FBS manipulates real market prices and do not honor pending orders placed by EA

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TraderRASI

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Dear Traders Court Team


I try to summarize my story about the trading NFP USDJPY pair with broker FBS on 08.07.2016.

I was looking for broker who allows news trading, has high leverage and firex spreads. I know it is utopical in some way but I found FBS who offered Zero spread account with commission per lot and high leverage. Also I read reviews but there is so much oppinions, some have good experience and some do not. Still I trusted the fact that it was not a small broker company, is also regulated and won many awards. I made my 500 EUR initial deposit.


For trading I use straddle method and of course expert advisor. I have used this method for 1 year now and it has work quite good, I am not greedy and I put the "pips away" price alway considerbly high (60-100 pips away the current) because I trade only very few high volatility news which have very high potential to move market so that even then I get good profit.


I configured my EA on the news day and started to wait. EA placed pending (buy stop and sell stop) orders correctly on 15.29.57. I waited 3 more seconds and new candle on 15 min chart opened, no trade was executed till that time. I saw that the price went high upupup but my profit/loss was -2716 EUR. And then the exploring started.


I recived trading report from FBS. It shows that my BUY pending order was opened at 15:29:57 at the same time when EA placed my pending orders, in comments section "deleted". According to broker, order was deleted because the lack of funds and was closed at 15:30:06 According to traders calculator I had enough funds to open the trade easily. So this is my story with BUY stop pending order. Later broker explained that the BUY order was not deleted because the lack of money but because I had put the pending order too close to the current price. According to them current price at 15:29:57 was 100.375 what in not actually true. Also my EA was set to place orders 60 pips way from current market price so the opening price could not have been 100.375 anyway.


The second SELL stop pending order was executed and went in at 15:30:05 with the price 100.250. Looking from my side this is nonsense because if they really say that I did not have enough funds to open buy trade, how I had enough money to open SELL trade. This isue was the explained in letter sent 22.07. New information was revelaed (please see attached). Also according to fasteconomicnews.com 1 second trading chart the price had gone very much higer till opening time.. The price at opening time is insanely low, it does no correspond to the real market conditions.

I contacted the broker and consultation has been polite but thats all. I have not gotten any real explanation. Concerning my refund claim there has not been any developments because the support lady sends me pointless explanations concerning closing prices but do not notice other conflicts in this case. They do not want to talk about the real prices that corresponded to the opening time of both trades. Also they do not say why my trades were opened at these time 15:29:57 and 15:30:05.


Attached please find the report with open and close times, also charts that shows price movement (fasteconomisnews), 2 explanation letter from FBS concerning the cancellation of BUY trade.

I have requested my initial deposit back but atthe moment I have recied back only petty explanations and lies concerning the true price.

I hope you can help me.
 

Attachments

  • BUY trade price at 15.29.57.jpg
    BUY trade price at 15.29.57.jpg
    147.7 KB · Views: 2
  • SELL tarde price 15.50.05.jpg
    SELL tarde price 15.50.05.jpg
    147.6 KB · Views: 2
  • FBS explanation letter 22.07.pdf
    111.4 KB · Views: 6
  • report FBS.jpg
    report FBS.jpg
    57 KB · Views: 2
Today I recived price movements from FBS. Please se attached file. It shows clearly that the BUY trade price.100.375 was not touch..ever and very strage price drom occured during SELL trade opening time.
 

Attachments

  • pricemovement sent by FBS.txt
    422 bytes · Views: 6
Recive letter from FBS. Now they are starting to talk all different story about the price gaps and order types. Even though both my order were BUYS STOP and SELL STOP and I could not idenify the pricegap anywhere
 

Attachments

  • FBS letter.pdf
    104 KB · Views: 2
Dear Traders Court Team


I try to summarize my story about the trading NFP USDJPY pair with broker FBS on 08.07.2016.

