Broker reverses $20K winning trades for alleged latency arbitrage

Could you send me some links about forex.com disable account without any real reasons? I can't find it because of bad internet connection

I guess they began to close winning accounts 2-3 years ago, because at that time, they are a losing broker. After they close many winning accounts, their begin to make profits. I never heard that other broker close winning accounts so frequently.

http://www.forexpeacearmy.com/public.../www.forex.com


Sherif Fakher, aljizah, Egypt
Rating:
Date of Post: 2014-07-24
Review: Very Very Very Very Bad Company
I deposited 29200 USD after that they Requested my phone number I sent it after that requested my credit card scans I sent it and after all that they told me that will adding the bonus to my account and after that they closed my account who called Ioannis Tsakiris send a closing account and when I asked why he told me that I have not right to told me anything .. are you all can believe that ..they are Skilled in deception .. and I not know what they will doing with my money I added but if I not receive it in the next 7 days I will call my bank .. it is SCAM .. Mr.Calos who commented under my comment .. I want to say to you they will close any account made a good profit .. it is was a good company but now become a big Scam company .. nothing more .. and for anyone not believe I say to him just try this company and u will see by your eyes.

Carlos, Madrid, Spain
Rating:
Date of Post: 2014-04-15
Review: If you win money, they cancel your account, because they are market makers and I suppouse they trade against you (if you win, they loose).
The reason they said is: "As a result of a recent quality control review of your account activity, we determined we are no longer in a position to continue extending our services to you. As such, we have determined to close the account."
Therefore, if you are a good trader, don't join this broker. If you do, you will spend your time.
I am a news spike trader and, in my first day with forex.com, I won 95% of my capital with the "non farm payrolls" piece of news. The next day forex.com cancelled my account.
The good point is they gave me back all my money: the initial capital and the profits. They were serious and fast in this matter, so in less than a week I had all my money in my bank account.
Also, I have to say that the salesman lied to me. He said: "We never cancel winning accounts because we earn money with spreads. Therefore, we want customers with profits". A big lie.

Mr. Nguyen, California, USA
Rating:
Date of Post: 2013-08-30
Review: I've actually had Forex.com as my first live account. I've been trading forex for 9 months now, started in december 2012. I am a pure spike/news trader using mt4 platforms. In the first 4-5 months of my real live trading career with forex, I've loss $1600 of my $5000 initial deposit. But all these losses were not Forex.com's fault, they were all mine! I see people here complaining about how some of their stop losses get taken out a couple pips away from the market price? If you added the "asking line" to the charts, you would see it a couple pips away from the market price; this is probably why they got stopped out/entered in before the "price actually hits it."
My losses were due to the fact that I had my buy/sell stops too close to the market price before the news hits. Everyone knows that within the last minute of a major news release, the market may become very volatile...so on about half my trades, I was entered in before the news release because of market's volatility; and I'd say about half of these trades entered in the wrong direction. But again, this was all because of me setting my orders too close to market price.
After those first 4-5 months of losing profit, $1600 in total, I decided to stop using the pending orders and entered in manually when the news hits. And it turns out I made profit when the news was significant enough. Their execution times are pretty fast. I only recall having a problem with their mt4 freezing once, a couple months ago during the AUD Employment change and AUD unemployment rate news. Their spreads are good, in my experience, they were never too wide.
After the recent update with the mt4 platform, I started to use pending orders again instead of manual trades. I finally made all the money back that I lost in june 2013, finally out of the negative and into the positive. I finally found the strategy to make profit with spike trading and continued to make profit with Forex.com
Now it is August 2013, and Forex.com decided to close my account down. Between june to the beginning of August I managed to increase my account size from $5000 to $10.5k; I was really happy to be able to double my account in 2 months. They closed my account down due to the same reason as someone a couple of reviews below me. They sent me an email stating "As a result of a recent quality control review of your account activity, we determined we are no longer in a position to continue extending our services to you. As such, we have determined to close the account. Please note your account status has been changed to “Terminated” which bars further login and trading capabilities." My friend is a broker and he said that I profited too much, so they decided to close my account down to prevent me from profiting and them losing further.
So here are my final thoughts and experiences about Forex.com...They are fair, execution is fast, little slippage, they don't cheat you out of your money or hunt for your stop losses. THE ONLY BAD PART I SEE ABOUT FOREX.COM IS THAT THEY CLOSE YOUR ACCOUNT DOWN WHEN THEY SEE YOUR PROFITS GREATLY OUTWEIGHING YOUR LOSSES. WHEN I MADE PROFITS ON MY TRADES, IT WAS FROM 6-15% OF MY ACCOUNT SIZE. BUT WHEN I LOSE TRADES IT IS ONLY ABOUT 1-2% OF MY ACCOUNT.
This was my first broker. I really had good experience with them. even money was withdrawn quickly, 2-4 business days after the account was "terminated". I am giving them 3 stars because they decided to close my account down to prevent me from profiting.
....also, they won't let you open a new account with them after you have been closed down.

