Broker is real regulated SCAM! | Forex Factory

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Broker is real regulated SCAM!

  • #1
  • First Post: Dec 19, 2016 11:47am Dec 19, 2016 11:47am
Hi,

Pepperstone is real SCAM who are closing your profitable positions without informing you eventough the market is closed.

I opened an account with Pepperstone and start trading on IT40. I opened some positions and my account is stop out. I deposited money again and open IT40 positions again on friday. And there was Italy referandum on the weekend. My positions were still opened after market closing on friday and they closed my positions on the weekend.

Then Pepperstone closed my positions on sunday night by saying that "we are invoking our rights to close out the trading contracts due to the abnormal conditions - Italy referandum" It means they understood that I will have profit because they see Italy referandum result. The reason is not important but it is totally unacceptable. They offer me 1750 usd compensation payment in order to solve this issue, but I don't accept this. Because if they did not close my positions, my account's balance should be 7577,83 usd on first second of market opening.

These positions number are #486534 + #486542 + #486535 + #486537, you can see on statement that I wrote screenshot link in below.

I am showing screenshot of opened positions after market closing > http://prnt.sc/dk7do3
You can see that they closed my positions on the weekend – 03.12 > http://prnt.sc/dldpg3

It is showing that Pepperstone is real SCAM. They closed my positions on the weekend because of abnormal conditions. Abnormal conditions means that I will have good profit if they did not close my positions. I did not accept their offer which is 1750 usd, because if they did not close my positions, my balance should be 7577 usd at least. If they don’t have mistake, they will not want to offer me compensation.

I saw their FCA and ASIC regulation, so I thought they are good broker. Be aware and don’t deposit them even 1 usd!!!

I will make chargeback for my deposit amount, I wrote review to pepperstone review page.
I sent case to all of websites in below.

www.fos.org.au
https://www.asic.gov.au
https://www.scamwatch.gov.au
https://www.accc.gov.au/
http://www.financial-ombudsman.org.uk/default.htm
https://www.fca.org.uk

I also opened new websites for them:
http://pepperstonescam.net
http://pepperstonereview.com

What do you recommend me to do more?

Thanks for your help.
  • #2
  • Dec 19, 2016 1:33pm Dec 19, 2016 1:33pm
Quoting profit.erol
What do you recommend me to do more? Thanks for your help.
Honestly, I would recommend you to grab the cash they offered you and then you should consider changing your way of trading. You are actually gambling, not trading. Believe me, it will not lead you anywhere.

Regarding Pepperstone, I don't have direct experience with them but they do have good reputation. They closed your positions the day before the referendum because obviously, you were way overleveraged and there was big chance that your account would have switched to the negative side, regardless of the referendum result (spikes, huge spreads...) which would have been a hassle to deal with for them as well. Didn't send you an email that week to recommend you close your positions over the weekend ?

I know it's not the kind of answer you were expecting, but I am just giving you a recommendation since you requested for it.

Take care.
Don't give up on your dreams. Keep sleeping.
  • #3
  • Dec 19, 2016 2:01pm Dec 19, 2016 2:01pm
Quoting Artcool
{quote} Honestly, I would recommend you to grab the cash they offered you and then you should consider changing your way of trading. You are actually gambling, not trading. Believe me, it will not lead you anywhere. Regarding Pepperstone, I don't have direct experience with them but they do have good reputation. They closed your positions the day before the referendum because obviously, you were way overleveraged and there was big chance that your account would have switched to the negative side, regardless of the referendum result (spikes, huge...
Yes, thanks for your time but I need more helpful recommendations

Firstly you see only one of my account, so it is not possible to decide about my trading style. You are right, I prefer to gamble with small money and trading with big money. It shows that it is possible to be lucky in gambling if pepperstone did not close my positions.
But the case is not my trading style here.

Secondly, they did not send me any email to recommend closing my positions they sent me an email on sunday night that we closed your positions. It is my right to use high leverage as we are in leveraged currency market = forex. They were able to close positions on friday but they prefer to do it on the weekend.

Thirdly, you are telling me that it is their right to close my positions whenever they want. There is no arbitrage, off-market quotes, price error or any illegal action etc.

You don't need to answer if you will not write here more logical recommendations.
  • #4
  • Dec 19, 2016 2:16pm Dec 19, 2016 2:16pm
hi profit,

you could do the following:
find out if Pepperstone is a member of FOS Australia, the Financial Ombudsman Service.
if so, file a detailed complaint with fos.org.au
there is not much else you can do, so be patient for the outcome of their review.

if you want to, you can tell Pepperstone you made a complaint and they might offer you a better compensation.
I would not take their offer though.
good luck.
  • #5
  • Dec 19, 2016 2:34pm Dec 19, 2016 2:34pm
14.1 We may, with or without notice, and in addition to any other rights we may have under these Terms: (a) Close-Out or Cancel all or part, as we reasonably consider appropriate, the Contracts; or (b) reduce your Position Limit; or (c) refuse Orders; or (d) terminate the Agreement; or (e) adjust the price, size or value of the contract

