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Broker reverses $20K winning trades for alleged latency arbitrage

  • #121
  • Edited 8:28pm Oct 28, 2014 4:05pm | Edited 8:28pm
Quoting Jack Morris
We regret any misunderstanding caused by the recent termination of Mr Yun’s trading account. A review of this matter has confirmed that FOREX.com acted fairly and judiciously in accordance with our Customer Agreement. When trade adjustments are carried out, they are made based on our audited results utilizing price comparisons of third-party sources, and applied to all trades. Contrary to what has been suggested, trade adjustments are not limited to profitable trades. To further ensure a fair and balanced trade review, we utilize the raw bank rate...
So If I lose and I give you proof, your price latency or server failure affect my trades, will you pay my money back? Can you confirm with me what kind of raw data it should be? I don't believe my trade will be lose if there is not a price latency. That is right your problem.

If Adal's chart is true, Can you explain why your company didn't find a price latency as long as 12 minutes and do nothing? Did you company make profit during the period? If your server fail so long time, do you think it is fair that you should audit trade with raw bank data? Do you think I should trade other brokers' price due to your server failure at that time on your platform without any notification?

let me hear what they will say to me first.
  • #122
  • Oct 28, 2014 4:28pm Oct 28, 2014 4:28pm
Quoting Jack Morris
We regret any misunderstanding caused by the recent termination of Mr Yun’s trading account. A review of this matter has confirmed that FOREX.com acted fairly and judiciously in accordance with our Customer Agreement. When trade adjustments are carried out, they are made based on our audited results utilizing price comparisons of third-party sources, and applied to all trades. Contrary to what has been suggested, trade adjustments are not limited to profitable trades. To further ensure a fair and balanced trade review, we utilize the raw bank rate...

In case you are without an English to Bullshit translator...let me assist.

Quoting Jack Morris
A review of this matter has confirmed that FOREX.com acted fairly and judiciously in accordance with our Customer Agreement.
Translation:
We took his money, and decided that we are not giving it back...because "WE" think it's better that way.

Quoting Jack Morris
When trade adjustments are carried out, they are made based on our audited results utilizing price comparisons of third-party sources, and applied to all trades.
Translation:
If the trades are more in favor of the trader and large losses are created to the broker, we compare data from somebody else, in fact anybody and everybody else to make sure that this could possibly have not been the case. And then, any profitable trades are stricken and we keep the money from all of the losers as well.

Quoting Jack Morris
To further ensure a fair and balanced trade review, we utilize the raw bank rate data without applying our own spread which, in Mr Yun’s case, resulted in a reduction in the total adjustment applied to the account.
Translation:
We took our most minimum spread, applied it to raw bank data, and only reduced his account in this most fair manner.

Quoting Jack Morris
We have reached out to Mr Yun and provided him with a full summary of the activity on his account and welcome the opportunity to privately address any additional concerns he may have. However, with respect to customer privacy, we cannot provide any further details or comments on this matter publicly. FOREX.com
Translation:
We sent him an account adjustment, we wanted it kept private, because what Moron would trade with our company if they knew that we stole $20k from a single trader? After that, we are going to leap onto the privacy bandwagon and not discuss this any further, because there really is no justification for stealing $20k from any single trader...(wonder how big my bonus will be this Christmas)...

============================================================

Ya see, the thing here is this part:

Quoting Jack Morris
Providing our clients with superior trade execution and the highest level of transparency is of utmost importance at FOREX.com.
If this were in fact the case, Mr. Yun wouldn't be here right now having this discussion. He'd still be losing money on his own accord, not with the use of latency exploits. And even at this, given that there were more than fractions of seconds between trades and given the spread of the average hack bucketshop, this doesn't even really mimic a latency exploit very well...

So...

IF this isn't total bullshit, the entirety of this thread and case, lemme be so bold as to ask:

1. Did 100% of the profitable trades get completely wiped out? or was there a little meat left on the bone?
(because if 100% of the profitable trades got wiped out, completely, then it is a total fucking SHAM broker. A misquote, here n there, okay, but on this many trades in this short of time frame SCREAMS that this is a total bullshit company)

2. Did 100% of all losers still remain intact?
(because if 100% of all losers were never actually reduced, and 100% of all winners were, this means that there were no actual fair adjustments by any policy)

3. If a trader loses a trade, can they go into arbitration with FOREX.COM and bring in any fucking data source they want to minimize losses?
(Because if they can't, then why should the broker be able to do this very thing?)

============================================================


That's about all I got to say about that...but would love to see if Jack has a set of brass ones big enough to respond...personally, I've never traded with, so really, don't have anything else to offer as to how much of a bucket shop they allegedly may or may not be.

Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #123
  • Oct 28, 2014 4:44pm Oct 28, 2014 4:44pm
Quoting Magix
{quote} In case you are without an English to Bullshit translator...let me assist.
Approx. what I understood from his intervention, but thanks for the translation, it was nice
The very first question that immediately came to my mind is:

Quote
A review of this matter has confirmed that FOREX.com acted fairly and judiciously in accordance with our Customer Agreement

A review made by WHO ???
  • #124
  • Oct 28, 2014 4:46pm Oct 28, 2014 4:46pm
Quoting Mevo
{quote} Approx. what I understood from his intervention, but thanks for the translation, it was nice The very first question that immediately came to my mind is: {quote} A review made by WHO ???

Yeah...

He would have been a lot better off not opening with that line...or including it at all.

Really does beg the question, doesn't it?
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #125
  • Oct 28, 2014 4:58pm Oct 28, 2014 4:58pm
Well it probably is in accordance with the customer agreement, there is usually all sorts of heinous shit in the fine-print.
  • #126
  • Edited 5:32pm Oct 28, 2014 5:05pm | Edited 5:32pm
Quoting yunben
{quote} So If I give you proof, your price latency or server failure affect my trades, will you pay my money back? Can you confirm with me what kind of raw data it should be? I don't believe my trade will be lose if there is not a price latency. That is right your problem. If Adal's chart is true, Can you explain why your company didn't find a price latency as long as 12 minutes and do nothing? Did you company make profit during the period? If your server fail so long time, do you think it is fair that you should audit trade with raw bank data?...
=======
@yunben , i reported ur case 2 da FPA , still Better if u reported this urself ! Dont rely on da ombudsman imho , they're sooo Slow

http://www.forexpeacearmy.com/traders_court/

they hav assisted me in da past N i got all my $$$ back abt 54K usd

After Submission.
You MUST come back to the Court Case Preparation Folder to check on your case often. The FPA will invite the company in to the semi-private discussion of your case. FPA staff and members won't be able to effectively help you without your close cooperation, if you fail to respond to questions in your case thread for a week, your case will probably be dismissed.
If you have been scammed by a forex company, we will do everything in our power to help you get your money back.
  • #127
  • Oct 28, 2014 6:28pm Oct 28, 2014 6:28pm
Quoting Jack Morris
We regret any misunderstanding caused by the recent termination of Mr Yun’s trading account. A review of this matter has confirmed that FOREX.com acted fairly and judiciously in accordance with our Customer Agreement. When trade adjustments are carried out, they are made based on our audited results utilizing price comparisons of third-party sources, and applied to all trades. Contrary to what has been suggested, trade adjustments are not limited to profitable trades. To further ensure a fair and balanced trade review, we utilize the raw bank rate...
So if the yunben' system did nothing but lose, you would have left his account alone? It seems you only closed it because he was making money.
Forex.com is another company to add to the dodgey broker list.
  • #128
  • Oct 28, 2014 6:44pm Oct 28, 2014 6:44pm
Quoting Jack Morris
Providing our clients with superior trade execution and the highest level of transparency is of utmost importance at FOREX.com.
there is always, always another trade!!
  • #129
  • Oct 28, 2014 7:32pm Oct 28, 2014 7:32pm
Quoting Magix
In case you are without an English to Bullshit translator...let me assist. Translation: We took his money, and decided that we are not giving it back...because "WE" think it's better that way.
Freedom 30?
  • #130
  • Oct 28, 2014 8:01pm Oct 28, 2014 8:01pm
Quoting yunben
I've received their final reply. shameless fraud. Dear Mr. Yun, After a review of your account, your complaint is not upheld and we now consider this matter closed. If you are unsatisfied with our decision on this matter, you may refer your complaint to the Financial Ombudsman Service within six months from the date of this email. http://www.financial-ombudsman.org.u...complaints.htm Sincerely, {image} Stephanie Bromm, Compliance Manager | GAIN Capital – Forex.com UK Ltd. d: UK +44...
u really think something will be done?
Freemason judge will try to put u in jail.
FF may ban all of us.
Lets ALL OF US GET MPS AND MEDIA INVOLVED
  • #131
  • Oct 28, 2014 8:03pm Oct 28, 2014 8:03pm
Quoting tunera
looking your trades, many profitable ones was opened and closed within one minute, it is not hard to figure out that you was taking advantage of a latency/lag problem of forex.com. Surely you have read and agreed the various agreements at the time you opened yor account, and surely one agreement was that you will not take advantage of this sort of lag problems that may happen from time to time. To sum up, you have violated the agreement between you and your broker, and they closed your account. You are lucky that they give you back most of your...
us your should be the reply
  • #132
  • Oct 28, 2014 8:33pm Oct 28, 2014 8:33pm
Ye if you get too good they will freeze your platforms at times. Cost of doing business in my opinion.
The only thing that works is to divide your capital and use different brokers, as once you reach profitability this happens.

