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

[ruseneca]

I am still trying to understand OTC trading.
How can the trading happen when all the market are closed?

OTC trading stands for over-the-counter trading which mean that the trading is initiated on the broker's server. When the popularity for one currency is growing, that means that its price grows as well.

 

[snapped2002]

OTC trading stands for over-the-counter trading which mean that the trading is initiated on the broker's server. When the popularity for one currency is growing, that means that its price grows as well.

I got that part, what I mean is how can this take place when the markets are closed?
.
The currency value is not known until the markets open and things get rolling.

 

[ruseneca]

I got that part, what I mean is how can this take place when the markets are closed?
.
The currency value is not known until the markets open and things get rolling.

Money never sleep! When your broker stops quoting, this doesn't mean that markets are closed. That's why when brokers open on Monday, there are gaps.

 

[mbreitfelder]

That's exactly what they did and what it is, a ramble of numbers but I have contract numbers for these rambling numbers. They told me that they refunded the people who lost money during the same time I traded. Uh huh. They STILL have trading that takes place after hours on Friday into Saturday morning. Hello, Porter Finance, we have contracts with regard to the trades and you canceled them by your side only. This is illegal, glitch or not. I asked Greymountain Management, Porter Finance and Panda Trading Systems for their insurance carrier and broker so that I could file a claim. I got absolutely nothing from them on that, any and all businesses should have insurance against something like this happening. Not only that, but Porter Finance had no one on site during the "glitch"...not my fault, pay up!!

 

[snapped2002]

Money never sleep! When your broker stops quoting, this doesn't mean that markets are closed. That's why when brokers open on Monday, there are gaps.

But then where do the quotes come from is the markets are not trading during these hours ?

Or are these trades placed on speculation of where the market will open come Sunday 17:00

That would scare the hell out of me, a LOT can happen over 48 hours.

 

[mbreitfelder]

But then where do the quotes come from is the markets are not trading during these hours ?

Or are these trades placed on speculation of where the market will open come Sunday 17:00

That would scare the hell out of me, a LOT can happen over 48 hours.

The quotes come directly from the broker themselves, the quotes are not tied to any market at all after Friday at 4 pm. (Then again, they probably are not tied to ANY market EVER since they manipulate the trading platform through a backdoor in the software built in on purpose as well as MT4 re-engineering for manipulation purposes.) My trades were very short, 2 minutes, I found a trend and worked it. The broker stopped quoting currency pairs before 3 am on Saturday morning. Check out my trading document that is attached to this thread.

 

[ruseneca]

The quotes come directly from the broker themselves, the quotes are not tied to any market at all

Correct. Pricing is based on traders' behaviour inside broker's server.
CYSEC restricted the OTC trading because it is not in client's interest. Guess what happens if your broker decides to "place a trade" against the majority of clients - they lose, broker does not!
Currently brokers and binary options platforms are allowed to offer bitcoin trading during the weekend in case the liquidity comes from a major LP which actually is an online exchange.

If a broker offers OTC trading without being regulated, they are guilty by default for me.

 

[mbreitfelder]

Correct. Pricing is based on traders' behaviour inside broker's server.
CYSEC restricted the OTC trading because it is not in client's interest. Guess what happens if your broker decides to "place a trade" against the majority of clients - they lose, broker does not!
Currently brokers and binary options platforms are allowed to offer bitcoin trading during the weekend in case the liquidity comes from a major LP which actually is an online exchange.

If a broker offers OTC trading without being regulated, they are guilty by default for me.

That is exactly what happened. No regulation tied to the company and their systems were left on auto pilot with no one watching them. Not my fault, give me your business insurer's name if it was a glitch...that never happened.

 

[ruseneca]

That is exactly what happened. No regulation tied to the company and their systems were left on auto pilot with no one watching them. Not my fault, give me your business insurer's name if it was a glitch...that never happened.

Obviously, they don't have such. When you set up a business which aims to scam people, you just don't sign a contract with insurer. Noone would put its head in the bag!

 

[mbreitfelder]

Obviously, they don't have such. When you set up a business which aims to scam people, you just don't sign a contract with insurer. Noone would put its head in the bag!

That goes for their White Label owner Greymountain Management out of Dublin, Ireland and their trading platform provider Panda out of Israel. If there was such a glitch, someone should have stepped up, but no one did...I know, shocking!!