I am writing to you, community of ForexFactory, with my total disappointment and astonishment about the recent issues happened to me with Alpari UK.
My apologies for my english, I hope it will be clear.
I would like to inform you that all the facts happened ALSO to my two colleagues I work with, with the same exact details, same exact problems.
I have been trading with Alpari UK for a year now,I have a classic account (market maker): everything clear and good till the beginning of this month, when I started making quite unexpected profits and bigger than my average records.
I work on the market as a job, self-employed and I consider trading my primary source of income, so 150-200 trades per day are pretty common if the right conditions happen.
This is one of my accounts tracked on myfxbook : MyFxBook-lorbax001
After a couple of heavy scalping trading days on CFDs, Alpari started flooding my accounts with "requotes" and various other problems with MT4. So I had to reduce my trading activity down to zero.
As soon as I requested a withdrawal from the account to my bank account, this was ignored at first and then, after asking them more details several times on the phone and by email, on June 10th, I received the following email from the Compliance Office:
This is the Terms of Business documents: http://static.alpari.co.uk/docs/terms_of_business.pdf
As you can see with your own eyes, at Section 9 there is no reference about "delayed/latent" prices.
As I consider this behaviour inacceptable, I contacted the FSA (Financial Services Authority - UK) and the Financial Ombudsman Service (uk) and I opened a complaint about this conduct by Alpari, they started and Investigation against Alpari regarding my case.
In the meantime. I spent the week from the 13th to the 19th of June asking more details about this claim by phone and emails and all my requests were ALL totally ignored.
Finally, today I received this last email:
Apart from the fact that my trading capacity is TOTALLY corrupted as I keep getting requoted 24/7, I am totally disgusted of this behaviour, as I am completely sure that if my trading activity generated losses they would have NEVER EVER claimed that I was operating with "delayed prices" or "manifest errors" as this would have led to refunding me.
I would like to ask you if anyone else has been in my same (or similar) situation and how it ended...
And of course I also want to warn anyone willing to open an account with them that this is probably what they would expect if the make to much profits.
As said before, this is the situation for me and other two well experienced traders who I work with. So 3 of 3 with the same problems and same conditions....
Any help, suggestion, idea, comment is very appreciated.
Thank you for your time.
Lorenzo
My apologies for my english, I hope it will be clear.
I would like to inform you that all the facts happened ALSO to my two colleagues I work with, with the same exact details, same exact problems.
I have been trading with Alpari UK for a year now,I have a classic account (market maker): everything clear and good till the beginning of this month, when I started making quite unexpected profits and bigger than my average records.
I work on the market as a job, self-employed and I consider trading my primary source of income, so 150-200 trades per day are pretty common if the right conditions happen.
This is one of my accounts tracked on myfxbook : MyFxBook-lorbax001
After a couple of heavy scalping trading days on CFDs, Alpari started flooding my accounts with "requotes" and various other problems with MT4. So I had to reduce my trading activity down to zero.
As soon as I requested a withdrawal from the account to my bank account, this was ignored at first and then, after asking them more details several times on the phone and by email, on June 10th, I received the following email from the Compliance Office:
QuoteDislikedDear Mr *****,
Further to our earlier conversation may I advise you of the following:
We are investigating your recent trading patters as we are concerned that you have been trading on delayed/latent prices. Please note that you cannot make any withdrawals on your account but your trading capacity has not been affected.
Please refer to our Terms of Business (Section 9) for further clarification but please note we have the right to confiscate any profits or delete trades that are made by trading activity that we feel is not in the spirit of our agreement
Your accounts will remain in this status until the conclusion of our investigation.
Should you require further information at this stage please do not hesitate to contact me or Ms *****.
Kind regards,
******
As you can see with your own eyes, at Section 9 there is no reference about "delayed/latent" prices.
As I consider this behaviour inacceptable, I contacted the FSA (Financial Services Authority - UK) and the Financial Ombudsman Service (uk) and I opened a complaint about this conduct by Alpari, they started and Investigation against Alpari regarding my case.
In the meantime. I spent the week from the 13th to the 19th of June asking more details about this claim by phone and emails and all my requests were ALL totally ignored.
Finally, today I received this last email:
QuoteDislikedDear Sir
It has come to our attention that some of our customers have been trading on prices received from our Datafeed in the DE30 instrument that were manifestly incorrect.
Your account(s) have been identified as having an involvement.
We will be exercising our rights Under Section 9.36 of our Terms of Business (attached) to delete these trades and debit your account with any profit unfairly generated as a result of such trades.
We will contact you in due course with the exact figure which will be deducted from your account(s).
In the meantime, you may continue to trade, but you may not withdraw funds until after any deductions has been made.
Kind regards
********
I would like to ask you if anyone else has been in my same (or similar) situation and how it ended...
And of course I also want to warn anyone willing to open an account with them that this is probably what they would expect if the make to much profits.
As said before, this is the situation for me and other two well experienced traders who I work with. So 3 of 3 with the same problems and same conditions....
Any help, suggestion, idea, comment is very appreciated.
Thank you for your time.
Lorenzo
Lorenzo