dennis miller, chicago, USA
Rating:
Date of Post: 2013-06-11
Review: as soon as i started to make money i was asked to leave and they would give no reason other than (due to recent quaily control review we can no longer service your needs) made several phone calls no answers just bulls***

George, Netherlands
Rating:
Date of Post: 2011-07-18
Review: My account went up too fast, and they have frozen it for "quality control" Still haven't heard anything since 4 days. The broker is fine as long as you loose money. I think it is important people know that.
Cheers
Dada, New York
Rating:
Date of Post: 2011-04-13
Review: I am with Gain Capital / Forex.com since July 2009. It is tax season in US. I found that I am missing 1099B form from them. I contacted their rep online asking for that form. To my surprise, they refuse to provide one. I had chatted with Dustin and his manager Yan. I am not even sure this practice is legal. I think that proves they are a bucket shop working against you. Your loss is their GAIN. I am closing my account.

watchDogPuppy, Bedminster, NJ
Rating:
Date of Post: 2010-11-16
Review: wat the common ppl dont know
NFA tells you here in the recent $459,000 fine for gain/forex.com.
on 11/11/2010 gain capital fined $459,000
see for yourself http://www.nfa.futures.org/basicnet/...15&contrib=NFA
their metatrader used virtual dealer plug in to rob customers of their money by filling orders at disadvantageous rates. what do you say about fair game?!!

Trader Jay, United States
Rating: No Rating
Date of Post: 2010-10-29
Review: Forex.com has been charged by the NFA of using the illegal Virtual Dealer Plug-in to cheat customers, as well as other nasty violations. They face a fine of up to $250,000 for each violation. NFA Case No. 10-BCC-015
Here is the link the link to the NFA docket:
http://www.nfa.futures.org/basicnet/...px?seqnum=2461

This is what most viewers of this thread are wondering.
Is justice anywhere close?????????????????

+1 , +1 , +1 .........

I'll never understand why thousands upon thousands of people trade with these mass market bucket shop brokers who are trading against them - they say "I've never had a problem with them", have you consistently won profits in your account? If so it will be shut down, why give money to these shady parasites in the first place? Just do some research and trade with a proper broker/exchange, they are out there.

Who do you trade with?

Ff is aiding and abetting fraud, that's indirect fraud.

the list is endless, liteforex, instaforex, fortune forex etc, they are all rogues

that my friend is call taking care of the hand that feeds you, not saying it right just stating the facts

I don't know where you are from, but you should get in contact with whoever regulates your broker. If for example the broker you use is in the UK, and are registered by the FCA, then you should contact the FCA.

My broker is regulated by the FCA and if that ever happened me I would be incontact with the FCA immediately, and I would be letting my broker know that I was too.

