GoMarkets Discussion

it places trades before news

Want to chime in with the others who have outed GO Markets. Their behaviour is outrageous and they're acting like an unregulated bucket shop, freezing not only profits, but _deposits_ for up to 90 days as they and their in-house (_not_ independent) investigation inevitably find us all 'guilty' of, and I quote: 'usage of internet and connectivity delays in order to take advantage of arbitrage', with the probable final outcome of annulling our trades. Absolutely ridiculous.

As others have mentioned they have thus far failed to produce a single iota of tangible, meaningful evidence. In otherwords, this action is both arbitrary and probably illegal. Fortunately they're regulated by ASIC, and to that end, I've filed a complaint with the regulatory body. I encourage everyone else affected by this to do the same.

https://www.edge.asic.gov.au/008/inq...9fdb84bf0e776c

Select from the dropdown box: On-line Complaints and Misconduct Reporting.

State your name, national identity and MT4 account number with GO Markets, as well as the amount of money subject to GO Market's freeze/suspension. Explain the situation and refer to the attached PDF of GO Market's suspension notification.

GO Market's ASIC profile is here:

https://connectonline.asic.gov.au/Re...e=1acyh58nyk_4

Remember to provide PDF attachments and screenshots (see the bottom of the form) of your affected accounts and their frozen funds being held by GO with proof of the date like your Windows calender, and your e-mail notification of the suspension.

Further, let ASIC know that others have come forward about this sort of arbitrary and probably illegal practice, and that it likely merits further investigation.


Let's fight back against this scam broker!

Good Job!

Guys if you are stuck in go-markets or vantage, and need help transitioning elsewhere / negotiating commissions and leverage, let me know....

So are people's accounts just frozen? I find this bizarre. As if Cyprus news was not enough already.

How did VantageFx get caught up in all this? I thought they were backed by Enfinium.

I also know of alternatives to vantage/GoM in Aussie with prime broker access.

I further recommend those affected author a letter of formal complaint e-mailed to GO Market's complaint department roughly as follows:

Subject Line: Formal Letter of Complaint – Balance Freeze


Formal Letter of Complaint – Balance Freeze

Address:

[Your address here]

Date of Writing:

[Date of writing here]

Addressed to:

Ms Natalie German
Marketing Co-ordinator
Go Markets Pty Ltd
Suite 405
68 York Street
SYDNEY NSW 2000

Dear Natalie,


As advised by ASIC and the Financial Ombudsman Service, I am writing to complain about your brokerage preventing withdrawal and access to my money held in my trading account ID XXXXXX with GO Markets, including both my initial deposit and profits earned through trading.

On [date initial deposit was registered in your trading account] my trading account (as above) at GO Markets was in receipt of my initial deposit of $XXXXX + your currency.

From the date of my initial deposit as above to now, I have, by way of [short description of your strategy] that performs trades in a way that is entirely legal, accumulated profits totalling $XXXXX + your currency. The total balance therefore that I've a right to withdraw is $XXXXX + your currency. Proof of balance can be seen in the attached jpeg detailing my account balance, time the screenshot was taken, and several timestamped trades.

Additional proof of balance and profits can be garnered here, via the 3rd party Forex data aggregation site MyFXBook: [if applicable]

As of [date suspension notification was received], you have seen fit to freeze my account and its balance for up to 90 days while an in-house 'investigation' takes place of my trades, alleging misconduct in an e-mail notification (see attached PDF; [this should be a PDF copy of their e-mail notification]) due to, and I quote: "usage of internet and connectivity delays in order to take advantage of arbitrage". Meanwhile absolutely no meaningful and tangible evidence of criminality or wrong doing on my part has been presented whatsoever, with respect to either contraventions of the law, or even GO Market's own Terms and Conditions at the time of this alleged violation (see attached PDF; this should be a PDF copy of their Terms and Conditions); these actions therefore strike me as being both arbitrary and probably criminal and without legal basis. Additionally, this freeze presents evident and material opportunity costs to my detriment as the frozen capital cannot be redeployed, invested, lent out, traded with, or otherwise utilized.

