Less than a month ago, I decided to invest with Monex on a 10 Oz gold ($13,660) and I gave them a deposit (9/28) of about 3110 USD later 2 days later. A little over a week after bail, I was in a car accident (October 7) and I lost my car and has had health problems ever since. I tried calling on October 10th to talk to my account agent Derek and try to get out of all the business, now that I need this to have a new car and everything else. All he could tell me was that I had to sell my gold with my other account and give more to Monex and put some of that sale towards the new car. In fact, it is part of the field of sale, and here an average investor is wrong because a blocked account gains losses as quickly as possible. Salespeople collected commissions and bonuses based on the number of accounts they opened and the size of the transactions on the accounts, not on the amount of customers who earned, the commission said. The Atlas account offers a five-to-one leverage, which means that with $20,000, an investor can control $100,000 worth of gold. Borrowing to increase purchasing power means paying interest, currently 9.25%, which corresponds to most brokerage margin accounts. In addition, Monex charges storage fees for holding the share of gold you own, plus all applicable commissions, usually between 1% and 2%. But customers in the Atlas program have lost big, a fact that Monex has protected against potential customers, according to the Commission.
About 90% of all Atlas accounts financed by the loan lost money from July 2011 to the end of March, according to the complaint. If you come from the serious broker world of Schwab, e-trade, Ameritrade, etc. Make sure Monex is a completely different type of outfit. No one here has your back. We started gold with advice from our account manager, Don. Once the confidence was established and our gold purchases were correct, about a year later, a call from `O` strongly recommended that we buy a hedge to protect our gold account from the downturn. He called back the next morning to convince us to do the trade. Total trade cost described to us: $19,000. His advice was correct so far, so we went with him.
So today, when I try to get out of it, they tell me that I`m going to lose $1,100, and the only thing I could do is stay longer with them and hope that the market goes up and get the money back, but if I wait, I`ll sign their subscription contract, or they`ll default my account and only send me back $1,900. Through it all, I was treated very badly by their representatives (and told me they will hang me if I don`t respond immediately to what they say and don`t care about the car accident) and they don`t do anything to try to get my bail back.