Edit - I just checked, forex.com is regulated by the FCA, so if you live in the UK that is who you need to get in contact with, if in the USA you need to get in contact with the NFA (if forex.com are registered there)

Edit -
UK client http://www.fsa.gov.uk/register/firmR...r.do?sid=62171
US client https://www.nfa.futures.org/basicnet...nTVRTw%3d&rn=N

Sorry to hear of this. It is really terrible. I haven't had the time to read through all the posts.
This is what I suggest. Maybe there were others on this thread who experienced similar issues. Get them ALL TOGETHER, and file a class action lawsuit against these scammers. They cannot get away with this. They are regulated, they cannot do this. Doesn't matter what silly contracts or agreements they may have had you sign. At least talk to a lawyer together. You got to have a case.

Best of luck to you in getting this resolved with speed!

What broker(s) do you suggest, other than going straight to liquidity for those of us who cannot afford that?

I don't know about everyone else and can't speak for anyone but myself, but I've been with fxpro for a few years now, made some fairly large withdrawals from them with absolutely no problems, i got a mastercard card off them a while back which saves me waiting 3-5 working days for the money to clear into my bank (being in the UK, any bank transfer takes 3-5 working days to "clear", which means 3-5 days till you can access your money.) and can transfer money from a trading account to that card instantly, any day and time, I've only used that a few times though because i could and for no other reason, so unless your bank makes you wait a few days till you can get your money, you won't need one. That being said, they've been fine to me, no problems.

Bad experience gained.

simply thing- i think: we should have a protect action /check before we open the account.
i will do:
1. investigate the issue license to borker ( like FCA, FSA, NFA...) if possible, please email to them for asking for the PIC when we face problem with broker.
2. Because broker always do trading against us when we trade, so when you win, please take withdraw immediately. with total amt is ~ <2000 usd, then i believe there is noproblem.
3. in case they not pay, please contact to controler ( FCA, FSA...) for reporting the case.
4. PLEASE POST IT IN FF.

Where is yun ben, how was it going?

You knew of dozens of cases where they did this to other traders, and they did this to you one time before, but you opened a second account and continued to trade with them anyway? Why would you do that? What was the reason they gave you when they closed your first account?

On the second account it would appear they returned your initial principle in full, allowed you to keep $49,000 in profits, and only zeroed out the trades on October 15th that they are accusing you of latency arbitrage. Is this correct?

15 of 29 trades (52%) trades resulted in a profitable adjustment and 14 of 29 (48%) resulted in an unprofitable adjustment to your account.

On the surface it would appear they adjusted for profit and loss on the 29 trades in question.

If in fact this is what happened, then you really don't have a leg to stand on in court. You posted the profits they adjusted for but I didn't see the amount for the losses they adjusted for. What was the actual total amount of the adjustment with the losses also subtracted on the 29 trades?

I'm not siding with the broker. I took 15 minutes to look over the situation and it would appear you don't have a strong case to move forward with. Any lawyer advising you would probably tell you the same thing.

if this is the case then you are 100% correct

last time they closed my account but all returned with the same reason as the others said so-called quality control. my one is in Chienese version. I open account again at that time because I didn't find another broker can provide products and spreads as them. I do like what they offer me 3% interest 0.6 pip rebate. Their leverage is 200. I also like their CFD spread. It is more volatile and I can profit from it. But other broker even lmax didn't provide consistent CFD spread as them. They are 3rd largest listed broker. If they are not good, can you find one better? As one of above trader said what I feel also, They are fair, execution is fast, little slippage, they don't cheat you out of your money or hunt for your stop losses. The most important is they returned all to me. I didn't think they would take back money from traders accounts. a couple of months ago, I do want to withdraw most fund out. but failed because their financial department said I have to withdraw the fund out to the bank I transfer to them (the original bank is dukascopy bank, but I closed my dukascopy bank after the transfer, so I think after my dukascopy account opened again then can withdraw fund, however, it takes quite long time to open account at dukascopy again).

