I am looking for the job and have no income currently. Since I saw Broker XXX has the promotion about unlimited trading, although I am not familiar with investment market, I bought some debenture then sold them to earn several cents per share. However, I just found they charged me more than $900 commission in one month whereas there isn't any commission information mentioned in the official website. The commission fee $900 more earned by Broker XXX, is big enough to cover my monthly living cost. What should I do? Please give me some suggestion. Thank you!
Broker XXX !!! I always stay away from brokers that are triple X. You should have obtained a copy of the commission schedule before you opened the account. And what do you mean "I just found they charged me more than $900 commission in one month" ? At any broker I know of you see the commission when you make the trade on your trade confirmation report, not at the end of the month. You haven't provided enough detailed information for anyone to provide much help. What country is the broker in? The $900 commission was for how many trades of what and what size? How was the $900 commission calculated?
Many brokers do not state their commissions on their site and they are not obliged to do so. You can be sure that when no commission is stated on the web site, the commission rate is negotiable. Commissions are normally negotiated prior to trading as a function of the type of trading you do. You need to call them up and negotiate a commission rate and confirm it in writing (email will do). Do not trade until you have done so. Did you discuss commissions with them in any way (or mention their ad to them) prior to trading? If so, email them (preferably) or call them (as a second choice) and remind them of the commissions that you expected to pay as a result of that conversation. First, though, figure out what would be an exact commission rate that would line up with the conversation you had (or their ad) after checking with other brokers. Then write a polite email saying that the commissions shown on the statement are not in accordance with the discussion you had with them. Ask them to correct the rate to a specific value and credit your account for the difference. Do not ask them what this should be, tell them instead with a specific percent rate and dollar value that you expect to pay for the trades already made. Again, name a specific dollar value adjustment. "Please credit my account with $522.15 representing the excess of the commissions shown over the rate level we discussed when I opened the account." Expect them to call you back and negotiate. If this does not work complain to a regulator. I have a feeling you may be overseas so I do not know which regulator. Your income has little to do with anything unless they recommended the trades to you. Commissions are not charged on the basis of a person's income. Trading debentures is normally done by sophisticated investors. If you are not one, and especially if you placed the trades over the phone with a live broker rather than electronically, or if they advised you to make the trades, then you might have grounds to claim misconduct by the broker. In most jurisdictions, brokers are required to take into account the suitability of trades for a particular client. But first try to get the commission fees already paid reduced by simply asking. Also ask how you can appeal the fees. Call and email the broker's compliance officer.
Your not going to find a legit Broker pulling this type of crap on you, negotiate hard with your Broker to be. It's a Trader's Market and Brokers are willing to accommodate you by dropping fees big time! I do know there were a stream of scams and low-life Brokers charging Traders of BB, Foreign, Pink Sheets and Warrants up to $500 round-trip. I notice Apex was decent enough to prevent their clients from buying stocks or warrants that might cause the excess fees because the DTC did not have enough shares in their electronic bank or the shares of the Nasties had to be printed physically and mailed and mailed again when sold to another Clearing House, this ended up costing you the extra $500 to $1000 commission. Watch out for these type of fees, the $.01 per share of stocks below $2.00 plus .005 x the total ticket too. Read everything feasible and find a Broker through Elite Trader, your not going to be lead astray on a thread asking for help. The forum gods and demi-god Traders will eat a bogus Broker alive, newbie Traders need the advice from the gods here.