Did this broker cut money from your account for Oil orders? | Forex Factory

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Did this broker cut money from your account for Oil orders?

  • #1
  • First Post: May 5, 2020 6:19pm May 5, 2020 6:19pm
Many of my friends trading oil in Gain Capital, most of the orders were Long, and were closed at about zero.

Then, their account lost money again, shows Cash Adjustment, cut money directly from their account.

The live chat of Gain Capital told them that they adjusted the account with the price at $-37.63, so Long orders need to pay more, they cut it from their account directly.

Is there anyone of you facing the same problem? Did you submit complaint to FCA?
Forex, my love!
  • #2
  • May 6, 2020 6:39am May 6, 2020 6:39am
Check the T&Cs, it seems that many UK brokers may be trying their luck. Should take us about 8 weeks to get to the bottom of all this.
  • #3
  • May 6, 2020 7:30am May 6, 2020 7:30am
Quoting Blad4
Check the T&Cs, it seems that many UK brokers may be trying their luck. Should take us about 8 weeks to get to the bottom of all this.
Hi, do you got the same problem?
Forex, my love!
  • #4
  • May 8, 2020 7:48am May 8, 2020 7:48am
Not the same, but the platforms cutting out and taking money is not on. My solicitor is saying there are many people claiming, and I will be documenting the process on my thread. However, I cannot comment on GAIN capital, because they could be using a 'cash' version of Oil?? What is the instrument name there?
  • #5
  • May 9, 2020 1:34am May 9, 2020 1:34am
Quoting Blad4
Not the same, but the platforms cutting out and taking money is not on. My solicitor is saying there are many people claiming, and I will be documenting the process on my thread. However, I cannot comment on GAIN capital, because they could be using a 'cash' version of Oil?? What is the instrument name there?
Any other brokers did the same like GAIN Capital? I did not know yet.

It is US_OIL, take a look at this screenshot:
Attached Image

Attached Image
Forex, my love!
  • #6
  • May 9, 2020 4:39am May 9, 2020 4:39am
Are those times converted to EST? If not please do so, but yes it does seem that they settled the trades at 0.01 because the platform wasn't ready for negative pricing. Have you checked all T&Cs and contracts?
  • #7
  • May 10, 2020 5:23am May 10, 2020 5:23am
Quoting Blad4
Are those times converted to EST? If not please do so, but yes it does seem that they settled the trades at 0.01 because the platform wasn't ready for negative pricing. Have you checked all T&Cs and contracts?

It is server time, MT4 cannot set time zone, right?

and is there anyone who traded US_OIL with GAIN Capital? Did you got the same problem?
Forex, my love!
  • #8
  • May 10, 2020 5:26am May 10, 2020 5:26am
Quoting TaoJin88
Many of my friends trading oil in Gain Capital, most of the orders were Long, and were closed at about zero. Then, their account lost money again, shows Cash Adjustment, cut money directly from their account. The live chat of Gain Capital told them that they adjusted the account with the price at $-37.63, so Long orders need to pay more, they cut it from their account directly. Is there anyone of you facing the same problem? Did you submit complaint to FCA?
they closed at zero manually or got stop out at zero. a very big difference.

if they got stopped out - price went to -$30ish in a split second. so brokers do have rights to money claimed. same way if u open a position over weekend and it gaps up 100 points but your tp was 10, you'd receive profits at 100 point gap at open.

lesson for you. never catch a falling knife.
  • #9
  • Last Post: May 10, 2020 5:32am May 10, 2020 5:32am
Quoting Bicarus
{quote} they closed at zero manually or got stop out at zero. a very big difference. if they got stopped out - price went to -$30ish in a split second. so brokers do have rights to money claimed. same way if u open a position over weekend and it gaps up 100 points but your tp was 10, you'd receive profits at 100 point gap at open. lesson for you. never catch a falling knife.
Sure, thanks, GAIN Capital closed all the long orders at 0.01 auto(not stop out, have enough margin).

After two days, they cut more money from clients' accounts manually.
Forex, my love!
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