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Alpari.co.uk Discussion

  • #3,941
  • Feb 9, 2015 12:38am Feb 9, 2015 12:38am
Could Alpari UK say "Because I have clients with negative balances, so I could withdraw money from the positive ones to save myself." ?
  • #3,942
  • Feb 9, 2015 1:04am Feb 9, 2015 1:04am
Quoting Innate
5) Are retail traders with the ProAccount seen as retail or pro, so is their money in the seggregated pool or not? many thanks, If you have a pro account you are not considered "retail" and their money was not segregated. I believe there are only about 7 or 8 Pro accounts in total.
I don't think "professional client" in FCA means "Pro" account in Alpari UK. And I think it is impossible that only 7-8 "Pro" accounts in Alpari UK. It is possible that 7-8 "Professinal account" in Alpari UK.

In FSCS as I know, retail clients is just retail clients, not including professional clients.
  • #3,943
  • Feb 9, 2015 1:16am Feb 9, 2015 1:16am
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  • #3,944
  • Feb 9, 2015 1:18am Feb 9, 2015 1:18am
In Alpari UK only Pro user can use AlpariDirect, and even some can use MT4 as Pro user. The requirement is only $10,000 deposit.

If Pro user is "professional user" in FSCS, I think this is a big fraud.
  • #3,945
  • Feb 9, 2015 1:24am Feb 9, 2015 1:24am
By the way, as a AlpariDirect client, a "Pro" user, I deposit to the account with name "ALPARI (UK) LIMITED CLIENT" which means the segregated client account.
  • #3,946
  • Feb 9, 2015 1:40am Feb 9, 2015 1:40am
Quoting Tim_isoara
{quote} White label is a professional client. For Alpari is 1 account in the name of that white label. But white label has his clients in that account.
Thank you very much.
  • #3,947
  • Feb 9, 2015 2:24am Feb 9, 2015 2:24am
Quoting Innate
Quoting missluna1982
Hi, Please dont consider this legal advice as I have not had a chance to review all the documentation. I can only reply from my own readings on the topic in recent weeks and what you have written below. I do not live in the UK but I am an Alpari client owed monies so I have a vested interest in advancing this process. Summary: Save you money and dont bother getting lawyers involved. It will not help your cause at this stage. Currently the process seems to be happening at what I would consider a 'normal' pace for an issue
...
are u saying that u/we can potentially claim back the losses under the black swan even being foreseeable or are u saying we are dreaming if we think we can get back losses?
  • #3,948
  • Feb 9, 2015 2:44am Feb 9, 2015 2:44am
I have deposited more than 30000 USD BY VISA CREDIT CARD , SHOULD I ASK FOR CHARGBACK DOES THAT HELP CAN I GET MY MONEY BACK BY CHARGEBACK IN ALPARI SITUATION ? OR WHAT SHOULD I DO?




I need your help
  • #3,949
  • Feb 9, 2015 2:46am Feb 9, 2015 2:46am
Quoting mmx007
Could Alpari UK say "Because I have clients with negative balances, so I could withdraw money from the positive ones to save myself." ?
ok thanks will add that point
  • #3,950
  • Feb 9, 2015 2:48am Feb 9, 2015 2:48am
Quoting missluna1982
hello, we (me the admin of the alpari clients facebook page and someone else from there) are going to get legal advice in central London on our (all ex clients with a positive balance) situation. Sylvia
Top idea, thank you for being so proactive - These discussion pages are full of armchair pseudo-professionals who claim to know everything and aim to defeat any form of activity before it even gets started, so go for it, lets actually get some input from a professional and external source. What harm can it do ?
  • #3,951
  • Feb 9, 2015 3:39am Feb 9, 2015 3:39am
Alpari UK Client Petition
Dear Alpari UK clients,

Thanks for taking the time to sign the petition which we will be providing today to Alpari UK Special Administrator KPMG. We've received more than 150 signatures.

A copy of the letter we will be sending to KPMG follows below.

We will follow up with KPMG, as we believe that there is no good reason you have not yet received your money back yet, more than three weeks after Alpari UK entered insolvency.

If we can ever be of help in the future please contact us.

Sincerely,

Gerald Segal
CEO
LeapRate

-------------------

KPMG
c/o Samantha Bewick, Richard Heis and Mark Firmin

Dear KPMG,

As you may know, we at LeapRate are a leading news and information source covering the online trading sector worldwide.

In our coverage of the events which followed the SNB’s removal of the implied EURCHF 1.20 floor of January 15, including the entering into administration of Alpari UK, we have received many comments and emails from Alpari UK clients asking to what was really ‘going on’, since very little information was forthcoming from any other official sources.

And – most importantly – they want to know when they can expect their money back.

With more than three weeks having passed, this past Friday February 6 we published a petition for Alpari UK clients wanting their money back as soon as possible. In less than three days we have received 156 signups to the petition, which you can view here.

The basic feedback we have received is that Alpari UK clients do not view your dragging out of the process as being in the their best interests. Your (unsuccessful) attempts to sell the company might be in the best interests of certain creditors, but not in the best interests of Alpari UK clients, who generally just want their money back as soon as possible.

