My issue with FBS

[FXBO]

Dear Members Of The FPA,

I wish to file a case against FBS, but before I do, I wish for members to see and read something first. So in all fairness, please read what I am about to post and I am not undermining any members here, but please read very carefully, all the words and what you would assume would happen.

I can tell you now that FBS have now changed the wording on this template e-mail, but although I have the original they will not budge. I really need as many members of the FPA to state on this forum, what they feel should of happened to my trades, as I never added anymore funds.

Many thanks for any assistance, you great guys can give and I will explain more, once I see some replies at least.

All the best to you all at FPA and stay happy.

Stephen Smith (Co-Founder Of "FXBO")

 

[FxMaster]

Dear Members Of The FPA,

I wish to file a case against FBS, but before I do, I wish for members to see and read something first. So in all fairness, please read what I am about to post and I am not undermining any members here, but please read very carefully, all the words and what you would assume would happen.

I can tell you now that FBS have now changed the wording on this template e-mail, but although I have the original they will not budge. I really need as many members of the FPA to state on this forum, what they feel should of happened to my trades, as I never added anymore funds.

Many thanks for any assistance, you great guys can give and I will explain more, once I see some replies at least.

All the best to you all at FPA and stay happy.

Stephen Smith (Co-Founder Of "FXBO")

Here is the link of FBS Rep https://www.forexpeacearmy.com/community/members/fbs-official-rep.131908/ go ahead and invite him to clear the things over here.
@ FBS Official Rep, looking forward to your kind response on his issue.

 

[FXBO]

Hello FxMaster,

Many thanks for your assistance thus far, but the Rep is bound to be a guy called "Russell" as he seems to think he owns FBS for some odd reason.

I really wanted people's advice on the template e-mail I received, as now they realized their error in the wording, they have changed it. Now correct me if I am wrong, but that e-mail clearly states it would close "ALL" trades if below 20% and even uses the word "Mandatory".

I did not want to add more funds, but they carried on closing the trades one by one, until we was left with near to nothing.

I have invited the Rep over FxMaster, but they all lie and will not give out an address for them and I know of 3, and they will not phone either. They say they have a call back service, never works, just so you all can be warned.

All the best to you all at FPA and stay happy.

Stephen Smith (Co-Founder Of "FXBO")

 

[FXBO]

Hello FxMaster,

Sorry but I tried to invite the FBS Official Rep, but could not for some reason. Can you help please?

All the best to you all at FPA and stay happy.

Stephen Smith (Co-Founder Of "FXBO")

 

[FxMaster]

Hello FxMaster,

Sorry but I tried to invite the FBS Official Rep, but could not for some reason. Can you help please?

All the best to you all at FPA and stay happy.

Stephen Smith (Co-Founder Of "FXBO")

Alright, Invitation sent on your behalf

 

[FBS Official Rep]

Hello FXBO, thank you for inviting me to join in on this matter. I am an FBS official representatives and will be happy to assist you and resolve any issues that you may have.

I see that you have received a good will letter from FBS - advising you that the margin on your account was reaching less than 20% margin, which is the minimum required in order to keep your trading orders open.

In accordance with the customer agreement https://fbs.com/docs/agreement_en.pdf

Clause 3.6.2 states: The Company is entitled to a mandatory closing of Client open positions without prior notification of the latter one if a Margin level is lower than 20% of the necessary margin for maintaining open positions.

Please do let me know, what your claim is against the company because from what I understand, the letter sent to you was in your favor and for the well being of your trading.

Thank you
FBS Official

 

[FXBO]

@FxMaster

First off many thanks for your assistance.

Now to the FBS Official Rep, you are simply not understanding my issue. The letter / E-Mail I received from you when it looked like my Stop Out was about to kick in clearly stated, that if I did NOT add anymore funds, then Stop Out would or should of closed at about 20% as I know how volatile the market can be.

That does NOT mean when I had 5 trades open, that you shut off each one separately, just so you can make more money. Russell even agreed with me that the Letter / E-Mail I received off you was misleading and your IT department would change the wording.

I am sure you have done that now, but I have the original, which is a legal binding document from FBS, so you should honour your error. Now you keep going on about what is written within your website and I would agree to those terms, if I had not received that Letter / E-Mail from you.

I really suggest you read that Letter / E-Mail posted above for all to see, as that overrides what is stated on your website and would do in a court of law.

Now speaking of courts, I cannot even send a writ to you at FBS, as I know of 3 addresses thus far and no one at FBS will give an address out, which a good broker would or should. I do NOT want any losses from that E/A we was reviewing as that is rightfully belongs to FBS, but not the rest you took and again my Letter / E-Mail from you confirms that.

How you can have the right to say, you was doing me a favour is ridiculous, as if you was going to do the correct procedure, you would of followed the "WORDS" in that Letter / E-Mail and shut "ALL" trades at about 20%. If you cannot agree to my findings, then lets hit the courts as we are ready.
Actually this is NOT to do with the money, it is all about how you operate and how clever you think you are in taking peoples money and we are like the FPA and will fight all the way if needed.

