Kovacs Norbert
Private
- Messages
- 26
Original FPA Traders Court Submission:
I am submitting the case against: fxopen.com
My Case is: On 05.16.2012, I made a profit of 43.405 USD trading on FXOPEN ECN platform. However, by end of the trading day, all my profit was removed from my account and from my account history. Nevertheless, I was carefull enough, so I made screenshots all of my trades, and I saved my trade logs as well.It is funny, they deleted all my profitable trades, yet they left behind the loosing ones. How ironic it is!
See for more details and evidences here:
https://www.forexpeacearmy.com/forex-forum/scam-alerts-folder/20290-fxopen-scam-see-my-proofs.html
Last but not least, that the very same day I got an email from Natalja Zaharova intoducing herself. ( read email below). She did not mention any technical problems, while supposedly the company had been having technical problems for 3 hours.
-----------
Sent: Wednesday, May 16, 2012 2:55 PM
Subject: FXOpen - Your Account Manager
Dear Sir,
I would like to introduce myself as your account manager at FXOpen.
Should you have any questions regarding your account (trading platforms, funding/withdrawals, internal transfers, etc.), please feel free to contact me directly.
Best Regards,
New thread in the Scam Alerts Folder:
Review is submitted by Kovacs Norbert on 06/19/12
The company was first contacted about the issue on 05/17/12 the last contact was on 06/01/12
Details: Natalia Zakharova <natalia.zakharova@fxopen.org>
Natalia Zakharova <compliance@fxopen.com>
1,
From: Natalja Zaharova Natalia.Zakharova@fxopen.org
To: Kovács Norbert
Sent: Thursday, May 17, 2012 12:46 PM
Subject: RE:
Dear Norbert,
We will investigate this and get back to you.
Kind regards,
Natalia Zakharova
2,
2012/6/4 <compliance@fxopen.com>
Dear Mr. Kovacs,
Please be advised,
Currently your case is undergoing final revision. Once IT and Compliance Departments complete their audits we will contact you on email.
You should expect to hear from us within next one or two days at the most.
Kind Regards,
FXOpen Team
3,
From: Compliance Dept
Sent: Wednesday, June 06, 2012 3:09 PM
Subject: FW: [338292/10879]
Dear Mr. Kovacs,
In reply to your enquiry, please be advised that due to the technical problems experienced by us on May 16, 2012, some trading orders were executed at the prices not existing on market at that period of time.
The origin of these problems was that we had been receiving the erroneous prices from one of our Liquidity Providers (kindly note, that we are not in position to disclose the name of this LP due to the provisions of the NDA signed between us).
All the trades, which had been executed at the fictitious prices, were voided as per Clause 6 of CUSTOMER AGREEMENT FOR ECN/STP ACCOUNTS.
6. BUSTED TRADES.
FXOpen shall have the right to annul and/or reverse any trades which are deemed untrue or opened at a fictitious price not existing on the market at the time of opening.
Please find below the trading server logs regarding one of your trades executed on May 16, 2012 along with some remarks of ours:
Open position:
2012.05.16 18:17:56 '338292': market buy 20.00 EURUSD sl: 0.00000 tp: 0.00000 (1.27233 / 1.27234) – Client’s request BUY when ASK was at 1.27234
2012.05.16 18:17:56 '23': request from '338292' (buy 20.00 EURUSD at 1.27234 sl: 0.00000 tp: 0.00000)
2012.05.16 18:17:56 '23': confirm '338292' buy 20.00 EURUSD at 1.27171 sl: 0.00000 tp: 0.00000 (1.27233 / 1.27234)
2012.05.16 18:17:56 '338292': order #2655625, buy 20.00 EURUSD at 1.27171 – Execution was made at 1.27171 , i.e. 63 pips better than current ASK 1.27234
Close position:
2012.05.16 18:18:07 '338292': close market order #2655625 (buy 20.00 EURUSD at 1.27171) (1.27220 / 1.27222)
2012.05.16 18:18:07 '23': request from '338292' (close #2655625 buy 20.00 EURUSD at 1.27220)
2012.05.16 18:18:07 '23': confirm '338292' close #2655625 buy 20.00 EURUSD at 1.27285 (1.27218 / 1.27220)
2012.05.16 18:18:07 '338292': close order #2655625 (buy 20.00 EURUSD at 1.27171) at 1.27285 completed – Execution was made at 1.27285, i.e. 67 pips better than current BID 1.27218.
