Brokers chasing you for negative account balance | Page 42 | Forex Factory

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Brokers chasing you for negative account balance

  • #821
  • May 10, 2016 8:08am May 10, 2016 8:08am
Hi....

I am wondering if anybody here who is being pursued by their broker based in Australia for their negative balance. I was using an Australian broker and would like to connect with people who are in the same situation.

Please drop me a message.

Thanks
  • #822
  • Jul 6, 2016 3:11am Jul 6, 2016 3:11am
Quoting igeurchfloss
Update on IG Group - IG Group have been going around cleaning out smaller negative balances - which I doubt is a fair process although makes for sound commercial practice. However I don't know if this would fall foul of TCF (treating customers fairly) principles. - The FOS agreed that IG did everything right based on their Terms but still thought it made sense to improve the price from 0.9250 to 1.02493. - 1.02493 was the price IG achieved for the first 87mn of its hedge which it carried out prior to other customers - if this is not a breach of...
Dear All,

Kindly let me know where can i get confirmation on the above news : " The FOS agreed that IG did everything right based on their Terms but still thought it made sense to improve the price from 0.9250 to 1.02493. ".

We have make inquiry with the UK's FOS and received the following reply on 28 April 2016 :


Hi

Thanks for getting in touch.

Just to let you know complaints we’ve received about this, are currently still under investigation. The ombudsman service hasn’t yet issued a final decion on any complaints of this nature, so we aren’t able to share any decisions we have made as these aren’t yet available.

Kind regards

Pooja Mathur | administrator (customer help) | Financial Ombudsman Service | Tel 020 7093 5500 | Fax 020 7093 5501

As our court case is coming for hearing soon, we really hope that someone can update us with more information on the above news.

Your help will be much appreciated.
  • #823
  • Jul 6, 2016 10:51am Jul 6, 2016 10:51am
I would never be comfortable with broker that isn't giving zero balance protection, so i always go with broker that has got it.
  • #824
  • Jul 28, 2016 7:12pm Jul 28, 2016 7:12pm
hi guys, i am also contacted by Beeston Shenton last week asking for 2700£ negative balance,
it was not because of trading loss it occurred 6 years ago in 2009 when i closed my account after taking the withdrawal and now they are saying the account was credited by alpari by mistake.
beeston shenton is threatening for legal action which i want to avoid though i do not owe anything to aplari. does any one know having taken to court by alpari? and does any one know the good lawyer i can contact to regarding this matter.

thank you
jay
  • #825
  • Jul 29, 2016 6:28am Jul 29, 2016 6:28am
Quoting junaid00
hi guys, i am also contacted by Beeston Shenton last week asking for 2700 negative balance, it was not because of trading loss it occurred 6 years ago in 2009 when i closed my account after taking the withdrawal and now they are saying the account was credited by alpari by mistake. beeston shenton is threatening for legal action which i want to avoid though i do not owe anything to aplari. does any one know having taken to court by alpari? and does any one know the good lawyer i can contact to regarding this matter. thank you jay
I would fight it. 6 years ago is crazy and I also don't think they would pursue you for 2700.
  • #826
  • Jul 29, 2016 9:51am Jul 29, 2016 9:51am
Quoting max888
Hi.... I am wondering if anybody here who is being pursued by their broker based in Australia for their negative balance. I was using an Australian broker and would like to connect with people who are in the same situation. Please drop me a message. Thanks
lol they must be rubbish brokers. wouldnt it make more sense to set it so that each individual investor loses their investment, instead of the broker suffering. what happen to margin call?
  • #827
  • Jul 31, 2016 10:29am Jul 31, 2016 10:29am
Quoting junaid00
hi guys, i am also contacted by Beeston Shenton last week asking for 2700 negative balance, it was not because of trading loss it occurred 6 years ago in 2009 when i closed my account after taking the withdrawal and now they are saying the account was credited by alpari by mistake. beeston shenton is threatening for legal action which i want to avoid though i do not owe anything to aplari. does any one know having taken to court by alpari? and does any one know the good lawyer i can contact to regarding this matter. thank you jay
In most european countries debts are time barred after 3 years (as long as the debts were not sued for payment within the first 3 years). Look what is law in your country and wish them a nice day.
  • #828
  • Edited Sep 27, 2016 11:18am Sep 26, 2016 5:41pm | Edited Sep 27, 2016 11:18am
Guys, do you know about any ongoing court proceedings?
Or any new resolution made by financial markets authority in any country?

More than 1.5 year has past and we do not know about any court action. It is strange for me....

