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Attachments: Broker reverses $20K winning trades for alleged latency arbitrage
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Broker reverses $20K winning trades for alleged latency arbitrage

  • #501
  • Jan 16, 2015 12:59am Jan 16, 2015 12:59am
looks like a few bucket shops are in real trouble
people leave, but this thread will go on for ever
  • #502
  • Jan 18, 2015 10:44am Jan 18, 2015 10:44am
I see forex.com is quite
people leave, but this thread will go on for ever
  • #503
  • Jan 18, 2015 6:36pm Jan 18, 2015 6:36pm
Quoting Aussi
I see forex.com is quite
Forex.com is quiet because all other brokers lose, only forex.com make a lot money from SNB black swan. They are really amazing special one.
You get FXCM suffer $225M loss because they hedge clients position.
but can you understand forex.com made $5M at that day?
They bet with you!!! You blow-off money goes to Forex.com. That's why they are winner. This time they don't say it is off-market, just because they make money. If they lose, you guess what they will do. They will say it is off-market and can easily post-adjust your account fund.
  • #504
  • Jan 19, 2015 10:20pm Jan 19, 2015 10:20pm
Quoting yunben
{quote} Forex.com is quiet because all other brokers lose, only forex.com make a lot money from SNB black swan. They are really amazing special one. You get FXCM suffer $225M loss because they hedge clients position. but can you understand forex.com made $5M at that day? They bet with you!!! You blow-off money goes to Forex.com. That's why they are winner. This time they don't say it is off-market, just because they make money. If they lose, you guess what they will do. They will say it is off-market and can easily post-adjust your account fund....


nasty stuff from forex.com
people leave, but this thread will go on for ever
  • #505
  • Jan 22, 2015 11:22pm Jan 22, 2015 11:22pm
I found Saxobank now is also doing the same thing as Forex.com. These forex brokers are robbers.

http://firstadopter.tumblr.com/post/...to-its-clients

https://www.intelligentinvestor.com....ews-little-guy

"Clients won’t get the rates they thought they hit on the screen after all. Awkward. Saxo’s line on this, from CFO Steen Blaafalk, is as follows: “I think it was a fair way of dealing with it. Clients that lost money can blame us, or they can blame themselves. We have always helped and guided them on their risk management of the Swiss franc and warned of the risk.”

The brokers could then do one of two things: honour the rates they promised and wear the loss; or, ‘amend to more accurate levels’ and let Mum and Dad take one for the team.
The Saxo saga illustrates the danger of currency trading, especially when using leveraged products like CFDs.
Promises don’t mean much when one party is armed with a Product Disclosure Statement.



If you believe what Saxos Bank is doing is wrong, you need to speak up because if we don’t it might be your business getting “revised” and “amended” someday. The public and market needs to publicly shame this company to do right by its customers. And the regulators need to do their job.

This is the same for forex.com
  • #506
  • Jan 22, 2015 11:28pm Jan 22, 2015 11:28pm
Quoting yunben
I found Saxobank now is also doing the same thing as Forex.com. These forex brokers are robbers. http://firstadopter.tumblr.com/post/...to-its-clients https://www.intelligentinvestor.com....ews-little-guy "Clients won’t get the rates they thought they hit on the screen after all. Awkward. Saxo’s line on this, from CFO Steen Blaafalk, is as follows: “I think it was a fair way of dealing with it. Clients that lost money can blame us, or they can blame themselves. We have always...
How is your own case going? Has FCA reached their decision yet? What's your next step?
Make your losses in demo. Earn your profits live.
  • #507
  • Jan 22, 2015 11:34pm Jan 22, 2015 11:34pm
Quoting Forexia
{quote} How is your own case going? Has FCA reached their decision yet? What's your next step?
I received three emails after inquiring the progress for the third time. It seems one should wait about 3 months to have an adjudicator allocated.

1)
Dear Mr Yun

Thank you for your email.

I can confirm that the case will be allocated to an adjudicator by the start of next week.

Once allocated, the adjudicator will introduce themselves and answer any queries you may have.

Yours sincerely


Seetal Pabary| CCD Administrator | Financial Ombudsman Service | Tel: 020 7093 5500 | Fax: 020 7093 5501 Exchange Tower, London, E14 9SR

2)
Dear Mr Ben

Thank you for your email. Your case is currently awaiting allocation to an adjudicator.

Unfortunately I am unable to give you a time scale as all cases are dealt with in date order and the time that it will take to get to your case depends on the complexity of the cases in front of yours.

