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Trades cancelled with broker

  • #21
  • Jun 21, 2011 12:40pm Jun 21, 2011 12:40pm
  •  onu
  • | Joined Feb 2006 | Status: superior senior member | 746 Posts
from another forum:

"
Fellow dear friends hi.

Ok as we are getting closer to tight up with brokers, I share with you what brokers to avoid..

==BROKERS FROM HELL==
1- Forex.com
2- Alpari (all Alpari brands) they will need your money to fight against you in the court soon
3- Gain Capital (Gain $hit) .. sorry for my language but that what they are.
4- InstaForex (Big dreamers from hell)
5- Activtrades (money laundering) is their silent slogan.
6- FXDD Malta (yeahh better put your money on the potato stock)

The above mentioned brokers, some on the edge to collapse due the breach of regulations (Alpari) and others would never release your withdraw.

So for the sake of yourself, your family, your girlfriend, your cat, please do not risk your money with the above brokers.

If you intended to give your mother-in-law a good lesson then advice her to open account with the above brokers, but I wouldn't even do that to my future mother-in-law. "hmmm .. actually I am trying to avoid having one"

Although this is not the Brokers discussion section, but it is an URGENT message to all members here....

Please go out from this website, and advice all traders if you really have a decent care.
"
  • #22
  • Jun 21, 2011 2:59pm Jun 21, 2011 2:59pm
Quoting shrike
I never did - but i suggest contacting an attorney. In the US if you file a claim with the NFA and you get denied by the arbitrator, you have to pay the attorney fees of the broker - if the broker decides to file a counterclaim. Now judging from the sums involved in your case, that can be a multiple of what is under dispute here. For example, here is a case where the claimant got hit with 26K attorney fees, after he got his case dismissed.

I dont...
In the UK if you have a dispute with a financial company regulated by the FSA you can complain to the financial ombudsman service ( FOS ) , the fsa dont deal with individual complaints against financial firms (only general complaints ) , but the fos does , but you have to complain to your broker first and give them 8 weeks to reply ( to the compliance department ) after you get their final response you then can complain to the FOS and it will cost you nothing but it will cost the broker 500 pounds ( first 3 complaints of the year against the financial firm is free ) , and even if the complaint is settled against you the broker has to pay the 500 pounds to the FOS and you will pay nothing . ( ofcourse in the court it is different ) .

http://www.financial-ombudsman.org.u...complaints.htm
  • #23
  • Jun 21, 2011 3:52pm Jun 21, 2011 3:52pm
Quoting tar
In the UK if you have a dispute with a financial company regulated by the FSA you can complain to the financial ombudsman service ( FOS ) , the fsa dont deal with individual complaints against financial firms (only general complaints ) , but the fos does , but you have to complain to your broker first and give them 8 weeks to reply ( to the compliance department ) after you get their final response you then can complain to the FOS and it will cost you nothing but it will cost the broker 500 pounds ( first 3 complaints of the year against the financial...
Thank you very much for the infos you gave me.
I started the complain procedure on the phone but I still have to fill the form and send it back to the FOS, I will do it in the next few days.
I will keep you posted. thanks
Lorenzo
  • #24
  • Jun 21, 2011 4:00pm Jun 21, 2011 4:00pm
Quoting lorbax
Thank you very much for the infos you gave me.
I started the complain procedure on the phone but I still have to fill the form and send it back to the FOS, I will do it in the next few days.
I will keep you posted. thanks
Maybe it will get dismissed by the FOS because you didnt give Alpari 8 weeks , you have to complain to Alpari first , anyway call the FOS tomorrow morning and ask for help ...

Goodluck
  • #25
  • Jun 21, 2011 4:04pm Jun 21, 2011 4:04pm
Quoting tar
Maybe it will get dismissed by the FOS because you didnt give Alpari 8 weeks , you have to complain to Alpari first , anyway call the FOS tomorrow morning and ask for help ...

Goodluck
I informed Alpari of that, and the FOS informed the them too, but Alpari didn't let me know anything about that.
Anyway i will call again the FOS on tomorrow but they always sound like I am bothering them just because I am re-calling.
Lorenzo
  • #26
  • Jun 21, 2011 4:12pm Jun 21, 2011 4:12pm
Quoting lorbax
I informed Alpari of that, and the FOS informed the them too, but Alpari didn't let me know anything about that.
Anyway i will call again the FOS on tomorrow but they always sound like I am bothering them just because I am re-calling.
If u called 10 times then maybe , anyway legally Alpari has 8 weeks to reply ...
  • #27
  • Jun 21, 2011 4:33pm Jun 21, 2011 4:33pm
Quoting lorbax
I am writing to you, community of ForexFactory, with my total disappointment and astonishment about the recent facts happened to me with Alpari UK...

Lorenzo
Lorenzo, go to Forex Peace Army and file a case. You will see that this kind of advertising will help to quickly resolve your case.

