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Broker reverses $20K winning trades for alleged latency arbitrage

  • #361
  • Nov 9, 2014 10:32am Nov 9, 2014 10:32am
Yunben,

It really makes me mad the way Forex.com cheated you. Here is complaint form you should fill out to the CFTC:

https://forms.cftc.gov/fp/complaintform.aspx

Also here is a pdf you should fill out for reparations:

http://www.cftc.gov/ucm/groups/publi...cftcform30.pdf


Have you consulted a lawyer? Threatening to bring a lawsuit might be enough to make them return your profits - they probably don't want bad publicity associated with a court case and would probably prefer to settle out of court.

I'm attaching the cftc reparations form
Attached File(s)
File Type: pdf cftcform30.pdf   170 KB | 452 downloads
  • #362
  • Nov 9, 2014 2:00pm Nov 9, 2014 2:00pm
Quoting New-Pragati
{quote} I guess the company knows very well that initially there would be some noise but it will die down after some time and then back to business as usual. One permanent loss for the company that the company underestimates is that : any person who has seen this thread will never use or recommend forex.com to anybody.
Never, and I looked into them in the past
  • #363
  • Nov 9, 2014 8:43pm Nov 9, 2014 8:43pm
Quoting gravitist
Yunben, It really makes me mad the way Forex.com cheated you. Here is complaint form you should fill out to the CFTC: https://forms.cftc.gov/fp/complaintform.aspx Also here is a pdf you should fill out for reparations: http://www.cftc.gov/ucm/groups/publi...cftcform30.pdf Have you consulted a lawyer? Threatening to bring a lawsuit might be enough to make them return your profits - they probably don't want bad publicity associated with a court case and would probably prefer to settle out...
I tried to fill a form at NFA. but they said the forex UK is not NFA member and should complain to FCA.
FOS is equivalent to FCA, so I am still waiting for their reply.
I guess if FOS is fair, there should be no problem. let me wait 1 month and decide whether to bring a lawsuit or not..
  • #364
  • Nov 10, 2014 9:05pm Nov 10, 2014 9:05pm
Quoting yunben
{quote} I tried to fill a form at NFA. but they said the forex UK is not NFA member and should complain to FCA. FOS is equivalent to FCA, so I am still waiting for their reply. I guess if FOS is fair, there should be no problem. let me wait 1 month and decide whether to bring a lawsuit or not..
It make me angry that a scam company can walk away like nothing happen, they keep cheating customers out side the US. What kind of fool is trading with Gain Capital?
  • #365
  • Nov 10, 2014 10:23pm Nov 10, 2014 10:23pm
Quoting Abcxyz77
{quote} FOR about thsemake me angry that a scam company can walk away like nothing happen, they keep cheating customers out side the US. What kind of fool is trading with Gain Capital?
Thank you. Brother. I will enquire FOS about the case one week later and surely will update you all about that.
  • #366
  • Nov 10, 2014 10:46pm Nov 10, 2014 10:46pm
FOS is not really equivalent to FCA at all..
  • #367
  • Nov 11, 2014 7:27pm Nov 11, 2014 7:27pm
Quoting shrike
FOS is not really equivalent to FCA at all..
Here I got from FCA website:

Complaints and compensation


Most of us use financial services firms without anything going wrong. But when there is a problem it helps to know the steps you can take to resolve it.
If you complain to a firm but are not happy with its response or decision, you may be able to complain to the Financial Ombudsman Service (FOS). Find out more about how to complain.
If you are owed money by a UK financial services firm that goes bust, the Financial Services Compensation Scheme (FSCS) may be able to help. See more on how to claim compensation.
  • #368
  • Nov 11, 2014 8:31pm Nov 11, 2014 8:31pm
Quoting mitch77
{quote} Dude you talk so much rubbish here and on the FXCM thread. You need to get some facts instead of making up lies about companies going bankrupt as it just makes you look really stupid. Both companies have more than enough money in fact Forex.com just bought City Index for $118 million, somehow I dont think they are going bankrupt anytime soon. In saying that I wouldn't trade with a Market Maker but I do have an account with FXCM and I have had no problems withdrawing money on a regular basis
what kind of this guy? Trying to protect forex.com, said that it good and reliable. I don't have any benefit here, i just say what i see and what i heard. Even a fool know that if a broker disable customers accounts because they make consistent profit it will be bankrupted soon! A simple rule in marketing is if you dissatisfy one customers you will loose 256 customers in the future.
  • #369
  • Nov 11, 2014 9:01pm Nov 11, 2014 9:01pm
Quoting Abcxyz77
{quote} what kind of this guy? Trying to protect forex.com, said that it good and reliable. I don't have any benefit here, i just say what i see and what i heard. Even a fool know that if a broker disable customers accounts because they make consistent profit it will be bankrupted soon! A simple rule in marketing is if you dissatisfy one customers you will loose 256 customers in the future.
I don't think forex.com has enough money. For 2010 and 2011, their profits is only a few million dollars or even loss. They find the way is very effective by attracting only new traders with deposit bonus/interests/spread rebate and closing profiting accounts in the meanwhile. As they traded against their clients dishonestly. It is apparent if they close 100 accounts which may make $50k yearly profit, they can increase their net income up by $5 million. It seems they practice this spell more frequently recently and directly take profit by their rubbish rules.
Attached Image (click to enlarge)
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  • #370
  • Edited 10:28pm Nov 11, 2014 10:03pm | Edited 10:28pm
Quoting Abcxyz77
{quote} what kind of this guy? Trying to protect forex.com, said that it good and reliable. I don't have any benefit here, i just say what i see and what i heard. Even a fool know that if a broker disable customers accounts because they make consistent profit it will be bankrupted soon! A simple rule in marketing is if you dissatisfy one customers you will loose 256 customers in the future.
Hi, guys

I checked their US version customer agreement. There is no such terms including scalping or price latency in US version.
I have to say, forex.com might deliberately do this to their clients because FCA UK regulation is too loose.

UK version
https://secure.efxnow.com/NEWOLS_GCU...8_20140707.pdf
US version
https://secure.efxnow.com/NEWOLS_FRX...2_20141006.pdf
  • #371
  • Nov 11, 2014 10:23pm Nov 11, 2014 10:23pm
Quoting yunben
{quote} Hi, guys I checked their US version customer agreement. There is no such terms including scalping or price latency in US version. I have to say, forex.com might deliberately do this to their clients because FCA UK regulation is too loose.
U.S. regulators change the laws a few years ago about what a broker can and can't do, it benefit us the clients so what happen to you can no longer happen here in the U.S.
  • #372
  • Nov 11, 2014 10:25pm Nov 11, 2014 10:25pm
Quoting yunben
{quote} I don't think forex.com has enough money. For 2010 and 2011, their profits is only a few million dollars or even loss. They find the way is very effective by attracting only new traders with deposit bonus/interests/spread rebate and closing profiting accounts in the meanwhile. As they traded against their clients dishonestly. It is apparent if they close 100 accounts which may make $50k yearly profit, they can increase their net income up by $5 million. It seems they practice this spell more frequently recently and directly take profit by...
short there stock, thats another way to make your money back
  • #373
  • Edited Nov 12, 2014 6:41pm Nov 11, 2014 10:46pm | Edited Nov 12, 2014 6:41pm
except low rating in forexpeacearmy
http://www.forexpeacearmy.com/public.../www.forex.com

forex.com also labelled scam in forexream.
http://www.forexrealm.com/brokers-reviews/
  • #374
  • Nov 12, 2014 7:15am Nov 12, 2014 7:15am
except low rating in forexpeacearmy
http://www.forexpeacearmy.com/public.../www.forex.com

forex.com also labelled scam in forexream.
http://www.forexrealm.com/brokers-reviews/
  • #375
  • Nov 12, 2014 8:04am Nov 12, 2014 8:04am
http://www.forexrealm.com/brokers-reviews/[/quote]
This kind of reviews can be easily manipulated,but you're right,I will never use forexdotcom.
  • #376
  • Nov 12, 2014 8:20am Nov 12, 2014 8:20am
I understand what you mean. but did you notice the follows? at least they have showed two features of scam: You'll be banned for winning too much! and Skewing quotation of prices. (unknown skewed price for losing trades and they also call it price latency or off-market to winning trades)


