Admiral Markets and Mtrading are cheating with traders ! NEW SCAMS !!!

akib chowdhury

Private
Messages
14
Admiral Markets is not a new name in fx broker, they have an average reputation as a broker. I have been trading with them for almost a year.
I have an pro ECN a/c with them. But now they are showing their true colors maybe...

#1
I had 2 pending orders(buy stops) in 2 pair's NZD/USD at 0.85687 and NZD/Jpy at 87.476 ,
which was triggered Nzd/usd at 0.86042 = 35.5pips against my actual position.
Nzd/Jpy 87.761 = 28.5 pips against my actual position.

In the first two Attachments you can see the proof.

#2
again a few days ago, i had a running trade in NZD/Jpy at 88.221, SL was 88.265, with strict Stop loss (sl fixed at 2pips profit as my trade was already in profit). But The trade closed 75pips against me !

3rd and 4th Attachments will give you the proof of this trade.

#3
When i contacted with them(Bangladesh Admiral Markets representative Mr. Obidur) about the problem, he told me it was all about Slippage. He cant help me with that.
Now let me show you what Admiral Markets have shown in their ECN slippage policy. If you can look at the 5th Attachments they specifically said positive slippage will be passed on.

#4
I also want to tell you guys that Admiral Markets pull the plug on traders every trading day before day closing for upto 15mins, Traders cant see or set their trades in that time. They close the server for daily confirmation bla bal bal. well thats what they say. but as a trades point of view its really annoying and i personally feel that its not right. Because i cant get access to my a/c, its very terrifying not to see whats going on in my a/c or with my running trades.

But Mr. Obidur himself told us that its nothing. That was just a procedure bla bla bla..... everything including running trades and pending orders will be the same as always.

I have a proof of him saying that and i will post it in replay because there has been already 5 Attachments in the post.

#5
I opened my a/c with Admiral by providing all necessary documents, i already withdraw-ed my profit once and didn't faced any problem. But now after Admiral launched Mtrading they are telling me to re-upload my documents. I just dont understand why they are asking me again to uplode my documents. Admiral has many respectable regulations. Then they launched Mtrading which is under very poor regulations. Admiral on the other hand said that they will not take any liabilities of Mtrading.


I hope that FOREX PEACE ARMY will take this issue seriously. I have complete faith in FPA. I hope they will find a solution as early as possible.
And i hope the readers/trades will also participate in this issue. Im counting on all of you.
Thank you.
 

Attachments

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chaosscrem

Corporal
Messages
87
Many ECN brokers (or so called ECN) stops platforms around (but not exactly) at 10:00 pm London time for 15-20 min for example FX Pro on cTrader. They have quite big spread shortly before and after that. But market is still open so prices change. I think this is the issue because Ive noticed You probably put orders shortly before maintenance shutting. Orders from 12.06 and 23.07 has been opened around 0:11 (probably the time maintenance ends) with huge slippage because brokers use updated market price not old ex. from 0:00 because they were shut at this time. In other word they open prices with gaps and You are the victim of this phenomenon. As You can see at 11.06/12.06 there was important event for NZD : cash rates. You put your order on NZDUSD and platform was stopped probably. When it opened (probably around 0:11 as same as on 23.07) the market price was 0.8602 BID so ASK should be something You have been quoted (0.8604). Similar issue with NZDJPY. Check this: nzdjpy1206.png and: nzdusd1206.png On 24.07 we had again NZD cash rate and have probably similar issue that is connected with case from 12.06. Price You got looks ok - its market price. Check this: nzdjpy2307.png.
Ive noticed also that You use stop orders. Stop price is not price that order will be filled but price that our order will be SENT to market ex. when market price hits stop order it is filled on market price so its quite often to get slippage with that kind of order especially when market gaps. So You had stop order ex NZDUSD at 0.8568 but You get far worse price because of market gap and nature of stop order. When You put stop loss order it works similar way. It is SENT to market when market hits stop price so it is possible to loose money when market gaps. Check for reference : Stop Order Definition | Investopedia
 

Matthew Collins

MTrading Representative
Messages
11
Dear Mr. Chowdury,

We have read your message and we are very sorry to hear about your unhappy trading experience. As our valued customer, we take your concerns very seriously. Hence, please allow us to address them one by one.
Before anything else, we would like to clarify that MTrading is an endorsed partner of Admiral Markets. All the services of Admiral Markets Ltd., which you have been using earlier, are now offered through MTrading. This operational change was conducted worldwide, across countries that were being serviced by Admiral Markets Ltd. However, though this may not have seem to be the case, we want to assure you that the said operational change does not affect your trading conditions and money operations, as well as that of all our other customers across the globe.

