After opening an account with a rep name Jack, I noticed that the web site used to track my trades was having issues with the trades actually expiring 30 to 60 seconds AFTER the time had run out to zero. During this extra expiry time is when the strike amounts would move and I would not be awarded my winnings if they moved just enough for me to lose. Then the site started slowing and freezing so that I could not see my trades, track anything, or see information regarding possible trades. After emails to Jack regading the web site, I received this reply:
" In a message dated 8/22 10:54:35 A.M. Pacific Daylight Time, [email protected] writes:
Hello,
we are working on a complete solution to this matter which will be published tomorrow. Please be patient as it will be fixed soon and all of the trades will expire correctly.
we are sorry for the inconvenience caused by this matter.
Regards,
Risk Management Team"
However, the solution was never published, the site continued to have problems with expiring long after the clock went to zero and I lost over $1375. In reporting this to Jack, his reply was:
"8/29 2:39:01 P.M. Pacific Daylight Time From: [email protected]
yes of course,
unfortunately its only you who has had a bad experience and for this I must apologise, this isnt the way we run our company, we are a very professional service, last week was a one off thing which will not happen again.
Is there anything I can do for you? "
This is when Jack began to tell LIE after LIE...
My reply... "By your previous email about the technical issues with the site not expiring correctly I'm absolutely certain that I am not the only one who has had the issue of trades not expiring correctly as I described. Otherwise your tech team would not have had to work on the problem to be published on 8/23."
Jack's reply: In a message dated 8/30 11:23:42 A.M. Pacific Daylight Time, [email protected] writes:
"We have been through all of the trades that were affected during this time and if a client deserved a win we gave it to them. If you think you have some trades that were affected then please send me the trade ID numbers and I will have them checked for you.
Thank you."
My reply: " I see. So when you said, "unfortunately its only you who has had a bad experience" you were not telling me the truth. So there really have been others with the same issue you needed to check."
Jack's reply: 8/30 1:45:41 P.M. Pacific Daylight Time From: [email protected]
"The site was down for a few minutes the other night and it affected 3 people on our system, one person should have been recorded as a win but it wasnt so we gave him his winnings, Your trades will also be checked against our records and I can send you a full report showing you all the closing prices and we will see if you should have won or not.
If there has been any mistake we will happily refund the money to you.
Thank you for your patience."
Then I reminded him of the email where his "Risk Management Team" admitting there was a problem with the trades expiring incorrectly. Then came a barage of antagonistic emails where Jack was caught in lie after lie. Jack strongly urged me to have a conversation with him over the phone to "explain" but more like argue and antagonize me as to why he was refusing to refund my money based on his web site problems costing me money.
My reply: " Actually Jack, I will not speak with you but at this point want everything in writing. If I speak to you without a witness or a recording of the conversation, I have no proof of anything you say. I can see no reason for a personal conversation except for you to try again to convince me of the problems of the web site and how you claimed that others were awarded wins but just not me. "
Jack's reply: " Hi Tammy,
With all that considered Id appreciate it if we could speak on the phone in order to allow me the chance to discuss this with you.
You are making serious claims of which I need to address each one fully with you and if you are interested in drawing a line under this whole experience im sure you will not decline this conversation.
Many thanks, and I look forward to your response.
Jack."
And from Jack again:
"Ive now tried calling you three times and still no answer."
My reply: "You just keep lying to me over and over. Now you know why I have no intention of speaking with you. You just lied in your email about the number of calls you made to me, of which my phone records prove, how many more lies would you tell over the phone that I wouldn't be able to prove??? "
Then came Jack's reason for not refunding my money..:"I can refer you to paragraph 16 in our Terms and Conditions which states '' We shall not be liable for any loss suffered or incurred by you unless and to the extent that such Loss is suffered or incurred as a result of our negligence''.
My reply: "Jack, I'm tired of your stupidity and games. I've told you what I want based on EVIDENCE and ACCORDING TO YOUR OWN TERMS AND CONDITIONS which you just provided to me apparently not realizing that your company admitted there was a problem with the expiries and that there would be a solution published "tomorrow", and based on what you just provided me I should have been given a refund."
