A broker's reputation can be put at risk by a few negative opinions. As a result, every good and respected broker should invest more resources into making the client service more transparent and trustworthy.
Two brokers Gtcm and Fxgm with one owner, namely the investment company Depaho Ltd, operate in Italy with a license issued by CySEC, Cypriot Securities and Exchange Commission, one of the most important financial market supervisory authorities.
Conflicting conclusions have been drawn regarding both of these brokers: there are those who demonise them, accusing them of little transparency or of not paying what is owed, and those who judge them among the best traders available.
Earlier this year, both of these brokers were in the top ten online trading platforms most commented on and most used by traders around the world.
FXGM, the most talked about
FXGM was founded in 2011 under the name Depaho. It gave its investors a test margin equal to 5 investments: in case of losses in one of these investments one would have the right to compensation.
It is not very well known in Italy, where only a few investors were convinced.
Much of the criticism is based on the "silence" of the client services when business is not going well.
GTCM, Trade Without Limits
GTMC is also a member of the Depaho family, its approach to trading online is intended both for the individual that has in depth experience in the field and for the individual that has recently become involved in this world.
They offer many training experience opportunities before handling more complicated products.
They 100% cover the first 5 investments made, compensating for losses and guaranteeing profits. Overall, criticism is also based fundamentally on client services.
Our experience with Depaho
Boccadutri International Law Firm has worked in the world of Forex for a number of years and is aware of the problems that can arise by deciding to invest one's money online.
It has relations with different clients that have had contact with the group Depaho, for better and for worse.
With regard to dissatisfied customers, we have contacted the company and can guarantee that there representatives are available, and have always given a fast response to our concerns raised.
Our procedure with CIFs
If a client turns to us because they have had a misunderstanding with a CIF company, based in Cyprus and that is controlled by CySEC (Cyprus Securities and Exchange Commission) our first step, after having evaluated that there are the conditions to be able to meet the investor's requests, is to contact the CIF.
The CIF will have five days to respond to us in writing and to confirm taking note of the complaint.
At that point, another countdown begins that lasts two months (three in more complicated cases) within which period a solution that satisfies both parties has to be found.
With regard to Depaho, we can confirm that it has never breached these deadlines.
What happens if a CIF does not respond
If the company does not respond within the required time limits, or if its response is not deemed satisfactory by our client, we could be forced to turn to the Financial Ombudsman, a service independent of financial mediation that resolves controversies between CIFS and investors.
It has been established by the English parliament, to resolve the complaints of private individuals. Yet, the Ombudsman does not have the final say, the last possible alternative would be to turn to a civil district court.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.