CONTENT I trade forex on Scotia, the website is https://www.scotiaforex.com/index.html, and the MT4 server name is Scotianternational-Live.
At the time, their salesperson said that Scotia did not offer overnight interest and introduced me to CXM, saying that the overnight interest rate was quite high and that it could be used for arbitrage trading. They would short Scotia for the same currency pair and buy long on CXM, thus earning overnight interest income every day with low risk.
Following the salesperson's advice, I deposited funds into two brokerages, CXM and Scotia, and started trading. I used the OYI digital wallet to deposit funds. The forex market is highly volatile, which resulted in a $30,000 loss and account liquidation on CXM, but a $30,000 profit on Scotia, which I hedged against. At 3 a.m., the Federal Reserve made its interest rate decision, and Scotia's trading platform was frozen for nine hours. After the market reopened, my account had a profit of over $10,000, but my CXM account was liquidated, resulting in a loss of over $10,000.
The salesperson relayed the company boss's message that I was trading illegally. I was conducting arbitrage trading under the guidance of their salesperson, how could that be illegal? Currently, I have over $50,000 in my Scotia account, and they're not only refusing to return the profits from my CXM hedging transactions, but also my principal. When I called them, they simply said the money was with Scotia, that it was my own choice, and if I couldn't withdraw the funds, I should ask Scotia; it was none of their business.
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