I need help: received this mail about withdrawing funds

Hello, this is the text:


So I lost all moneys.
What can I do now?

Thanks for answer.

Which broker is that?

Pepperstone

have you tried complaining? Lodge a complaint via support. Ask them to identify the exact term that allows them to void your trades. Try to find out who is guilty between you and them.

They added:


Errors in Pricing

4.15 It is possible that errors, omissions or misquotes (“Material Error”) may occur in the pricing of Margin
FX Contracts or CFDs that we quote, which by fault of either of us or any third party, is materially
incorrect when taking into account the market conditions and quotes in Underlying Instruments
prevailing at the time. A Material Error may include an incorrect price, date, time or Margin FX
Contract or CFD or any error or lack of clarity of any information. If a trade is based on a Material
Error, we reserve the right without your consent to do any of the following:
(a) amend the terms and conditions of the Margin FX Contract or CFD to reflect what we consider
to have been a fair price at the time the Margin FX Contract or CFD was entered into, had there
been no Material Error;
(b) apply an equity adjustment to your account, provided that;
(i) the value of the adjustment reflects what we consider to have been the fair price at the
time the Margin FX Contract or CFD was entered into, had there been no Material Error;
and
(ii) we provide you with a record of the adjustments as soon as reasonably possible
afterwards.
(c) Close Out the trade and any open Contracts resulting from it;
(d) void the Margin Contract or CFD from the outset; or
(e) refrain from taking action to amend or void the Margin FX Contract or CFD.

4.16 We will exercise our rights under clause 4.15 reasonably, in good faith and as soon as reasonably
practicable after we become aware of the Material Error. Where possible, we will give you prior notice
of any action we take under this clause, but if it is not possible, we will give you notice as soon as
possible afterwards. In the absence of fraud or gross negligence on our part, we are not liable to
you for any loss, cost, claim, demand or expense that you incur or suffer (including loss of profits or
indirect or consequential losses), arising from or connected with a Material Error, including where the
Material Error arises from an information service on which we rely.

4.17 In the event that a Material Error has occurred and we exercise our rights under clause 4.15, we may,
without notice, adjust your Account or require that any moneys paid to you in relation to the Margin
FX Contract or CFD that is the subject of the Material Error be repaid to us as a debt due and payable
to us on demand.

Go through the logic and calcs of the positions from the beginning.

This quite often the wording they use when profit is simply made too easily by the trader, like price spikes etc. in the traders favor, then they also use terms like data feed errors from their liquidity provider and so on.

Were the positions opened at your requested price?
Did you have enough account balance to support opening of these positions?
Were the positions closed due to 'stop out' or margin call?
Were the positions closed due to some other accurate price movement, or margin change, sudden spread change etc.?

There is common sense logic to follow with your trading positions, sometimes it all just makes sense, other times the brokers are exercising their rights to adhere to their 'unregulated' (and sometimes fraudulent) P.D.S.
As you can read their P.D.S has inclusions to cover nearly all events to be in their favor, but A.F.C.A. and ASIC see straight through what is actually going on, and they are clamping down on more and more fraudulent activities from FX brokers all the time.

If what happened does not make sense when you walk through the logic, you could then lodge an online complaint to A.F.C.A. https://www.afca.org.au/make-a-complaint/ and/or ASIC. They even mention this in their PDS. The process is quite simple, and if in doubt I would suggest it, but like any of these steps, make sure you have your affairs and facts in order first.

make a complain on forexpeacearmy

I believe this was with an EA running. Right?

EAX Dashboard

I have an EA to go live on Monday or Tuesday. With back testing it literally make millions in 3 months. Strange enough also on GBPNZD. I start to doubt. Might loose my money in same way.

Unfair according to me. If you was on loosing side they would have never let you know and refund your money to account. Guaranteed
.

Stay away from Pepperstone! No point if you complaint. If you guys wanted to try a broker, put small money there and try withdraw daily. I feel your pain bro..

I do not like this broker .
They are very slow to update their prices comparing to other brokers.
Scalping with them is extremely difficult ....

What can I do now to take moneys?
Do you think that it will be impossible?

In the meantime I wrote to English Financial Ombudsman Service.

Part of the picture seems to be missing, but I it would not be wise to share everything on a public forum anyway.

Did you have any other positions open at the time which contributed the -100.10% gain while having 344789.27 profit? eg: What was your Equity at the time these positions were open? Was it enough to cover all open positions?
I think the answer is here. If you are over leveraged (too many positions open at the same time) and you are a 'profiting client', this is when they will clean you out with either a price spike or spread widening, or both at the same time.

Re - Your screen shots. Are they closed with that profit, or is that a snapshot of 'opened at the time'?

The time when these positions were opened is when they have so called 'low liquidity' and that's what they will tell you, so spreads will be very wide particularly on that pair at that time of day. A lot of position balancing and cleaning out is done at this stage of day.

Finance ombudsman will need all this info as time goes by.