Kindly see below an example of P&L calculation for the trade above:
Account: 338292 Name: Norbert Kovacs Currency: USD 2012 May 16, 20:26
Closed Transactions:
Ticket Open Time Type Size Item Price S / L T / P Close Time Price Commission Taxes Swap Profit
2655625 2012.05.16 18:17
buy 20.00 eurusd 1.27171 0.00000 0.00000 2012.05.16 18:18
1.27285 -127.17 0.00 1.27234 1.27220 -127.17 - 407.17
Real P&L = (1.27220 – 1.27234)*20*100000 + (-127.17) = - 407.17
As could be clearly seen from the example above, P&L of order No. 2655625 calculated on the real prices existing on the market at that period of time is minus $407.17 instead of positive $2,152.83.
Please be informed that we have re-calculated P&L of all your orders executed at erroneous prices. In fact, this is the reason why there was a certain delay before we get back to you with our reply; it did take us some time to identify each and every trade made by you with our LP.
The total re-calculated P&L of the orders was negative.
Based on this, as well as with strict accordance with Clause 6 of CUSTOMER AGREEMENT FOR ECN/STP ACCOUNTS mentioned above and Clauses 8.6-8.7 of TERMS OF BUSINESS FOR ECN/STP ACCOUNTS, the Company made a decision to void and delete all the orders of yours executed at orders.
Indemnification
8.6. The Company may resolve all Disputes:
a). By crediting/debiting the Customer's Trading Account;
b). By re-opening erroneously closed positions;
c). By deleting erroneously opened positions or placed orders.
8.7. The Company has the right to choose the method of Dispute resolution at its sole discretion.
We would like to emphasize the fact that the Company only voided your trades, thus having incurred the losses itself, in consideration of the nature of the problem and goodwill of the Company.
Based on all of the above, we have to refuse you in satisfying of your complaint.
If you have additional questions, please do not hesitate to contact us,
Kind Regards,
FXOpen Team
Company representatives' emails: Natalia Zakharova <natalia.zakharova@fxopen.org>
Natalia Zakharova <natalia.zakharova@fxopen.com>
Fxopen Compliance <compliance@fxopen.com>
I am submitting the case against: fxopen.com
My Case is: On 05.16.2012, I made a profit of 43.405 USD trading on FXOPEN ECN platform. However, by end of the trading day, all my profit was removed from my account and from my account history. Nevertheless, I was carefull enough, so I made screenshots all of my trades, and I saved my trade logs as well.It is funny, they deleted all my profitable trades, yet they left behind the loosing ones. How ironic it is!
See for more details and evidences here:
https://www.forexpeacearmy.com/forex-forum/scam-alerts-folder/20290-fxopen-scam-see-my-proofs.html
Last but not least, that the very same day I got an email from Natalja Zaharova intoducing herself. ( read email below). She did not mention any technical problems, while supposedly the company had been having technical problems for 3 hours.
-----------
Sent: Wednesday, May 16, 2012 2:55 PM
Subject: FXOpen - Your Account Manager
Dear Sir,
I would like to introduce myself as your account manager at FXOpen.
Should you have any questions regarding your account (trading platforms, funding/withdrawals, internal transfers, etc.), please feel free to contact me directly.
Best Regards,
New thread in the Scam Alerts Folder:
Review is submitted by Kovacs Norbert on 06/19/12
The company was first contacted about the issue on 05/17/12 the last contact was on 06/01/12
Details: Natalia Zakharova <natalia.zakharova@fxopen.org>
Natalia Zakharova <compliance@fxopen.com>
1,
From: Natalja Zaharova Natalia.Zakharova@fxopen.org
To: Kovács Norbert
Sent: Thursday, May 17, 2012 12:46 PM
Subject: RE:
Dear Norbert,
We will investigate this and get back to you.
Kind regards,
Natalia Zakharova
2,
2012/6/4 <compliance@fxopen.com>
Dear Mr. Kovacs,
Please be advised,
Currently your case is undergoing final revision. Once IT and Compliance Departments complete their audits we will contact you on email.
You should expect to hear from us within next one or two days at the most.
Kind Regards,
FXOpen Team
3,
From: Compliance Dept
Sent: Wednesday, June 06, 2012 3:09 PM
Subject: FW: [338292/10879]
Dear Mr. Kovacs,
In reply to your enquiry, please be advised that due to the technical problems experienced by us on May 16, 2012, some trading orders were executed at the prices not existing on market at that period of time.