Good luck mate, and don't put all your eggs in 1 basket

S
  • #133
  • Oct 28, 2014 9:54pm Oct 28, 2014 9:54pm
Quoting Magix
{quote} In case you are without an English to Bullshit translator...let me assist. {quote} Translation: We took his money, and decided that we are not giving it back...because "WE" think it's better that way. {quote} Translation: If the trades are more in favor of the trader and large losses are created to the broker, we compare data from somebody else, in fact anybody and everybody else to make sure that this could possibly have not been the case. And then, any profitable trades are stricken and we keep the money from all of the losers as well....
I like everything that you said.
Forex.com seems to be a very pathetic broker. Covering and altering facts to their advantage.
Very similar to sheep in lion's guise.
Striving to Develop & Implement Innovative Ideas
  • #134
  • Oct 28, 2014 9:56pm Oct 28, 2014 9:56pm
Quoting pips777
{quote} ======= @yunben , i reported ur case 2 da FPA , still Better if u reported this urself ! Dont rely on da ombudsman imho , they're sooo Slow http://www.forexpeacearmy.com/traders_court/ they hav assisted me in da past N i got all my $$$ back abt 54K usd After Submission. You MUST come back to the Court Case Preparation Folder to check on your case often. The FPA will invite the company in to the semi-private discussion of your case. FPA staff...
Good work.
I know they are your advertisers also but you will definitely look at traders interest like you did with instaforex.(unlike FF)
Hoping to see further action from your end in this . I will check out at your site.
Striving to Develop & Implement Innovative Ideas
  • #135
  • Oct 28, 2014 10:09pm Oct 28, 2014 10:09pm
Quoting Jack Morris
We regret any misunderstanding caused by the recent termination of Mr Yun’s trading account. A review of this matter has confirmed that FOREX.com acted fairly and judiciously in accordance with our Customer Agreement. When trade adjustments are carried out, they are made based on our audited results utilizing price comparisons of third-party sources, and applied to all trades. Contrary to what has been suggested, trade adjustments are not limited to profitable trades. To further ensure a fair and balanced trade review, we utilize the raw bank rate...
Jack , Currently we members posting here are of the opinion that your firm is scamming people. ( profitable traders)
Why all bullshit audit is done for profitable traders only?
have you ever done any audit for losing traders and refunded their losses due to this? I guess never. it serves your interest.
How will your regulators react to this? their opportunity to earn in terms of fines.
Sort this out amicably before people start moving out from your firm.
Striving to Develop & Implement Innovative Ideas
  • #136
  • Oct 28, 2014 10:24pm Oct 28, 2014 10:24pm
Quoting Jack Morris
We regret any misunderstanding caused by the recent termination of Mr Yun’s trading account. A review of this matter has confirmed that FOREX.com acted fairly and judiciously in accordance with our Customer Agreement. When trade adjustments are carried out, they are made based on our audited results utilizing price comparisons of third-party sources, and applied to all trades. Contrary to what has been suggested, trade adjustments are not limited to profitable trades. To further ensure a fair and balanced trade review, we utilize the raw bank rate...
Inserted Video
  • #137
  • Oct 28, 2014 10:27pm Oct 28, 2014 10:27pm
Quoting Jack Morris
We regret any misunderstanding caused by the recent termination of Mr Yun’s trading account. A review of this matter has confirmed that FOREX.com acted fairly and judiciously in accordance with our Customer Agreement. When trade adjustments are carried out, they are made based on our audited results utilizing price comparisons of third-party sources, and applied to all trades. Contrary to what has been suggested, trade adjustments are not limited to profitable trades. To further ensure a fair and balanced trade review, we utilize the raw bank rate...
One question : Does forex.com use Virtual desk plugin on your mt4 terminals. Please provide answer in yes or no without any beating around the bush type of answer.
Striving to Develop & Implement Innovative Ideas
  • #138
  • Oct 29, 2014 1:24am Oct 29, 2014 1:24am
Quoting New-Pragati
{quote} One question : Does forex.com use Virtual desk plugin on your mt4 terminals. Please provide answer in yes or no without any beating around the bush type of answer.
All the MM brokers will have some kind of "insurance" they use against their clients. So even if they dont specifically use the virtual desk plugin, they will have something very similar. But in general, if your using a MM broker and they supplied you with meta trader, then very high chance the "insurance" is the virtual plug in.
  • #139
  • Oct 29, 2014 1:34am Oct 29, 2014 1:34am
"Broker reverses $20K winning trades for alleged latency arbitrage"
This title is good enough as compared to previous ones.
FF Admin : You are going on the right track.
Striving to Develop & Implement Innovative Ideas
  • #140
  • Oct 29, 2014 1:42am Oct 29, 2014 1:42am
Quoting midnight
{quote} All the MM brokers will have some kind of "insurance" they use against their clients. So even if they dont specifically use the virtual desk plugin, they will have something very similar. But in general, if your using a MM broker and they supplied you with meta trader, then very high chance the "insurance" is the virtual plug in.
Letency- Forex.com issue
VDP not working : Forex.com issue.
Why penalize any trader for forex.com's own issues???
Striving to Develop & Implement Innovative Ideas
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