Brokers Terms & Cond

[Filmon]

Whenever the Client transfers funds to the Company, those funds belong to the Company and will be treated by it as its own for the purpose of securing or covering the Client’s present, future, actual, contingent or prospective obligations, subject only to any contractual obligation of the Company to pay or return money to the Client according to the terms of this Agreement. The Client will not have a proprietary claim over money transferred to the Company, and the Company can deal with it in its own right. In determining the amount of collateral and the amount of the Company’s obligations to pay or return money to the Client, the Company may apply such methodology (including judgments as to the future movement of markets and values), as the Company considers appropriate, consistent with Applicable Regulation.

Above is small, almost hidden terms and conditions of a broker that I copied. Want your opinion on this as it did not make clear sense to me. To me it sounds like whenever a client transfers funds to the company, those funds belong to the company and the client will not have any proprietary claim over money transferred to the company. Basically this means that the company can legally refuse withdrawal of client's funds/profits.

Please advice is the above info is important....
The broker is warning

 

[donaldduke]

Above is small, almost hidden terms and conditions of a broker that I copied. Want your opinion on this as it did not make clear sense to me. To me it sounds like whenever a client transfers funds to the company, those funds belong to the company and the client will not have any proprietary claim over money transferred to the company. Basically this means that the company can legally refuse withdrawal of client's funds/profits.

Please advice is the above info is important....
The broker is warning

They are obviously not FSA regulated, are they Russian?

You would just be another creditor and if they dont want to pay you back you, you would have to sue them.

Stick with FSA regulated firms they will have to pay you promptly according to the FSA rules and segregate client money etc.

 

[forever_young]

I don't think that the problem is this broker is not FSA regulated or the country it belongs to.
But conditions look quite tricky, I wouldn't recommend you to be a client of this broker...

 

[LosPinos]

Above is small, almost hidden terms and conditions of a broker that I copied. Want your opinion on this as it did not make clear sense to me. To me it sounds like whenever a client transfers funds to the company, those funds belong to the company and the client will not have any proprietary claim over money transferred to the company. Basically this means that the company can legally refuse withdrawal of client's funds/profits.

Please advice is the above info is important....
The broker is warning

I wouldnt touch these with a barge pole... great spot though as I am sure the company bank on very few people actually looking at T&C's and finding such alarming sections.

This is completely opposite to the way the industry should work.

 

[Filmon]

They are obviously not FSA regulated, are they Russian?

You would just be another creditor and if they dont want to pay you back you, you would have to sue them.

Stick with FSA regulated firms they will have to pay you promptly according to the FSA rules and segregate client money etc.

Yes they are FMRRC regulated and they have been making big noise recently with their viral marketing.... "Now you can trade with full confidence on the international markets in once place." Is their slogan.

They court my attention with their too good to be true offers and some confidence boosting regulation on their belt. I decide to do due diligence and investigate. The devil was in the details; in their Terms Cond there was a section in the middle of their thick, long contract agreement that legalise their Con/Scam. This kind information will never be available on FAQ section, this people are confidence (con) artists, they will do everything they lie, cheat, deceive, con and fool people into thinking they've happened onto a great deal or some easy money, when *they’re the ones who’ll be making money.

 

[Filmon]

I don't think that the problem is this broker is not FSA regulated or the country it belongs to.
But conditions look quite tricky, I wouldn't recommend you to be a client of this broker...

Yes you are right, this broker (4xp) or any other broker can be regulated with FSA and still have the same Terms & Cond that legalise their scam. If you agree with this particular terms and condition you are on the mercy of the broker. Based on the agreement they have every right under the law to legally refuse clients withdrawal of funds/profits.

 

[Filmon]

I wouldnt touch these with a barge pole... great spot though as I am sure the company bank on very few people actually looking at T&C's and finding such alarming sections.

This is completely opposite to the way the industry should work.

Yes my friend, that is what I tough too when I spotted their amazing T&C. As a newbie though wanted more input on this to check my sanity.

 

[A Dashing Blade]

They're clearly, imo, NOT putting your money in a "client sgregated account" (ie if they blow up your money is NOT safe) and for that reason alone should be avoided