is not enough for them they rejected my appliaction. They even didn't called me though they asked calling time. Its clearly a break of promise. I never saw such unprofessional broker.

I want the answer why you feel insecure with me. Every seconds of me is valuable to me and I am feeling bad for wasting 20 minutes with such a nonsense broker.

You should must reply me why I am not suitable. Where is the risk involved? You guys need $100000 to be suitable to you so that you can enjoy a great party by bankrupting the depositor?

I think I should stick with oanda. Mbtrading sucks. Stay away from those scammers. Your big deposit is not safe with them.
In forex, one currency is always up!
  • #2
  • Oct 4, 2010 6:21pm Oct 4, 2010 6:21pm
They probably rejected you because they thought you would be unprofitable.

However harsh it is, it is their right.
  • #3
  • Oct 4, 2010 10:03pm Oct 4, 2010 10:03pm
its part of a companies obligation to the public. If you let us know on all the details you submitted we could probably find what made them reject your account. My guess is you said you would do a small deposit and have little/no trading experience. If that was the case, it was means not to accept you as their model is based on winning traders (as far as I know). And the risk and probability of you losing your deposit is high (statistically). It does not take into account your trading ability.
  • #4
  • Oct 4, 2010 10:13pm Oct 4, 2010 10:13pm
Quoting kidspips
Yesterday I planned to open a live account with mbtrading and planned to put $400 in this broker.

I filled all the forms fields and submit it. It took 20 minutes to me. They asked me if i want to join in their telephone survey. I filled it and set the time when they will call me.

today they didn't call me and after asking support, finally they send me the following reply:



There is no reason to send this mail. My country is not resticed by them, we have highest number of soldiers in united nations missions. I have no crime record against...
They are well within their right to deny anyone opening an account. And that does not make them scammers. And how the hell, does that mean that someones deposit would not be safe with them? I understand that you are frustrated, but throwing this nonsense out, in an attempt to make them look bad, just makes you look stupid.
Stubbornly persistent
  • #5
  • Oct 4, 2010 10:23pm Oct 4, 2010 10:23pm
Citifxpro also has experience requirements. They didnt like something in your application doesnt make them scammers, unsafe, etc etc. As long as your depositing the minimum amount your initial deposit im sure had nothing to do with it.
  • #6
  • Oct 4, 2010 10:30pm Oct 4, 2010 10:30pm
Quoting sergiu
They are well within their right to deny anyone opening an account. And that does not make them scammers. And how the hell, does that mean that someones deposit would not be safe with them? I understand that you are frustrated, but throwing this nonsense out, in an attempt to make them look bad, just makes you look stupid.
Lol!

It is not me, but it is their hell website who told me to fill an another form:

Do you want to join in a telephone survey?

I fill that and also set time to call.

But they never called! I never beg any call from them, but here the fact is they don't keep their words. You should not promise anything which you can't do.

What do you think? If they can't open my account, its simple courtesy to atleast made that call which was sheduled with me and tell me they can't. But they even don't feel any necessity.

Again, what do you think? Their time is valueable to thm, mine time is not?

and as others said, if they don't like low deposit, why they are not writing in their website:

"We, the officials of mbtrading, manage our living from your commissions. If you can't make big amount of deposit, we will not get big commissions and it will not be possible to manage our breads. So, please please, don't request to open an account if you plan to make low deposit. We will deny it as otherwise our boss will give a slap in our face"

i am still waiting for the clear answer what risk they find in me. I don't think I can bankrupt them with my small $400 deposit, I am curious to know the reason.
In forex, one currency is always up!
  • #7
  • Oct 4, 2010 10:37pm Oct 4, 2010 10:37pm
Just observing your thought process in this post would lead me to deny you an account as well. And definitely no phone call either! lol
  • #8
  • Oct 4, 2010 10:38pm Oct 4, 2010 10:38pm
it is indeed a lowballing of a highest degree. I will never open my account with them ( not that I intended, but still). Consider yourself luckky I guess, for not losing your $1000!!


.................................................................

www.deadcount.blogspot.com
  • #9
  • Oct 4, 2010 10:45pm Oct 4, 2010 10:45pm
Quoting mofuniverse
Just observing your thought process in this post would lead me to deny you an account as well. And definitely no phone call either! lol
Sure, as long as you are a paid poster of mbtrading, it will obviously lead you to deny me. It is not unknown to others that mbtrading paid posters are busy with promoting mbtrading in forexfactory as ff is biggest forex forum of the world and those suckers will never want to miss to grab some billionaire from here.

And I don't need any phone call from you or your boss mbtrading. My question is simple:

Clearly answer what is the risk they find in me. If you can't open an account for me, that's fine. But you can't tell that I am risky for you and not suitable to trade with you. Now, I don't want to trade with that hell broker again. I will deposit that $400 with Oanda. No no, do not think I am a promoter like you, oanda doesn't need me.
In forex, one currency is always up!
  • #10
  • Oct 4, 2010 10:49pm Oct 4, 2010 10:49pm
At your level of experience stick w/ Oanda. There is nothing wrong w/ them - someday if your lucky then open an acct w/a true ECN. Until you have 50K for an acct quit crying and learn to trade.
In trading, there is no bullshit. You either make money or you don't.
  • #11
  • Oct 4, 2010 10:55pm Oct 4, 2010 10:55pm
Quoting mrgreen
At your level of experience stick w/ Oanda. There is nothing wrong w/ them - someday if your lucky then open an acct w/a true ECN. Until you have 50K for an acct quit crying and learn to trade.
Thanks for your kind words. Yes, I know i don't have a lots of money. I can deposit $400 only. And , time by time I will try to increase my deposit.