I was looking for broker who allows news trading, has high leverage and firex spreads. I know it is utopical in some way but I found FBS who offered Zero spread account with commission per lot and high leverage. Also I read reviews but there is so much oppinions, some have good experience and some do not. Still I trusted the fact that it was not a small broker company, is also regulated and won many awards. I made my 500 EUR initial deposit.


For trading I use straddle method and of course expert advisor. I have used this method for 1 year now and it has work quite good, I am not greedy and I put the "pips away" price alway considerbly high (60-100 pips away the current) because I trade only very few high volatility news which have very high potential to move market so that even then I get good profit.


I configured my EA on the news day and started to wait. EA placed pending (buy stop and sell stop) orders correctly on 15.29.57. I waited 3 more seconds and new candle on 15 min chart opened, no trade was executed till that time. I saw that the price went high upupup but my profit/loss was -2716 EUR. And then the exploring started.


I recived trading report from FBS. It shows that my BUY pending order was opened at 15:29:57 at the same time when EA placed my pending orders, in comments section "deleted". According to broker, order was deleted because the lack of funds and was closed at 15:30:06 According to traders calculator I had enough funds to open the trade easily. So this is my story with BUY stop pending order. Later broker explained that the BUY order was not deleted because the lack of money but because I had put the pending order too close to the current price. According to them current price at 15:29:57 was 100.375 what in not actually true. Also my EA was set to place orders 60 pips way from current market price so the opening price could not have been 100.375 anyway.


The second SELL stop pending order was executed and went in at 15:30:05 with the price 100.250. Looking from my side this is nonsense because if they really say that I did not have enough funds to open buy trade, how I had enough money to open SELL trade. This isue was the explained in letter sent 22.07. New information was revelaed (please see attached). Also according to fasteconomicnews.com 1 second trading chart the price had gone very much higer till opening time.. The price at opening time is insanely low, it does no correspond to the real market conditions.

I contacted the broker and consultation has been polite but thats all. I have not gotten any real explanation. Concerning my refund claim there has not been any developments because the support lady sends me pointless explanations concerning closing prices but do not notice other conflicts in this case. They do not want to talk about the real prices that corresponded to the opening time of both trades. Also they do not say why my trades were opened at these time 15:29:57 and 15:30:05.


Attached please find the report with open and close times, also charts that shows price movement (fasteconomisnews), 2 explanation letter from FBS concerning the cancellation of BUY trade.

I have requested my initial deposit back but atthe moment I have recied back only petty explanations and lies concerning the true price.

I hope you can help me.
Two steps that you must follow

1st - Invite them to join this thread via email (Send email to every possible address).

2nd - Go to their website and invite them to here via Live Chat
 
I guess some of the brokers may never allows trading on news and some also prohibit trading through EA which can be asked from their support, have you checked with them ? I am not much an EA expert however i think it will be good to read the EA manual thoroughly as it might also be malfunctioning too.
 
I asked from client suppoert and accroding to them EA´s and news trading is allowed. I have used this EA for some time now and because of its siplicity it has alwys worked well. At the moment the bigget issue for me is that opening times of both trades do not correspond to market conditions/prices (you can see from the file I attched on Saturday at 2:45 AM) and one of the trade was just deleted even though it was entered correctly, I had enough funds, the makret price was not too close like they try to say, price was not enev close to the 100.375 level.
 
Now FBS checked again very hard and they still found that the reason why my profitable buy trade was canceled was not because the price was set too close to the current market price or any other reason but I did not have enough margin. That is very strange because I had 3 times the required margin on my account. Please see the extract from their letter below:

Moreover, I'd like to apologize for our mistake when we mentioned limit orders. And, along with that, we checked the data once carefully and found out that the point for the order #1704623818 was that it had required around 180 EUR regardless of whether the order was limit or stop.

https://fbs.com/trading/traders-calculator - Please, see this link; you can check this information easily.
You can always count the required balance for any order with this calculator.
 
Could someone please be so kind and explain what does the file tick.txt really shows. As I can understand it shows prices that were available for traders to trade. So if my trade went in for example 15.30.05 then these were only available prices from that broker and at 15.30.06 wehere available prices that are stated etc? Or it is not correct?
 