Further, it should be noted that the investigating party conducting the above mentioned in-house investigation consists solely of GO Markets and its 'liquidity providers', presumably the ones that had been affected by these problematic trades. As is readily apparent, this presents an obvious and substantial conflict of interest and lack of objectivity with respect to the conduct, determinations and conclusions of this investigation, and seriously calls into question its overall integrity and merit.

In light of the above, I am certain that GO Markets has made an unfortunate mistake in freezing my money, and preventing its withdrawal. I would like GO Markets to allow me to withdraw the total above described balance of my account ($XXXXX + your currency), including all accrued profits immediately and without further conditions or restrictions. Alternately, I will be forced to appeal to the Financial Ombudsman's Service for further recourse.

I look forward to hearing from you as soon as possible.


Yours sincerely,

[Your name here]

Gomarkets would not start this if not substantiated. I am sure they are aware of publicity this will create, especially if they proven wrong.

So, I would guess they are onto something

wait and see...

While I'm not sure about every case and accusation, these allegations of exploiting latency in my case are just straight up bogus, and I suspect this is true for a lot of others as well.

In any event, they did not provide evidence of wrongdoing, and convening what is effectively a kangaroo court run by their own people to investigate supposed violations without any sort of real independent element obviously does not reflect well on either them or the investigation as a point of fact.

If they were onto something then why are they trying to get people to sign off coercive release agreements so that they can just get their initial investment back and that too with a non-disclosure clause included in the release agreement?

Hmm. I haven't personally received such a release agreement, though this doesn't surprise me in the slightest given GO Market's completely scandalous behaviour thus far.

What might help is if you would post the myfxbook link to your account. Can you make the trade history public for transparency? Optional if you want to make the open trades public as well.

I am very interested to see how this plays out, as this may be the first public case of an Australian broker acting up. And if there is wrongdoing on either side, it would be interesting to see how the ASIC reacts to this.

Thanks for the replies so far on this, lucky I have only a small account and can trade else where but it's still not right, the way its happened I will keep a close eye on this thread to get more info. Good Luck

they have removed $4500 of profits from my account.... what a bunch of thieves.... lets see what the financial ombudsman will do....

Have a look at the reviews at FPA - looks like they are refusing to pay out profits from all traders. Sounds like they are insolvent.

Did you guys trade with BTN Lightning on this broker?

Terrible news . I'll request a withdrawal, i will let you all know how it goes.

I also had profits removed from vantagefx as well..i read somewhere gomarkets and vantage are run by the same management?... now my account at vantage is -$340..... as far as I know this is illegal for them to do this....I will also file a complaint at ASIC with these scumbags as well....luckily I withdrew all my money out of that account 2 months ago and just now they decided to remove profitable trades...if they ever send me a debt letter ill just use it as toilet paper...

i do not feel sorry for you guys if you used some kind of robot that takes advantage of internet delays during news, which seem to be the case ....

It is unfair to other traders.

All complaints seem to be about robots.

See what comes out

I had a similar experience with Saxo bank, I was trading news with a scalping auto click sniper and built up a bank of profits and they readjusted all prices on me after the event , this was a few years back . It was explained to me that if these trades were made on any formal exchange then these trades wouldnt be filled at those levels so why should they in an OTC exchange, just because a price is displayed doesnt mean that an order can be filled at those levels. I will say though I think GO need to change liquidity providers as most prime brokers wouldnt cancel trades they would simply fill you at a more realistic level but that in turn would probably mean your EA wouldnt work.
I Wasnt happy at the time but moved on

BTNLightning? Never heard of it till I emailed them on the reason for the account suspension. If you are trading with ea, then they will assume you are trading with this ea and milk the money from your account.