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Brokers chasing you for negative account balance

  • #441
  • Jan 29, 2015 11:56am Jan 29, 2015 11:56am
saxo is being investigated by danish fsa over requote and neg balances
  • #442
  • Jan 29, 2015 11:57am Jan 29, 2015 11:57am
Quoting Caa
saxo is being investigated by danish fsa over requote and neg balances
source?
  • #443
  • Jan 29, 2015 12:11pm Jan 29, 2015 12:11pm
Quoting madxzen
{quote} source?

http://www.swissinfo.ch/eng/bloomber...aints/41244160
  • #444
  • Jan 29, 2015 10:47pm Jan 29, 2015 10:47pm
Quoting citidzen
{quote} http://www.swissinfo.ch/eng/bloomber...aints/41244160
So for anybody who might still have positive balance with Saxo, they better withdraw them now.
Make your losses in demo. Earn your profits live.
  • #445
  • Jan 29, 2015 11:30pm Jan 29, 2015 11:30pm
This morning after a yesterday mail in which the say my adjustment price was OK and after they ask me to recover my negative balance, they transfer found from my other account to this negative one... WITHOUT ANY COMUNICATION
Really really annoying... Pay attention to ICMARKETS
Regards
  • #446
  • Jan 29, 2015 11:32pm Jan 29, 2015 11:32pm
Quoting cescof
This morning after a yesterday mail in which the say my adjustment price was OK and after they ask me to recover my negative balance, they transfer found from my other account to this negative one... WITHOUT ANY COMUNICATION Really really annoying... Pay attention to ICMARKETS Regards
Is IC Markets also in financial problems as they play with execution prices? How fast are they processing withdrawals lately?
  • #447
  • Jan 29, 2015 11:36pm Jan 29, 2015 11:36pm
Quoting citidzen
{quote} http://www.swissinfo.ch/eng/bloomber...aints/41244160
http://www.bloomberg.com/news/articl...mid-complaints
  • #448
  • Jan 30, 2015 9:33am Jan 30, 2015 9:33am
Quoting cescof
This morning after a yesterday mail in which the say my adjustment price was OK and after they ask me to recover my negative balance, they transfer found from my other account to this negative one... WITHOUT ANY COMUNICATION Really really annoying... Pay attention to ICMARKETS Regards
Hello cescof,

You need to complain to ASIC and/or FOS if IC Markets is transferring funds between your accounts without your permission or authorization. It is not allowed. They cannot do anything without explicit client instruction.
Make your losses in demo. Earn your profits live.
  • #449
  • Jan 30, 2015 11:22am Jan 30, 2015 11:22am
Quoting alt11
{quote} Ok I get it. It makes sense that if they believed so much their customers might make money on their back, they hedged and got bitten.
happy "help" if i can
  • #450
  • Jan 30, 2015 3:58pm Jan 30, 2015 3:58pm
i need help, im in Australia. I have big negative balance with Admiral Market Australia. Thursday i finally received their email to ask to recover the negative balance by next Tuesday. Cant believe it took them so long to review the transactions. Last two weeks are really difficult for me. As i know, admiral market german forgive negative balance but not Australia, probably different legal entity. i have to say this company really sucks, i never got any trading help from them. I know it is my fault to trade in high margin, but I never know it gonna have negative balance. Is it really useful to lodge ASIC cliam?
  • #451
  • Jan 30, 2015 4:28pm Jan 30, 2015 4:28pm
Quoting cescof
This morning after a yesterday mail in which the say my adjustment price was OK and after they ask me to recover my negative balance, they transfer found from my other account to this negative one... WITHOUT ANY COMUNICATION Really really annoying... Pay attention to ICMARKETS Regards
This is not allowed under Australian Regulations, unless in the terms of your account you have given permission. I would suggest you contact ASIC as a matter of urgency and possibly APRA if it involves linked accounts.
  • #452
  • Jan 31, 2015 12:19am Jan 31, 2015 12:19am
Quoting Greeny
{quote} This is not allowed under Australian Regulations, unless in the terms of your account you have given permission. I would suggest you contact ASIC as a matter of urgyency and possibly APRA if it involves linked accounts.
I'm really sad because I've lost my money in  a way that's really really strange and confused and also because I'm know know that's  that broker  can do everything he wants with you money... Change trade and order take your money without any problems... 
I'm not English mother tongue and I don't have money and time to try to go against  a such big and organized broker... So I think it's really difficult assert my reason... Maybe if some else is in the same condition we can share our experience and try to do something... But it's really a shame....Many other brokers preferred take care about their clients and I hope this help them to catch many new ones for ex from Icmarkets.... 
  • #453
  • Jan 31, 2015 1:38am Jan 31, 2015 1:38am
Quoting cescof
{quote} I'm really sad because I've lost my money in  a way that's really really strange and confused and also because I'm know know that's  that broker  can do everything he wants with you money... Change trade and order take your money without any problems... I'm not English mother tongue and I don't have money and time to try to go against  a such big and organized broker... So I think it's really difficult assert my reason... Maybe if some else is in the same condition we can share our experience and try to do something... But it's really...
I would still put all this in writing to ASIC, they are looking there so may be able to help.
  • #454
  • Jan 31, 2015 8:44am Jan 31, 2015 8:44am
Quoting Iro
I don't think they're safer, at least if your broker is scummy bucketshop. There's a post in the eur/chf thread where a trader had bought eur/chf puts through Saxobank and Saxo somehow spiked the price to take wipe their account before dropping the prices like every other broker. Not sure how that works. But sounds like they can quote any bs number they want just like spot.
I don't know how Saxobank works with eur/chf puts. In equity options via Ameritrade/Thinkorswim, there is a risk profile graph where a position has a maximum loss even though the underlying stock can go all the way down to zero. Even though price goes past the maximum loss, the position or trade can still be in play within the contract's time period before it expires. There are other strategies or profile graphs to limit risk. From my understanding, there is no clearing entity or OCC (Options Clearing Corp) to 'validate' a trade between two parties in forex. (?) Perhaps issues with liquidity drying up around 1.2 and account balances going negative isn't an issue in equity options?