Attachments

  • ticks.txt
    16.1 KB · Views: 1
Dear Silver Ratnik!

Thank you for taking your time to raise this with us. While we are aware of the issue and our Dealing Department has thoroughly checked your situation, your report really helped us understand your point of view.
We thank you for your patience and would like you to get aсquainted with official statement concerning your complain.

On 08.07.2016 you have opened two pending orders (Sell Stop and Buy Stop).
As you know, pending order is the Client’s instruction to the Dealer to open a position as a quote reaches the set price. This type of order is used for buying or selling financial instrument on condition of equality of future quotes to the pre-defined level.

On 08.07.2016 15:29:57 you have opened Buy Stop pending order (this information you may find in the log files:
2016.07.08 15:29:57.217 178.48.221.241 '5716264': order buy stop 4.00 USDJPYz at 100.37500 sl: 0.00000 tp: 101.07500 exp: never)

Buy Stop is an order to buy financial instrument on condition of equality of future "Ask" price to the pre-defined level. Upon that the current market price level is less than the value of the set order. Orders of this type are usually placed in anticipation of that the financial instrument price, having reached a certain level, will keep on increasing.

Hereinafter on 08.07.2016 at 15:29:57.745 you have set Sell Stop pending order (this information you may find in the log files:
2016.07.08 15:29:57.745 178.48.221.241 '5716264': order #1704623829, sell stop 4.00 USDJPYz at 100.25500)
Sell Stop is an order to sell financial instrument on condition of equality of future "Bid" price to the pre-defined level. Upon that the current market price level is more than the value of the set order. Orders of this type are usually placed in anticipation of that the financial instrument price, having reached a certain level, will keep on falling.

We would like to draw your attention to the fact, that after the news release the price sharply moved down and reached the level that has been set by you in the Sell Stop pending order. Therefore, your order was performed according to the market conditions (this information you may find in the log files:
2016.07.08 15:30:05.909 '5716264': open order #1704623829).

Then the price went in the opposite direction and reached the level that has been set by you in the Buy Stop pending order. However, your order hasn't been executed because of shortage of available funds (due to the fact that your firstly opened order already sustained losses). This information you may find in the log files:
2016.07.08 15:30:06.014 '5716264': order #1704623818 was deleted - not enough money.

15:30:06 is exactly the time when your Buy order could have been opened if your Sell Stop order hadn't been opened before (we would like to remind you that your Sell Stop order was performed first due to the fact that the price reached the level specified in it), but as you have already had rather heavy loss by the time of Buy order opening, the second order could not be opened. Please, kindly take into consideration that the time of pending order setting and time of its execution are different things. In your case the Buy Stop order was set by you at 15:29:57, at 15:30:06 the price reached the 100.375 level and the attempt of this order opening was made. Also, we would like to remind you that according to the common market conditions available funds are calculated by the formula: Free margin = Equity - Margin. At the time of Sell Stop order opening your available funds were equal to your balance, and at the time of reaching the price set in your Buy Stop order you practically had no Free Margin due to the fact that there was a margin taken for 4 lots of the first order and also you had a loss in 120 pips.

At that moment Stop Out has happened on your account. And, according to policy of the company, your negative balance (by 4 times exceeding your losses) was paid at the expense of FBS.

The pending orders (Buy Stop and Sell Stop), as it was mentioned above, are performed according to the market conditions at the time when a price reaches the level that was pre-determined in the pending order. As the price reached the level set by you in the Sell Stop pending order and it was performed first, the sequence of pending orders setting in this case is not relevant. You can find this information in reference data of the MT4 terminal, which you can open by pressing the F1 key.

Thus, we can state that your orders were executed correctly and in full accordance with the rules and conditions of the world market practice.

We hope that this official statement has managed to clear up all the misunderstandings.


We wish you profitable trading and successfull future work with FBS!
 
