My issue with FBS

[FBS Official Rep]

Dear Stephen Smith (Co-Founder Of "FXBO")

Thank you for the update. I will pull up the logs, for your account, and send you an update as soon as possible, to help resolve the issue.

FBS_Official

 

[FBS Official Rep]

Dear Stephen Smith!
We have read the provided screenshot of the e-mail once again, and would like to draw your attention to the fact, that the word “all” was never used there. In my previous reply, allow me to clarify, the system will close all orders automatically - until your margin reaches the minimal level of 20% or more.

Now, please, kindly let us remind you, that according to the Customer Agreement:

3.6.2. The Company is entitled to 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.
3.6.3. The current account balance is controlled by the server, which in the event of execution of P. 3.6.2. of the present Agreement generates an order to stop out. Stop out is executed at a current market quote on a first-come basis with Client orders. Mandatory position closure is noted in the log-file of the server with a notice “stop out”.
3.6.4. In the event of executing conditions of P. 3.6.2. of the present Agreement shall the Client have several open positions,the first position closed is the one with biggest floating loss.


Thus, please, kindly be noted, that not all the open positions are closed at once, but they are closed one by one, starting from the order with the biggest floating loss, until the Margin level is enough for maintaining remaining open positions.
This also can be seen from the trading history of your account - http://prntscr.com/g68klz .
As you may see, your orders were not closed all at once. They were closed automatically one by one by the system in the course of Margin level decrease. Thus, in case after closure of some orders with the biggest floating loss your margin became more than 20%, the rest of your orders would remain open.

This is exactly why our Company sends such e-mails: so that a client could prevent at least some of his/her orders from being closed automatically.

Next, please, kindly be reminded that when the server closes your orders automatically one by one in the comment column of your trading platform you see the following comment “so:…./…/…”.
Let’s take your order for example: so: 18.9%/13275.6/70348.5 – the order was closed by stop out (where 18.9% is the margin level at the time of order closure, 13275.6 – remaining funds at the time of order closure, 70348.5 – margin). As you may see, the remaining funds of 13275.6 cents were not enough for maintaining the rest 7 open orders with the total volume of 223 lots.

We hope that we have managed to clarify this situation and wish you good luck trading!

 

[FXBO]

Hello FBS Official Rep,

I fully understand what you are saying here, about your system closing down trades that go below the 20% "Margin Level". But even you state this:

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 even put the word "ALL" orders and that is how a good broker would operate. Just for the record, the e-mail, I received off FBS came in at 03.05am (GMT), now what did you expect me to do, stay up all night and watch my screens? Have you not heard of automated phone calls, or at the least which many brokers provide, text messages. Before you say, well if you was asleep how would a text message help, simple I would hear that come in and now knowing the way you operate, would of closed "ALL" positions myself. You CANNOT hear a e-mail !!!!!!! (well you can, but personally I have too have that switched off, as we receive about 500 a day).

Just for the record, I have a "Live Chat" I have kept, even though your staff stated it was not possible to send, from a Russell, who stated "ALL" orders also. So please do the right thing here, that is all I am asking, no more, no less.

Many thanks and all the best to you all at FBS.

Stephen Smith (Co-Founder Of "FXBO")

 

[FBS Official Rep]

Hello FBS Official Rep,

I fully understand what you are saying here, about your system closing down trades that go below the 20% "Margin Level". But even you state this:

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 even put the word "ALL" orders and that is how a good broker would operate. Just for the record, the e-mail, I received off FBS came in at 03.05am (GMT), now what did you expect me to do, stay up all night and watch my screens? Have you not heard of automated phone calls, or at the least which many brokers provide, text messages. Before you say, well if you was asleep how would a text message help, simple I would hear that come in and now knowing the way you operate, would of closed "ALL" positions myself. You CANNOT hear a e-mail !!!!!!! (well you can, but personally I have too have that switched off, as we receive about 500 a day).

Just for the record, I have a "Live Chat" I have kept, even though your staff stated it was not possible to send, from a Russell, who stated "ALL" orders also. So please do the right thing here, that is all I am asking, no more, no less.

Many thanks and all the best to you all at FBS.

Stephen Smith (Co-Founder Of "FXBO")

Hello Stephen Smith (Co-Founder Of "FXBO")

Thank you for your reply.

Your opinion is valuable to us, and we will review and may consider phone calls / text messages for future. Meanwhile, for the time being, we provide e-mail notifications and you always have your customer agreement to rely on.

