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QLD Forex Trading Issue - Sue Under Australian Consumer Law?

Discussion in 'Australian Consumer Law Forum' started by Jo Philip, 28 April 2016.

  1. Jo Philip

    Jo Philip Member

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    I am in need of help to proceed legally against 'plus 500' online forex trading company for the issues on their software product. Because of which I encountered financial loss while trading online .

    Issue: I was trading USD/JPY currency pair by using 'Plus 500' platform .The limit for 'stop/loss' was not executed as per the set, because of which I suffered financial loss.

    I contacted customer support and he confirmed to me that the limit for stop/loss was set and it was bypassed. The reason he stated was 'since it is not guaranteed because it is free, it stopped at the closest rate' as per my conversation (I have an email copy of the conversation) .

    I would like to sue this company under Australian Consumer Law and would like to make the other customers aware of this faulty product which they are using for trading.
     
  2. Rod

    Rod Well-Known Member

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    Your issue is not straight forward and you should see a lawyer for advice. There will likely be many pages of reading required and analysis of terms and conditions, user agreements, etc.

    A quick look shows their terms and conditions has clauses relating to stop/losses and while not definitive, go some way to at least alerting you to the fact that risks exist.
     
  3. Jo Philip

    Jo Philip Member

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    Thank you, Rod, for the response.

    My complaint is acknowledged formally by the company. I am waiting for further response from them.

    Regards
     

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