My problem is that the open positions are at a loss. Am I just supposed to accept a loss of 25% of my account value?
Ignored
No one is answering customer service because it is currently 1am Monday morning in Australian eastern standard time. No offices are open.
You can move the balance of the Lplate account to a normal standard:
"Our customer service team will be happy to setup an additional account for you as a standard account and transfer the remaining balance of your discontinued L-plate account to the new standard account."
You can re open all positions minus spread in the new standard account. If you can't then you have till June 1st to fix things up on the Lplate account , even if that includes taking the 25% loss.
My problem is that the open positions are at a loss. Am I just supposed to accept a loss of 25% of my account value?
Ignored
If you think the positions are going to move back on your favour then by opening up the same exposure on your new account there won't be any difference.
That is bad service! Have you tried live chat? (available 24/5)
Ignored
Yeah, live chat, 24 hour online support...
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Start taking screen shots and gather as much evidence as you can to justify their wrong doings.
You can take this matter further if you want, and for free. You will need to provide evidence by way of documentation to 'Finance Ombudsmans Service' online submission forms.
If it continues and they wont act, then contact ASIC voa their online forms.
It is a lengthy process but gets results.
My comments are not to be taken as trading advice, not a financial advisor
Start taking screen shots and gather as much evidence as you can to justify their wrong doings.
You can take this matter further if you want, and for free. You will need to provide evidence by way of documentation to 'Finance Ombudsmans Service' online submission forms.
If it continues and they wont act, then contact ASIC voa their online forms.
It is a lengthy process but gets results.
Ignored
Lol geez, calm down, they're just deciding to not offer a type of account anymore.
Lol geez, calm down, they're just deciding to not offer a type of account anymore.
Ignored
Sure, so suddenly they announce that starting in 10 days, you cannot open new trades. What about people who keep trades open for weeks or months (long term)? This is the most fucked up thing to do.
Customer service sucks also. They're not helpful at all, and I've contacted them multiple times. They only give generic answers.
I've closed my trades at a loss and I'll be withdrawing all my money and moving to a more respectable broker.
...What about people who keep trades open for weeks or months (long term)? ...
Ignored
It makes no difference, they can simply close their trades and reopen the same exposure on another account, it makes virtually no difference to the bottom line, you are just paying a few extra few pips in commission fee is all.
Well 10 days is two whole trading weeks, what would you expect them to say, Lplate account holders can't open new trades beginning in 6 months? This happens! That's why they gladly swap over amounts to other accounts that are staying open. This is a beginners account for a otc forex broker, chances are you're probably the only one martingale'ing many months long trades.
Just about every broker has more than one type of account available. As their business develops they will change them as they see fit. Heck probably not many people at all are still in the Lplate account so they are deciding to close it down, the proper thing to do. Nothing is stopping you from opening the same positions in the new account.
As for customer service, honestly no one here knows what you've been saying on cs or how you've been conducting yourself, maybe they just think you're some hobo making pranks hahaha, hell one of the times you tried to contact them was barely the start of a business day. I seriously doubt it's their intention to screw you over, but if you find emails and web chat such a pain then just c-a-l-l, during business hours 9-5 mon-fri AEST.
It makes no difference, they can simply close their trades and reopen the same exposure on another account, it makes virtually no difference to the bottom line, you are just paying a few extra few pips in commission fee is all.
Ignored
Don't you think the lot size and the account size makes a difference, considering my trades were at a loss?
Well 10 days is two whole trading weeks, what would you expect them to say, Lplate account holders can't open new trades beginning in 6 months? This happens! That's why they gladly swap over amounts to other accounts that are staying open. This is a beginners account for a otc forex broker, chances are you're probably the only one martingale'ing many months long trades.
Just about every broker has more than one type of account available. As their business develops they will change them as they see fit. Heck probably not many people at all are still...