Please let me know if there is anything else I may help you with.

Have a great day
FBS_Official

 

[FXBO]

@FxMaster

Sorry I have not written back for a while, but I been ill. FxMaster, I know I am NOT going to get anywhere with FBS as they are scammers, as a good broker would at least let you speak to a higher up official, and not just a "Live Chat" person and NO offence to any "Live Chat" workers, as most are good.

The other reason they are scammers is the fact, no one knows where they operate from, even we have 3 addresses and have had them all checked out and one is co-owned with FFS, and that is just a load of PO Boxs in a run down building.

FxMaster, again this is NOT about the money, we make money even if all the E/A's we test fail (but that does not happen), it is the way FBS operates and many brokers to be honest and the law should change.

However in FBS's case, sending a e-mail to state your account is at a critical level, is simply not good enough now, when you could send a SMS, or make an automated call and other options.

The reason why FBS will NOT even consider this, is the money they can make, hoping clients of theirs just carry on losing, and for this reason, we should fight back.

FxMaster, can I take this to a vote, or what do you suggest please?

Many thanks for your time FxMaster and hope that FBS reads this also, which they should and can reply if they wish to do so?

Stephen Smith (Co-Founder Of "FXBO")

 

[FBS Official Rep]

@FxMaster

Sorry I have not written back for a while, but I been ill. FxMaster, I know I am NOT going to get anywhere with FBS as they are scammers, as a good broker would at least let you speak to a higher up official, and not just a "Live Chat" person and NO offence to any "Live Chat" workers, as most are good.

The other reason they are scammers is the fact, no one knows where they operate from, even we have 3 addresses and have had them all checked out and one is co-owned with FFS, and that is just a load of PO Boxs in a run down building.

FxMaster, again this is NOT about the money, we make money even if all the E/A's we test fail (but that does not happen), it is the way FBS operates and many brokers to be honest and the law should change.

However in FBS's case, sending a e-mail to state your account is at a critical level, is simply not good enough now, when you could send a SMS, or make an automated call and other options.

The reason why FBS will NOT even consider this, is the money they can make, hoping clients of theirs just carry on losing, and for this reason, we should fight back.

FxMaster, can I take this to a vote, or what do you suggest please?

Many thanks for your time FxMaster and hope that FBS reads this also, which they should and can reply if they wish to do so?

Stephen Smith (Co-Founder Of "FXBO")

Hello Stephen Smith (Co-Founder Of "FXBO")

First and foremost – I am sorry to hear that you have been ill, and I do hope that you are feeling better.

In regards to your claim:

We value your opinion, but we feel that the thoroughly informative customer agreement and email notifications are sufficient and a preferred method for our clients.
You mentioned that, the email was not comfortable for you due to the fact that

1. The e-mail came at night time – in this regard, I’d like to point out, that risk management is very important when working on the Forex market. If you choose to leave your orders open overnight, you should review account details, open orders, margin level etc. as a proper way of precaution and risk management. Please also consider “Take Profit” and “Stop Loss” options.

2. You mentioned that you can actually hear the e-mail notifications – but you choose to turn them off, due to the fact that you receive 500 e-mails a day. If your e-mail is your source of important incoming notifications I would suggest that you set up your e-mail with more comfortable settings, and certainly do not turn off your notifications during the night when you choose to keep open orders overnight.

In regards to the e-mail that you received, you mentioned several times that it clearly states ALL orders will be closed. I am attaching your original screenshot once more, and will point out that nowhere does it say all positions. Customer agreement clause 3.6.2. / 3.6.3. / 3.6.4. states that. The system will automatically close the orders one by one, starting with the positions with the biggest floating loss, until your margin reaches the minimal level of 20% or more. And in case after closure of some orders with the biggest floating loss your margin becomes more than 20%, the rest of your orders will remain open.

With that being said, you yourself clearly stated in your second message on August 6th that:

“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.”

Then on August 8th, you said that you WANTED ALL your orders closed. Mr. Smith, in this case, could you kindly clarify why did you not then close your orders?

Lastly, you mentioned that you have checked out 3 of our addresses that led to run down building? Can you kindly provide these addresses for us? And please clarify who is FFS?
Also, we would like to remind you that all our correct contact information is stated on our site.

I do very much wish to help you, but, unfortunately, I do not quite understand what you are seeking, what is your claim and/or request?
Thank you in advance, Sir, will look forward to further discussion and your cooperation with FBS