Admiral Markets / Mtrading India doing Cheating with clients

kppatel2561

Recruit
Messages
3
Hello,
I am working with Admiral markets (India) since more than 3 years, i had already deposited more than 150k USD with this company. but from last few months i faced many problem in company server like night time big slippage and hedge trade stop out my a/c, one time in same situation company gave me 2200 USD refund after fighting more than 25 days with local branch Head. Again same kind problem i am facing, my Hedge trade was closed only due to night time wrong slippage and my a/c was stop out, even main point is i also have 800k USD a/c with HOTFOREX for same i asked to them about this so they send me tick data in that there is no any Gap or any events on that time , but only with Mtrading platform they told there was Gap due to Event, they only giving excuses to me, local manager is explaining there was events and because of that your a/c was stopout, but when i asked for tick data that time they only giving excuses with out any solution . i show them HOT FOREX tick data but there is no any update in my a/c. now i am feel this company doing cheating with clients with wrong price in night time. i wants my money back any how . so please request to you help me for this.
My a/c no : 8042985
email : kppatel2561@yahoo.com
I traded in : AUD/USD with 5 lot sell & 5 lot Buy and 1 lot in same is opened buy trade.
Order no : 30377237,30372020,30374627
 

navyseal

Private
Messages
291
Even if they return the money to you, don't trade with them anymore. A client with 150k deposited should be served better than this.
 

kahsau

Private
Messages
18
well, I have few friends who worked there and MTrading is a pure market maker. So, good luck with getting your money back. If i were you, i would take my money and run as fast as possible. I have heard dozen such stories about them. But, as it is based in India, there cannot be any official complaint about it.
 

navyseal

Private
Messages
291
Yes, India prohibit forex trading and I think it's very hard for kppatel complain for his case to get money back.
 

Matthew Collins

MTrading Representative
Messages
11
Hello,
I am working with Admiral markets (India) since more than 3 years, i had already deposited more than 150k USD with this company. but from last few months i faced many problem in company server like night time big slippage and hedge trade stop out my a/c, one time in same situation company gave me 2200 USD refund after fighting more than 25 days with local branch Head. Again same kind problem i am facing, my Hedge trade was closed only due to night time wrong slippage and my a/c was stop out, even main point is i also have 800k USD a/c with HOTFOREX for same i asked to them about this so they send me tick data in that there is no any Gap or any events on that time , but only with Mtrading platform they told there was Gap due to Event, they only giving excuses to me, local manager is explaining there was events and because of that your a/c was stopout, but when i asked for tick data that time they only giving excuses with out any solution . i show them HOT FOREX tick data but there is no any update in my a/c. now i am feel this company doing cheating with clients with wrong price in night time. i wants my money back any how . so please request to you help me for this.
My a/c no : 8042985
email : kppatel2561@yahoo.com
I traded in : AUD/USD with 5 lot sell & 5 lot Buy and 1 lot in same is opened buy trade.
Order no : 30377237,30372020,30374627

Dear Mr. Khodidas Patel Popatlal,

Thank you for contacting ServiceCom Ltd (hereinafter “MTrading”).

At MTrading we strive to provide the highest standard of customer service and experience. Our customers’ feedback is always appreciated as with the input of our valued customers we continue to improve our level of service even further.

As such, we would like to affirm that your official claim and trading operations with MTrading have been carefully reviewed.

Please accept our sincere apologies for possible delay in answering to your questions and providing you proper information.

We went through your query and details which you provided and investigated each order in depth on your trading account #****685 . We are sharing the findings and results which we got after investigation. Please kindly find them below.

We would like to draw your attention, that you are trading using an M.Pro account type which runs on Market Execution model and provides you access to place orders directly in the market. In such account, we offer our clients floating spreads which tend to provide tighter spreads and better trading conditions.

Please kindly take into consideration, that as this account type runs on Market Execution model, in this account you are not trading against your broker, instead your trades are directly sent to market for execution and execution of orders is performed based on the available price and volume in the market.
In case of pending orders, if the prices which are requested by the Client are not available, then the orders are executed at the next available prices; however, if the requested volume is not available in the market at such prices, then the orders are not guaranteed for execution.

Analysis of the orders #*****237,#*****020 & #*****627 executed on your account #****685 indicated that following orders were closed correctly by Stop Out (SO) with the comments so: 16.5%/78.8/477.5 for order #*****237, so: 19.8%/78.8/397.4 for order #*****020 and so: 19.9%/78.8/397.0 for order #*****627.