Reading through your queries in detail, we investigated each point from all possible angles to find out what happened. Guided by the points you have raised, below are our findings for your reference:
  • You hold an M.Pro account that runs on Market Execution, on a Non-dealing Desk due to the ECN model. In the ECN model, price quotes are received from our liquidity partners, and the best match for highest bid price and lowest ask price is displayed on the customer’s MT4 platform. In the Market Execution type, spreads are floating and tend to widen during abnormal market conditions, or in cases of market disruptions such as: news releases, major economic events, etc. This execution method provides a guarantee of execution of orders without any re-quote. However, this can also possibly result in a slippage which is common during the highly volatile periods in the markets, as there are big price movements and major gaps. You can see these gaps in the market on your MT4 by selecting the M1 candlestick charts.
  • The execution of order numbers #xxxx5252, #xxxx5269, and #xxxx2278 originating from your trading account #xxxx029 was in accordance to the Terms and Conditions of MTrading. The orders in question were correctly opened as valid for execution market price available to MTrading clients during abnormal market conditions. These orders were opened with a price of 87.761 and 0.86042, respectively. The order with an SL was closed at a price of 87.462. This value is indicated in the “Price” field. Also, the orders that were closed with an SL also have a comment stating: “s/l” in the comments section. This happened due to a gap in the market, which occurred during the break time. The break time for NZDJPY-Pro and NZDUSD-Pro is 23:55 to 00:11 EET. During this time, the calculation of Swap is performed, and no trading was allowed. When attempts are made to open, close, and/or modify of a trade, a customer will get a “Market Closed” message. Unfortunately, the Gap you experienced happened during this break. For clarification, a Gap is defined as a significant difference between two consecutive quotes; such may be shown on charts as a blank field between bars or candles when the time period between the two quotes covers the bar’s or the candlestick’s close time. Gaps will be visible on the chart only if the price quote directly preceding the price gap formation is the quote that completes the formation of the bar or candlestick. An example would be a one-minute chart, where, if the price gap starts in the middle of the one-minute bar/candle, a long bar/candle or its shadow will be displayed.
  • In accordance to "Contracts, Forms and Provisions", clause 6.8.2. "Orders Cancelled by the Dealer and Orders Executed with Slippage", orders #xxxx5252 and #xxxx5269 were opened with slippage, and order #xxxx2278 was closed with slippage, at the first available for execution price of 87.761, 0.86042, and 87.462, respectively. This provision is referred from the Terms and Conditions available on the following page.
  • Please bear in mind that orders, including Stop Loss orders, are instructions for transactions at a hypothetical price that may not exist in the sequence of real market prices. As it is not possible to retroactively open trades or use prices that do not exist, MTrading has sufficient reason to facilitate the execution of orders using the first available for execution market price, as was done in the case with orders #xxxx5252, #xxxx5269, and #xxxx2278.

Even though MTrading will exercise all reasonable and available means to facilitate the best processing of clients orders, it is impossible to fully guarantee order execution, as requested by the client, across various market conditions. Risks associated with high volatility or low liquidity are solely the responsibility of individual clients. The said risks increase significantly when trading at the time of major macroeconomic or political news releases and/or trade resumptions after national holidays or weekends.

In further investigation of orders #xxxx5252, #xxxx5269, and #xxxx2278 and the information provided above, these orders were executed in full accordance to our published Terms and Conditions. Hence, your orders opened with slippage at the conditions mentioned above are not to be corrected.

