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mex atlantic

Latest Hottest Replied Closed
Mex Atlantic blocked withdrawals
GBi
Italy
2023-12-13

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CONTENT I opened a trading account with Mex Atlantic, part of Multibank Group, in June 2023, with a 5K EUR deposit. I started making good profits, more than 5K, with a scalping strategy. Nobody complained about it and I withdrew my initial 5K. On October 3rd I took advantage of a large market volatility and made other 10K profits. Again no compliant on their side. After some days I tried to withdraw part of my profits, but the withdrawal was blocked. I wrote to my account manager Mr. Antonio Ferreira. The reply was that scalping is not tolerated by Multibank and thus my funds were frozen. To have my profits back I should reduce scalping below 20%. I asked where in the client agreement there was such a clause and what they define as scalping, and the only thing they were able to show me was a link to a page (https://multibank.iq/en/scalping-policy), which BTW at the moment is not even existing. The truth is that NOWERE in their trading conditions https://mexatlantic.com/tools/trading-conditions nor in the client agreement https://multibankfx.com/public_file...ccount-forms/MEX_Client_Agreement09122021.pdf it is mentioned that scalping is forbidden. Solely on these terms I carried on my trades. After several email exchanges, they told me I should decrease my scalping trades below 25% (not 20% as they mentioned initially). I accepted to do this and placed a consistent number of trades longer then what they mention as scalping to reduce the scalping volume below 25%, which reduced more than 1/3 of my profits. When I again wrote them to release my funds, the only reply I got was "I’m not sure what’s the request here, but the scalping ratio is still 100%". No attempt at all to settle the question or to analyze the trades. They simply found an excuse not to pay back my profits. At the end they redirected me to their complaint department; I contacted them on December 4th. According to their policy they were supposed to acknowledge my complain in 2 days but I got nothing back so far.
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