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Pepperstone Forex

  • #2,741
  • Jan 15, 2015 6:15am Jan 15, 2015 6:15am
Me too...what should we all do?? I was not on margin call and everything got wiped out!! I wasn't even trading Swiss currency at all. It is illegal what they are doing...! What can we do to protect ourself and get the money back?
  • #2,742
  • Jan 15, 2015 7:46am Jan 15, 2015 7:46am
Quoting kartesio
Me too...what should we all do?? I was not on margin call and everything got wiped out!! I wasn't even trading Swiss currency at all. It is illegal what they are doing...! What can we do to protect ourself and get the money back?
Pepperstone and Oanda seem to be the 2 brokers that really went reckless on this.
Complain to the broker, then to the regulator if they didn't resolve it, then go to court, good luck.

I agree it's really disgusting, and I hope these 2 brokers will do something to compensate the traders, or traders will need to get together and fight them.
  • #2,743
  • Jan 15, 2015 7:47am Jan 15, 2015 7:47am
the owner of pepperstone has become one of australias richest men because of us trading thru him. its time he gave back here.
scroll back to see magazine article about pepperstone owner.
  • #2,744
  • Jan 15, 2015 4:25pm Jan 15, 2015 4:25pm
I had zero issues trading CHF pairs through cTrader even during the big moves, was there problems with MT4?

My Oanda feed for EUR/CHF just died ~$1.17... as if it didn't even try to keep up. A lot of brokers had issues here... heck, even IG took a 30 million pound bath thanks to filling their clients off market.
FXGears.com
  • #2,745
  • Jan 15, 2015 5:39pm Jan 15, 2015 5:39pm
Quoting craig65
the owner of pepperstone has become one of australias richest men because of us trading thru him. its time he gave back here. scroll back to see magazine article about pepperstone owner.
What did you loose? A buck and a quarter... Main concern would be, do i still have an acount/broker... Oh, if pepper at fault, pepper will pay. If not their fault, well you own up to it. Let the dust settle a bit here.

All the best,

Ramy3
Fuck Forex Factory.Wake up people.
  • #2,746
  • Jan 16, 2015 12:05am Jan 16, 2015 12:05am
good news for all you guys who lost money yesterday when the platforms crashed. fxcm is paying back there customers the money lost. just on bloomberg
  • #2,747
  • Jan 16, 2015 12:35am Jan 16, 2015 12:35am
Quoting craig65
good news for all you guys who lost money yesterday when the platforms crashed. fxcm is paying back there customers the money lost. just on bloomberg
Umm.. I think they are just bringing people with negative balances back to $0. They aren't refunding losses in general.
FXGears.com
  • #2,748
  • Jan 16, 2015 12:37am Jan 16, 2015 12:37am
Quoting Jack_Larkin
{quote} Umm.. I think they are just bringing people with negative balances back to $0. They aren't refunding losses in general.
Well, that's like a WIN..... right?

It takes a lot for me to IGNORE you, but you can try.
  • #2,749
  • Edited 1:08am Jan 16, 2015 12:55am | Edited 1:08am
Attention Peter.A

From the 'Terms and Conditions PDF' under the 'Use of funds deposited with us' clause:

"(f) we may use your money from the trust account for the purpose of meeting obligations incurred by us in connection with margining, guaranteeing, securing, transferring, adjusting or settling dealings in derivatives by us (including dealings with our Hedging Partner), including dealings on behalf of other clients. In the case of amounts withdrawn under this clause 3.5(f), the amounts are held in one or more accounts in the Hedging Partner’s name in accordance with the Corporations Act"

So that reads to me that Pepperstone can help themselves to my money, which is in a trust account, to meet their own obligations, which have nothing to do with me, nor were caused by me or any of my actions.

Could you clarify this for me please? I would rather it clarified here, in the public domain, rather than by one on one with a support rep please.