For full understanding our findings, please refer to the attached Order Logs of all your three orders. In addition, we have provided the tick history and chart graphic for the opening of first two orders, and for the closing of the third order (some of the files will be attached in the second post as there's a restriction of 5 attachments per post). In the order logs, it is clearly visible that the orders were executed according to the Terms of Service. These logs were also generated in your computer that you had used for trading.

You can pull out the logs using the following steps:
  • Open MT4>Journal tab (in Terminal window)>Right click on any message in Journal and click Open.
  • This will open a new folder with all the log files in .txt or notepad format. The names of the files are dates. For example, 20140723 refer to July 23, 2014. Similarly, you can pull the logs of all the orders which you have queries about.

Please know that MTrading is not trading against the customers under any circumstances, moreover as the M.Pro account is a Market Execution account and all the orders are sent directly to the market for execution. MTrading has no control over the market situation and there is no switch that can be turned off to stop traders from trading. The time specified in the orders is the break time which occurs every day, which is also discussed on our website. Click on the currency pairs to see their opening and closing times, along with their daily break times.

Having done a thorough investigation of your complaint and the corresponding explanation listed above, we would like to inform you that the execution of orders was made according to industry standards. Highlighting the point about slippage possibilities in the ECN model of execution, and how it had affected your orders. This model is the same across any legitimate ECN broker, with slippage occurring during major news releases.

We are, once again, very sorry about your losses in trading. However, in this particular instance, a situation completely based on market movements and not controlled by any single entity, was beyond our control. As our valued customer, we would like to offer you our latest promotions as a gesture of goodwill instead. We would be delighted to speak to you and tell you more about this offer.

It is our sincerest hope that the answers above had satisfactorily addressed your concerns. If you have further questions regarding this matter, please do not hesitate to contact us by email to support@mtrading.com. You can also reach us via Live Chat at: MTrading.

Best regards,
The MTrading Team

View attachment Order Logs.txt
NZDJPY.jpg
NZDJPY_7_23.jpg
NZDUSD.jpg
 

FxMaster

Lt. Colonel
Messages
9,449
Admiral Markets is not a new name in fx broker, they have an average reputation as a broker. I have been trading with them for almost a year.
I have an pro ECN a/c with them. But now they are showing their true colors maybe...


Can we have your response on Rep`s reply ?
 

akib chowdhury

Private
Messages
14
admiral market's server.png

here the Admiral Market Representative said himself that during the off hour of the terminal all trades will be active, and wont be a problem at all.....
I have traded with others broker before..... they had their problems but i never faced this kind of problem. Its just a lame excuse talking about slippage, I had pending orders which triggered wrongly. If i cant get the exact price i want , i wont certainly trade, its just simple as this. FXCM broker they never do things like admiral market / Mtrading did in my case.
on the other hand i had an positive SL in my trade but it closed 70pips against me. This kind of think is unacceptable. If you are not cheating with traders than whats this.... ??? Isn't this cheating ?
My pending orders goes against me,
I cant relay on my StopLoss setup
and you are saying that it was all in terms&conditinds ! This is nonsense ! I never faced anything like that in my 3 years of trading.
 

Pharaoh

Colonel
Messages
19,929
Matthew, any reason for those BIG gaps around the same time that trading is blocked?
 
Messages
149
Dear Mr. Chowdury,

We have read your message and we are very sorry to hear about your unhappy trading experience. As our valued customer, we take your concerns very seriously. Hence, please allow us to address them one by one.
Before anything else, we would like to clarify that MTrading is an endorsed partner of Admiral Markets. All the services of Admiral Markets Ltd., which you have been using earlier, are now offered through MTrading. This operational change was conducted worldwide, across countries that were being serviced by Admiral Markets Ltd. However, though this may not have seem to be the case, we want to assure you that the said operational change does not affect your trading conditions and money operations, as well as that of all our other customers across the globe.