I know you guys have a lot of questions. I would like to answer all that. I am still a part-time retail trader as most of you are, I dont have any illegal trading methods to do it. You questions are not question to me. I do have a lot of questions to ask the forex.com but they didn't answer any yet.

So far (already 18 days past), I didn't received any adjusted trade activities from them yet. If they are honest, they should provide that. But that's all I get from them. "15 of 29 trades (52%) trades resulted in a profitable adjustment and 14 of 29 (48%) resulted in an unprofitable adjustment to your account." with only that one sentence statements, It is meaningless to everyone right? I've ask them to provide a detail report 4 days ago. So far no response yet. what I post here is what I get from the MT4 records not that the adjusted trade activities. From Adal's chart, I even don't think they would provide, because my overall buy signal works. it is not likely to lose -19276.33 upon the raw bank data adjustment. it could only be all the profits on that day. The adjustment means around $-8000 loss that day to my account.

My progress is here:
the attachment says it may take a couple of months.

Khalid, Naghmana
https://mail.google.com/mail/u/0/images/cleardot.gifOct 29 (4 days ago)
https://mail.google.com/mail/u/0/images/cleardot.gif
https://mail.google.com/mail/u/0/images/cleardot.gif
https://mail.google.com/mail/u/0/images/cleardot.gif
to me
https://mail.google.com/mail/u/0/images/cleardot.gif

Dear Mr Ben,

I have now progressed your case into our adjudication queue. Please find attached to this email two word documents which explains the next steps with the Financial Ombudsman Service.

Kind regards

(Ms) Naghmana Khalid
Consumer Consultant | Financial Ombudsman Service

([highlight=transparent !important][highlight=transparent !important]http://www.forexfactory.com/chrome-e...skype_logo.png[highlight=transparent !important]0207 093 7686[/highlight][/highlight][/highlight] or 0300 123 9 123
*[email protected]
+Exchange Tower, 1 Harbour Exchange Square, London, E14 9SR

Let's say they closed your first account for Latency Arbitration (or some other violation of your agreement with them) and let you keep all the money, then they let you open a second account with them and you were accused of violating your agreement with them a second time, but this time they canceled those trades and closed the account. They have records of the emails sent to you why the first account and second account were closed which they are going to send to the Financial Ombudsman when the case comes up. They also have the raw bank data and your trading data that they are going to send to the Ombudsman too.

You may be angry that you don't get to keep all the money the second time they closed your account, but if they have email and data evidence to support their claims, you're wasting your time fighting them.

What I can to say is there are a lot of question I want to know. I did the trade based on my strategy. It is a normal day for me. it is consistent with my past records even same as the last account and the same as other accounts. They didn't provide any evidence to me based on the talk with the director. He said my trading size increase dramatically from a single 30k to total (not single) 200lots (this is definitely my strategy, and last 6 months my overall trading volume is about 2700lots). they suspect I know the market information and they use raw data to adjust that. Their adjustment details is unknown to me. But from Adal's chart, I don't think they do adjust based on raw data, they actually take all profits left losses.

I don't think I am wasting my time. from my side, I did not do anything wrong, and I do want all details they need provide me. Even they should give me the evidence whether I trade illegally as you think I might be. As a retail trader, they might not bother to say a word to me. but upon regulator's intervene, they must provide all in details.

I think I have said enough for you.
From you unfriendly words, presume I was doing illegally and the broker are all right, then say I am wasting time.
Even regulator FOS didn't have a first result yet, how come you determine it is wasting my time? If I really did illegally, forex.com such as Jack can come to show all evidence to all traders here as what I am doing (I don't hide myself, and would reply your questions). but so far no comments from them.

The loss is not a big problem for me. I can still live and trade normally. But I got unfair treated, I need an answer from the regulator how they can do it. I also want to know what's behind their server failure problem.