Don't hesitate and go here:
http://www.forexpeacearmy.com/traders_court/
Mind the gap
  • #28
  • Jun 21, 2011 5:02pm Jun 21, 2011 5:02pm
Quoting tar
If u called 10 times then maybe , anyway legally Alpari has 8 weeks to reply ...
No ahha I didn't call 10 times, only 2 but I can't explain myself in english on the phone very well about complicated things. Anyway, thank you again.
Lorenzo
  • #29
  • Jun 21, 2011 7:50pm Jun 21, 2011 7:50pm
Gosh! I'm actually surprised that anyone is still getting surprised about these kind of "incidents" instead. It all fits into the picture of trading OTC markets, and especially CFDs. Seriously, does anyone really expect to make 600% in gain all of a sudden in one month and run free with it? I'm no genius neither an excellent trader, but I know that if I trade on OTC and make a lot of money too quickly, then I know that something is seriously wrong, especially if I do scalping. Remember that dealers, banks, and other traders all expect you to lose money not the opposite. If you start making a lot of money then you are surely pissing someone off, especially if you trade OTC, and it's not simply because it's a dealing desk, but because OTC markets are not what you wish they were... Some similar issues may occur also on exchange traded products, but there you have an exchange backing you up (sort of), but with OTC you don't. Actually I believe that Alpari will be able to prove that there was an issue and that those profits are indeed void, regardless of your good intentions. They may compensate you with a courtesy credit to say sorry, but I doubt a positive outcome.

Truly, the fact is that you can never make a load of money overnight in the OTC industry using such a small account and trading retail! I don't mean to be harsh or anything with anyone, and actually I hope you will be able to keep your profit, but anyone trading forex or CFDs needs to understand the basics behind these markets. If you have scalped the DAX and made a profit, then it means that Alpari should have done at least the same to be able to pay you your profit, and apparently they didn't because "something" went wrong. The actual future DAX contract is as volatile and crazy as hell, I doubt you would have made 10% of that profit if you had traded on the exchange.

Maybe if you didn't push so hard and try to make so much money, you would have probably received your money already.

I live by one policy when trading: don't be greedy.

Good luck!
  • #30
  • Jun 22, 2011 1:08am Jun 22, 2011 1:08am
Quoting mark308
Gosh! I'm actually surprised that anyone is still getting surprised about these kind of "incidents" instead. It all fits into the picture of trading OTC markets, and especially CFDs. Seriously, does anyone really expect to make 600% in gain all of a sudden in one month and run free with it? I'm no genius neither an excellent trader, but I know that if I trade on OTC and make a lot of money too quickly, then I know that something is seriously wrong, especially if I do scalping. Remember that dealers, banks, and other traders all expect you...
I think your attitude to this is somewhat apologetic towards the broker, we dont owe them sh1t. The fact that they are taking "Spread" for sending a few electronic signals here and there, while companies dont need to do this when they trade is evidence enough of the corporate hegemony against the private, formerly sovereign citizen.

If i didnt know better id think you are hired by the broker to make their case look better. At least they might very well hire you otherwise, although you dont make a good case this time you might get better at it.

Brokers dont have any claim over any of the assets in an account, dont matter if its win or loss, dont matter one bit. Just like the banks dont have any claim over the assets in your account with them, its your friggin money! Its totally absurd that in most banks you cant deposit and withdraw what ever cash amount you want when ever you want, in what ever currency you want.

Get mad, dont lie down and take five tons of concrete d1ck up your a$$!
My signature is: "Classified".
  • #31
  • Edited 2:27am Jun 22, 2011 1:38am | Edited 2:27am
Quoting mark308
Gosh! I'm actually surprised that anyone is still getting surprised about these kind of "incidents" instead. ... and all the other blablabla..
Hey Mr.iKnowEverything, I honestly think this not the place and the moment to show us your apologetic skills about brokers' "good" behaviors.
I am here to post my case, if you have ideas, suggestion or anything that can help fine, otherwise the forum is so full of other threads ready to be filled with your immense intelligence that you hardly will have spare time left.

In my place you wouldn't be so all positive and arrogant trust me...
Since this is a OTC thread, you're not a welcome client, because I say so.