Many thanks,
RJ
Doing what you like is Freedom. Liking what you do is Happiness.
  • #2,750
  • Jan 16, 2015 1:01am Jan 16, 2015 1:01am
excel fx in new Zealand went backrupt.
jacks right igmarkets and fxcm are giving all their clients in negative equity there money back to put them on zero acct balance.
40 million pounds for ig and even worse for fxcm
  • #2,751
  • Jan 16, 2015 1:38am Jan 16, 2015 1:38am
News from Pepperstone. They still alive after Tsunami from SNB
Attached Image (click to enlarge)
Click to Enlarge Name: pepper.PNG Size: 705 KB
Keep learning until you die :-)
  • #2,752
  • Jan 16, 2015 5:30am Jan 16, 2015 5:30am
I understand that Pepperstone offers negative balance protection. Did the sudden spike of the CHF affect this protection that was offered?
  • #2,753
  • Jan 16, 2015 10:57am Jan 16, 2015 10:57am
Quoting GaryG
I understand that Pepperstone offers negative balance protection. Did the sudden spike of the CHF affect this protection that was offered?
I'm interested too?! Is there somebody with position yesterday?
I want money!
  • #2,754
  • Jan 17, 2015 5:41am Jan 17, 2015 5:41am
so pepperstone is survive huh... must be in one of my broker reserve.
So far Axitrader, Pepperstone and Oanda...
  • #2,755
  • Jan 18, 2015 4:27am Jan 18, 2015 4:27am
Quoting realjumper
Attention Peter.A From the 'Terms and Conditions PDF' under the 'Use of funds deposited with us' clause: "(f) we may use your money from the trust account for the purpose of meeting obligations incurred by us in connection with margining, guaranteeing, securing, transferring, adjusting or settling dealings in derivatives by us (including dealings with our Hedging Partner), including dealings on behalf of other clients. In the case of amounts withdrawn under this clause 3.5(f), the amounts are held in one or more accounts in the Hedging Partner’s...
realjumper, details in the PDS:
18. Client Money
18.1 Client monies are held, used and withdrawn in accordance with the Corporations Act. Monies lodged or
deposited with us to meet margin requirements, are not treated as funds belonging to Pepperstone but
are treated as funds belonging to the client. Client funds are at all times separate from Pepperstone’s
operational funds in a client segregated account.
18.2 As all trades are passed directly to our liquidity provider funds may be deposited with the provider to
maintain margin for open positions and future dealings.
18.3 It is possible that this hedging counterparty may become insolvent whilst controlling your money. It is
also possible that another of Pepperstone’s clients might go into deficit. Therefore any funds you may
have paid to Pepperstone may not be protected if there is a default in the overall client trust account
balance. If this occurred, Pepperstone would use its best endeavors to retrieve your funds and the funds
of other clients. However, if Pepperstone was not able to retrieve your funds it would have to source
funds to match the amount in deficit.
18.4 Pepperstone has a comprehensive insurance policy in place to cover a variety of different scenarios
some of which may assist in the repayment of deficits. However, if Pepperstone was not able to source
these funds it could be that Pepperstone itself was insolvent and unable to provide financial services.
You could therefore become an unsecured creditor to Pepperstone, as Pepperstone is to an insolvent
hedging counterparty.
  • #2,756
  • Jan 18, 2015 6:16am Jan 18, 2015 6:16am
Quoting FFBinary
{quote} realjumper, details in the PDS: 18. Client Money 18.1 Client monies are held, used and withdrawn in accordance with the Corporations Act. Monies lodged or deposited with us to meet margin requirements, are not treated as funds belonging to Pepperstone but are treated as funds belonging to the client. Client funds are at all times separate from Pepperstone’s operational funds in a client segregated account. 18.2 As all trades are passed directly to our liquidity provider funds may be deposited with the provider to maintain margin for open...
Clause 18.3. What do they mean with "unprotected"? Isnt it protected by FCA in the first place in case overall client trust accounts goes deficit?
  • #2,757
  • Jan 18, 2015 6:24am Jan 18, 2015 6:24am
Quoting Robertk
{quote} Clause 18.3. What do they mean with "unprotected"? Isnt it protected by FCA in the first place in case overall client trust accounts goes deficit?
The FCA is in the UK.
Pepperstone is an Australian broker registered wit ASIC (Australian regulator)

If I'm not wrong, there is no compensation scheme in Australia like there is in the UK.
Now you may be thinking that this is the kind of stuff you should have looked at before ...
  • #2,758
  • Jan 18, 2015 11:56am Jan 18, 2015 11:56am
Quoting Mevo
{quote} The FCA is in the UK. Pepperstone is an Australian broker registered wit ASIC (Australian regulator) If I'm not wrong, there is no compensation scheme in Australia like there is in the UK. Now you may be thinking that this is the kind of stuff you should have looked at before ...
Yeah, at least their client trust account's money is held by top tier Australian banks. Most seem pretty "ok" up till now (could have been better), according to Moody's. But if what you are saying is right shit will hit the fan IF it goes wrong.. I havent looked into this at all. Might split some of my current acc balance before that happens...
Attached Image (click to enlarge)
Click to Enlarge Name: bank-ratings-chart.png Size: 69 KB
  • #2,759
  • Jan 18, 2015 12:58pm Jan 18, 2015 12:58pm
Anyone trading with Pepperstone and got hurt by chf developments last week? Also does Pepperstone have negative balance protection anyone knows of? I will have a chat later with one of their representatives once they open.
  • #2,760
  • Jan 18, 2015 1:08pm Jan 18, 2015 1:08pm
Quoting Robertk
Anyone trading with Pepperstone and got hurt by chf developments last week? Also does Pepperstone have negative balance protection anyone knows of? I will have a chat later with one of their representatives once they open.

"Negative balance protection, automated Risk Management System"

https://pepperstone.com/trading-acco...conditions.php

Thank god..
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