GUILTY Case# 2017-061 | Deepakjain vs fxpearl.com

[MohitK]

Before I vote, I must ask reporter of this case to show evidence that his account name was Deepak (when he deposited funds) and now it chance to another person name without his notice.

He can prove by showing his daily confirmation emails or deposit transaction report because any broker will accept payment done by owner of trade account holder not from 3rd party.

If broker found making changes of completely different name with or without any request will consider as critical issue.

Because no matter what but broker cannot make complete name correction except spelling mistake correction.

Broker found making complete name change with or without request after deposit funds may count as doing money laundering.

If broker found in guilty of making completely name change after deposit is 100% in fault regardless of it's manipulation activity.

Futuremore, claims of profitable trades closed automatically may consider as fault. if broker confirm it's fault then broker need to restore such closed order without any further delay. Intentionally failed to restore or failed to compensate loss occurred due to brokers technical fault may consider as fault unless broker published force-majeure via email & on public news because such malfunction for sure affected many open orders. Failed to declared on public about force majeure will consider broker in fault.


If broker change Clinet trading account password will consider as cheap act from broker because broker can simply block account to trade from it's manager software.

If broker found doing such cheap act is definitely brokers fault.

That's all my views

Kind regards
Mohit

 

[Deepakjain]

This has the hallmarks of a latency arbitrage EA. Why have you gone from trading 0.01 lots to then place big orders of 3 lots?

Hello,

Please check my entire log before even making your comments of latency and frozen quotes etc,
I have traded more than 3000 lots through Pearl CM and none of my trades are based on EA and
ALL my trades are entirely based on MANUAL trading only. Beside all of this - I am not even a
trader based on technical analysis or chart reading rather i follow major headlines and trades
based on market sentiments as most of my trades last more than 15 min to days window, so what
latency you are talking about?

As long as my profit making ability was moderate there was not much of an issue. My understanding about latency arbitrage is nearly zero and i don't even use any form of EAs or Script based entry, so this is simply out of question and with a ECN/STP broker this is possible? I have traded from 0.01 lots to dozens of lots at a same time all with manual entries alone. The trades in question which made great profits were several days old, so where is latency here, and all of sudden when closed the trades they all deleted completely from records???

In order to further aggrevate the problem they withdrawan -6500 $ from my account without any request made from my end, change of account name (from mine to IB's name) which means they don't even comply with basic KYC norms required for a regulated broker. There were absolutely no explanations provided for the issues above for the past 1 month.

I have already summarized all issues in FPA thread, apart from trades deleted, what reasons you may
find for their scam behaviour of disabling accounts, deleting most profitable trades, unrequested withdrawals,
changing account names, it can't get more worse than this to any account on earth with a basically regulated
broker. So let's address the real issue instead of talking about latency arbitrage. Hope I made myself clear Mr.AFSLRM.

 

[Pharaoh]

Personally, when I start trading with a new broker, I start with the smallest possible lot size. Then, if the execution is good, I scale up. Some brokers don't start to give "special" treatment until you cross some threshold they set. Other brokers only have enough liquidity to handle trades up to a certain size. I guess some people could twist this to claim I'm looking for arbitrage opportunities.

If Deepakjain was abusing the system, why didn't FxPearl show up and provide evidence?

Based on the available evidence, my vote is GUILTY!

 

[Deepakjain]

Before I vote, I must ask reporter of this case to show evidence that his account name was Deepak (when he deposited funds) and now it chance to another person name without his notice.

He can prove by showing his daily confirmation emails or deposit transaction report because any broker will accept payment done by owner of trade account holder not from 3rd party.

If broker found making changes of completely different name with or without any request will consider as critical issue.

Because no matter what but broker cannot make complete name correction except spelling mistake correction.

Broker found making complete name change with or without request after deposit funds may count as doing money laundering.

If broker found in guilty of making completely name change after deposit is 100% in fault regardless of it's manipulation activity.

Futuremore, claims of profitable trades closed automatically may consider as fault. if broker confirm it's fault then broker need to restore such closed order without any further delay. Intentionally failed to restore or failed to compensate loss occurred due to brokers technical fault may consider as fault unless broker published force-majeure via email & on public news because such malfunction for sure affected many open orders. Failed to declared on public about force majeure will consider broker in fault.


If broker change Clinet trading account password will consider as cheap act from broker because broker can simply block account to trade from it's manager software.

If broker found doing such cheap act is definitely brokers fault.

That's all my views

Kind regards
Mohit

Hello Mohit, Yes your findings are 100% correct. Coming to name change issue please check out the mail (screenshot of name change issue) raised to their support team.Kindly refer to the old threads. Unfortunately this broker does not send any daily confirmation report (educate me if this is a serious issue or not?) Where can I report this violation? Moreover FCA Seicheles never took any effort to respond to any of my emails and I never seen such a pathetic regulatory authority. FCA UK replied although this broker doesn't have any license with them (Pearl claims they have a valid FCA license) and this is clearly refuted by FCA UK.

 

[Deepakjain]

Personally, when I start trading with a new broker, I start with the smallest possible lot size. Then, if the execution is good, I scale up. Some brokers don't start to give "special" treatment until you cross some threshold they set. Other brokers only have enough liquidity to handle trades up to a certain size. I guess some people could twist this to claim I'm looking for arbitrage opportunities.

If Deepakjain was abusing the system, why didn't FxPearl show up and provide evidence?

Based on the available evidence, my vote is GUILTY!

