FXTime appears to be a scam to me. I have one contentious issue that I have tried to resolve with the customer representatives to no avail. This contentious issue is price quotes for GBP/USD on 7/10/2016 from 12midnight to 4 a.m FXtime quotes state that the high for this period was 1.28621 while FXCM and XM trading point of financial instruments quotes were 1.26206 this is a 2415 pips difference. Notice this, this difference blew off my account since I opened a sell order which the trade eventually closed in the direction. However before the trade went to SELL it had gone up by this 2415 pips margin blowing up my account. I ignore thinking it is a normal loss. Opening XM, and FXCM price quotes I notice this 'apparent 2400 pips high' difference does not exist. I contact customer support why your quotes are so different and they say ' you cannot compare our price quotes with other brokers' price quotes'. A price quote difference of 200-300 pips would be understandable but 2415 pips???? This is a move to intentionally wipe off client accounts in times off high volatility. I just want my account reinstated back to where it was before this suspect move was pulled on me and many other voiceless clients who don't know who or where to resolve this dispute to/with.
RESOLVED - FXTIME SCAM ALERT
- Thread starter andy22a
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FxMaster
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Follow the suggested steps by pharaoh and may I have the website address please?
Here's what they are saying today..."
our team has carefully investigated your query and concluded with the following:
Please note that GBP-based instruments was under strong pressure during last days.
We would like to inform you that GBP-based instruments have experienced drastic price movements on Friday, 7th of October 2016, where during the flash crash, the aforesaid instruments experienced abnormal spreads.
Please note that abnormal market conditions may be accompanied with the following effects:
Therefore, the prices of other brokers cannot be taken into consideration in disputable situations.
Nonetheless, in view of the above and as an action of good will, we have agreed to compensate your account , for the purpose of maintaining good relations.
Kindly note that compensation is granted exceptionally and only at once in light of the fact that we consider you to be a valued Client of the Company. We also highlight the fact that it is a one – off gesture and should not be considered as standard practice nor prejudice our Company’s rights by virtue of the agreements concluded between us." I think this dispute is settled according to me no need to go on ranting. Did they communicate to you?
our team has carefully investigated your query and concluded with the following:
Please note that GBP-based instruments was under strong pressure during last days.
We would like to inform you that GBP-based instruments have experienced drastic price movements on Friday, 7th of October 2016, where during the flash crash, the aforesaid instruments experienced abnormal spreads.
Please note that abnormal market conditions may be accompanied with the following effects:
- Significant increase of spreads;
- Increased slippage;
- Order execution speed may take longer than usual.
Therefore, the prices of other brokers cannot be taken into consideration in disputable situations.
Nonetheless, in view of the above and as an action of good will, we have agreed to compensate your account , for the purpose of maintaining good relations.
Kindly note that compensation is granted exceptionally and only at once in light of the fact that we consider you to be a valued Client of the Company. We also highlight the fact that it is a one – off gesture and should not be considered as standard practice nor prejudice our Company’s rights by virtue of the agreements concluded between us." I think this dispute is settled according to me no need to go on ranting. Did they communicate to you?
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