Broker breaches FCA

Broker Discussion
1

Hi Guys,

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.

Thanks everyone :slight_smile:

2

Get some evidence. Pics of live chat etc then try your luck!

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3

In my opinion I think it might be a scheme and you’d only realise this when you try making a withrawal

I am a victim of forex scam so things like this are red flags to me but in case you realise it’s a scam

You might want to watch this video

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4

I have evidence and they admitted it. Waiting for them to get back to me.

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5

not saying ur not right about the leverage thingie and theyr so called server issue, but no matter the lot size risk on ur trades, server issue or not u shouldn t chase price or reverse lossers etc. hope u get refunded and try to not do that again.cheers and best of luck to you

6

Refund the account for losses due to mistaken over-leveraging. They messed with your risk assessment & management.

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7

TBH I would settle for partial refund based on trades I wouldn’t have been able to take.

I came back after a few years off and just dived right in, didn’t think things through properly and didn’t have a plan.

That’s worth a lot in lessons learnt but same time they did mess up…