Please kindly be informed, that orders in question were correctly closed at a valid market price that was available for execution to MTrading clients during abnormal market conditions. Please note that during normal market conditions when quotes are changing gradually without increased volatility and any price gaps customers’ orders are executed without slippage. At a time when market conditions significantly change and no longer can be deemed as normal market conditions e.g. during news announcements or speeches of central bankers, quotes displayed on the trading platform may be hypothetical and exchange rates may not be available for the order execution. In such situations market’s liquidity drastically drops resulting in prices not changing gradually but illiquid. As a result of that Stop Loss orders or Buy Stop / Sell Stop pending orders might be executed with slippage if there is no available price for particular instrument (no trading occured in-between, and there is no possibility to fill orders by posted prices - in gap those do not exist).

Please also take into consideration, that Stop Out level for M.Pro account is activated when Margin Level drops to or below 30% starting the process of automatic closure of orders being opened on the account. Aim of the Stop Out mechanism is to prevent occurrence of the negative balance on your account. It has to be understood that Stop Out level might not be activated at the Margin Level of 30% if price gap occurs or there is no quote enabling orders to be filled.

In trading account history, closing price value is indicated in the second "Price" field. "Comments" field record, namely so: 16.5%/78.8/477.5 for order #*****237, indicates accordingly Margin Level in %/Equity/Margin. Your orders #*****237 were closed by Stop Out and such a commentary gives evidence to reaching critical "Equity" level on your account #****685. Stop Out level on your account number #****685 was activated at the Margin Level of 16.5%. Equity value at the moment of Stop Out amounted to 78.8 USD, which is 16.5% from Margin value amounted to 447.5 USD. As a result of that your orders have been closed.

As such, we would like to state, that execution of orders (SO processing) in question were made in fully accord to our published Conditions of service.

Dear Khodidas Patel Popatlal, we would like to provide you additional documentation about your query which includes the server logs of your orders and tick history. Please kindly find proper files in attachment. (AUDUSD-Pro Ticks.txt)

As stated above, we checked all the logs of each above mentioned order along with tick history from our liquidity partners.

We would like to provide you a short summary:

Order #*****237
2015.05.07 15:13:26.695 *7.***.*6.**4 '****685': order #*****237, buy 5.00 AUDUSD-Pro at 0.79697
2015.05.08 00:10:11.526 '****685': StopOut Called for order #*****237
2015.05.08 00:10:11.526 '****685': MT Margin Info #****237 [bal: 3006.64 pr_bal: 3006.64 mar: 477.46 free_m: -398.64 eq: 78.82 ml: 16.5]
2015.05.08 00:10:11.526 '****685': order #*****237 buy 5.00 'AUDUSD-Pro' closed at 0.79062, swap: 11.40 comm: -50.00.

Order #*****020
2015.05.07 09:18:02.295 *7.***.*6.**4 '****685': order #*****020, buy 1.00 AUDUSD-Pro at 0.79847
2015.05.08 00:10:11.604 '****685': StopOut Called for order #*****020
2015.05.08 00:10:11.604 '****685': MT Margin Info #*****020 [bal: -206.96 pr_bal: 3006.64 mar: 397.38 free_m: -318.56 eq: 78.82 ml: 19.8]
2015.05.08 00:10:11.604 '****685': order #*****020 buy 1.00 'AUDUSD-Pro' closed at 0.79062, swap: 2.28 comm: -10.00.