Are those court actions hidden / not published?
Or the forex brokers let the clients run?
  • #829
  • Oct 8, 2016 2:59pm Oct 8, 2016 2:59pm
any reaction?
any news?

no one is interested at this topic anymore?
  • #830
  • Oct 9, 2016 4:30am Oct 9, 2016 4:30am
Hi everyone,
I hope I finally find a place where I can get some advice. After GBP flash crash last Friday IG markets left me with 3.4K of negative balance. I was surprised I didn't receive any marginal call. Couse if would be notified of what's happening I could add more funds to cover my debt and make money then price was recovering. In the morning I received a call from IG basically saying to cover negative balance. I don't think IG done everything to execute order at the best possible price. Now I don't know what to expect and is there anything I can do to negotiate with them to reduce this balance.
  • #831
  • Oct 9, 2016 5:21am Oct 9, 2016 5:21am
Nothing new here. Procedures take time on courts. It's waiting time. Next year there will be some storms I guess...
  • #832
  • Oct 9, 2016 5:30am Oct 9, 2016 5:30am
I'll be the one there soon. Just end up in negative with IG and will stand my ground. Just need some advice from people who been there and was fighting against those companies. Unfortunately just now I learned that IG never forgives negative balances. ...
  • #833
  • Oct 9, 2016 6:15pm Oct 9, 2016 6:15pm
Quoting osceiv2
Next year there will be some storms I guess...
How do you mean storms? What do you expect: clients or brokers will fail?

Quoting osceiv2
Nothing new here. Procedures take time on courts. It's waiting time.
Ok, thats true. It takes time to make a final decision. But legal action should have already been started. And I dont know about any of them.
Has your legal action started?
  • #834
  • Oct 9, 2016 7:45pm Oct 9, 2016 7:45pm
Hello thread followers, unfortuntely due to pound flash crash on Friday my balance is on negative balance of - £5.2K and Pepperstone is chasing me to repay %60 of this balance to set it to zero. As far as I know they offer negative balance protection to their customers but they say we don't gaurantee it. Is there anyone here have ever had similar experience with pepperstone? Thanks.
  • #835
  • Oct 9, 2016 9:14pm Oct 9, 2016 9:14pm
Hi fmaher, most ECN brokers don't offer negative balance protection. You were trading against the trend following a major bearish weekly breakout - might have to take this one on the chin? At least they are covering 40% of your folly ... Sucks, but valuable lesson in it.
  • #836
  • Oct 10, 2016 1:12am Oct 10, 2016 1:12am
Quoting makesilence
{quote} How do you mean storms? What do you expect: clients or brokers will fail? {quote} Ok, thats true. It takes time to make a final decision. But legal action should have already been started. And I dont know about any of them. Has your legal action started?
I meant "storms" because many cases will be resolved in short period of time. January 2018 is the third year after the crash - the deadline in most countries for paying (collecting) debts. I hope brokers will fail, especially one that requoted prices after the event.
Our legal action started over a year ago. Nothing new yet.
  • #837
  • Oct 10, 2016 4:47am Oct 10, 2016 4:47am
Quoting fmaher
Hello thread followers, unfortuntely due to pound flash crash on Friday my balance is on negative balance of - 5.2K and Pepperstone is chasing me to repay %60 of this balance to set it to zero. As far as I know they offer negative balance protection to their customers but they say we don't gaurantee it. Is there anyone here have ever had similar experience with pepperstone? Thanks.
HI mate,
I'm in same situation with IG ...after pound flash crash I'm in -3.4k ...I'm trying to ask them why I didn't received marginal call and I'm not happy with execution timing and price they done on my behalf. But I think I don't have lots of chances. ..but I'm not paying full amount anyway....not a chance
  • #838
  • Oct 13, 2016 3:19pm Oct 13, 2016 3:19pm
OANDA froze during the GBPUSD 700 pip meltdown...and reopend after half was recovered!
The question is: how did they handle stops, people had set way before and above...
1 The original stop? (unlikely)
2 Way at the bottom?? (that would be brutal).
3 Back in the middle...?

For many, that difference could have been either a: Margin Call, Negative Balance or just a heavy loss...
  • #839
  • Oct 19, 2016 6:46pm Oct 19, 2016 6:46pm
Quoting cuchuflito
OANDA froze during the GBPUSD 700 pip meltdown...and reopend after half was recovered! The question is: how did they handle stops, people had set way before and above... 1 The original stop? (unlikely) 2 Way at the bottom?? (that would be brutal). 3 Back in the middle...? For many, that difference could have been either a: Margin Call, Negative Balance or just a heavy loss...
This is why they froze - so trades weren't executed. If your stop was above the 'back in the middle level' it would have been executed around that level. If it was below that area you wouldn't have been stopped.

I'm rather amazed by the amount of people in this thread who knowingly took speculative positions and are now crying foul after those bets went wrong. Would you be giving your profits back to your broker if the market had surged in your favor?

Still, IG were obviously one of the worst - they were getting so much hate on the day of the flash crash. Their low was 800 pips worse than Vantage.
  • #840
  • Oct 25, 2016 2:02pm Oct 25, 2016 2:02pm
I have received an email (they are harassing) from IG asking me to pay my negative balance from EUR/CHF event otherwise they will take me to a court. My complaint is still with FOS and wondering if they are allowed to do that?
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