Dear Silver Ratnik!

Thank you for taking your time to raise this with us. While we are aware of the issue and our Dealing Department has thoroughly checked your situation, your report really helped us understand your point of view.
We thank you for your patience and would like you to get aсquainted with official statement concerning your complain.

On 08.07.2016 you have opened two pending orders (Sell Stop and Buy Stop).
As you know, pending order is the Client’s instruction to the Dealer to open a position as a quote reaches the set price. This type of order is used for buying or selling financial instrument on condition of equality of future quotes to the pre-defined level.

On 08.07.2016 15:29:57 you have opened Buy Stop pending order (this information you may find in the log files:
2016.07.08 15:29:57.217 178.48.221.241 '5716264': order buy stop 4.00 USDJPYz at 100.37500 sl: 0.00000 tp: 101.07500 exp: never)

Buy Stop is an order to buy financial instrument on condition of equality of future "Ask" price to the pre-defined level. Upon that the current market price level is less than the value of the set order. Orders of this type are usually placed in anticipation of that the financial instrument price, having reached a certain level, will keep on increasing.

Hereinafter on 08.07.2016 at 15:29:57.745 you have set Sell Stop pending order (this information you may find in the log files:
2016.07.08 15:29:57.745 178.48.221.241 '5716264': order #1704623829, sell stop 4.00 USDJPYz at 100.25500)
Sell Stop is an order to sell financial instrument on condition of equality of future "Bid" price to the pre-defined level. Upon that the current market price level is more than the value of the set order. Orders of this type are usually placed in anticipation of that the financial instrument price, having reached a certain level, will keep on falling.

We would like to draw your attention to the fact, that after the news release the price sharply moved down and reached the level that has been set by you in the Sell Stop pending order. Therefore, your order was performed according to the market conditions (this information you may find in the log files:
2016.07.08 15:30:05.909 '5716264': open order #1704623829).

Then the price went in the opposite direction and reached the level that has been set by you in the Buy Stop pending order. However, your order hasn't been executed because of shortage of available funds (due to the fact that your firstly opened order already sustained losses). This information you may find in the log files:
2016.07.08 15:30:06.014 '5716264': order #1704623818 was deleted - not enough money.

15:30:06 is exactly the time when your Buy order could have been opened if your Sell Stop order hadn't been opened before (we would like to remind you that your Sell Stop order was performed first due to the fact that the price reached the level specified in it), but as you have already had rather heavy loss by the time of Buy order opening, the second order could not be opened. Please, kindly take into consideration that the time of pending order setting and time of its execution are different things. In your case the Buy Stop order was set by you at 15:29:57, at 15:30:06 the price reached the 100.375 level and the attempt of this order opening was made. Also, we would like to remind you that according to the common market conditions available funds are calculated by the formula: Free margin = Equity - Margin. At the time of Sell Stop order opening your available funds were equal to your balance, and at the time of reaching the price set in your Buy Stop order you practically had no Free Margin due to the fact that there was a margin taken for 4 lots of the first order and also you had a loss in 120 pips.

At that moment Stop Out has happened on your account. And, according to policy of the company, your negative balance (by 4 times exceeding your losses) was paid at the expense of FBS.

The pending orders (Buy Stop and Sell Stop), as it was mentioned above, are performed according to the market conditions at the time when a price reaches the level that was pre-determined in the pending order. As the price reached the level set by you in the Sell Stop pending order and it was performed first, the sequence of pending orders setting in this case is not relevant. You can find this information in reference data of the MT4 terminal, which you can open by pressing the F1 key.

Thus, we can state that your orders were executed correctly and in full accordance with the rules and conditions of the world market practice.

We hope that this official statement has managed to clear up all the misunderstandings.


We wish you profitable trading and successfull future work with FBS!

Dear Rep, Its good to see reply from your end and I have ONE request to you that there are few open threads about FBS from the victim where we need reply from your end. You can find those threads by clicking here fbs, fbs.com
 
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