Order #*****627
2015.05.07 12:14:27.602 *7.***.*6.**4 '****685': order #*****627, sell 5.00 AUDUSD-Pro at 0.79402
2015.05.07 12:17:54.195 *7.***.*6.**4 '****685': modify order #*****627, sell 5.00 AUDUSD-Pro at 0.79402, sl: 0.00000 tp: 0.00000 -> sl: 0.79492 tp: 0.00000
2015.05.07 12:17:54.195 : request from '****685' (modify #30374627 sell 5.00 AUDUSD-Pro at 0.79402 sl: 0.79492 tp: 0.00000)
2015.05.07 12:17:54.211 *7.***.*6.**4 '****685': modified #*****627, sell 5.00 AUDUSD-Pro at 0.79402, sl: 0.79492 tp: 0.00000
2015.05.07 12:25:13.024 *7.***.*6.**4 '****685': modify order #*****627, sell 5.00 AUDUSD-Pro at 0.79402, sl: 0.79492 tp: 0.00000 -> sl: 0.00000 tp: 0.00000
2015.05.07 12:25:13.024 : request from '****685' (modify #30374627 sell 5.00 AUDUSD-Pro at 0.79402 sl: 0.00000 tp: 0.00000)
2015.05.07 12:25:13.039 *7.***.*6.**4 '****685': modified #*****627, sell 5.00 AUDUSD-Pro at 0.79402, sl: 0.00000 tp: 0.00000
2015.05.07 13:44:28.664 *7.***.*6.**4 '****685': modify order #*****627, sell 5.00 AUDUSD-Pro at 0.79402, sl: 0.00000 tp: 0.00000 -> sl: 0.00000 tp: 0.79392
2015.05.07 13:44:28.664 : request from '****685' (modify #30374627 sell 5.00 AUDUSD-Pro at 0.79402 sl: 0.00000 tp: 0.79392)
2015.05.07 13:44:28.680 *7.***.*6.**4 '****685': modified #*****627, sell 5.00 AUDUSD-Pro at 0.79402, sl: 0.00000 tp: 0.79392
2015.05.07 15:31:07.336 *7.***.*6.**4 '****685': modify order #*****627, sell 5.00 AUDUSD-Pro at 0.79402, sl: 0.00000 tp: 0.79392 -> sl: 0.00000 tp: 0.00000
2015.05.07 15:31:07.336 : request from '****685' (modify #30374627 sell 5.00 AUDUSD-Pro at 0.79402 sl: 0.00000 tp: 0.00000)
2015.05.07 15:31:07.352 *7.***.*6.**4 '****685': modified #*****627, sell 5.00 AUDUSD-Pro at 0.79402, sl: 0.00000 tp: 0.00000
2015.05.08 00:10:11.729 '****685': StopOut Called for order #*****627
2015.05.08 00:10:11.729 '****685': MT Margin Info #*****627 [bal: -999.68 pr_bal: 3006.64 mar: 397.01 free_m: -318.19 eq: 78.82 ml: 19.9]
2015.05.08 00:10:11.729 '****685': order #*****627 sell 5.00 'AUDUSD-Pro' closed at 0.79172, swap: -46.50 comm: -50.00.

Additionally, we would like to bring to your attention, that rice gaps are the result of the activities of the trading participants on a given instrument. Lack of the market liquidity in the given period of time results in price gaps. In the case of the price gaps it is not possible to open/close orders at the price that didn’t occur (included in the gap). Also, please take into consideration that Forex is an OTC market (over the counter) and there might occur differences in quotes between different brokers. Brokers may have their access to the market from different liquidity providers. During normal market conditions when market’s volatility is not high, differences in quotes are small and irrelevant. In unusual market conditions, for example during news or important macroeconomic data releases the difference can be significantly higher. When trading with certain broker you accept quotes delivered by the broker and it is a rule of Forex market not MTrading’s offer.

Please kindly refer to the section #7. Liquidation of Customer Positions in the "Terms of Business":

7.1. MTrading shall have the right, in its sole discretion, but not the obligation, to liquidate all or any part of Customer’s positions if:

7.1.1. Customer’s account has minimum margin level specified by MTrading for Customer’s account type;
Additionally, please refer to the section #11. Spread:

11.1. In Instant Execution mode, the spreads shall have fixed spread values, as specified by contract details at MTrading webpages

11.2. In Market Execution mode, under normal market conditions all spreads shall have floating spread values specified by contract details that are published at MTrading webpages. MTrading has the right, in its sole discretion, but not the obligation, to widen spreads.

Taking into account the above mentioned facts and attached logs, we would like to state that the execution of all above mentioned orders was fair and comply with the Terms of Business as provided above. As such, orders closed at the conditions mentioned above are not to be corrected or refunded in any way.

We apologize for the possible inconvenience once again and highly appreciate your understanding and cooperation.

Best regards,
MTrading
 

kppatel2561

Recruit
Messages
3
This is all details are faked, Everyone please Note : This company is doing huge spread winding while on market opening , so that time client account will stop out and when client is doing complain that time only they are giving excuses due to this: Low Liquidity, important event your trade was closed, but actually real thing is it's 200% doing manipulation while on night time .

Dear Mtrading Team

i also doing your complain to your regulatory body to IFSC : International Financial Services Commission , with all explanation i will send email to them .
Also i will spoiled your brand name in Indian market also. soon you will get result.
 

