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Ash
Ash, Solicitor
Category: Law
Satisfied Customers: 10915
Experience:  Solicitor with 5+ years experience
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I have a Trading account with a broker called HFX and when

Customer Question

I have a Trading account with a broker called HFX and when i opened the account they said you get a bonus. However, I didnt want the onus because it had clauses saying you had to trade certain number of volumes before you could get the bonus so I said I didnt want it. However, they put $500 in my account but I couldnt use it so didnt bother too much as I hadnt signed the bonus form. However, now I want to withdraw the money they are saying because I got the bonus I have to pay 30% to them of whatever I withdraw. Is this legal. Can I report this to anyone?
Submitted: 2 years ago.
Category: Law
Expert:  Ash replied 2 years ago.

Alex Watts :

Hello my name is Alex and I will help you with this.

Alex Watts :

Do their terms allow you to charge 30% please?

JACUSTOMER-m6xlysq6- :

No it was only in the bonus declaration which at the time I said i would not sign as this was for the $1000 bonus but the original bonus of $500 did not require a declaration. As I would not sign the agreement they didnt give me the additional $1000.

JACUSTOMER-m6xlysq6- :

Is a bank like this allowed to hold the money or is it traceable

Alex Watts :

Which country are their terms governed by?

JACUSTOMER-m6xlysq6- :

I think its a globale company as it has offices in London or appear to have. I think the trading account works in the sense that I can trade all the instruments like any other broker but whats concerning me is when I wanted to withdraw they put up a few bloacks and then came up with this small print which turned out I didnt sign. When they realised they didnt have a signed doucment they said that because it was in my account ie $500 bonus then it means I agree to the terms even though I didnt.

Alex Watts :

Yes but which country are the terms governed by please?

JACUSTOMER-m6xlysq6- :

I am not sure

Alex Watts :

Can you check?

JACUSTOMER-m6xlysq6- :

Yes just checking

Alex Watts :

Ok

JACUSTOMER-m6xlysq6- :

This Agreement is executed by and between HFX GLOBAL LTD (the “Company”) – Trident Chambers, PO Box 146 Wickham’s Cay 1 , Road Town, Tortola, British Virgin Islands, and the Client, a physical or legal person, (the “Client”). Clearing and billing services are provided, inter ilia, by ADPORTO Limited – 788-790 Finchley Road, London, United Kingdom, NW11 7TL.

Alex Watts :

And jurisdiction?

JACUSTOMER-m6xlysq6- :

I dont know

Alex Watts :

It should say about disputes etc

JACUSTOMER-m6xlysq6- :

I am just looking in disputes in terms and conditions

JACUSTOMER-m6xlysq6- :

DISPUTES 95. Where there is any dispute concerning a Client’s account, Company reserves the right to suspend the Client’s account until a resolution is reached. Company takes Client’s disputes very seriously and endeavors to take all reasonable steps to investigate and resolve all disputes.

JACUSTOMER-m6xlysq6- :

GOVERNING LAW AND JURISDICTION 96. This Agreement, the rights and obligations of the parties hereto, shall be governed by, construed and enforced in all respects by laws of England and shall be held, within the British Virgin Islands Courts, exclusively. In addition, you must comply with your local applicable law. The Company may, despite the aforementioned and in order to collect funds from the Client or to protect the Company's rights, immediately open legal proceeding in the Client residency jurisdiction and according to the Client residency jurisdiction applicable law.

Alex Watts :

You could try and sue in London but there may be a jurisdiction argument

Alex Watts :

You need to write and set out your losses and request a refund within 14 days or say you will go to Court within 14 days. You should make sure you send this recorded delivery and keep a copy.

Alex Watts :

If they do not refund you then you can issue proceedings in the County Court. You can either do this online at: www.moneyclaim.gov.uk or by completing form N1 http://hmctsformfinder.justice.gov.uk/courtfinder/forms/n001-eng.pdf and take it to your local County Court.

Alex Watts :

The Court will then issue a claim which a copy will be sent to the Defendant who will have a limited time to defend it, if not you can enter Judgment and enforce.

Alex Watts :

If the matter is defended it will be set down for a trial. If the claim is for £10,000 or less it will be a small claim and you will not need representation.

Alex Watts :

Can I clarify anything for you about this today please?

JACUSTOMER-m6xlysq6- :

Yes the amount I deposited was about $4000 but the account has not grown much more so is now about $4200. Do I put a claim in to withdraw the whole amount

Alex Watts :

Whole amount yes.

JACUSTOMER-m6xlysq6- :

So if I request it and send by recorded delivery which address do I send it to

Alex Watts :

The London address

JACUSTOMER-m6xlysq6- :

Why will there be a dispute on Jurisdication

Alex Watts :

Because the contract says Virgin Island

JACUSTOMER-m6xlysq6- :

What if they give me the money less the 30% do I just put a claim in for the 30%. That way at least I have most of it

JACUSTOMER-m6xlysq6- :

If its says Virgin Islands does that mean I lose the money?

Alex Watts :

Yes you can do it that way around.

Alex Watts :

Well it may mean the claim has to be issued there. As a UK lawyer I can't tell you about that process there

Alex Watts :

But take the money less 30% and then issue a claim for the balance.

Alex Watts :

Does that help?

JACUSTOMER-m6xlysq6- :

Yes that helps. I suppose I should ask the account manager to send me an email to state that they will let me withdraw and ask them to confirm how much and then once I receive it then issue the claim. If they dont then I issue a claim in the Virgin Islands then should there be a good chance I win as its clear its my money in my account from by bank account. Can the steal is or would they know I would win and they would then need to pay legal fees?

Alex Watts :

Well get the money out of the account first.

Alex Watts :

If you win then they pay legal fees and costs

Alex Watts :

Does that help?

JACUSTOMER-m6xlysq6- :

Yes thats helps thanks so will ask for withdrawl and then follow your advice as above and see what happens. Can I get an email transcript of this so I can get all the details

Alex Watts :

Once you rate the format changes so you can come back to it at any time or copy and paste it

Alex Watts :

If this answers your question could I invite you rate my answer before you leave today.

If the system won’t let you please click reply.

Please bookmark my profile if you wish for future help: http://www.justanswer.co.uk/law/expert-alexwatts/

JACUSTOMER-m6xlysq6- :

I suppose there is no point getting legal representation for such an amount and I would be better just compiling all the info and sending it off

Alex Watts :

Yes it may be so, but you could try and claim the balance in the UK

JACUSTOMER-m6xlysq6- :

Thanks thats helpful and will do that

Alex Watts :

Thank you, please do take a moment to rate before you go

Alex Watts :

Are you able to respond?

Alex Watts :

If this answers your question could I invite you rate my answer before you leave today.

If the system won’t let you please click reply.

Please bookmark my profile if you wish for future help: http://www.justanswer.co.uk/law/expert-alexwatts/

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