GUILTY Case# 2016-101 | mbreitfelder vs porterfinance.com

[mbreitfelder]

OTC unregulated trades on an unregulated trading platform, what's wrong with that??

 

[mbreitfelder]

Porter Finance was even listing their "Latest Winners" during this time. Do you guys need any more information? Porter Finance still had currency pairs to trade until after 3 am Eastern Time. If they don't want to be regulated and quote unregulated OTC prices and such, then that is their issue, not MINE.

 

[mbreitfelder]

....and, why would Porter Finance offer me a settlement??!?!?!!? Yo, Asst Mod, can you tell me why?!?

 

[mbreitfelder]

Tell me this too, why were all of Porter Finance's brokers let go during that SAME weekend?

 

[AsstModerator]

They can offer a settlement for any number of reasons. Formal invite issued. Let's see what they say to that.

 

[mbreitfelder]

Binary Options Trading Review saw my posting on Facebook and will be talking with their Porter Finance contact to get all of my money back. By all means, do not stop what you are doing here at all, I appreciate everything everyone is doing for me.

 

[AsstModerator]

About your other questions about OTC trading, all retail forex is OTC. All legitimate retail forex brokers get price feeds which are either directly or indirectly connected to the interbank market. Since the market is OTC, some of the brokers with less direct connections will have prices farther from the interbank rates than those with closer connections. The interbank market closes at 5 PM on Friday in New York. It doesn't open again until Monday morning in Tokyo, which would be Sunday late afternoon in New York. Any broker offering trades from 5 PM Friday to Sunday afternoon, New York Time, needs to explain how they have prices which have any relationship to reality.

What time zone are you in? Does Porter Finance allow trading all day on Saturday?

Please update soon about any proposed settlement or other funds recovery.

 

[mbreitfelder]

They had currency pairs for trading until Saturday 4/30/2016 at around 2:30 am, I do believe my trades are time stamped if you look at the attachment that I have with this thread. So they had the currency pairs available to trade way after the 5 pm on Friday in New York? I have won on the weekend before as well. I am in the Eastern Time Zone in the USA and I do not think that Porter Finance allows trading all day on Saturday, but don't quote me on that, they absolutely could do so. So...they were allowing trading 9.5 hours past when they should have? If that is the case, that is their issue, someone at Porter Finance made a mistake, if they don't want to make good on the trades then their business insurance should do so.
Porter Finance offered $10k per month for 4 months for a total of $40k and my principal (none of my winnings) of $25,300.00 was returned even though I didn't hit the bonus money amount (even though I did trade $4 million on 4/30/2016). I counter offered where they would not be out any money, but I was supposed to receive a call back from David Rodriguez, Head of Complaints, last Thursday, 05/12/2016 to let me know if Upper Mgt accepted my counter offer or not. I have yet to hear back from him.

 

[AsstModerator]

I'm going to go ahead and move this to Open Cases. If they get back in touch with you by the end of the week and there's been progress, make sure to post about that in this thread. If not, the voting will begin next week. If they settle it after the voting begins, the thread can be set to Resolved.

 

[mbreitfelder]

I will do so. I just want to clarify the OTC thing, during regular, normal trading times, Porter Finance shows the currency pairs as "USD/JPY" and then after hours as "USD/JPY OTC". Being rather new to Forex trading this could be all correct. If there is a settlement by next week, I will inform FPA, but I am getting no response from no one from Porter Finance. Thank you very much!