Hello Babypips, I appologize if this is in the incorrect forum (move it if need be).
I deposited with Tradaxa.com about a year and a half ago, around 2500$. I was convinced to join the site by a friend who I knew from school. I was somewhat of a novice back then. Luckily I managed to make profit over a long term trade on the eur/aud. When I joined he gave me an Islamic account, saying ‘‘it’s much better trust me, you don’t pay swap’’. I am not of the Islamic belief.
Time passed and I slowly made profit on trading the eur/aud up until I reached around 6000$. I then wanted to withdraw something like 2000$ but was refused, they told me I cost them alot of money in swap and I wasn’t Islamic. They let me take 400$ and now holding the rest until I trade 250 lots, at which point my money will be free to withdraw according to them. I am now forced to trade 250 lots with a fixed spread of 3 pips and constantly getting requotes. I already lost 700$ on a small trade of 0.5 lots today and It’s aggravating because I know there is no way that would be mathematically possible to make any money on this setup.
I ask for some advice or maybe a way to convice them to allow me to withdraw, since the amount isn’t that enormous.
They are part of the Sisma Capital Group.
Thank you. Michael.