One thing please remember, i don't live in USA and the price of goods is low here. I can manage a nice living with $500 per month, $1000 for a luxury living, so I don't need $50 K deposit to make satisfactory profit. If I can increase my account 100% every year, after 3-4 years, that is enough to make a nice living for me.
In forex, one currency is always up!
  • #12
  • Oct 4, 2010 11:06pm Oct 4, 2010 11:06pm
Seems ridiculous to me. If their min deposit is 400, then they should honor it. Just because you have only 400, and no level of experience, that is ridiculous. Do they expect every person who makes the minimum deposit to be some kind of professional trader? Professional traders aren't making min deposits.
I personally had my own problems with them. I sent in my application, and they kept asking me all of these questions after. Finally, after about a week, I was approved. A few days after that I was told my social security number was incorrect. I remember my social by heart, always double check etc, no doubts. Waste of time for me too.
  • #13
  • Oct 4, 2010 11:15pm Oct 4, 2010 11:15pm
I don't see them saying that the problem is the $400. What they said according to the thread starter is:
Quote
Due to the risk involved and the information provided, we feel you are not suitable to trade with our firm. .
Therefore with all these variables, we concluded it would be in our best interest not to provide you an account at this time.
Even though they do not say what exactly those variables are, I don't see anything wrong with that statement or their decision. It may be perceived as unfair, but it is well within their rights as i stated above. Also the ramblings about the phone survey are just silly and I don't see how it is related to the problem.
Stubbornly persistent
  • #14
  • Oct 4, 2010 11:16pm Oct 4, 2010 11:16pm
If you want to increase the chance of successful application, you probably should first contact MBTrading about their basic requirement before you wasting your time filling the forms. Different company has different business practice, MBTrading may not be the most pleasant one, they have the right to focus on high net worth customer. They never put it on the website as they want to remain flexible. No, I do not have an account with Mbtrading. Just my view base on business mind.
  • #15
  • Oct 4, 2010 11:33pm Oct 4, 2010 11:33pm
Mb trading is one of the worst brokers I've dealt with......as a professional trader I dealt with them for 2 months and told them to kiss my !@@##$$%$. be glad they turned you down....you'll be better off.
GREED IS THE ULTIMATE INDICATOR
  • #16
  • Oct 4, 2010 11:38pm Oct 4, 2010 11:38pm
Quoting kidspips
What do you think? If they can't open my account, its simple courtesy to atleast made that call which was sheduled with me and tell me they can't. But they even don't feel any necessity.

Again, what do you think? Their time is valueable to thm, mine time is not?

i am still waiting for the clear answer what risk they find in me. I don't think I can bankrupt them with my small $400 deposit, I am curious to know the reason.
First off, your pissed that they wasted your 20 whole minutes and wont give you an account and now your pissed because they wont waste more of your time by calling you to do a survey?

Grow up!

Quoting kidspips
One thing please remember, i don't live in USA
Have you even heard about the mess these new US regulations have caused? Maybe that has something to do with it?

You sound like a little brat and I bet they really wont want to deal with you now.
  • #17
  • Oct 5, 2010 6:54am Oct 5, 2010 6:54am
I guess its a legal issue or insurance issue. They deny an account for people with very low net-worth or are inexperienced. You just have to fill in the right answers and it will work.

And by the way, Oanda has similar requirements. There was even once a case of a trader, who tried to deposit a larger amount after trading with them for a long time, and got his account frozen - because his answers from the application (net-worth) didnt check out anymore relative to the sum he sent them. He had to fill out the form again to reflect his actual net-worth. Its just to cover their ass in the legal space.
  • #18
  • Oct 5, 2010 7:26am Oct 5, 2010 7:26am
Quoting kidspips
Sure, as long as you are a paid poster of mbtrading, it will obviously lead you to deny me. It is not unknown to others that mbtrading paid posters are busy with promoting mbtrading in forexfactory as ff is biggest forex forum of the world and those suckers will never want to miss to grab some billionaire from here.
So anyone who disagrees with you is a paid poster??? You are probably someone who screams foul when you lose. They have every right to deny anyone and if you don't like it, tough.

Ok, now where's my money? I must be a paid poster....

  • #19
  • Oct 5, 2010 7:31am Oct 5, 2010 7:31am
Everything is much simpler.

They have an account opening form, which automatically counts the checkboxes you set and as long as some values are "incorrect" - they HAVE to warn you that account opening is not suitable. E.g. setting your occupation as "unemployed" will cause this warning for sure.

It's the NFA/FSA regulation requirements and they have to comply with them.
  • #20
  • Oct 5, 2010 7:51am Oct 5, 2010 7:51am
Hi Pips,

I can understand you're frustrated, and I'm sure that we'd all have the same feelings. I've been turned down for lots of things, loan applications, marriage proposals, parole, all sorts, and it's not nice.

But at the end of the day, it is their right. Do you want to trade with someone who doesn't want your business? Give it to someone who does.

Work on your trading - if you are successful, it will be their loss.

Best wishes with everything.
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