Problem FBS Deleted all my profits

[Gayanlakshantha]

@Gayanlakshantha i saw your case thread too.. FBS broker paid any money for you? Or they said to you like add some money? I mean your deleted money.

hmm i try add some money.

 

[ganthiraj]

Now I have attached new proof of my profits... FBS statement received through my Gmail account. Pls FPA check my attached pdf file.

 

[FBS Official Rep]

Dear Ganthi Raj,
Thank you for bringing our attention to this issue which took place in the April 2018. We are now following this conversation and are happy to once again provide the explanation of your case.
Previously, you have received an email from our agent which explains for you the case. Please let me also quote it here:
"On 30.04.2018 our Technical Department has registered a case of irregular market conditions: there was a huge discrepancy between different liquidity providers, different banks provided a huge price difference which could not be considered as actual. And since these orders can be considered only as off-market, all of them has been annulled in full accordance with Customer Agreement, the commission for these orders has been revoked as well. None of the funds deposited, lost or gained before this situation of after it have been affected, as we all can see from your screenshots."
As you can see there was a case of off/market quotes, which means that FBS was provided with quotes/prices unavailable on the Market. This rarely happens, but no broker is fully protected from technical mistakes on the side of the liquidity provider.
As our agent has also previously noted, according to our Customer Agreement:9.5.5. The Company reserves the right to reconsider the provided quotes for any time period if, according to the Company, such quotes fall within the definition of an “Off-market quote”, and/or “Irregular market conditions”, and/or an “Obvious error” defined in the present Agreement and/or in the “Terms and definitions” section, and revise the financial results of the trading operations executed at such quotes.
The deals you are referring to were all cancelled because they were executed by the off/market quotes, according to the FBS Customer agreement and world market practice. The loss or profit a client gets for trading on off-market quote considered as inaccurate. Therefore, the balance of a client is recovered to the level that was before off-market quote. No additional funds are deducted. Which means that your deposit remains on your account while all losses and profits are cancelled.
While we do understand your worries, please note, that as an NDD broker FBS only executes orders by the market prices, therefore all orders based on off-market quotes will be removed according to the Customer Agreement and no profit can be restored.
Regarding the cancellation of profit, let us kindly remind you that not only profit has been cancelled.
FBS has cancelled only the orders opened and closed before the irregular market and after it. It is clearly seen from your trading statement. Also, according to the abruptly changed orders volume, you were obviously aware when the Market has stated behaving incorrectly and when it has returned to its normal state.
As for the accusation that only profit orders were cancelled, we would like to quote our previous reply once again:
With irregular market situation being fixed, according to the world market practice and our Customer Agreement the irregular market orders are usually cancelled. And by cancellation we surely mean not only removal of profitable orders, but loss-making too (for example, 102677818 order). FBS acts not only according to the Customer Agreement, but also according to the world market practice. The loss or profit a client gets for trading on off-market quote considered as inaccurate as well. Consequently, the balance of a client is recovered to the level that was before off-market quote. No additional funds are deducted."
And as for your reply to Mr. Gayan Lakshantha:
First and foremost, the situation with Mr. Gayan Lakshantha has nothing in common with your situation, except for the fact that all the funds Mr. Gayan Lakshantha had lost or received during the trading before the issue have been returned in full. But it's just a normal regulation of such cases, the same as with your case.Next, there were no issue with Zero Spread account. The irregular market situation doesn't depend on the account type, and there's no need in disabling this account type. As for the irregular market - unfortunately, this is one of the specifics of Forex Trading, which rarely can happen.

To sum it up:
FBS cancelled not only profit, but loss as well.
Only profit and loss made during the irregular market period has been cancelled.
The case of Mr. Ganthi Raj and Mr. Gayan Lakshantha has nothing in common and cannot be compared.
FBS actions are fully justified according to the Customer Agreement.

Thank you for your understanding.
We hope that we were able to explain the issue for you this time.
Sincerely yours,
FBS.

 

[ganthiraj]

Finally, I got a reply from FBS, I submitted all my proofs, FBS told their rights, so pls FPA analyze my case and give correct judgement, I am waiting for more than 1 year for Justice, now my Justice or FBS justice in FPA's hand. Thank you

 

[renkoscalper]

