• Report: #900659
Complaint Review:


  • Submitted: Wed, June 20, 2012
  • Updated: Wed, June 20, 2012

  • Reported By: Frequent Trader — New York New York United States of America
48 Themistokli Dervi Avenue, Nicosia 1066, Cyprus Internet United States of America

EZTrader WGM Services Ltd. changed trade settlement prices Nicosia, Internet

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I have several different complaints but the most serious and most insidious is that the company changes the closing quote of trades to change winning trades into losing trades.  I was winning a significant amount of money over a period of several weeks.  One morning I logged into my account and the account balance was almost $2,000 less than the night before.  After scanning recent trades, I noticed that one trade closing price had mysteriously changed and was now "out of the money".  I had very little recourse because they never send a confirmation receipt or settlement receipt.  I called to complain and they asked ME to prove my claim!  What!!!  After I realized that the site was just a joke and that it was likely not going to pay off, I kept trading and took screen shots of trades when they closed.  It was my own receipt.  Several more large dollar amount trades mysteriously changed price an hour after they closed "in the money" and became losing trades.  At least I have the satisfaction of having evidence of the before and after even though it cost me thousands of dollars to collect it.  

Here's another "gotcha".   The site claims that it takes three business days to make a withdrawal.  That is a flat out lie.  The withdrawal request sits and sits and sits until you have to become a collection agency and harass their a*s until they pay.  Do you want to be the one hounding some company every few days to try and get your money back?  I don't.  But that part wasn't explained to me on their website.  Once you've complained enough, they will refund amounts on credit cards up to the amount you deposit.  And, only if you fax a photocopy of the credit card to them, but even that only gets you back to break even.  Stay away from this site at all costs.  It is one headache and ripoff after another.  

This report was posted on Ripoff Report on 06/20/2012 08:31 PM and is a permanent record located here: http://www.ripoffreport.com/reports/eztrader/internet/eztrader-wgm-services-ltd-changed-trade-settlement-prices-nicosia-internet-900659. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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