I am still new to options and have been looking to trade them especially with this eurchf drama. If anyone knows how the equity options structure works from a broker/'liquidity provider'/clearing corp. viewpoint, I would like to hear them as I am still somewhat a newbie.
  • #455
  • Jan 31, 2015 11:56am Jan 31, 2015 11:56am
Quoting cescof
{quote} I'm really sad because I've lost my money in  a way that's really really strange and confused and also because I'm know know that's  that broker  can do everything he wants with you money... Change trade and order take your money without any problems... I'm not English mother tongue and I don't have money and time to try to go against  a such big and organized broker... So I think it's really difficult assert my reason... Maybe if some else is in the same condition we can share our experience and try to do something... But it's really...
Hi cescof,

Maybe you can ask one of your friends who is better at English to help you. Here is what I found out for you:

1. ASIC is the regulatory body that looks over IC Markets but they do not handle or resolve any disputes that you have with IC Markets. You can only report IC Market's misconduct, their wrong behaviour of transferring your money from one account to the one with the negative balance. You can do that by visiting this page:
http://asic.gov.au/about-asic/contac...nduct-to-asic/ and click on "Report Misconduct Now". Just be aware that the button is very slow in responding.

2. To get your money back, you need to go to another agency called the Financial Ombudsman Service. You can visit this link: https://forms.fos.org.au/OnlineDispute
to fill out the form to describe your situation and then submit it to them. Towards the bottom of the form, there is a place you can ask for an interpreter and you can
choose an Italian interpreter from the drop-down list on the form.

Good luck!
Make your losses in demo. Earn your profits live.
  • #456
  • Jan 31, 2015 12:00pm Jan 31, 2015 12:00pm
Quoting Forexia
{quote} Hi cescof, Maybe you can ask one of your friends who is better at English to help you. Here is what I found out for you: 1. ASIC is the regulatory body that looks over IC Markets but they do not handle or resolve any disputes that you have with IC Markets. You can only report IC Market's misconduct, their wrong behaviour of transferring your money from one account to the one with the negative balance. You can do that by visiting this page: http://asic.gov.au/about-asic/contac...nduct-to-asic/...
Thanks for your interest....
Regards
  • #457
  • Feb 1, 2015 2:19am Feb 1, 2015 2:19am
Quoting BobbyStar
{quote} Is IC Markets also in financial problems as they play with execution prices? How fast are they processing withdrawals lately?
I've got my money the next day, both from AUD and USD accounts, but it was a week ago.
  • #458
  • Feb 1, 2015 2:36am Feb 1, 2015 2:36am
Quoting thang33
My IGMARKETS broker is chasing me for payment. Expecting me to pay because I have made a fair penny over the year. But all has been spent on paying bills and debts that I have had accrued over the years because of my terrible trading. They requested my bank account statements to prove that I have no money to pay them back. WHICH IS TRUE!!! I have bed credit ratings and have had a default before. There is no way I can pay them back with this huge deficit. Lesson learnt but I might have to pay this for life with my current income! 280k AUD is not...
Hi Thang,
Just wondering how is your case going. Any good news?

Regards,
Tommy
  • #459
  • Feb 1, 2015 2:06pm Feb 1, 2015 2:06pm
I suggest anybody having troubles with brokers to join. You can post your experience, legal advice and thoughts here :

www.negativebalances.com

I suggest anybody having troubles with brokers to join.
  • #460
  • Feb 1, 2015 5:05pm Feb 1, 2015 5:05pm
Quoting imedia
I suggest anybody having troubles with brokers to join. You can post your experience, legal advice and thoughts here : www.negativebalances.com I suggest anybody having troubles with brokers to join.
There should be a thread for "IC Markets" on that forum.
Make your losses in demo. Earn your profits live.
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