14.2 We may exercise our rights in clause (b) we reasonably consider that there are abnormal trading conditions

They declared this in their Terms and conditions, which you agreed to by opening an account with them. I honestly do not think that your complaint will be successful...
If you still believe that they closed your position because you would be profitable, try contacting other traders that got their positions closed.

https://pepperstone.com/legal/PepperstoneTerms.pdf
  • #6
  • Dec 19, 2016 3:05pm Dec 19, 2016 3:05pm
Congratulations Erol. You're absolutely right and I support you. This is a language they can understand and very creative

http://pepperstonescam.net/

Attack and stand upright...
  • #7
  • Dec 19, 2016 3:05pm Dec 19, 2016 3:05pm
So you left opened, over-leveraged positions in IT40 into a weekend during Italian referendum and now you complaining about consequences?
  • #8
  • Dec 19, 2016 3:25pm Dec 19, 2016 3:25pm
Quoting johnnycash
So you left opened, over-leveraged positions in IT40 into a weekend during Italian referendum and now you complaining about consequences?
I traded brexit even usa election What are you talking about emotional child
  • #9
  • Dec 19, 2016 3:33pm Dec 19, 2016 3:33pm
I looked at the statements, you are a rubbish trader, it is scumbags like you that are forcing the FCA to reduce leverage to 25:1 ....

Now you have made 2 defamatory websites about a legit company, if you had made decent trades and they refused to pay out, then I would be on your side.

The regulators only hear from complainers...and dedcide the need to crack down on non-existent problems.

It was the referendum, an event that could wipe them out...they closed the buying trades aswell. The compensation was a fair offer...
All Assets NAS100 GLD BTC AUS JPY GBP All Time Return: 19.7%
  • #10
  • Dec 19, 2016 5:05pm Dec 19, 2016 5:05pm
Jeez the only positive thing in that account is the deposit lmao.
Its obviously that they would close your positions. You had no margin left to withstand the gap over the weekend.
  • #11
  • Dec 19, 2016 6:06pm Dec 19, 2016 6:06pm
Quoting DeploX
14.1 We may, with or without notice, and in addition to any other rights we may have under these Terms: (a) Close-Out or Cancel all or part, as we reasonably consider appropriate, the Contracts; or (b) reduce your Position Limit; or (c) refuse Orders; or (d) terminate the Agreement; or (e) adjust the price, size or value of the contract 14.2 We may exercise our rights in clause (b) we reasonably consider that there are abnormal trading conditions They declared this in their Terms and conditions, which you agreed to by opening an account with them....
this may all be true, but why would Pepperstone offer compensation if they are very confident of upholding these terms and conditions.
could it be that FOS might decide that these terms and conditions are not reasonable???
  • #16
  • Dec 20, 2016 2:06am Dec 20, 2016 2:06am
First I am so sorry to hear your story. But from screenshots of your last trades, I see you are pursuiting very much progressive trading which is very like gambling.
Why don't you just put your money in gambling machines for quick earnings?
But for long term profitable trading styles, you will agree with how professional Pepperstone handled your case.
  • #17
  • Dec 20, 2016 2:25am Dec 20, 2016 2:25am
yeah, I got an email from Pepperstone actually encouraging trading the Italian referendum.
I guess the wanted the commissions from EURUSD traders.

But given the IT40 is a CFD and Pepperstone essentially plays the role of "bucket shop" on those, I guess it wasn't in their interest to take on that much risk. A gap on Monday ends in 2 scenarios for them on highly leveraged positions.
i) Position goes against you and they're left with a negative account balance from you they have to chase up.
ii) Position goes in your favor.

I can understand why you feel slighted as it turns out it would have been in your favor. But I also understand why Pepperstone chose to exercise their right to close the position as per their TOS. They give you back the 750 from your second deposit. They're also giving you back the 1000 you legit got stopped out. -dosen't exactly scream scam to me.
  • #18
  • Dec 20, 2016 2:28am Dec 20, 2016 2:28am
You will not win this case. You already accept user agreement before opening account. You should read it very carefully. I understand why pepperstone closed it. Also pepperstone already offer you compensation and deposit back.
Risk comes from not knowing what you're doing.
  • #19
  • Dec 20, 2016 3:40am Dec 20, 2016 3:40am
Quoting kingofmicro
{quote} I traded brexit even usa election What are you talking about emotional child
Good for you. But we talking here about over-leveraged trader going into major event. Period. If trade would go opposite way - this fella would be here crying that scam broker didn't protected his stop loss and asking to deposit 7000 euros or dollars to cover loss.
So he refused to take compensation and most likely he will get nothing at the end.
Just another example of gambler that loosing one way or another.
  • #20
  • Dec 20, 2016 3:55am Dec 20, 2016 3:55am
Quoting yesyoucan
{quote} +1 Also compensation to Turkey Based Trader from Australian Broker interesting enough. * As per profile Location =Turkey.
I don't get what you want to say. If you want to post, be constructive.
Never stop to learn
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