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  • #681
  • Jul 16, 2010 6:44pm Jul 16, 2010 6:44pm
Its the weekend so I cant ask them, but maybe someone here knows:

is it possible to have 2 accounts open under the one name, a standard account as well as a L-Plate account? Has anyone done or heard of this?

The reason being the L-Plate account could be used for trading and testing riskier strategies such as martingale eas with nano lots

While the standard account is used for normal trading, it doesn't have the restriction of $1000 max account balance and has a 25 standard lot max while the L-Plate can only trade 1 standard lot.
  • #682
  • Edited 2:25am Jul 17, 2010 2:11am | Edited 2:25am
Well, this interests me, as someone who lost >AU$10k on one of these spikes. I was told by GoM that this kind of thing happens around major news events (reasonable explanation except for the fact that spike occurred only on GoM and was 150pips in size). I didn't get a refund, but its very interesting to hear that some people did when the same thing incurred huge losses on their accounts....Keen to hear what they have to say to this now...
I should also add that in the last 4 months or so since the spike, things have been fine and I haven't experienced anything similar (or at least my account has been sufficiently padded to withstand those spikes).

Quoting bounty1
Dear Gomarkets,

different users in various forums and review sites, including review site http://www.forexpeacearmy.com/ , and two people in this same thread in the first pages, denounced the emergence of some very large abnormal spike that caused them great loss or account reset, and they spike up to 50-100 or 150 (!) pips or more would not be present in the historical graphs of other brokers with MT4.
How do you explain this fact, have you investigated on the issue, and if these abnormalities occur and these large abnormal spikes appears,...
  • #683
  • Jul 17, 2010 5:00am Jul 17, 2010 5:00am
Quoting dazers
Its the weekend so I cant ask them, but maybe someone here knows:

is it possible to have 2 accounts open under the one name, a standard account as well as a L-Plate account? Has anyone done or heard of this?

The reason being the L-Plate account could be used for trading and testing riskier strategies such as martingale eas with nano lots

While the standard account is used for normal trading, it doesn't have the restriction of $1000 max account balance and has a 25 standard lot max while the L-Plate can only trade 1 standard lot.
Yes they can do that if you ask them.
  • #684
  • Edited Jul 18, 2010 1:13am Jul 17, 2010 6:42pm | Edited Jul 18, 2010 1:13am
Quoting aengusj
Well, this interests me, as someone who lost >AU$10k on one of these spikes. I was told by GoM that this kind of thing happens around major news events (reasonable explanation except for the fact that spike occurred only on GoM and was 150pips in size). I didn't get a refund, but its very interesting to hear that some people did when the same thing incurred huge losses on their accounts....Keen to hear what they have to say to this now...
I should also add that in the last 4 months or so since the spike,...
Thats scary. I take huge positions when scalping and a spike like that would wipe me out. Spikes do occur as glitches but as no such spike occurs in the real market, the broker is obliged to re-instate the trade without hesitation. Just like they would on anyone who had traded the spike positively. If what you are saying is correct, Then Go Markets would not have experienced the spike from there liquidity providers and lied to you to steal your 10k. Or they were never STP to start with and deliberately engineered the spike to pocket the stops of their clients who they were positioned against. With the regulations they are under you would have no problem taking legal action and getting your funds back. If what you are saying is false, Go Markets would be just as successful suing you as this false claim would be devastating to their business
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  • #685
  • Jul 17, 2010 9:01pm Jul 17, 2010 9:01pm
that is a bit odd.

did you pursue it with Go?

if yes, what explanation did they provide as to them being the only br*ker with the spike?

if the spike did occur as you say it would be unusual for Go not to recredit your account.........that way you can give it back to them (legally) in the future




Quoting aengusj
Well, this interests me, as someone who lost >AU$10k on one of these spikes. I was told by GoM that this kind of thing happens around major news events (reasonable explanation except for the fact that spike occurred only on GoM and was 150pips in size). I didn't get a refund, but its very interesting to hear that some people did when the same thing incurred huge losses on their accounts....Keen to hear what they have to say to this now...
I should also add that in the last 4 months or so since the spike,...
  • #686
  • Jul 17, 2010 9:56pm Jul 17, 2010 9:56pm
Quoting PeterE
.........that way you can give it back to them (legally) in the future