Hello Mohit, Yes your findings are 100% correct. Coming to name change issue please check out the mail (screenshot of name change issue) raised to their support team.Kindly refer to the old threads. Unfortunately this broker does not send any daily confirmation report (educate me if this is a serious issue or not?) Where can I report this violation? Moreover FCA Seicheles never took any effort to respond to any of my emails and I never seen such a pathetic regulatory authority. FCA UK replied although this broker doesn't have any license with them (Pearl claims they have a valid FCA license) and this is clearly refuted by FCA UK.

 

[Deepakjain]

Hello,

Please check my entire log before even making your comments of latency and frozen quotes etc,
I have traded more than 3000 lots through Pearl CM and none of my trades are based on EA and
ALL my trades are entirely based on MANUAL trading only. Beside all of this - I am not even a
trader based on technical analysis or chart reading rather i follow major headlines and trades
based on market sentiments as most of my trades last more than 15 min to days window, so what
latency you are talking about?

As long as my profit making ability was moderate there was not much of an issue. My understanding about latency arbitrage is nearly zero and i don't even use any form of EAs or Script based entry, so this is simply out of question and with a ECN/STP broker this is possible? I have traded from 0.01 lots to dozens of lots at a same time all with manual entries alone. The trades in question which made great profits were several days old, so where is latency here, and all of sudden when closed the trades they all deleted completely from records???

In order to further aggrevate the problem they withdrawan -6500 $ from my account without any request made from my end, change of account name (from mine to IB's name) which means they don't even comply with basic KYC norms required for a regulated broker. There were absolutely no explanations provided for the issues above for the past 1 month.

I have already summarized all issues in FPA thread, apart from trades deleted, what reasons you may
find for their scam behaviour of disabling accounts, deleting most profitable trades, unrequested withdrawals,
changing account names, it can't get more worse than this to any account on earth with a basically regulated
broker. So let's address the real issue instead of talking about latency arbitrage. Hope I made myself clear Mr.AFSLRM.

Are we able to see a complete statement? This will show the members of forex peace army the true nature of your trading.

Before I vote, I must ask reporter of this case to show evidence that his account name was Deepak (when he deposited funds) and now it chance to another person name without his notice.

He can prove by showing his daily confirmation emails or deposit transaction report because any broker will accept payment done by owner of trade account holder not from 3rd party.

If broker found making changes of completely different name with or without any request will consider as critical issue.

Because no matter what but broker cannot make complete name correction except spelling mistake correction.

Broker found making complete name change with or without request after deposit funds may count as doing money laundering.

If broker found in guilty of making completely name change after deposit is 100% in fault regardless of it's manipulation activity.

Futuremore, claims of profitable trades closed automatically may consider as fault. if broker confirm it's fault then broker need to restore such closed order without any further delay. Intentionally failed to restore or failed to compensate loss occurred due to brokers technical fault may consider as fault unless broker published force-majeure via email & on public news because such malfunction for sure affected many open orders. Failed to declared on public about force majeure will consider broker in fault.


If broker change Clinet trading account password will consider as cheap act from broker because broker can simply block account to trade from it's manager software.

If broker found doing such cheap act is definitely brokers fault.

That's all my views

Kind regards
Mohit

Hello Mohit, they claimed in earlier conversations that it is legal to run Forex in india and they had permission from Reserve bank of Indie. Where can I complaint about this money laundering?Is this is a real offence that the govt would look into?

 

[fxpipmeister]

Guilty without a doubt!!!

 

[AFSLRM]

Hi Deepakjain,

I understand the two trades were over a period of time, however I a full statement will show your trading behavior over time. Brokers usually only delete trades because you have broken the terms and conditions you have agreed too. Unless I have missed a piece of documentation, I have yet to see a complete statement with all you have spoken about on a single document. The trades are from a mobile app, and the balances are cropped screenshots.

I'm not saying you're lying, I would just prefer to examine a complete trading statement before I made a decision, which should take less than 2 mins to extract.

@Pharaoh FxPearl's failure to provide evidence is poor, however they may have been advised to not reply by their lawyers. This does not make them guilty. Also your process when starting with a new broker is flawed, as you will most likely be placed on a "B" book with fantastic execution, not until you start making money with higher lot sizes you will be moved onto STP or another type of broker execution. There is no "special" treatment, it's just the default process for most brokers, "B" book will have instant execution as the flow doesn't needs to be executed at a LP.

 

[Deepakjain]

@FSLRM fine I will submit my full trade statement to the moderator. Thank you.
What about name change? Disabling account for several hours? Withdraw without my permission? Change of password w/o my request? Are you trying to save them and prove I have done wrong? It is my money that is stuck and not yours BUT I am glad if you prove me wrong. Tell me what is the point you are trying to prove despite me listing out their flaws with evidence.

Every statment of mine is being backed up by proofs. I am expecting more information from you on this despite laying out substantial facts.

 

[AFSLRM]

@Deepakjain The mod's will be able to confirm my identity, will take 2 mins by looking at my email and if need be they can ask me further questions. I used to work on a risk desk which managed several brokers "B" books for about 3 years, was also a Responsible Manager on an Australian FX broker for another 2 years. I am not trying the prove you wrong, I would just rather the full evidence not the selective pieces you want seen. The fact you won't post your full statement for everyone too see, when you have posted partial information (including the sensitive name and account number) is a concern to me and it leads me to believe you are hiding something. However I am happy for you to prove me wrong