Pharaoh
Brigadier General
- Messages
- 20,319
FXPRIMUS was blacklisted by one of the asia countries recently.
Do you have any more details on this yet?
FXPRIMUS was blacklisted by one of the asia countries recently.
FXPRIMUS name has been removed from the list late last year.
GK's Statement to case summary
Dear Mr. Thompson,
Thank you for your time and for taking position to my complaint. There is no doubt that you are a smart guy. So, writing a dissertation probably wouldn’t be a problem to you. My opinion is that your response looks very much like a good, theoretical essay explaining in a general way your stand point of view. I think that by only making statements and pretending that everything is been correct without taking notice of all facts which I had delivered is no proof at all. Further on I was not asking your support and you to explain step by step what is happening and when….... I was asking: why!!! I was asking to recalculate the margin on my account Minute by Minute for a certain period of time.
I am very concerned about the fact that you didn’t deliver proof and didn’t respond to some of my main complaints:
1) RE my letter to you: “I must say that your Live Chat support and your Customer support were playing ping-pong with me because no one knew an explanation for a very strange incident, and each one was suggesting that I should ask the other one. It happened on August 25, at about 19:00 GMT when I was going to close a trade position and a strange message suddenly appeared (you can find this message in your logs):
“XXXXXX: order #8589221 buy 0.80 XAUUSD closing at 0.00 failed [Market is closed]”.
I tried on 2 other computers and on the WebTrader but it was not possible to close that order and I was getting the same message again and again. Other currency pairs were working regularly.”
2) General explanations about Gold volatility and abnormal spikes is no proof at all!
Re your statement: “As I'm sure we all know, Gold volatility is and has been for months at an all time high. Just Monday, there was the largest variance from the high price to the low price in the history of Gold trading. This volatility leads to abnormal price spikes, widening of the spread, and moments of illiquidity. Let's face it, Gold trading is awfully tricky right now, there is a large amount of money to be made, but unfortunately this comes with a higher than normal degree of risk.” - a nice general information.
Can you deliver written confirmation from your institutional liquidity sources and confirm that the spread during the time in question was at the same size?
Re your statement: “I have taken the liberty to double check with our institutional liquidity sources and can confirm that the spread during the time of your trade execution and the "tails" the moments afterward were indeed valid,”
3) Referring to your statement: … “and I'm quite sure if you surveyed every broker and every source of liquidity you would see some pretty significant variances.”
Yes, I saw very significant differences and wanted to point out that your spreads were the only one suffering illiquidity! Please compare with FxPrimus website statement: “1. ECN Premier Spreads. Our ECN Premier Spreads are the ultimate for traders of all types. These are our absolute tightest spreads available and rival many institutional level price feeds offered to traders with multi-million dollar accounts. -No more paying for wider spreads when executing trades, - Since FXPRIMUS is a 100% Straight Through Processing brokerage firm, you are able to execute directly on bank feeds. If a price is available, your trade will execute at that price with no middleman or third party intervention whatsoever.”
STP broker is not the same as a DMA broker! STP might go to a price field but not in to the market!
How come that your spreads cannot compete with other brokers their liquidity sources or spreads?
Re ActivTrades website: “We also offer Direct Market Access (DMA) to the world’s major futures exchanges with a choice of market leading platforms including ….”
4) No reaction to my statements in my mail to support and in my letter to you. I was asking to recalculate the margin Minute after Minute:
Re my letter to you: “Please would you kindly investigate all trades on my account from August 26th, for the time frame 14:00 GMT to 17:00 GMT. My biggest two trades were closed without any known reason. The last lots balance that I am aware of was at about 12:30 GMT. I had mainly trades with XAUUSD (Net lots: -0.62) and about 180% margin at the price of 1791.xx.
Again, please understand that when previously the price was higher than 1788.33, namely at 1791.xx, I still had about 180% margin. So, it’s impossible to have just about 25% margin at 1788.33! And as I mentioned before, I did not even have margin problems when the price was at 1791.xx. Why have this 2 trade positions been closed? This is very strange! I was not asking Customer support to tell me what the system logs are telling. I was asking to recalculate the margin by hand and to prove the logs of the system. As Customer support refused to recalculate the margin situation trade after trade, minute after minute and compare with the system logs, or maybe they don’t know how to do that, I decided to describe the incidents and to inform you personally.”
I still wonder why my registered personal letter to you was not delivered to you?
As a conclusion, I can only repeat that you and FxPrimus owe me serious proof referring to your statements and pretentions.
Kind regards,
GK