Easy come, sleazy go.
  • #687
  • Edited 10:45pm Jul 17, 2010 10:35pm | Edited 10:45pm
Quoting aengusj
Well, this interests me, as someone who lost >AU$10k on one of these spikes. I was told by GoM that this kind of thing happens around major news events (reasonable explanation except for the fact that spike occurred only on GoM and was 150pips in size). I didn't get a refund, but its very interesting to hear that some people did when the same thing incurred huge losses on their accounts....Keen to hear what they have to say to this now...
If what you are saying above is correct then they must give you a refund. In fact it is quite unethical not to refund the money. No broker should fill you or close your trade at a price which is outside the market. You are talking about a 150 pips spike and if it did not happen with other brokers or in the real market Go Markets should adjust all winning and losing trades. I think you should post a chart to prove your point, it would be interesting to see. If you are correct this may well be a matter for the regulator ASIC to investigate. Anyway, if you've lost more than 10k on an irregular and suspicious spike and accepted such a lame excuse from your broker then I wonder how much you care for your money. Go Markets is using a currenex feed but provide dealing desk execution through an STP. They have for quite some time now been trying to defeat spike traders with this currenex feed providing huge spreads and massive slippage during news. I think that everyone should be aware of this and take care.
  • #688
  • Jul 17, 2010 11:09pm Jul 17, 2010 11:09pm
Hi,

I was hoping for a peaceful Sunday but before this spike issue gets out of hand like things normally do on forums I will post our policy on spikes.

We as you all know have a Currenex feed so as there are many prices coming through from various providers and sometimes spikes can occur especially during volatile times as they can for all providers.
If the spike is blatanty wrong and does not appear on other providers or is obviously far to wide of the mark then we will look to ignore the spike and refund or re enter your positions as our liquidity providers would not see this as a genuine price so we are happy to rectify. Another possible solution is that if other providers and the market in general had a spike but our feed may have been over zealous then we would look to reduce the spike to a genuine level.
Spikes are commonplace for all providers but its how you treat them, I'm slightly concerned about Aengusj's post and would urge him to call in tomorrow so this can be investigated, we have thousands of clients and sometimes there are oversights but this will be looked at with top priority.

Hopefully the rest of you can now enjoy your Sunday aswell.

Cheers
  • #689
  • Jul 18, 2010 3:28am Jul 18, 2010 3:28am
Hi Chris,

Have forwarded to your email the correspondance I had with you regarding the account wipeout. I believe there's also some posts about the issue earlier in this topic.

Cheers
Aengus


Quoting GoMarkets
Hi,

I was hoping for a peaceful Sunday but before this spike issue gets out of hand like things normally do on forums I will post our policy on spikes.

We as you all know have a Currenex feed so as there are many prices coming through from various providers and sometimes spikes can occur especially during volatile times as they can for all providers.
If the spike is blatanty wrong and does not appear on other providers or is obviously far to wide of the mark then we will look to ignore the spike and refund or re enter your positions as our liquidity...
  • #690
  • Jul 18, 2010 6:41pm Jul 18, 2010 6:41pm
Hi,

That has all been received and we have someone looking into it right now.
We will get back to you asap.

Cheers
  • #691
  • Jul 18, 2010 6:43pm Jul 18, 2010 6:43pm
Quoting dazers
Its the weekend so I cant ask them, but maybe someone here knows:

is it possible to have 2 accounts open under the one name, a standard account as well as a L-Plate account? Has anyone done or heard of this?

The reason being the L-Plate account could be used for trading and testing riskier strategies such as martingale eas with nano lots

While the standard account is used for normal trading, it doesn't have the restriction of $1000 max account balance and has a 25 standard lot max while the L-Plate can only trade 1 standard lot.
Yes no problem,
Its fine to have a few accounts under the same name and to have a standard account and an L-plate account running at the same time.

Cheers
  • #692
  • Jul 18, 2010 10:02pm Jul 18, 2010 10:02pm
Quoting GoMarkets
Yes no problem,
Its fine to have a few accounts under the same name and to have a standard account and an L-plate account running at the same time.

Cheers
Hi GoMarkets or Chris

Can you please comments on why GoMarket is not paying any interest on unused deposit funds ?
According to OECD Australia has pretty much the highest interest rates environment in the world and I am pretty sure that GoMarket is not opening any accounts to hold deposit without getting some sweeteners from NAB Australia.
  • #693
  • Jul 18, 2010 10:42pm Jul 18, 2010 10:42pm
Hi,

Interest on accounts is something which in the past we didnt really look at as most of the funds held on clients accounts were being used for trading and to cover open positions so was not free funds, however if clients have some surplus funds that arent being used for trading then maybe that could be interest bearing.
You are correct Australia does have a good interest rate for saving compared to many countries so I will put it to powers that be to consider interest on accounts and get back to you asap.

Cheers
  • #694
  • Jul 18, 2010 10:46pm Jul 18, 2010 10:46pm
Quoting GoMarkets
Hi,

Interest on accounts is something which in the past we didnt really look at as most of the funds held on clients accounts were being used for trading and to cover open positions so was not free funds, however if clients have some surplus funds that arent being used for trading then maybe that could be interest bearing.
You are correct Australia does have a good interest rate for saving compared to many countries so I will put it to powers that be to consider interest on accounts and get back to you asap.

