Hi I am new to forex
I opened an account with a company based in Cyprus I am from the UK, they are regulated by Cyprus ombudsman.
When I opened I got lots of calls saying if I deposit 1000usd I would get 1000usd bonus and be upgraded to a premium account, and then I would have access to a broker. The rang me 4-5 times a day (very pushy sales) until I eventually did do a deposit of 1000.
I didn’t get the bonus as it was points based and my account was upgraded but I wasn’t informed that my minimum trade would increase.
Instead of upgrading me to a premium account they upgraded me to platinum without telling me, this meant my minimum trade went up drastically.
Standard account minimum trade was 10000usd, premium is 25000usd and platinum is 100000usd, therefore a 1000usd deposit on a platinum account wouldn’t last long, I was also told by the company that normally to be on platinum you have to deposit 5000usd.
Because of being put on platinum to maintain a trade I kept depositing and lost nearly 3000 usd.
This was irresponsible of them because they new I was a newbie so I sent them a complaint and also requested to be changed back to a standard account which they did.
Initially when I complained they were saying no they reject my complaint as I agreed to the terms and conditions but I didn’t agree to be on platinum and I have calls recorded etc confirming that they were putting me on premium not platinum which I have sent the company.
Whilst I submit the complaint I was still trading and have made 1500 usd profit.
The company has agreed to refund my initial 3000 usd deposit and close my account but I cannot have my profit that I have made, which I said is unfair and they want to sign an agreement that I withdraw all complaints from the regulators etc.
When I email them saying this is unfair I just get the same reply everytime saying you agreed to the terms and conditions and that this is the only offer take it or leave it, they only gave me 3 business days to decide, they sent the letter Monday evening.
I have all calls recorded and emails etc from them.
This is unfair, anybody had similar problems? I said that they should have stopped me from trading whilst I complained if that was the case, in affect this is daylight robbery!