Excel Markets: Critical - Open Positions Must be Closed

If this has taught anyone anything, it should be to not rely on Central Banks to adhere to policies to peg their currency at a given level. Last year, we learned this lesson courtesy of the Russian Central Bank, who suddenly abandoned their "trading bands" for the Ruble, and allowed the currency to free float, which they were going to supposedly do in early 2015 anyway; the currency proceeded to tank even further with the RCB's ability or willingness to intervene removed.

And now, the SNB has handed everyone who had an open position acting in reliance on the 1.20 EUR/CHF peg their hats, including the so-called "professionals" who could have easily foreseen that the SNB's continuing ability to maintain the peg was in doubt or at least problematic in light of the ECB's imminent QE program (news stories indicate that there was only one "pro" who predicted that the peg would not hold, which is remarkably astounding to me).

I would have expected something more programatic, measured, or "finely machined" out of the Swiss as compared to the Russians -- no such luck ... .

Oanda is just a bucket shop,so when the excuse is good for them,they will use it.

Back around 2005 or so, the FX market went through a massive SPIKE. I don't remember what the problem was. I was a newbie trader and held the naive belief that a stop loss was a stop loss. Unfortunately, my trades were not protected by the stop loss and I lost a bundle.

Oanda said they were not responsible for the losses caused by the failure of the stop loss provisions built into their software because their contract said they weren't responsible for software glitches.. They blamed it on a blockage caused by too many trades at once--despite the fact that all this software is built on electrical impulses that travel at the speed of light.

shivers going through my body... tears are starting to come out too...

Holy shit.

These guys wont be the only ones.

when u put the request??

I haven't got any problems with Oanda, all my positions opened since last month are still running and unaffected. I guess it depends on the broker.

Refund my deposit was successful.

yesterday, right after the message from excelmarkets

i got an email from oanda a few hours ago, basically telling me that all was good with them, that there was nothing to worry about.

So wat is next? ECB announced small QE or no QE on 22nd Jan and EUR surge strongly to the upside? The problem lies in the market totally lean on USD long bet. When the boat is loaded heavily on one side, it just take a small knock to sink the boat. The problem is not with the currency volatility (as in the case of past JPY intervention which has similar volatile moves), it is the case of the market heavily committed to USD long. The broker has probably not managed their risk by taking on excessive USD long from their client without a full hedge. A full hedge would be appropriate given the one-sided market on USD long atm.

I have live accounts with IC Markets and Global Prime. On my charts USDCHF Ic Markets has a spike down to 0.06571 Global Prime went down to 0.84077 in the same 5 minute candle. Lucky I only had trades on USDCHF on demo account with IC Markets and not my live one. Global Prime have stated they had liquidity etc, which seems like they were one of the few. More details on the donnaforex thread for them I have been following. feel bad for those that lost a bundle and the guy who turned $10K into $150K at GP, lucky bastard.

It was an atomic bomb explosion in the markets

IG lost a bundle today as well. Just glad I wasn't in the trade at the time.

So is there ANY worthy broker out there??? How did Interactive Brokers fare today??

Is there a trader, that earned fortune on the CHF move?