However, we do aim to resolve cases as quickly as we can. In the meantime, if you have anything further to add please do not hesitate to contact us again.

Yours sincerely


Deloris Hemmings Administrator (CCD)| Financial Ombudsman Service | Tel No: 0207 093 5500 | Fax: 020 7093 5501
Exchange Tower, London, E14 9SR

3)
Dear Mr Ben

Thank you for your correspondence. Your comments have been noted and I confirm that this complaint file is currently in the Administration Team waiting to be passed to an adjudicator.
In fairness to all our customers, complaints are progressed in order according to the date they arrive in the Administration Team, which in this instance was 29/10/2014.

We are actively working on the complaint in the meantime and have obtained a file of papers from Gain Capital- Forex.com UK Limited in order to complete the case file.
I can assure you that this complaint is progressing here at the Financial Ombudsman Service.
Upon allocation to an adjudicator they will contact you direct.
Yours sincerely

Jodie Cox| Administrator (CCD) | Financial Ombudsman Service | Tel No: 020 7093 5500 | Fax: 020 7093 5501
Exchange Tower, London, E14 9SR
  • #508
  • Jan 22, 2015 11:42pm Jan 22, 2015 11:42pm
Quoting yunben
{quote} I received three emails after inquiring the progress for the third time. It seems one should wait about 3 months to have an adjudicator allocated. 1) Dear Mr Yun Thank you for your email. I can confirm that the case will be allocated to an adjudicator by the start of next week. Once allocated, the adjudicator will introduce themselves and answer any queries you may have. Yours sincerely Seetal Pabary| CCD Administrator | Financial Ombudsman Service | Tel: 020 7093 5500 | Fax: 020 7093 5501 Exchange Tower, London, E14 9SR 2) Dear Mr Ben Thank...
You are kidding me? Since Oct. of last year, they haven't even looked at your complaint yet and they have just been gathering papers all those time? OMG!! Bureaucracy at its best! Have you talked to your lawyer? What if they delay your "adjudication process"? Would you be able to sue them afterwards if FOS does not rule in your favour? Is there a Statue of Limitation on these kind of cases?

Good luck!
Make your losses in demo. Earn your profits live.
  • #509
  • Jan 22, 2015 11:52pm Jan 22, 2015 11:52pm
Quoting Forexia
{quote} You are kidding me? Since Oct. of last year, they haven't even looked at your complaint yet and they have just been gathering papers all those time? OMG!! Bureaucracy at its best! Have you talked to your lawyer? What if they delay your "adjudication process"? Would you be able to sue them afterwards if FOS does not rule in your favour? Is there a Statue of Limitation on these kind of cases? Good luck!
I guess normally it is 6 months. I have to get FOS investigation result first. at least they are professional and is of authority.
Lawyer doesn't have this kind of knowledge. They usually just look for any disobeyment of agreement. however, it seems forex.com has that clause in their client agreement.
  • #510
  • Jan 22, 2015 11:56pm Jan 22, 2015 11:56pm
Quoting yunben
{quote} I guess normally it is 6 months. I have to get FOS investigation result first. at least they are professional and is of authority. Lawyer doesn't have this kind of knowledge. They usually just look for any disobeyment of agreement. however, it seems forex.com has that clause in their client agreement.
Yeah FOS would be more knowledgeable about securities trading which I really hope so. Seeing how the SEC investigated Bernie Madoff, I really have my doubts sometimes. I was just wondering about lawyers would be able to advise you better on the legal recourse that you would have in case FOS doesn't rule in your favour.

Good luck!
Make your losses in demo. Earn your profits live.
  • #511
  • Jan 24, 2015 9:35am Jan 24, 2015 9:35am
This is what they say on there website

We stand behind every trade

Perhaps most importantly, we stand behind each and every trade. One of the primary benefits of dealing directly with FOREX.com is that we’re fully accountable for every execution – as a market maker, we don’t outsource that responsibility to a third party. If you ever have any questions or concerns post-trade, we’ll address it directly.