Reading through your queries in detail, we investigated each point from all possible angles to find out what happened. Guided by the points you have raised, below are our findings for your reference:
  • You hold an M.Pro account that runs on Market Execution, on a Non-dealing Desk due to the ECN model. In the ECN model, price quotes are received from our liquidity partners, and the best match for highest bid price and lowest ask price is displayed on the customer’s MT4 platform. In the Market Execution type, spreads are floating and tend to widen during abnormal market conditions, or in cases of market disruptions such as: news releases, major economic events, etc. This execution method provides a guarantee of execution of orders without any re-quote. However, this can also possibly result in a slippage which is common during the highly volatile periods in the markets, as there are big price movements and major gaps. You can see these gaps in the market on your MT4 by selecting the M1 candlestick charts.
  • The execution of order numbers #xxxx5252, #xxxx5269, and #xxxx2278 originating from your trading account #xxxx029 was in accordance to the Terms and Conditions of MTrading. The orders in question were correctly opened as valid for execution market price available to MTrading clients during abnormal market conditions. These orders were opened with a price of 87.761 and 0.86042, respectively. The order with an SL was closed at a price of 87.462. This value is indicated in the “Price” field. Also, the orders that were closed with an SL also have a comment stating: “s/l” in the comments section. This happened due to a gap in the market, which occurred during the break time. The break time for NZDJPY-Pro and NZDUSD-Pro is 23:55 to 00:11 EET. During this time, the calculation of Swap is performed, and no trading was allowed. When attempts are made to open, close, and/or modify of a trade, a customer will get a “Market Closed” message. Unfortunately, the Gap you experienced happened during this break. For clarification, a Gap is defined as a significant difference between two consecutive quotes; such may be shown on charts as a blank field between bars or candles when the time period between the two quotes covers the bar’s or the candlestick’s close time. Gaps will be visible on the chart only if the price quote directly preceding the price gap formation is the quote that completes the formation of the bar or candlestick. An example would be a one-minute chart, where, if the price gap starts in the middle of the one-minute bar/candle, a long bar/candle or its shadow will be displayed.
  • In accordance to "Contracts, Forms and Provisions", clause 6.8.2. "Orders Cancelled by the Dealer and Orders Executed with Slippage", orders #xxxx5252 and #xxxx5269 were opened with slippage, and order #xxxx2278 was closed with slippage, at the first available for execution price of 87.761, 0.86042, and 87.462, respectively. This provision is referred from the Terms and Conditions available on the following page.
  • Please bear in mind that orders, including Stop Loss orders, are instructions for transactions at a hypothetical price that may not exist in the sequence of real market prices. As it is not possible to retroactively open trades or use prices that do not exist, MTrading has sufficient reason to facilitate the execution of orders using the first available for execution market price, as was done in the case with orders #xxxx5252, #xxxx5269, and #xxxx2278.

Even though MTrading will exercise all reasonable and available means to facilitate the best processing of clients orders, it is impossible to fully guarantee order execution, as requested by the client, across various market conditions. Risks associated with high volatility or low liquidity are solely the responsibility of individual clients. The said risks increase significantly when trading at the time of major macroeconomic or political news releases and/or trade resumptions after national holidays or weekends.

In further investigation of orders #xxxx5252, #xxxx5269, and #xxxx2278 and the information provided above, these orders were executed in full accordance to our published Terms and Conditions. Hence, your orders opened with slippage at the conditions mentioned above are not to be corrected.

For full understanding our findings, please refer to the attached Order Logs of all your three orders. In addition, we have provided the tick history and chart graphic for the opening of first two orders, and for the closing of the third order (some of the files will be attached in the second post as there's a restriction of 5 attachments per post). In the order logs, it is clearly visible that the orders were executed according to the Terms of Service. These logs were also generated in your computer that you had used for trading.

You can pull out the logs using the following steps:
  • Open MT4>Journal tab (in Terminal window)>Right click on any message in Journal and click Open.
  • This will open a new folder with all the log files in .txt or notepad format. The names of the files are dates. For example, 20140723 refer to July 23, 2014. Similarly, you can pull the logs of all the orders which you have queries about.

Please know that MTrading is not trading against the customers under any circumstances, moreover as the M.Pro account is a Market Execution account and all the orders are sent directly to the market for execution. MTrading has no control over the market situation and there is no switch that can be turned off to stop traders from trading. The time specified in the orders is the break time which occurs every day, which is also discussed on our website. Click on the currency pairs to see their opening and closing times, along with their daily break times.

