I have an account in FBS .I opened up a position in FBS on the usdtry pair with lots 0.10 and I had only 100$ in my account . The position got opened up in a second and it got closed in one sec.when I saw the history it shows that I lost 163$ in my account but I had only 100$ in my trading account .I asked them to call me and there manager told me that I lost the money and it can't be recovered.When I asked how he started shouting on me and asked me to sue them .Then I took chat and email they replied to my questions but they are scamming me .When I asked about the position he is saying per pip value was 0.17 cents and the spreads were 1000 ,0.17*1000= 170$ but I had only 100$ how the position itself got opened up .They are just talking about margin but not giving answer to this question .Now they have spreads 100 on the same pair on demo account how it got changed.
How can the position will get opened up when I don't have enough balance?
They are clearly scamming .
They are scammers.
And there support is so arrogant .
Please check the attachment they have balance for negative balance .
Please also check the previous spreads(when opened the position) and the demo account spreads please see the difference.
Pure scam.
There manager is the biggest scammer.
Dear Sir!
Your order (Buy, 0.10 lot, USDTRY) has been thoroughly checked by our specialists one more time.
First and foremost, we would like to draw your attention that a client needs just enough margin for the order to be executed.
The required margin for this order with the leverage you had at that moment of the order execution (1:500) was 20 dollars. Though, please, kindly let us remind you that the spread is deducted upon the order opening and it is not included in the margin calculation.
Unfortunately, since USDTRY is an exotic currency pair, it is very volatile. Currently the economic situation in Turkey is unstable which leads to leverage decrease, spread widening or even closing this currency pair for trading by many brokers.
Please, kindly be reminded that according to the Customer Agreement:
3.3.7. Spread on trading accounts can be widened before, in time and after economic, political and other news release, during the Gap, at the time of Market opening (on Monday) as well as at the time of low market liquidity and when a market situation is conditional on high spreads.
The market situation has lead to a high spread for USDTRY currency pair (let us draw your attention to the fact that the spread can be checked right before the order opening). Therefore your balance has gone negative and your order has been closed automatically by Stop Out.
We would like to mention, that when current loss of all open orders on a trading account exceeds the allowed limit, a Stop Out event occurs, i.e. your margin level becomes less than 20%. In this case, the server will close your orders automatically one by one with the comment “so:…./…/…”.
Example: so: -314.7%/-62.9/20 – the order was closed by stop out (where -314.7% is the margin level at the time of order closure, -62.9 – remaining funds at the time of order closure, 20 – margin).
According to the Customer Agreement:
3.6.2. The Company is entitled to mandatory closing of a Client’s open positions without prior notification of the latter one, if Margin level is lower than 20% of the necessary margin for maintaining open positions.
3.6.5. When after a mandatory position closure the Client account has a negative balance, compensation is added to the account, which sets the account to zero.
This is exactly how your order has been executed: as soon as the order was opened the spread deduction has lead to the negative balance, the order has been closed automatically by Stop Out and the negative balance has been restored up to zero by the Company (62.93$).
Thus, the order under consideration was executed correctly and in full accordance with the trading conditions and Customer Agreement.
We are really sorry, that you have faced such situation, though, please, kindly take into consideration that since your account type has floating spread, it is highly recommended to check the spread before order opening. Also, exotic currency pairs are imposed by additional risks during the trading since they are the most volatile.
We hope we have managed to resolve this misunderstanding. As for the customer support reply, could you, please, kindly clarify which customer agent exactly you were talking to on the phone? We will definitely discuss the matter with this agent. Thank you for this feedback, it helps us to improve our services.
Sincerely,
FBS Official