Thank Yaed and everyone else for the support
Lorenzo
  • #32
  • Jun 22, 2011 2:18am Jun 22, 2011 2:18am
Quoting lorbax
Thank you very much for the infos you gave me.
I started the complain procedure on the phone but I still have to fill the form and send it back to the FOS, I will do it in the next few days.
I will keep you posted. thanks
please tell us what you said in complain?
Trading by EA
  • #33
  • Jun 22, 2011 2:42am Jun 22, 2011 2:42am
Quoting yaed

Brokers dont have any claim over any of the assets in an account, dont matter if its win or loss, dont matter one bit. Just like the banks dont have any claim over the assets in your account with them, its your friggin money! Its totally absurd that in most banks you cant deposit and withdraw what ever cash amount you want when ever you want, in what ever currency you want.
yeah , regardless of lorbax case i am talking in general , but if you made money from errornous prices then it is not your money it is theirs .
  • #34
  • Edited 3:53am Jun 22, 2011 2:54am | Edited 3:53am
Quoting tar
yeah , regardless of lorbax case i am talking in general , but if you made money from errornous prices then it is not your money it is theirs .
According to MIFID articles 21 and 27 the FIRM has the obligation of:
- Providing the best execution (price, speed, timing, likehood of execution)
- Providing up-to-date bid/ask prices of the financial instruments

Admitting that the prices were incorrect would mean breaching the MIFID directives.

Guys, let's not forget that THEY are giving me the prices, I am not inventing prices out of the blue, I can totally understand the case if i.e. Eur/Usd quoted by mistate 1,03 instead of 1,43 and you remove me the trade, this is reasonable .... but how is it possible that 300 trades are all made with incorrect prices ? all my prices were INSIDE the quotes flow, not invented prices out of the chart ...

So, ok they are OTC, they are whatever they are but they cannot be FSA regulated and everything and then do whatever they like, it's not reasonable!
Lorenzo
  • #35
  • Jun 22, 2011 3:04am Jun 22, 2011 3:04am
Quoting lorbax
Guys, let's not forget that THEY are giving me the prices, I am not inventing prices out of the blue, I can totally understand the case if i.e. Eur/Usd quoted by mistate 1,03 instead of 1,43 and you remove me the trade, this is reasonable .... but how is it possible that 300 trades are all made with incorrect prices ? all my prices were INIDE the quotes flow, not invented prices out of the chart ...
yeah agree 300 trades is impossible to prove it was all incorrect prices ...
  • #36
  • Jun 22, 2011 3:15am Jun 22, 2011 3:15am
Just checked your myfxbook account . so you've made 1 million pip on the DE30 ?! what they mean by a pip here ? the DE is now at 7315
  • #37
  • Jun 22, 2011 3:52am Jun 22, 2011 3:52am
Quoting tar
Just checked your myfxbook account . so you've made 1 million pip on the DE30 ?! what they mean by a pip here ? the DE is now at 7315
myfxbook doesn't know how to count pips on the CFD's . That number is not realistic because the DE30 has 1 decimal number, not 4/5 like forex.
Anyway it shows the real profits in therm of deposit currency.
Lorenzo
  • #38
  • Jun 22, 2011 5:38am Jun 22, 2011 5:38am
Quoting tar
yeah , regardless of lorbax case i am talking in general , but if you made money from errornous prices then it is not your money it is theirs .
Thats theoretically AND practically impossible. If the broker gives you a price and you buy/sell at that price, how in the name of fuck can that be erenous? If it IS erenous you are NOT doing anything wrong, if you are able to buy/sell at that price they give you and you do it, you are not doing anything wrong you are just buying/selling at the price they give yah!

If i tell you i will sell my car to you for 7.000 dollars and you buy it for 7.000, i cant call you after two weeks and say "Hey i gave you the wrong price i ment to sell it for 9.000 dollars, now you have to give me 2.000 more!"

Thats not how business work, a price is a price right?

If i have a shipping company with contracts for 3 years for each client, they cant call me after one year and say they really ment to pay 20% less for each delivery. If stuff like that would be allowed, the hwole idea of world trade would break down!

So a price is a price, only deucebags and idiots dont stand by theyre word.

There IS no such thing as an erroneous price, thats bullshit!
My signature is: "Classified".
  • #39
  • Jun 22, 2011 5:40am Jun 22, 2011 5:40am
Quoting lorbax
Hey Mr.iKnowEverything, I honestly think this not the place and the moment to show us your apologetic skills about brokers' "good" behaviors.
I am here to post my case, if you have ideas, suggestion or anything that can help fine, otherwise the forum is so full of other threads ready to be filled with your immense intelligence that you hardly will have spare time left.

In my place you wouldn't be so all positive and arrogant trust me...
Since this is a OTC thread, you're not a welcome client, because I say so.


[b]Thank Yaed and...
We gotta stick together against the shitheads, the turds, the oligarchs and the scammers!
My signature is: "Classified".
  • #40
  • Jun 22, 2011 5:41am Jun 22, 2011 5:41am
Quoting yaed
Thats theoretically AND practically impossible. If the broker gives you a price and you buy/sell at that price, how in the name of fuck can that be erenous? If it IS erenous you are NOT doing anything wrong, if you are able to buy/sell at that price they give you and you do it, you are not doing anything wrong you are just buying/selling at the price they give yah!

If i tell you i will sell my car to you for 7.000 dollars and you buy it for 7.000, i cant call you after two weeks and say "Hey i gave you the wrong price i ment to sell it for 9.000...
Quote you 1000% !
Lorenzo
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