Having done a thorough investigation of your complaint and the corresponding explanation listed above, we would like to inform you that the execution of orders was made according to industry standards. Highlighting the point about slippage possibilities in the ECN model of execution, and how it had affected your orders. This model is the same across any legitimate ECN broker, with slippage occurring during major news releases.

We are, once again, very sorry about your losses in trading. However, in this particular instance, a situation completely based on market movements and not controlled by any single entity, was beyond our control. As our valued customer, we would like to offer you our latest promotions as a gesture of goodwill instead. We would be delighted to speak to you and tell you more about this offer.

It is our sincerest hope that the answers above had satisfactorily addressed your concerns. If you have further questions regarding this matter, please do not hesitate to contact us by email to support@mtrading.com. You can also reach us via Live Chat at: MTrading.

Best regards,
The MTrading Team

View attachment 16179
View attachment 16180
View attachment 16181
View attachment 16182

Dear Rep,

I have a query, is it necessary to close market for calculating swap. If so, these calculation will be automated and doesn't take much time to compute. Why there is such a long break of around 15-16mins.

If we say that things are right, then its always a loss to customers. they wont be having any control during those vital minutes when a news pops in or there is something volatile.

So the clients are the ultimate looser of their money. Is their any way this can be sorted out.
 

akib chowdhury

Private
Messages
14
All this happened after the daily server closing time. I was not able to watch my trades at all in that time (13-15mins). and All trades were took before that closing time, which should not be a problem according to Admiral's rep. But even the trades were in my favor i happened to be in the loosing side.
They are just getting their hands dirty.
I think they are using this time frame to take away trades valuable pips.
They haven't answered your questing which is logical and has everything to do with my situation.
 

Matthew Collins

MTrading Representative
Messages
11
Dear Mr. Chowdury,

We have looked through your queries in detail, the information related to your positions, and reasons for closing them. As a valued customer, we take your concerns seriously so allow us to address them.

Market news and data are released for different regions at different times, which can cause big price movements. These movements include gaps so if a pair is trading at a certain price and there is suddenly a news release, the market may turn volatile. The next quote for that certain pair may be different from the existing quote. It is not necessarily the case that the next currency quote will be in a similar range with the previous quote.
Our quotes are provided by our liquidity partners, over 12 of the largest banks in the world including: Citibank, Morgan Stanley, Deutsche Bank, UBS, and many others—all reputable players in the financial industry. These partnerships strengthen the security in our financial operations and allow us to provide tighter spreads; and ultimately offer the best trading conditions for our clients.

As indicated in the trading conditions on our site, there is a break time of 16 minutes in pairs. During this time, no trading activities are allowed. It means opening and closing of orders, and modifying of pending orders are not allowed at this time. If there is any news release, gap, or big price movement, it will have no effect on the trades of a client as trading activities will not be allowed to push through. Any effect on the trades can only take place once the market is open again. All the orders are executed at the first available price once the market opens. Please refer to our trading Terms and Conditions where such conditions are specified.

In reference to clause 6.8.2 “Orders Cancelled by Dealer and Orders Executed with Slippage”
In the event that slippage occurs, this is beyond the control of MTrading and is dependent on market conditions. As a broker, we have no control over these situations so the responsibility during movements in the market lies with the trader.

We understand that this was an unfortunate situation, as the news was released during a break. However, in this situation, the occurred movement in the market was beyond our control. As a valued customer,

ASSTMODERATOR NOTE: Advertising text removed.

Representatives may address trader issues inside of Scam Alerts. Attempting to advertise outside of the proper folders and threads in the Commerce Zone section of the forum is prohibited. If there is another incident like this, SpamCat will deal with it.

P.S. Bonuses always come with a list of requirements, so are never considered to be "compensation" by the FPA. Asking a client to deposit more money so that a bonus will compensate for previous losses looks more like an insult than a proper way to treat a valued customer.



We truly hope that the answers above had addressed your concern. If you have further questions regarding this matter, please do not hesitate to contact us by email to support@mtrading.com, or via live chat on our website.

Best regards,
The MTrading Team
 
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