Dear Ganthi Raj,
Thank you for bringing our attention to this issue which took place in the April 2018. We are now following this conversation and are happy to once again provide the explanation of your case.
Previously, you have received an email from our agent which explains for you the case. Please let me also quote it here:
"On 30.04.2018 our Technical Department has registered a case of irregular market conditions: there was a huge discrepancy between different liquidity providers, different banks provided a huge price difference which could not be considered as actual. And since these orders can be considered only as off-market, all of them has been annulled in full accordance with Customer Agreement, the commission for these orders has been revoked as well. None of the funds deposited, lost or gained before this situation of after it have been affected, as we all can see from your screenshots."
As you can see there was a case of off/market quotes, which means that FBS was provided with quotes/prices unavailable on the Market. This rarely happens, but no broker is fully protected from technical mistakes on the side of the liquidity provider.
As our agent has also previously noted, according to our Customer Agreement:9.5.5. The Company reserves the right to reconsider the provided quotes for any time period if, according to the Company, such quotes fall within the definition of an “Off-market quote”, and/or “Irregular market conditions”, and/or an “Obvious error” defined in the present Agreement and/or in the “Terms and definitions” section, and revise the financial results of the trading operations executed at such quotes.
The deals you are referring to were all cancelled because they were executed by the off/market quotes, according to the FBS Customer agreement and world market practice. The loss or profit a client gets for trading on off-market quote considered as inaccurate. Therefore, the balance of a client is recovered to the level that was before off-market quote. No additional funds are deducted. Which means that your deposit remains on your account while all losses and profits are cancelled.
While we do understand your worries, please note, that as an NDD broker FBS only executes orders by the market prices, therefore all orders based on off-market quotes will be removed according to the Customer Agreement and no profit can be restored.
Regarding the cancellation of profit, let us kindly remind you that not only profit has been cancelled.
FBS has cancelled only the orders opened and closed before the irregular market and after it. It is clearly seen from your trading statement. Also, according to the abruptly changed orders volume, you were obviously aware when the Market has stated behaving incorrectly and when it has returned to its normal state.
As for the accusation that only profit orders were cancelled, we would like to quote our previous reply once again:
With irregular market situation being fixed, according to the world market practice and our Customer Agreement the irregular market orders are usually cancelled. And by cancellation we surely mean not only removal of profitable orders, but loss-making too (for example, 102677818 order). FBS acts not only according to the Customer Agreement, but also according to the world market practice. The loss or profit a client gets for trading on off-market quote considered as inaccurate as well. Consequently, the balance of a client is recovered to the level that was before off-market quote. No additional funds are deducted."
And as for your reply to Mr. Gayan Lakshantha:
First and foremost, the situation with Mr. Gayan Lakshantha has nothing in common with your situation, except for the fact that all the funds Mr. Gayan Lakshantha had lost or received during the trading before the issue have been returned in full. But it's just a normal regulation of such cases, the same as with your case.Next, there were no issue with Zero Spread account. The irregular market situation doesn't depend on the account type, and there's no need in disabling this account type. As for the irregular market - unfortunately, this is one of the specifics of Forex Trading, which rarely can happen.

To sum it up:
FBS cancelled not only profit, but loss as well.
Only profit and loss made during the irregular market period has been cancelled.
The case of Mr. Ganthi Raj and Mr. Gayan Lakshantha has nothing in common and cannot be compared.
FBS actions are fully justified according to the Customer Agreement.

Thank you for your understanding.
We hope that we were able to explain the issue for you this time.
Sincerely yours,
FBS.

It seems that Ganti Raj was trying to get back the profits he earned. It appears that the amount has been largerd and the profits of his account have been erased.

Can you say that all your client profits have been deleted for this date?

 

[4evermaat]

Regarding the cancellation of profit, let us kindly remind you that not only profit has been cancelled.
FBS has cancelled only the orders opened and closed before the irregular market and after it. It is clearly seen from your trading statement. Also, according to the abruptly changed orders volume, you were obviously aware when the Market has stated behaving incorrectly and when it has returned to its normal state.

@FBS Official Rep
1) How can the price feed be so incorrect for so long?

From a quick glance of the pdf here, you could see the majority of trades took 10 seconds or longer hold times. Some are 20+ seconds or longer. 100% of these trades were bad?

Or put a different way, if the client had lost money, would you have reinstated the losses due to the same "error" prices?

2) changes in order volume (order size)....is this not allowed? If so, what is the maximum order size allowed per trade?

And why was he allowed to enter trades that were of greater size than the maximum allowed?

 

[renkoscalper]

FBS always cheats on its client. We know this broker is not a A-book. It seems to me that this broker has scammed more than $ 500,000 this year. I think fbs is not the best broker in world and he is a big B-book broker in world.

 

[4evermaat]

FBS always cheats on its client. We know this broker is not a A-book. It seems to me that this broker has scammed more than $ 500,000 this year. I think fbs is not the best broker in world and he is a big B-book broker in world.

If you or other people you know have your own case against FBS, each affected person must open a fresh scam alerts thread and submit evidence.