  • #512
  • Jan 27, 2015 10:50pm Jan 27, 2015 10:50pm
Quoting Forexia
{quote} Yeah FOS would be more knowledgeable about securities trading which I really hope so. Seeing how the SEC investigated Bernie Madoff, I really have my doubts sometimes. I was just wondering about lawyers would be able to advise you better on the legal recourse that you would have in case FOS doesn't rule in your favour. Good luck!
Still no response from FOS yet.
lawyer fee is too high. first meet-up fee is already $300. Besides, I am not sure whether I can win the case or not.
forex.com for sure has their lawyer team or they may be bankrupt many times.
  • #513
  • Jan 28, 2015 12:16am Jan 28, 2015 12:16am
Quoting yunben
{quote} Still no response from FOS yet. lawyer fee is too high. first meet-up fee is already $300. Besides, I am not sure whether I can win the case or not. forex.com for sure has their lawyer team or they may be bankrupt many times.
Don't give up! You never know. What they did is cheating. They have NO WAY to prove that you took advantage of their price latency which is a defect on THEIR own software. You should be charging them for providing you defective and slow price data feed information. No matter how it is. They shouldn't be allowed to just forfeit your account funds.
Make your losses in demo. Earn your profits live.
  • #514
  • Jan 28, 2015 5:37am Jan 28, 2015 5:37am
Hey Traders, let's show our support. Anyone keen to contribute to a fund to help yunben fight this case ?
  • #515
  • Jan 28, 2015 6:24am Jan 28, 2015 6:24am
Quoting yunben
{quote} Still no response from FOS yet. lawyer fee is too high. first meet-up fee is already $300. Besides, I am not sure whether I can win the case or not. forex.com for sure has their lawyer team or they may be bankrupt many times.
I have been thinking about getting a legal expense insurance, just in case for stuff like that. For your case its probably too late. But its not expensive, like €20/month.
  • #516
  • Jan 28, 2015 8:01am Jan 28, 2015 8:01am
Quoting chirpydog
Hey Traders, let's show our support. Anyone keen to contribute to a fund to help yunben fight this case ?
I think it will be a very long case for yunben, with a fat bill from lawyers every month. Feel truly sad for him, though. Maybe you can just find a nice law student who can help you probono? Make sure she doesn't look pretty!
  • #517
  • Jan 28, 2015 3:55pm Jan 28, 2015 3:55pm
I've been demo--ing the forex.com platform and noticed a weird situation. I took profit but it did not get added to the account balance! Why is my $128 in realized profit not added to the account balance?

Attached Image (click to enlarge)
Click to Enlarge Name: forex dot com.PNG Size: 12 KB
  • #518
  • Jan 30, 2015 5:32am Jan 30, 2015 5:32am
Quoting BobbyStar
{quote} I think it will be a very long case for yunben, with a fat bill from lawyers every month. Feel truly sad for him, though. Maybe you can just find a nice law student who can help you probono? Make sure she doesn't look pretty!
What we lack is a formal forex traders' association where professional traders gather in a legitimate arrangement to build a truly level playing field to trade professionally..

Otherwise, we will be always at the losing end....
  • #519
  • Jan 30, 2015 9:57am Jan 30, 2015 9:57am
Quoting chirpydog
{quote} What we lack is a formal forex traders' association where professional traders gather in a legitimate arrangement to build a truly level playing field to trade professionally.. Otherwise, we will be always at the losing end....
Yup Retail Traders Unite! What we do need is actually an exchange among us traders where we can get price feed from different sources and can be market makers ourselves as well as traders i.e. liquidity makers and takers where your limit order in between the spread actually shows up on the platform. So that way at least the market making is diversified a little bit. This is how those banks trade in the forex market. They make market but at the same time trade so they profit their speculation (trading against us) AND from spread that they earn from making market. But when we trade we are only trading for speculative profit, trading against them but we are not able to earn the spread.

BUT the problem is we are not big enough because the forex transactions size are big that is at least in the 10's millions; we can't really make market with our 1K account balance LOL even with 500:1 leverage which is about as high as most "reputable" brokers can offer going against banks like Deutsche that reported $1.869 TRILLION DOLLAR in assets in 2013. LOL That's why those "Big banks" liquidity "providers" and in turn the MM brokers can f*** with us is simply because they are BIG and we are at their mercy, vulnerable to whatever game they want to play on us, whatever outrageous price they shove down our throat, we have no choice but to accept it because we have no other venue to get prices from. They are IT.

The only brokers that I have seen close that offer some sort of exchange trading environment are LMAX, LCG and Interactive Brokers. Both LMAX and Interactive Brokers require at least $10K as initial deposit. LCG requires at least $20K. And even that, I read somewhere that with LMAX, only 40% of transactions taking place on its platform were between traders themselves.
Make your losses in demo. Earn your profits live.
  • #520
  • Jan 31, 2015 1:15am Jan 31, 2015 1:15am
Quoting Forexia
{quote} The only brokers that I have seen close that offer some sort of exchange trading environment are LMAX,.
Lol LMAX. Nice try.
LMAX is LP on your trade.


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