Bad experience with forex com since long time trading.
I don’t think that they have a transparency at all.
I have an account and have been trading with them since 2014, and i just now knew the malice that company team have.
from my experience with the company team i don’t recommend any one to have bad experience again.
thee are lots of brokers better than this broker, and i don’t recommend any one to trade with forex com
they are trying to close my account just because i don’t have any statement to confirm my regular income
i don’t have regular income and they took this reason to justify their actions and close my open position in order to terminate my account.
in the first time, they suspended my account and asked me to send only a residential address certificate to update my personal info, then they refused it and they asked me to send a bank statement to confirm my address, they also refused the bank statement and asked me to send a statement to confirm my previous job income.
i know the requirement from clients to comply open new accounts is important, but after that they need only to update the last documents you sent in case of any document expirity.
in my opinion, they just asked for all that to make actions and justify their decision.
Now i’m waiting their last decision, i’m sure this made before asking any of required documents
Its normal that a strictly regulated broker will state in their T&C’s that the client MUST inform them of any material change in their financial circumstances. This will include changes in income and must definitely extend to total loss of income. If you can’t prove income, they will probably have to take the cautious option as required by the regulator.
You have the option to trade through a loosely regulated broker who won’t be required to care what your income is.
actually i provided a confirmation for the initial deposit, and i don’t have any desire to fund my account in near times.
So, it’s strange to force people to provide a statement to confirm the current income if they will not deposit any new money.
if they want to close or suspend my account in case there is not any open positions , it maybe acceptable for traders, but if they force you to provide a statement for the current income and you don’t have it otherwise they are going to close and terminate your currently open account it’s not acceptable for all traders.
it’s not easy or affordable since they will close your open position and let you lose your money.
it hasn’t a big amount.
the matter is with their regulation requirements as they said.
so, if any one suddenly couldn’t provide statement for their current income, even if doesn’t have any intention to fund the account with new deposit, they may take an action for close any open positions and terminate the account.
this is main point when they force you to lose money.
Personally, I think you are missing the point here.
Regulated brokers (and banks) have an obligation to ensure that their clients are suited to engage in high-risk financial transactions that carry a high risk of capital loss.
This requirement covers both your financial situation and your experience of such activity.
The requirement regarding your income is not about your ability to add more funds. It is about whether you are financially stable without any reliance on your trading equity. In other words, that even the total loss of your trading capital will not have a damaging impact on your financial security.
Nowadays, there are strong regulatory pressures and requirements to help safeguard the individual from both rogue businesses and from themselves in their own naivity!!!
Offshore brokers are not required to fulfil these regulatory obligations to the same extent - but therein lies also the additional risks…
Its entirely normal that a broker might contact an existing client and ask them to confirm al their details are unchanged. Their own policies plus the regulator’s requirements mean they must do this. Naturally, if you state something to them they can reasonably ask for evidence of what you are stating.
And the corollary is that if you don’t provide the details and cannot evidence them, your account can be closed.
unfortunately they didn’t told me about their regulations related to ensuring my ability to carry any potential risk during trading.
they justified their procedures with name of AML regulations.
So, if they are really need to ensure the source of any deposit, it’s an obligation and no one argue in this.
but they asked me to provide a statement for the previous deposit and force you to provide a statement showing your current income even you don’t have intention to deposit any additional amount otherwise they will close your account.
i’m still in negotiation with them to solve the issue and hopefully they will understand my current situation and help in that.
They should certainly listen to your situation and explain the reasons for their requirements and I hope you manage to come to a satisfactory solution that you are both happy with.
The regulations have a good purpose but obviously are generalisations and do not cover every specific individual situation. Therefore the broker needs to be able to show that they have taken all reasonable steps to comply with the rules.
It is not just about whether you are able to add more deposit to your account, it is also about whether you can afford to risk the capital that is already in your account. You need to demonstrate that you can afford to lose that capital without placing yourself in financial difficulties, i.e. that your current income stream is sufficient for all your on-going living costs with no dependency on your trading capital or any anticipated earnings therefrom…
you are right , they have to comply with all requirement of regulations.
the problem is when you don’t take that in account as in situation, one day will ask you to provide any required document even though you don’t have it. differently, they will teach you keep boiling eggs.
it wasn’t in my concerns that one day, they will ask me to provide a statement to ensure my financial situation ensuring my ability to carry on risks in trading otherwise, they will close your current open positions and bearing you the lose!!!
Yes, the company will potentially ask you every year to state your financial situation and then provide evidence to back up what you say. Its hard to see this as a bad experience.
Yes, I have to do this occasionally, maybe not even every year. The broker asks me to declare if any changes in my financial situation have occurred. But it says in their T&C’s the client must do this anyway, even without being asked.
All data submitted is subject to the firm asking that it is verified. You can’t expect them to simply accept a client’s word that they earn this or that. The problem is that some traders don’t declare their circumstances truthfully. Then, when they want to withdraw funds or profits, the firm asks them to verify the details. This is mainly so the firm is free form accusations of being involve din money-laundering. If the trader cannot prove the money was legally theirs, they won’t be getting it back. As a result they sometimes turn up on babypips and moan that they have been scammed by a broker who would not return their money. No wonder…