The origin of these problems was that we had been receiving the erroneous prices from one of our Liquidity Providers (kindly note, that we are not in position to disclose the name of this LP due to the provisions of the NDA signed between us).
All the trades, which had been executed at the fictitious prices, were voided as per Clause 6 of CUSTOMER AGREEMENT FOR ECN/STP ACCOUNTS.
6. BUSTED TRADES.
FXOpen shall have the right to annul and/or reverse any trades which are deemed untrue or opened at a fictitious price not existing on the market at the time of opening.
Please find below the trading server logs regarding one of your trades executed on May 16, 2012 along with some remarks of ours:
Open position:
2012.05.16 18:17:56 '338292': market buy 20.00 EURUSD sl: 0.00000 tp: 0.00000 (1.27233 / 1.27234) – Client’s request BUY when ASK was at 1.27234
2012.05.16 18:17:56 '23': request from '338292' (buy 20.00 EURUSD at 1.27234 sl: 0.00000 tp: 0.00000)
2012.05.16 18:17:56 '23': confirm '338292' buy 20.00 EURUSD at 1.27171 sl: 0.00000 tp: 0.00000 (1.27233 / 1.27234)
2012.05.16 18:17:56 '338292': order #2655625, buy 20.00 EURUSD at 1.27171 – Execution was made at 1.27171 , i.e. 63 pips better than current ASK 1.27234
Close position:
2012.05.16 18:18:07 '338292': close market order #2655625 (buy 20.00 EURUSD at 1.27171) (1.27220 / 1.27222)
2012.05.16 18:18:07 '23': request from '338292' (close #2655625 buy 20.00 EURUSD at 1.27220)
2012.05.16 18:18:07 '23': confirm '338292' close #2655625 buy 20.00 EURUSD at 1.27285 (1.27218 / 1.27220)
2012.05.16 18:18:07 '338292': close order #2655625 (buy 20.00 EURUSD at 1.27171) at 1.27285 completed – Execution was made at 1.27285, i.e. 67 pips better than current BID 1.27218.
Kindly see below an example of P&L calculation for the trade above:
Account: 338292 Name: Norbert Kovacs Currency: USD 2012 May 16, 20:26
Closed Transactions:
Ticket Open Time Type Size Item Price S / L T / P Close Time Price Commission Taxes Swap Profit
2655625 2012.05.16 18:17
buy 20.00 eurusd 1.27171 0.00000 0.00000 2012.05.16 18:18
1.27285 -127.17 0.00 1.27234 1.27220 -127.17 - 407.17
Real P&L = (1.27220 – 1.27234)*20*100000 + (-127.17) = - 407.17
As could be clearly seen from the example above, P&L of order No. 2655625 calculated on the real prices existing on the market at that period of time is minus $407.17 instead of positive $2,152.83.
Please be informed that we have re-calculated P&L of all your orders executed at erroneous prices. In fact, this is the reason why there was a certain delay before we get back to you with our reply; it did take us some time to identify each and every trade made by you with our LP.
The total re-calculated P&L of the orders was negative.
Based on this, as well as with strict accordance with Clause 6 of CUSTOMER AGREEMENT FOR ECN/STP ACCOUNTS mentioned above and Clauses 8.6-8.7 of TERMS OF BUSINESS FOR ECN/STP ACCOUNTS, the Company made a decision to void and delete all the orders of yours executed at orders.
Indemnification
8.6. The Company may resolve all Disputes:
a). By crediting/debiting the Customer's Trading Account;
b). By re-opening erroneously closed positions;
c). By deleting erroneously opened positions or placed orders.
8.7. The Company has the right to choose the method of Dispute resolution at its sole discretion.
We would like to emphasize the fact that the Company only voided your trades, thus having incurred the losses itself, in consideration of the nature of the problem and goodwill of the Company.
Based on all of the above, we have to refuse you in satisfying of your complaint.
If you have additional questions, please do not hesitate to contact us,
Kind Regards,
FXOpen Team
Company representatives' emails: Natalia Zakharova <natalia.zakharova@fxopen.org>
Natalia Zakharova <natalia.zakharova@fxopen.com>
Fxopen Compliance <compliance@fxopen.com>