But if the broker is hybrid or b-book, then they need to be transparent about their execution and offering. A-book already has built-in transparency. You need finality in the trades, otherwise the broker can say/do anything after the fact if the "loss" is unfavorable to them. In other words, they are essentially front-running your trades or reneging on a successful trade deal.

 

[FBS Official Rep]

Dear all,
Thank you for your interest to this case. We will try to answer to all your questions.

For fairness sake we would like to draw your attention to the following facts:

- the situation took place on 30.04.2018, more than one year and a half ago;

- Mr. Ganthi Raj knew that the market behaved strangely and incorrectly, since in the course of the trading the lot volume was increased from 1 up to 50 lots per order.
Surely, a client can use big order volume, it is not prohibited, but in this particular case this behaviour drastically differs from the trading strategy this customer used before or after the situation;

- our customer support agent informed the client about the orders cancellation due to the irregular market situation on 01.05.2018, the same day the incident was registered and orders were corrected.
Having received the final conclusion regarding the case from the company, Mr. Ganthi Raj didn’t make any further attempts to appeal the decision;

- after the situation Mr. Ganthi Raj continued trading up to the end of November in 2019 and had no trading claims;

- FBS did not delete only profit: all the orders opened and closed during the irregular market conditions have been cancelled, including those with loss (the example of such order has been given in the previous reply). I.e.surely, if a client had only orders with loss opened or closed during irregular market situation, these orders would have been cancelled as well;

- even though the irregular market orders have been cancelled, FBS didn’t cancel the cashback this customer received for the trading on off-market quotes, i.e. even with cancelled orders Mr. Ganth Raj received 1726.02$ cashback.

So, let us state again that FBS actions were fully justified and in full accordance with the Customer Agreement.

Regarding the implication that FBS company is a b-book broker/dealing-desk broker/market maker, we would highly appreciate if you restrain yourself from groundless allegations made without any valid proof. There is no place for such unethical practices from FBS side, since FBS doesn’t use virtual dealer plugin of MetaQuotes. We are regulated STP & ECN broker and we may recommend you to contact MetaQuotes to make sure that FBS never purchased virtual dealer plugin. Apart from being a regulated broker, we we'd like to remind that all the quotes FBS receives are from liquidity providers. All deals of FBS clients are brought to the interbank currency market by means of the biggest liquidity suppliers such as UBS, Nomura, Bank of America, JP Morgan Chase, Goldman Sachs, HSBC, City Bank.

 

[globaladvice]

Dear all,
Thank you for your interest to this case. We will try to answer to all your questions.

For fairness sake we would like to draw your attention to the following facts:

- the situation took place on 30.04.2018, more than one year and a half ago;

- Mr. Ganthi Raj knew that the market behaved strangely and incorrectly, since in the course of the trading the lot volume was increased from 1 up to 50 lots per order.
Surely, a client can use big order volume, it is not prohibited, but in this particular case this behaviour drastically differs from the trading strategy this customer used before or after the situation;

- our customer support agent informed the client about the orders cancellation due to the irregular market situation on 01.05.2018, the same day the incident was registered and orders were corrected.
Having received the final conclusion regarding the case from the company, Mr. Ganthi Raj didn’t make any further attempts to appeal the decision;

- after the situation Mr. Ganthi Raj continued trading up to the end of November in 2019 and had no trading claims;

- FBS did not delete only profit: all the orders opened and closed during the irregular market conditions have been cancelled, including those with loss (the example of such order has been given in the previous reply). I.e.surely, if a client had only orders with loss opened or closed during irregular market situation, these orders would have been cancelled as well;

- even though the irregular market orders have been cancelled, FBS didn’t cancel the cashback this customer received for the trading on off-market quotes, i.e. even with cancelled orders Mr. Ganth Raj received 1726.02$ cashback.

So, let us state again that FBS actions were fully justified and in full accordance with the Customer Agreement.

Regarding the implication that FBS company is a b-book broker/dealing-desk broker/market maker, we would highly appreciate if you restrain yourself from groundless allegations made without any valid proof. There is no place for such unethical practices from FBS side, since FBS doesn’t use virtual dealer plugin of MetaQuotes. We are regulated STP & ECN broker and we may recommend you to contact MetaQuotes to make sure that FBS never purchased virtual dealer plugin. Apart from being a regulated broker, we we'd like to remind that all the quotes FBS receives are from liquidity providers. All deals of FBS clients are brought to the interbank currency market by means of the biggest liquidity suppliers such as UBS, Nomura, Bank of America, JP Morgan Chase, Goldman Sachs, HSBC, City Bank.

Being an employee in Bank of America, I'd like to confirm that FBS has never had liquidity from us. Aside from that, I saw them promoting their brand for sale on the internet, and you should be aware of that.