Tuesday, September 21, 2010

Meta-Trader - Open letter to Trader's Choice FX

Hi Meta-Traders. As much as I dislike negativity on this blog, I have a beef with Trader Choice FX. They agreed to pay a bonus on my live trades, but so far have not done so. I'm giving them until Sept 30 to work this out. After that, i'm going to yank my business and send a complaint to the Better Business Bureau in their local area.

Below is my letter to Dan in the sales department.

Dan-

Thanks for the mail. I am interested in opening more accounts and adding more funds. My only issue at this point is that i've been trading 2 live accounts since the beginning of 2010, and I have yet to see any pip rebates whatsoever.http://fxmmdlive.mt4stats.com/ and http://fxmscalperx.mt4stats.com/.

Moreover, there's doesn't seem to be any effort on your part to calculate the bonus that I have earned, or tell me when its going to be paid. I understand that its a small amount of money, but if you can't meet the terms of what we have already agreed to, what's to say you will do so if I add more money? I tried to e-mail your accounts department, and I got the below reply (scroll down), which I consider to be unacceptable.

I was told at one point that nothing would be paid unless it amounts to more than $10. I did a quick calculation and I believe i'm approaching $20 as of the end of this month. This takes into consideration that you are 2 months behind on paying this an you are still in July.

Here's what I'm looking for:

1) I want to see a statement of what bonuses i've earned thus far and when it will be paid

2) I want to see some type of regular accounting of what bonus i've earned. I don't accept the fact that you don't have any way to calculate the bonus since you yourself receive payment based on my activity. Also, it was my understanding that you were supposed to be paying me a bonus. How can you do so if you don't have a way to calculate it?

I don't want to be nasty, but I don't think you are living up to what you agreed to do, and i'm not going give you any more business until this gets resolved. Thanks in advance for your reply.

Chris

accts@traderschoicefx.com
From: TCFX Bonus Department http://us.mc508.mail.yahoo.com/mc/compose?to=accts@traderschoicefx.com>>
Subject: RE: Trading bonus
To: "Chris"
Date: Tuesday, September 14, 2010, 1:04 PM

Dear Chris,

A monthly statement is sent to you directly from the FCM> that you trade with. Here you will be able to find your total monthly volume (will need to> convert to standard lots (100K)). You can then multiply your total standard lots by your monthly bonus rate (.2 pips). This will give you your monthly bonus each month.

If you should have any questions, please email accts@traderschoicefx.com.

Thank you,

The TradersChoiceFX Team
NCMFX, Inc.
http://www.traderschoicefx.com/
Phone: 1.617.340.6606
Toll Free: 1.877.272.5850
Fax: 1.617.340.6612
info@traderschoicefx.com
Posted by at

8 comments:

  1. C. SmithSeptember 21, 2010 at 4:16 PM

    BTW - I did call the phone number after getting the above reply, and I spoke with a person who gave the rough guidelines that got me to the $20 figure in terms of what I earned as of end of July 2010.

    My beef is is that if your bank only owes you 20 cents in interest, do they welsh on that obligation? No, they pay it as agreed and that's what expect of these guys..

    ReplyDelete
  2. C. SmithSeptember 21, 2010 at 5:14 PM

    PS - Got this reply...

    Dear Christopher,

    Thank you for your reply.

    We think you may have misunderstood the email sent from
    accts@traderschoicefx.com. All of your monthly bonuses will be sent to your
    PayPal account, there is just a payout minimum of $10 each month. So if
    your bonus was under $10 one month, you simply request this to be added to
    your next month's payout by sending an email to accts@traderschoicefx.com.
    Once your bonus is at $10 or greater your bonus will be sent to your PayPal
    account. This is also stated on the bonus agreement you signed with us.

    Your current monthly bonus balance as of June 2010 payout is: $20.68

    This is set to be added to your July 2010 monthly bonus. July 2010 monthly
    bonuses are currently being issued through September 30th, 2010.

    We hope this helps.

    Please let us know if you need anything further.

    Best regards,


    The TradersChoiceFX Team
    NCMFX, Inc.
    www.TradersChoiceFX.com
    Phone: 1.617.340.6606
    Toll Free: 1.877.272.5850
    Fax: 1.617.340.6612
    info@traderschoicefx.com
    Skype: ForexSupportTeam
    Live Chat & 'Request A Call' is available on www.TradersChoiceFX.com

    ReplyDelete
  3. C. SmithSeptember 21, 2010 at 5:16 PM

    And I replied as follows:

    TCFX-

    Thanks for the quick reply.

    I understand that the bonus will not be paid if its under $10. I found that out once I contacted your accounts department back in March of 2010 once I realized that I was not being paid for any trading activity up to that date. At that time, I requested that rebates be rolled forward. I'm unclear whether you received that instruction since it seems you are telling me that for the first time once again.

    I would also like to point out that the bonus agreement makes no such mention of that limitation, but defers to an on-line agreement (which supercedes any agreement made anyway) at this address:

    http://www.traderchoicefx.com/pdf/forms/Bonus_Program_Agreement.pdf

    I tried that address and received a page not found message.

    In any case, I appreciate that you have calculated my bonus and I will consider this matter closed once my Paypal account on file has been credited as such.

    Thanks,

    Chris

    ReplyDelete
  4. C. SmithSeptember 21, 2010 at 5:44 PM

    Correction, correct URL is is:

    http://www.traderschoicefx.com/pdf/forms/Bonus_Program_Agreement.pdf

    Chris

    ReplyDelete
  5. townjetSeptember 22, 2010 at 9:21 AM

    Wow, what a pain in the butt for $20. I was thinking of using cashbackforex as Daniel mentioned it in one of his posts, however looking at the site I think most of the accounts they do are UK accounts. I wanted to open an alpari account but maybe I should try one of the other ones. I suppose I should dig up some reviews and such to see which one would be best.
    I hope you see your rebate, as it is always nice to get those few extra bucks.

    JT

    ReplyDelete
  6. C. SmithSeptember 23, 2010 at 3:08 AM

    JT-

    Thanks for the comment. I went back and re-read the agreement and it says its a bonus and the are not under any actual obligationt to pay you the money! It is a pain and not very nice of them to put you through all the steps of signing up and then just not bothering to pay. I'm giving them until Sept 30th to pay up, or i'm going to yank my accounts from their affiliate and they won't see another nickel from me for the rest of my trading career.

    Thanks again,

    Chris

    ReplyDelete
  7. C. SmithSeptember 26, 2010 at 11:38 AM

    Hi all-

    Just to wrap this up, my Paypal account was credited today for $24.15 which was my first bonus payment from NCMFX (aka Trader's Choice FX.

    This was for 9 months activity and represented just about 1% of the funds on deposit.

    Interesting that this exceeds the risk-free rate of return on checking and savings accounts which is currently 0.7% with Citibank!

    So even if the results of your trading are a wash, you can pickup 1% (or more) of return in each account in bonus payments only!

    I'll be setting up some more accounts with Forex.com and Traders Choice FX...

    Chris

    ReplyDelete
  8. Richard H. BlackApril 26, 2020 at 1:22 PM

    This is such a great resource that you are providing and you give it away for free. I love seeing blog that understand the value of providing a quality resource for free. i markets live sign

    ReplyDelete

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