Cheers
Ok, thanks for the effort.

Cheers
  • #695
  • Jul 19, 2010 2:17am Jul 19, 2010 2:17am
I'l like to see gomarkets consider insuring clients account funds.

Rather than nickel & diming over spreads, provide insurance so that if gomarkets go under for any reason, the funds in my account are safe. I'm not talking about losses from trading, spikes etc, just insuring the funds parked in the account and providing a similar level of security to a bank account.

I understand that you have the PI insurance, segregated accounts etc and having the appropriate ticks from the regulators means little, so did HIH, onetel and a string of developers on the gold coast.

With all the other stuff you have in place it shouldn't be expensive, if it is, then perhaps tier it, say we'll cover the first $10,000 and if you want more you can buy extra coverage for say $50 per year.

That would really set you apart from other brokers.

Kim
  • #696
  • Edited 3:31am Jul 19, 2010 3:30am | Edited 3:31am
Quick update on the issue that Chris has looked at for me. GoMarkets have re-investigated with their liquidity provider and as a result have agreed to reverse the trades that affected by the extreme spread spike (approx 150 pips). My account is now pretty much restored to it's former state which is more than I had hoped for. Thanks Chris for reviewing this and acting so quickly. As I mentioned above I continue to use Gomarkets and aside from this one - now resolved - incident, I have been very happy.
  • #697
  • Jul 19, 2010 3:40am Jul 19, 2010 3:40am
Quoting aengusj
Quick update on the issue that Chris has looked at for me. GoMarkets have re-investigated with their liquidity provider and as a result have agreed to reverse the trades that affected by the extreme spread spike (approx 150 pips). My account is now pretty much restored to it's former state which is more than I had hoped for. Thanks Chris for reviewing this and acting so quickly. As I mentioned above I continue to use Gomarkets and aside from this one - now resolved - incident, I have been very happy.
aengusj,

I am happy for you too.

GoMarkets, you have my vote for honesty and professionalism.
  • #698
  • Jul 19, 2010 5:02am Jul 19, 2010 5:02am
Quoting kheaver
I'l like to see gomarkets consider insuring clients account funds.

Rather than nickel & diming over spreads, provide insurance so that if gomarkets go under for any reason, the funds in my account are safe. I'm not talking about losses from trading, spikes etc, just insuring the funds parked in the account and providing a similar level of security to a bank account.

I understand that you have the PI insurance, segregated accounts etc and having the appropriate ticks from the regulators means little, so did HIH, onetel and a string of developers...
I havn't posted before but I do believe kheaver has hit the nail on the head. I have an account with go markets for $5000 but am scared to fund more after hearing about sonray and the prospect of losing my funds. If go markets could do as kheaver has suggested I would invest a lot lot more as I do believe in the integrity of the company and I bet a lot more feel the same as I do
thank you
  • #699
  • Jul 19, 2010 5:55am Jul 19, 2010 5:55am
Quoting aengusj
Hi Chris,Have forwarded to your email the correspondance I had with you regarding the account wipeout. I believe there's also some posts about the issue earlier in this topic.
Cheers
Aengus
Quoting aengusj
Quick update on the issue that Chris has looked at for me. GoMarkets have re-investigated with their liquidity provider and as a result have agreed to reverse the trades that affected by the extreme spread spike (approx 150 pips). My account is now pretty much restored to it's former state which is more than I had hoped for. Thanks Chris for reviewing this and acting so quickly. As I mentioned above I continue to use Gomarkets and aside from this one - now resolved - incident, I have been very happy.
First, great to see that you got your 10k plus back!
But let's get this whole thing right. Your account was emptied of some over 10k after a suspicious 150 pips spike on the Go Markets platform. You state that you contacted Go Markets, exchanged emails as I understand in your post above but got nowhere for quite some time and certainly you were unable to get your money back until you made the whole thing public on this forum. Within a day of posting this matter here you are refunded. If this broker really wanted to build some goodwill and good reputation they would immediately have rectified the situation for everyone that got caught in this wrong spike instead of telling them that this happens at news. But then again the temptation for them/liquidity provider to earn 10k must be overwhelming. Who knows how many others have lost money that way? I wish you luck but I suspect that next time you will get caught by one of their spikes that Go Markets are able to prove on the charts and your money will be done with this time no refund. Take care. I would not trust a broker like that who has wide spreads, erroneous spikes and big slippages.
  • #700
  • Jul 19, 2010 6:53am Jul 19, 2010 6:53am
Yes Chris
As I posted K heavers idea is great. but maybe a bit more explanation on the 150 pip spike would be in order. It has not happened to me but could it ? seems a little bit abnormal and do you have to go to a forum like this to have it resolved. I still have faith, but I would like to here more.
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