ETX without rationality ?

[Aristix]

Please can anyone understand inexplicable behaviors?

I am an old client of ETX. I always feel good with it. I am not a big client but also not so little. I put orders with minimum size but EVERY DAY there is an average of 30 executed orders.

Recently I sent documents to be considered as professional clients according to new ESMA rules: Linkedin account with work experience in derivatives office of a bank and actual ownership of securities > 500.000 €. I stopped to work in bank in 2006.

The answer was: “the compliance department doesn’t accept your Linkedin profile. Can you send a document from the bank?” Without any explanation of the reason.

However I had the letter with which the bank assigned me to derivatives office. Obviously it was a very old letter.

And again: “the compliance department doesn’t accept the bank’s letter. Have you other bank documnets?” WITHOUT ANY OTHER EXPLANATION: "doesn't accept"

I answered that if they refused first bank document (signed with number date and logo) they would also refuse the second, 3rd and so on. And also I would know the reason because the refuse documents and Linkedin account. Also I added that I already have other borkers available to accept the same documents.

No answer.

This is incredible!!!!! It Is incredible they refuse normal documents and it is more incredible they don’t explain why.

Why do they have this behavior? Are they becoming mad? Suppose that my documents are false. What is the problem for them? I am only asking for a different client qualification, if I lose money it is a my problem. Have they to do policemen? If I am a forger I will respond, but what is their problem?

 

[FXX]

Perhaps your account size with them is the issue. They may want you to fund it with more and trade larger. I have to wonder if some of these bucket shops are using esma professional as leverage for pro trader status. My thinking is they are refusing you because they can see you are not trading at a size that would categories you as pro

 

[Aristix]

Perhaps your account size with them is the issue. They may want you to fund it with more and trade larger. I have to wonder if some of these bucket shops are using esma professional as leverage for pro trader status. My thinking is they are refusing you because they can see you are not trading at a size that would categories you as pro

They could say it, but didn't. Have I to be a psychologisto to understand what they want?
Esma requires 2 of 3 criteria. 2 possible criteria are
securities > 500.000
work experience in leverage instruments.
I showed both. What interest do they have do refuse professional qualification to the client? They only risk to lose client (I already opened another account and I am going away from them).

Peraphs could they not to be interested to keep a client who puts only orders with minimum size? But they are lots of orders for day, every day, since years and however if they give me possibility I can increase. And also little orders increase volume for them. If they have strange behaviors simply they will lose a client.
Therefore there is something strange....

 

[FXX]

Here is a little story from myself. I was with a broker and when esma came in they reduced my leverage to 2:1 and told me this was the legislation. The morons couldn't even read the regulation documentation right. 2 weeks of arguing with them I finally decided to close the account. I got hold of the CEO and told him to fire the lot and he said he would look into it. They gave me a 100 pounds after I left but I did withdraw that and spent it on a nice meal.

 

[FXX]

Try another broker

 

[ChristianXavier]

Well, I've heard many sad stories about ETX support team, so no surprise here. Just try another broker, don't waste your time.

 

[Aristix]

I got hold of the CEO and told him to fire the lot and he said he would look into it. They gave me a 100 pounds after I left but I did withdraw that and spent it on a nice meal.

I cannot translate these phrases. What means "to fire the lot"? And can CEO be interested in a single client? They have thousands of clients, he will become mad. And why did they give 100 punds after you went away? Usually they give rewards to who arrives, not who leaves.

 

[FXX]

I cannot translate these phrases. What means "to fire the lot"? And can CEO be interested in a single client? They have thousands of clients, he will become mad. And why did they give 100 punds after you went away? Usually they give rewards to who arrives, not who leaves.

i spoke to the CEO of my broker at the time on linkedin and told him his minions had reduced my account by more than the regulations stipulated and included the communications. I also said he should fire his support team (being peed off at the time with them after 2 weeks are arguing with them). The payment was an apology for the mistake.

 

[Aristix]

Try another broker

Surely, I am seeing but it is not so simple.
I need a broker that offer bond and commodities in MT4 with small size. There is Oanda, but it does tricks on swap interest. There is LCG but has worse spreads.
Economic operator would be rational. I bring them money they would ease me. In gneral I feel good with ETX probably there was some idiot in compliance department.