We would be pleased to discuss this issue with you further. But clearly, the future credibility of the FCA as a safeguarder of retail client interests as well as the Special Administrator rule, has been placed in doubt by many retail traders who continue to question why they have to wait so long to get their money back while others’ interests are being served.

I will call your offices later today to discuss. Or feel free to call me any time at +44-203-642-5828.

Best regards,

Gerald Segal
LeapRate

cc: Martin Wheatley, CEO of the Financial Conduct Authority (FCA)
myfxbook: neoxis
  • #3,952
  • Feb 9, 2015 3:58am Feb 9, 2015 3:58am
"Thanks for taking the time to sign the petition which we will be providing today to Alpari UK Special Administrator KPMG. We've received more than 150 signatures."

Only 150-odd signatures..... Kinda says it all really.
  • #3,953
  • Feb 9, 2015 4:08am Feb 9, 2015 4:08am
Quoting Innate
Are retail traders with the ProAccount seen as retail or pro, so is their money in the seggregated pool or not? many thanks, If you have a pro account you are not considered "retail" and their money was not segregated. I believe there are only about 7 or 8 Pro accounts in total.
I disagree! You can be a Retail client with a Alpari Pro MT4 account. The requirements weren't that difficult to meet anyways.

Below you can see 2 cashed version of the Alpari Pro MT4 account agreement, if you scroll to term 6 "Customer Money", you will find what you need:
http://web.archive.org/web/201310210...nt_mt4_pro.pdf

http://webcache.googleusercontent.co...&ct=clnk&gl=uk
  • #3,954
  • Feb 9, 2015 4:14am Feb 9, 2015 4:14am
As always good job LeapRate!
Never Ever Give Up!
  • #3,955
  • Feb 9, 2015 4:14am Feb 9, 2015 4:14am
Anyway for end this drama....we just need to be sold to another broker. Nothing more.
myfxbook: neoxis
  • #3,956
  • Feb 9, 2015 4:25am Feb 9, 2015 4:25am
http://www.fxstat.com/en/p/iv/blog/6...Alpari-victims

http://www.fxstat.com/en/p/zero-hero...ausing-Ripples
  • #3,957
  • Feb 9, 2015 4:46am Feb 9, 2015 4:46am
Quoting neoxis
Anyway for end this drama....we just need to be sold to another broker. Nothing more.
Now that I do agree with ! It would be the best way to get our money back in full (or as near as) without KPMG filling their boots with our cash !!
  • #3,958
  • Feb 9, 2015 5:28am Feb 9, 2015 5:28am
Quoting missluna1982
hello, we (me the admin of the alpari clients facebook page and someone else from there) are going to get legal advice in central London on our (all ex clients with a positive balance) situation. ...
Bravo Sylvia,

if there is time enough - when discussing the question of wether Alpari has a right to claim "Force Majeure" as reason for closing open trades and shutting down - it might be a good idea to raise also the question if Alpari UK's client agreement in general is legal the way it is worded, or not - especially regarding their very generic clause about "Force Majeure".

Hope you will bring back lots of great info and good news from the consultation ...
  • #3,959
  • Feb 9, 2015 5:43am Feb 9, 2015 5:43am
[quote=wookey;8054700] 2. If there is no buyer then the amount depends how much money left on the segregated account. Basically, it is a pool of clients money. KPMG and FCA are saying that nothing is missing, but (there is always a but) a lot depends on how much money was transferred from this account to the LP in the aftermath of 15th trades. To explain if there are only 2 traders, one have positive balance of 300 and the other have negative balance -200. Then the total size of the pool is 100. The nalance is accurate, no money is stolen or missing, but the trader 1 is not able to withdraw his money because there is not enough money to pay him until trader 2 pays what he owes. In Alpari situation it is important to understand how much money was transferred to LP before Alpari stopped operations. We know that Alpari owes $8.8m to Citi so at least some lost money are still there.


You are mistaken when you presume that client funds have been used for trading or have been transferred to the LP.
Alpari uses its own money to trade on our behalf.The money which is segregated in not touched .Alpari has suffered
a loss trading our positions hence even though the pool is intact ,dividing it is going to be some task firstly as there
is a validation process to decide the prices at which the trades were closed on the 15th and also the force majeur
scenario on the 16th.There will many who will not be happy and will complain about the prices after validation process
for sure.Only people who didn't trade on the 15th or 16th can expect their money quickly.They have no reason to
wait and can actually take their lawyers and demand their money back.
  • #3,960
  • Feb 9, 2015 6:00am Feb 9, 2015 6:00am
Quoting shail31
Quoting wookey
2. If there is no buyer then the amount depends how much money left on the segregated account. Basically, it is a pool of clients money. KPMG and FCA are saying that nothing is missing, but (there is always a but) a lot depends on how much money was transferred from this account to the LP in the aftermath of 15th trades. To explain if there are only 2 traders, one have positive balance of 300 and the other have negative balance -200. Then the total size of the pool is 100. The nalance is accurate, no money is stolen or missing,
...

i really dont under this price validation u are talking about its all electronic and alpari closed the trades..my account reads 16 464.40 as of closing my trades, now how can there be a price variation unless theres an error in the pricing?
The amount 16.464.40 is what i expect minus kpmg fees
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