@FxMaster, Sorry to bother you again, but I just know FBS will just write back stating their T&C's on their website, but can we somehow, show members of the FPA that e-mail I have off them and lets see what other members think, before I will take this matter further. I really could do with your help and as stated the members of the FPA, and I already know what FBS will say, so can we take this to a scam case if required?


All the best to you all at FPA and stay happy, and as for the FBS Official Rep, let the FPA read more of your lies and promises you do not adhere too.

Stephen Smith (Co-Founder Of "FXBO")

 

[FXBO]

@FBS Official Rep

As I can see you have NOT looked at the Letter / E-Mail above, right at the start of this thread, you better read this, and better still show a lawyer, as we have already and then tell me you have not done anything wrong? Just for the record yet again, forget the T&C's, you just read that Letter / E-Mail.

I would suggest you consult a lawyer as you cannot seem to understand plain "English" and worse how the law works, as a documentation sent via your company, overrides any thing you state on your website. If you think we are wrong, then please go ahead call a lawyer. It is actually called "Evidence To The Contrary" just so you know the legal term.

Stephen Smith (Co-Founder Of "FXBO")

 

[FBS Official Rep]

@FBS Official Rep

As I can see you have NOT looked at the Letter / E-Mail above, right at the start of this thread, you better read this, and better still show a lawyer, as we have already and then tell me you have not done anything wrong? Just for the record yet again, forget the T&C's, you just read that Letter / E-Mail.

I would suggest you consult a lawyer as you cannot seem to understand plain "English" and worse how the law works, as a documentation sent via your company, overrides any thing you state on your website. If you think we are wrong, then please go ahead call a lawyer. It is actually called "Evidence To The Contrary" just so you know the legal term.

Stephen Smith (Co-Founder Of "FXBO")

Hello FXBO

Thank you for your reply. I have read the letter several times, can you kindly tell us here, what you feel is written incorrectly in the letter? Which part specifically, and I'll be happy to check and discuss this with you.

The letter is simply informing you that your margin level is reaching a critical level, at which time if the margin level falls lower than 20% of the necessary margin for maintaining open positions, the system will automatically close all orders. The company does not close any orders manually.

You also mentioned that you do not want to experience any losses with E/A - can you please clarify what you are referring to? If by E/A you mean Expert advisor, please note, that FBS does not own or provide any E/A services, although we do allow Expert Advisor trading.

Thank you, and I look forward to your reply, for further discussion.
FBS Official

 

[FXBO]

Hello FBS Official Rep,

The letter is simply informing you that your margin level is reaching a critical level, at which time if the margin level falls lower than 20% of the necessary margin for maintaining open positions, the system will automatically close all orders. The company does not close any orders manually.

You have clearly stated what the issue is here. In your words above, you state that if "Margin Level" falls below 20%, the system will close "ALL" orders and that is what I WANTED !!!!!!! ALL TRADES CLOSED AT 20% as that would of given us some money left, but you closed the positions manually or nothing like the 20% you should of done, so that we was left with just over this amount below:

Account details: Initial balance: 721918.04 Unrealized P/L: -310422.22 Deposit/Withdrawal: 0.00 Credit: 673206.00 P/L results of trading: 1950.60 Equity: 1094826.42 Current balance: 721918.04 Employed margin: 68045.07 Free margin: 1026781.35

My account number is: 3605185. Now please do not insult me over this, as you have made a reasonable profit, even though it is a cent account only, all I am asking is what is fair and correct, which is 20% of the above, which comes to $144,383.60 / 100 = $1443.84 rounded up. Actually we do not want to leave your brokerage, so you would gain anyway, as most of the E/A's we test fail, but I am upset in the way I have been treated and I know the facts when I see them.

We make money though a membership fee, which funds our tests, so our clients really know if a E/A is true to its words or just fake.

We was left with just over $1000.00 which considering is a cent account, makes it about $10.00? Hardly a 20% Stop Out adhered too was it? Plus I know as a cent account, the $1000.00 is still way out off what should be rightfully ours.

The letter - E-Mail, I keep referring too, clearly states that you should of closed "ALL" positions at 20%, and again you failed to do that, so please do the correct thing here, or we shall take this matter further. As stated this is "NOT" about sour grapes (written to your support team), the E/A we was testing failed, and rightly what was yours is $577,534.44 cents or $5775.34

When I stated about losses via the E/A, I was not speaking of one your brokerage provides, as I know you do none. I was speaking that the losses occurred in our testing of a E/A, which resulted in a loss of $577,534.44 cents is YOURS.

You must clearly see I am right and if you do not, then lets hit the courts, as I cannot keep wasting my time over this.

I do wish you guys well, but personally I cannot see you sticking to what you even say and what I have evidence of.

Stephen Smith (Co-Founder Of "FXBO")