And Jack contiued to beg me for a personal phone call so he could "explain" everything and come to some kind of compromise. Yet, even though I had provided extensive documentation from him regarding the web site having trouble and he and his company's admissions that there was a problem not just with myself but others, Jack determined that none of the problems affected me, just others. In a detailed email on 8/27 I send him the exact information regarding the extra expiring times and what it cost me. He still refused to refund my money.
Per Jack at Zoom Trader: Date: 9/5 3:29:11 P.M. Pacific Daylight Time From: [email protected]
"I have decided not to issue a refund in this case as there was clearly no problem with your trades and all the trades you told me to check all finished with a loss. Again, just to make sure you have understood, it does not matter what it looks like to you when its expiring, what matters is the expiry price at the time of the close."
What this boils down to is when you trade with Zoom Trader you have a clock that times your trade. What the strike amount is at the end of that time going to zero is what SHOULD be the number that decides if you win or not. NOT WITH ZOOM TRADER!!! AFTER THE CLOCK TICKS TO ZERO YOU SEE THIS: "Expiring..." WHICH THEN CONTINUES FOR A MINIMUM OF 30 TO 60 SECONDS. AT THE END OF THAT TIME IS THE NUMBER ZOOM TRADER USES TO TAKE YOUR MONEY.
PER JACK: " you saw that you were in the money but when it closed finally it was recorded as a loss".
PER JACK OR HIS RISK MANAGEMENT TEAM:
"Hello,
we are working on a complete solution to this matter which will be published tomorrow. Please be patient as it will be fixed soon and all of the trades will expire correctly.
we are sorry for the inconvenience caused by this matter.
Regards,
Risk Management Team"
AND AGAIN PER JACK: In a message dated 9/5 8:07:04 A.M. Pacific Daylight Time, [email protected] writes:
" in your case your trades were recorded as a loss and were not affected by the disruption on the site, you seem to be referring to another problem of expiry.
It does not matter what you saw at the time of expiry, the only thing that matters is the price recorded at the split second of expiry which is recorded on our system as you've seen, so just because it showed that you were in the money near to the expiry time it still does not mean that the market didnt change split seconds before the actual expiry time and therefore you happened to finish that trade as a loss."
So even though Jack and Zoom Trader acknowledged the problem with the trades expiring incorrectly and promised a solution that never came, and according to Zoom Trader's own T&C, Jack still refused to refund my money. PER JACK AND HIS FINAL DECISION NOT TO REFUND MY MONEY:
Date: 9/5 3:29:11 P.M. Pacific Daylight Time From: [email protected]
"I have decided not to issue a refund in this case as there was clearly no problem with your trades and all the trades you told me to check all finished with a loss. Again, just to make sure you have understood, it does not matter what it looks like to you when its expiring, what matters is the expiry price at the time of the close."
LIKE JACK AT ZOOM TRADER JUST ADMITTED, THE TOOL YOU USE TO DECIDE IF YOU WANT TO TRADE OR NOT BEING THE CLOCK THEY PROVIDE AFTER YOU POST A TRADE, IS NOT WHAT THEY USE TO DECIDE IF YOU GET YOUR MONEY OR NOT!!! THEY EXTEND THE TRADING TIME BY AT LEAST 30 TO 60 SECONDS OR MORE, WHILE THE STOCKS STILL MOVE DRAMATICALLY, CALLING IT AN "EXPIRY" UNTIL YOU ULTIMATELY LOSE YOUR MONEY. WHEN BROUGHT TO THEIR ATTENTION LIKE I DID WITH JACK, THEY LIE, ARGUE, ANTAGONIZE, AND TRY TO MANIPULTAE THEIR OWN TERMS AND CONDITIONS, WHICH WERE VERY CLEAR I SHOUL HAVE BEEN GIVEN A REFUND, TO SAY YOU JUST DON'T GET YOUR MONEY BACK. THEN THEY TRY TO GET YOU TO SPEAK TO THEM PERSONALLY SO THAT YOU CANNOT PROVE ANYTHING.
STAY AWAY FROM ZOOM TRADER AND SPECIFICALLY A REP NAMED JACK!!! THEY ARE A HUGE SCAM OPERATING OUT OF NUMEROUS COMPANIES!!!
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