Quote from ningningyan:
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!
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.
