I’m going to initially refrain from saying the brokers name.
In December I signed up for an account with an FCA approved broker in the UK. They came recommended and the FCA details matched up etc.
Today I went to place a trade and couldn’t due to “Not enough equity.” I found that I needed £3,333 margin to open 1 lot of GBPJPY now and not £1000 as per yesterday.
I sent them a message and I was told that there had been a server issue and the account had been fixed now to comply with FCA guidelines and it had been a mistake.
They are currently looking into it but what should I do now.
I did mistakenly loose some money and chased losses which in all fairness I wouldn’t have been able to do had the protection afforded to me by the FCA had been in place.
Should I accept an apology and life lesson or demand they reimburse some trades that should not have been possible? Or should I seek compensation and stand my ground?
I’ve not yet made a complaint to the FCA as I wanted to see how they dealt with it but it’s my understanding they probably have to report it themselves?
TLDR: I was given 1:100 margin on an FCA approved UK account and was told I had 1:30, they have admitted this mistake on live chat and on the phone.