Matthew Collins

MTrading Representative
Messages
11
Dear Mr. Khodidas Patel Popatlal,

We at MTrading believe in client satisfaction for both, trading and complaints management. We are sorry to hear about your negative experience while trading with MTrading.
First of all we would like to inform you that the account number which you have provided above is incorrect and doesn’t belong to you. It is recommended to please share correct details in order for the discussion to be error free. We investigated the entire case in detail and there are a lot of facts that we would like to highlight about your account as well as the trades that were placed in your account and are questioned in this post.

We have already provided the logs and terms and conditions of our services in earlier post. Considering your concern and our standards of service we would like to bring your attention to following facts that must be considered while trading with FX and CFD instruments.

Leverage and Trading Strategy:
We examined all your trades prior to the trades in question and also the trades that you placed after these. We found that you kept your leverage as 1:1000 which is good in terms of allowing a trader to manage bigger positions with a smaller margin requirement; however, leverage being a double edged sword, it is also a step towards exposing your account to higher risk once bigger trades are opened.
Considering the fact about leverage being 1:1000 we see that you had opened a total of 11 lots (1,00,000 units/lot) which means 1.1 million units of currency which you decided to manage with a total capital of 3006.64 USD.
Having 11 standard lots open with a balance of 3006.64 USD itself is considered to be a very risky in any market that allows margin trading. We are sure this can be well understood by you as well as other members and followers of this post. For reference, we are attaching the Equity Report of your account for the day prior to Stop Out.
Attachment: Equity Report
Management of Floating P/L:
In the report above, we can see that your floating loss was 2409.00 USD which left your account with a total Free Margin of 120.18 USD whereas Used Margin was 477.46 USD which ultimately leaves your account to only 454 USD away from the Stop Out which is at 30%.
The currency instrument you traded was AUDUSD-Pro which results in 10 USD for movement of every Pip or 10 fractional pips as this is a 5 digit account. Taking into consideration the pip movement, your account was only 4.12 pips away from Stop Out [454/ (10 USD * 11 lots)].

Out of these lots 10 lots were hedged still leaving 1 lot exposed. This further puts your account to risk of loss, spread widening due to market volatility, low liquidity and other factors mentioned earlier. Overall we found that your trading strategy involves high risk of stop out as the risk management is found missing. We checked the trades which you hedged and found that your account was already in a floating loss of 2000 USD (balance was 3000 USD) when you hedged the orders still leaving 1 lot open.
We are attaching the statement for that day for reference.
Attachment: Statement_8042685

Execution Method of Account:
Please note once again that you are trading using an M.Pro account which runs on Market Execution model or Non Dealing Desk model. In this type of account, the orders are routed directly to the Market or Liquidity Provider and are executed at the current market prices. For pending orders, the request for execution is sent to server once the Pending order price reaches the market and order is executed at the current market price which is available when the order reaches server for execution from the queue.
We all know that Market Execution model is designed to provide transparency to traders and better trading conditions by eliminating the dealing desk. In this account, we gather quotes from our liquidity partners and provide the Highest Bid and Lowest Ask price to the client that allows us to provide tighter spreads; however, during times of high volatility and very low liquidity when no trading is taking place the spread tends to widen as there are less options of getting a high Bid and low Ask. This situation is beyond the control of broker and it is also mentioned in our terms of service.

We still feel sorry for your unfavorable experience in trading; however, it is very clearly stated on our website about the risks involved and also our local managers assist our clients in understanding these terms. In order for our clients to trade happily, we provide daily market analysis reports that include Technical Analysis, Fundamental Analysis and so on. Additionally we also offer MT4 Supreme Edition to all our clients that allow traders to get deeper insight of the market and manage a lot of news, events, market sentiment and trades with just few clicks. So, on the broker’s side, we do not see any error that could have caused your account to stop out during normal market conditions. We see that the risk management and trading strategies used in your account appear to be risky.

After reviewing all the situations and comments in the post and also the information fetched from our server about your orders, we do not see any fault while execution of trades, neither in the trading conditions at that time. We do not see any grounds of providing a refund for these orders as the execution of these orders was made in accordance with our terms of services provided on our website. We see that we have shared sufficient information with facts and figures which should clarify the issue for everyone in the post.

Please share any questions or suggestions.
View attachment statement 8042685.docxView attachment equity report.docx
 

Ralph Benitez

Recruit
Messages
8
I don't particularly disagree that Mtrading is a bad company.But spread widening during opening is normal. Anyone with any knowledge of how the market liquidity works knows that.
 
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