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Hello my name is ***** ***** I will help you with this.
For now please let me know what country their disputes are governed by? It should be in their terms.
Cyprus ... Many of this type of Trading Company are based & regulated there ...
Thanks. Potentially you need to issue proceedings in Cyprus. Does the agreement say disputes must be litigated there?
If there is a complaint - the first port of call should be the Regulator ... I have downloaded the Suspension Documents from CySEC - Shall I attach them ???
I wish to tread carefully - But I have read that if threatened with a complaint to CySEC they have refunded a clients money ... Tho whether or not he got his Profits - I don't know ...
Oh I see.
I can't see where to attach documents ... I will copy them in to you here ...
But even they are based in Cyprus - so the situation is still the same
Does the agreement state disputes to be litigated in Cyprus?
The Cyprus Securities and Exchange Commission announces that the authorisation of the Cyprus Investment Firm ‘WGM Services Ltd’, number 203/13, is suspended, pursuant to section 26(2) of the Investment Services and Activities and Regulated Markets Law (‘the Law’), due to suspicions of alleged violations of:
Section 18(2)(ι), ‘Operational requirements – Clients’ funds’, of the Law and Part VI, ‘Safeguarding of clients’ funds,’ of the Directive DI144-2007-01 of 2012.
Section 67, ‘Own Funds’, of the Law and the Directive DI144-2007-05 of 2012 on the capital adequacy of investment firms.
Section 69, ‘CIFs large exposures’, of the Law and paragraph 8, Part ΙΙΙ of the Directive DI144-2007-06 for CIFs of 2012 on large exposures.
The above decision was reached taking into serious consideration that the above alleged violations may possibly endanger the interests of the clients of WGM Services Ltd and the operation of the capital market.
Within fifteen (15) days WGM Services Ltd has to take actions in order to comply with the above.
While the suspension of the authorisation is in force, WGM Services Ltd:
Cannot provide/perform any investment services/activities, pursuant to section 26(5) of the Law.
Must close all open positions in relation to clients’ contracts, if a client so wishes, and return to them all their funds and profits earned – a practice which is not considered to be a violation of the provisions of section 26(5) of the Law.
Nicosia, November 20, 2014
Which agreement are you talking about ???
Your agreement with EZ Trader
Yes ... I am checking ... So far this is all I can see ...
EZTrader.eu is a fully regulated binary options broker, authorized by CySec to fully operate across all member nations of the European Union.
Being authorized by CySec means EZTrader was required to hold 1,000,000 Euros in capital, thus fully securing its traders' funds.
For Regulatory reasons and In order to comply with CySec regulations, our traders are required to answer the following questions, and also to provide some identification measures, as described hereinafter:
Wait ... I am looking again ...
Disputes or jurisdiction
This is EZ Trader's Complaint Policy ...
WGM Services Limited and its trading platform Eztrader.com, is a financial services company incorporated and registered under the laws of the Republic of Cyprus, having been granted a license from the Cyprus Securities and Exchange Commission hereinafter called “CySEC” (license No. 203/13). The Client Complaints Procedure Notice (“The Notice”) is issued under Law 144(I)/2007 (The Cyprus Investment Services and Activities and Regulated Markets Law of 2007), and the European Parliament Markets in Financial Instrument Directive (“MiFID”).
WGM Services Ltd maintains effective and transparent procedures for reasonable and prompt complaint handling for existing and potential retail clients, and we keep records of complaints and measures taken for complaint resolution. The purpose of this procedure is to ensure fair and consistent dealing with client complaints whilst striving to provide the highest level of customer service.
In the event that you have a complaint relating to any of your dealings with WGM Services (EZTrader.com), then the following complaints procedure, as set out below, should be followed:
The thing is ... At this point today ... I am not looking for a court case ... I just want to 'scare' em into making me a decent offer ... Or at the LEAST ... My money back ...
What is your initial advice please ...???!
Right first you should write and ask for your money back or say you will go to the Regulator.
Ask for it within 14 days and say it is based on their false trading and suspension
Say you want an offer or say you will take it further
If they refuse then you have 2 choices
1) Take it to Court
2) Complain to the Regulator
It may help getting a letter from a Solicitor asking for an offer as it may carry more weight.
Clearly there will be a cost to this but you may get an enhanced offer
There is always a risk of course they do not make ann offer and you either have to go to the Regulator or take the matter to Court
Have they BROKEN THE LAW by continuing trading whilst under suspension from CySEC ...???
Thanks ... Btw ...!
Yes they have
Can I quote you as saying they have ... Please ???!
They have breached the CySEC Regulations
Otherwise what would be the point of being suspended?! None
Many thanks ... I will get back to you on this ...
Have a nice lunch !
Thanks and you.
can I clarify anything else for you?
Maybe later ... I am gonna go and print off the CySEC documents ...
Sure. If I could ask you to rate my answer before you go today - the button should be at the bottom of the screen
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