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Forex Contracts

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Samuinick
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Forex Contracts  Reply with quote  

I signed up to a forex company a few eeks back and got a quote from them to send money overseas which I was told would be valid for 3 days. Noticing the exchange rate was improving slightly in my favour I decided to wait and see what happened and asked them for a new quote.

I was told no problem and a new figure was given. On the day that I am now deciding to make the exchange I am told I am in breach of contract. It seems when I was given a verbal quote over the phone I had entered into a contract and am now being threatened with legal action.

This sounds very strange to me, if this was the case they should have told me when I asked for the new quote. It all just seems very unprofessional.

Is these verbal contract terms normal in the forex world or should I be wary?

Cheers
Nick
Post Tue Aug 17, 2010 2:27 pm
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coaster
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Verbal contracts are the norm when you are dealing with forex brokers with whom you have an account. Your post says your "signed up" and that you "got a quote", words which suggest to me that was the case. I suggest you carefully read what you signed and that in the future you always do that.

Your one recourse is to ask the compliance department to review the telephone recordings for that day. All phone contacts are recorded, so the exact language that was used can be heard. Certain specific words must be used for a trade to be accepted and executed on a client's behalf. Often broker contacts via telephone are very sloppy and don't conform to the requirements. If that was the case with your broker, it may be possible to have the trade reverse (or to use their lingo "busted")

Good luck, and be more careful in the future.

~Tim~
Post Wed Aug 18, 2010 4:28 am
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Samuinick
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Thanks for the reply Coaster, when I say signed up I mean online registration with a huge terms and conditions page which if I'm honest I didn't read but had to agreed to.

I will see what I can do with the recorded phone calls but when I asked they said they couldn't find it.

Cheers
Nick
Post Wed Aug 18, 2010 4:45 am
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coaster
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Ask to speak with the Compliance Officer, and use those specific words. Every broker is required to have a compliance department, and the objective of that department is to ensure that the brokers follow the rules, and a secondary objective is to investigate client complaints.

~Tim~
Post Wed Aug 18, 2010 9:43 pm
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12bata
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The foreign exchange market (forex, FX, or currency market) is a global, worldwide decentralized over-the-counter financial market for trading currencies. Financial centers around the world function as anchors of trading between a wide range of different types of buyers and sellers around the clock, with the exception of weekends. The foreign exchange market determines the relative values of different currencies
Post Fri Apr 29, 2011 6:18 am
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Einstien76
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The foreign exchange market (forex, FX, or currency market) is a global, worldwide decentralized over-the-counter financial market for trading currencies. Financial centers around the world function as anchors of trading between a wide range of different types of buyers and sellers around the clock, with the exception of weekends. The foreign exchange market determines the relative values of different currencies.
Post Tue May 03, 2011 4:18 pm
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