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Hello, my name is XXXXX XXXXX it is my pleasure to assist you with your question today. Do you mean they have failed to provide the services as per any agreement you had with them?
But the sitaution is a bit tricky
I shall explain
I was away
Please message me again when you are here.
hi I am here for now but may have to go off soon
They sold something like lets say
This is an example
Lets say I'm insured at 10,000 minimum for injuries
But they are only giving 5,000
But thats not my case it's just an analogy my case can be slightly more complciated
slightly less complicated
But my case is
I can trade financial instruments, with a leverage ( multiplication of the account size of 1:100 AS A MINIMUM )
But in an event where they were trying to close out on my positions they were like we will change yours to 1:50
What's the legal ground on this
well this appears to be a breach of contract matter. If it was specifically agreed in advance what terms you would be working together under, and these terms were then amended without there being contractual right to do so and without the agreement of both parties, then the party which is trying to change them would be potentially acting in breach of contract.
It says they are allowed to change leverage anytime
But leverage is advertised STARTING at 1:100
what does that mean then
well the initial leverage would be for that amount, ad it is not guaranteed to remain at that amount and can be changed if necessary
There no customer option
To change it lower
It just starts at 1:100
1:50 was mathematically the point where they close out everything in my account
What do you take on that
but you said they were allowed to change it any time?
Let me view it
Please also note that xxx has every right to amend the leverage setting on your client’s accounts
But assuming the fact is it has to start from what it is advertised as
yes it would start at 1:100 and once a change has been introduced it should only apply to transactions after that change
So if the change was to target my existing trades which were opened at 1:200
What do you make out of that please
Cause I opened a set of trades at 1:200
that is unless the contract says that such changes can be retrospective
they said if you don't close out now we will change it to 1:50
It doesn't say anything like that
their threat was to entirely aim at my positions to BE closed
ok I think this whole arrangement is somewhat beyond the remit of this site, it looks rather complex and specialist and not something I am familiar with specifically so I do not feel in a position to be ale to advise
I do not want to just be guessing in order to provide an answer
It is fine.
I am only seeking a legal opinion
I am taking in different perspectives
well you are looking at potential breach of contract here but it depends entirely on the wording of the agreement and what each party is or is not allowed to do. But to be able to say with any certainty I would need to look at the contract and take it from there
but as this trading industry is not an area I am familiar with I believe I am not in a position to provide advice on it as I am sure there are specific rules on how it applies in general that would be relevant and I do not know these
I think it is correct tho
You are welcome