The account lock at the most inopportune moment — one of the most unpleasant situations of the trader. The most common cause of account lock — violation of the rules of the broker. Brokers do not particularly advertise the items of their contracts, and traders are not particularly eager to delve into them, and there are misunderstandings. The worse is for beginners that make mistakes by inexperience, after which they immediately hung labels on the broker. About most common restrictions of brokers you can read in this article.
The causes of account blocking
The most common reasons for blocking the accounts of traders by a broker:
You are not allowed to open several accounts with one broker, for example, to get the bonuses. Opening multiple accounts at one broker under one account is not a problem, but many bonus programs are not compatible among themselves, i.e. you cannot use two bonus programs at once. Attempts to open multiple accounts are detected by IP address and can be received by the broker as a method of fraud. About the refund we can only go within the amount of the deposit;
dummy data is provided during the registration. This will be detected later during the verification, so there is no sense in specifying ivalid data;
fraud. We will not provide the ways of it, but the reason of account blocking can be in this. Worse, if the broker called a fraud that, according to the trader, it is not. Then after the account blocking there will follow a long correspondence with SB or support with all the screenshots and proceedings. Often the broker wins in a dispute,. However, it makes no sense to stage the fraud — the reputation is more important;
trade on scalping strategies. About the reasons please read in the first link;
use of software that interferes with brokerage one. More likely it concerns expert advisors, which can do frequent queries to affect the server;
too much profit. First, the broker checks the validity of income, and secondly, some brokers put restrictions on the maximum amount of profit (applies to “the kitchen”). The reason for blocking the accounts — verification of compliance with the rules of trade;
no account usage for a certain period of time.
The way to solve the problem the only one — contact support of the broker directly through the website or account. If the broker enters into a long argument or do not respond, then you can ask a question through the forums. On professional trader forums there are often the sections where the official representatives answers the questions. If the reason for blocking of the account is not defined, there is no reaction of the broker, then public disclosure of the problem is sometimes effective. A third option — an appeal to the regulator. However, the probability of finding the solution through the regulator, equivalent to the probability of solving the problem through the courts, – it is almost zero.
Recommendation. The causes of account blocking in 90% of cases occur through ignorance of the rules. Read the terms of the broker agreement, an offer — thus you’ll eliminate most potential problems. Try to make screenshots of the trade and correspondence — will come in handy! And don’t try to cheat the broker, he is able to do it much more professionally.