How JustAnswer Works:

  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.

Ask Ash Your Own Question

Ash, Solicitor
Category: Law
Satisfied Customers: 10914
Experience:  Solicitor with 5+ years experience
Type Your Law Question Here...
Ash is online now

I have been forex trading online with Algo Capitals, the account

Resolved Question:

I have been forex trading online with Algo Capitals, the account came into a few problems. My account manager told me further funds would be needed to rescue the account. I deposited a further $8000. My account manager assured me his traders were working on the account and I should see movement on the account. The account has virtually been wiped out and I have not seen any assistance with the account. Do I have a case to take Algo Capitals or the account manager to court?
Submitted: 1 year ago.
Category: Law
Expert:  Ash replied 1 year ago.
Alex Watts : Hello my name is ***** ***** I will help you with this.
Alex Watts : are you doing the trades please?

Yes i was doing the trades.

Alex Watts : Ok. If you were doing the trades you must have seen your losses.
Alex Watts : What would the claim against Algo be for?

The account had a balance of $286,000 but with a lot of hedged trades. The account manager was supposed to has been closing the hedged trades but no assistance was forthcoming.


To my knowledge the account manager has since been sacked by the senior broker.

Alex Watts : Did you instruct that the trades be closed?

I instructed the account manager to help. He assured me that his traders would be closing the trades. Most of the conversations between me and the account manager were via message on skype. I do have copies of my conversation history with all Algo capital contacts that I have.

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 signed delivery and keep a copy.

If they do not refund you then you can issue proceedings in the County Court. You can either do this online at: or by completing form N1 and take it to your local County Court.

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.

If the claim is for £10,000 or less it will be a small claim so you will not need legal representation. Over this value you would need representation for trial. Over £10,000 then you will need a Solicitor and Barrister to represent you as if this is a claim for $286,000 it will be formal Court with rules and procedures in place.

Can I clarify anything for you about this today please?

Ash, Solicitor
Category: Law
Satisfied Customers: 10914
Experience: Solicitor with 5+ years experience
Ash and 3 other Law Specialists are ready to help you

What Customers are Saying:

  • Thank you so much for your help. Your answers were really useful and came back so quickly. Great! Maggie
< Previous | Next >
  • Thank you so much for your help. Your answers were really useful and came back so quickly. Great! Maggie
  • A quick response, a succinct and helpful answer in simple English. I believe I can now confront the counter party with confidence -- worth the 30 bucks! Rick
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C.
  • This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!! Alex
  • Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult. GP
  • I couldn't be more satisfied! This is the site I will always come to when I need a second opinion. Justin
  • Just let me say that this encounter has been entirely professional and most helpful. I liked that I could ask additional questions and get answered in a very short turn around. Esther

Meet The Experts:

  • Jo C.

    Jo C.


    Satisfied Customers:

    Over 5 years in practice
< Last | Next >
  • Jo C.'s Avatar

    Jo C.


    Satisfied Customers:

    Over 5 years in practice
  • Ben Jones's Avatar

    Ben Jones

    UK Lawyer

    Satisfied Customers:

    Qualified Solicitor - Please start your question with 'For Ben Jones'
  • Buachaill's Avatar



    Satisfied Customers:

    Barrister 17 years experience
  • Max Lowry's Avatar

    Max Lowry


    Satisfied Customers:

    LLB, 10 years post qualification experience
  • UK_Lawyer's Avatar



    Satisfied Customers:

    I am a qualified solicitor and an expert in UK law.
  • Kasare's Avatar



    Satisfied Customers:

    Solicitor, 10 yrs plus experience in civil litigation, employment and family law
  • Joshua's Avatar



    Satisfied Customers:

    LL.B (Hons), Higher Prof. Dip. Law & Practice