at the bottom of http://www.forexrealm.com/brokers-reviews/

Ways in which you can be defrauded:
Stop Hunting/Running That's Immoral: Forex brokers always advice on proof-less fact that you will hardly face any stop running in this market. This fabrication is the boldest and biggest claim of them. In fact the truth of the matter is that there exists much more forex stop running than there is in futures. The stop running in this market is possibly the same as in the equity markets.
Suspicious spike: Sometimes, on the chart of a broker, there's very fast increase in candlestick when there's nothing taking place on another's chart. Indicator like stop-loss is prompted mainly to give indication of that dubious spike.
You'll be banned for winning too much: You must have heard that winning frequently in forex can cause you to be banned. Win too much and be barred in Forex, you may ask yourself. But it's true.
Leaning: Brokers claim they charge you a three-pip layout when trading the well-known pair of currencies. But the pips they are making may run into double digit figures, for example 10 or even more. He skews the price to do this. As you are not conducting your trading at an exchange, your broker can proffer you any price he wishes to.
Skewing quotation of prices: Commonly, brokers in the forex market lean prices. The broker is capable of just giving you the currency price as quoted by the bank he uses to trade. Different banks have different currency pricing structures. You will never get to know what the true real price is, in the absence of a central exchange where all prices flow through.

Quoting adr201
http://www.forexrealm.com/brokers-reviews/
This kind of reviews can be easily manipulated,but you're right,I will never use forexdotcom.[/quote]
  • #377
  • Nov 12, 2014 10:54am Nov 12, 2014 10:54am
Quoting Abcxyz77
{quote} what kind of this guy? Trying to protect forex.com, said that it good and reliable. I don't have any benefit here, i just say what i see and what i heard. Even a fool know that if a broker disable customers accounts because they make consistent profit it will be bankrupted soon! A simple rule in marketing is if you dissatisfy one customers you will loose 256 customers in the future.
Where did I say they are good and reliable?

I said they are not going bankrupt anytime soon and I also said I would not have an account with a MM. As I said before get your facts right and stop posting nonsense. You can see in my post that you quoted that I didn't say they are good and realiable so please reframe from being stupid.
  • #378
  • Nov 12, 2014 11:54am Nov 12, 2014 11:54am
I think both companies are ok you need to win reasnobily make good percent 1-2% per month thats all put good equity that willhelp company to work banks also relay on it i dont like spending if i can live with 10 cent a day i will live with it money have to be in banks to help them in there big humanity projects pocket shps that give youhigh levearge only wants your money and wants you to lose so fast i trade with 1:1 only so only my money i try to make a good percent from trading thats is the rule but if you make a lot of profit and withdraw it it will be a bad bussiness for companies and banks that give tyhem liquidty so you areno morer welcome and they are rigth i think we have big major problems in economy that tradersmoney can solve i think both fxcm and gain are good just be reasnoible make 10% yearlly in big money and you will live happly all will have a nice day all
focus while relaxed to see better
  • #379
  • Nov 12, 2014 12:30pm Nov 12, 2014 12:30pm
Quoting mitch77
{quote} Where did I say they are good and reliable? I said they are not going bankrupt anytime soon and I also said I would not have an account with a MM. As I said before get your facts right and stop posting nonsense. You can see in my post that you quoted that I didn't say they are good and realiable so please reframe from being stupid.

Reframe?

Irony?
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Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #380
  • Edited 1:28pm Nov 12, 2014 1:09pm | Edited 1:28pm
Quoting yunben
Here I attached their bad trade (1 minute chart) 4 years ago. I was trading with their forextradepro platform. their US Oil feed suddenly has a long spike from 100.74 drop to 99.02 and then com back. all happens within 1 second. After I complain to them, they compensated my losses (about two-three hundreds). After that, this spike doesn't occur anymore. {image}


There is a lot a fraud in there. Some clients are trying to recover the money. Big banks are paying 3 billion in penalty. But I'm sure that a lot of broker are involve in this.

Check the link on bloomberg.

http://www.bloomberg.com/news/2014-1...ion-probe.html


Look this video. They clearly show you that they share information on client trade

http://www.bloomberg.com/video/five-...q4Tc~tm3A.html

this is discusting!
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