Alpari(UK) - withdrawals denied!

LorenzoB

Private
Messages
19
I am writing to you, community of Forex Peace Army, with my total disappointment and astonishment about the recent facts happened to me with Alpari UK.

My apologies for my english, I hope it will be clear.

I have been trading with Alpari UK for a year now,I have a classic account, everything clear and good till the beginning of this month, when I started making quite unexpected profits and bigger than my average records.

I work on the market as a job, self-employed and I consider trading my primary source of income, so 150-200 trades per day are pretty common if the right conditions happen.

After a couple of heavy scalping trading days on CFDs, Alpari started flooding my accounts with "requotes" and various other problems with MT4. So I had to reduce my trading activity down to zero.

As soon as I requested a withdrawal from the account to my bank account, this was ignored at first and then, after asking them more details several times on the phone and by email, on June 10th, I received an email from the Compliance Office saying that they were investigating on my trading activity and so the withdrawal are blocked/denied.

As I consider this behaviour inacceptable, I contacted the FSA (Financial Services Authority - UK) and the Financial Obudsman Service (uk) and I opened a complaint about this conduct of Alpari, they started and Investigation against Alpari regarding my case.

In the meantime I spent the week from the 13th to the 19th of June asking more details about this claim by phone and emails and all my requests were ALL totally ignored.

Finally, on the 20th of June I received another email in which they say that they are still investigating on my trading as they are concerned that my trades were subjected of "manifest error on prices" and more importantly, THEY WILL TAKE THE RIGHT TO DELETE the trades they FEEL are not in the spirit of their agreement, Section 9.36 - not giving me any specific explanation.

This is the Terms of Business documents: http://static.alpari.co.uk/docs/terms_of_business.pdf

9.36. The Company has the right to delete a position if:
(a) the Instruction to open the position precedes the first Quote in the Trading Platform on the Market Opening and a Dealer erroneously executes it at the close price of the previous trading session; or
(b) a Dealer erroneously executes the Instruction to open the position at an Error Quote (Spike); or
(c) the Company makes a Manifest Error while processing the Customer’s Instruction to open the position.


As you can see at Section 9.36 there is no any reference about "delayed/latent" prices nor there is any specific explanation about what a "manifest error" is .

I always and only bought and sold the CFDs at MARKET PRICES , all prices quoted by Alpari itself, none limit-order .
And plus, the document says "positions" not trades that are already been closed .

I am completely sure that if my trading activity generated losses they would have NEVER EVER claimed that I was operating with "manifest errors on prices" and refund me.

I would like to ask you if anyone else has been in my same (or similar) situation and how it ended...
And of course I also want to warn anyone willing to open an account with them that this is probably what they would expect if the make to much profits.

Any help, suggestion, idea, comment is very appreciated.
Thank you for your time.

Lorenzo
 
Last edited:

Sylvie O.

Sergeant
Messages
153
I am writing to you, community of Forex Peace Army, with my total disappointment and astonishment about the recent facts happened to me with Alpari UK.

My apologies for my english, I hope it will be clear.

I have been trading with Alpari UK for a year now,I have a classic account, everything clear and good till the beginning of this month, when I started making quite unexpected profits and bigger than my average records.

I work on the market as a job, self-employed and I consider trading my primary source of income, so 150-200 trades per day are pretty common if the right conditions happen.

After a couple of heavy scalping trading days on CFDs, Alpari started flooding my accounts with "requotes" and various other problems with MT4. So I had to reduce my trading activity down to zero.

As soon as I requested a withdrawal from the account to my bank account, this was ignored at first and then, after asking them more details several times on the phone and by email, on June 10th, I received an email from the Compliance Office saying that they were investigating on my trading activity and so the withdrawal are blocked/denied.

As I consider this behaviour inacceptable, I contacted the FSA (Financial Services Authority - UK) and the Financial Obudsman Service (uk) and I opened a complaint about this conduct of Alpari, they started and Investigation against Alpari regarding my case.

In the meantime I spent the week from the 13th to the 19th of June asking more details about this claim by phone and emails and all my requests were ALL totally ignored.

Finally, on the 20th of June I received another email in which they say that they are still investigating on my trading as they are concerned that my trades were subjected of "manifest error on prices" and more importantly, THEY WILL TAKE THE RIGHT TO DELETE the trades they FEEL are not in the spirit of their agreement, Section 9.36 - not giving me any specific explanation.

This is the Terms of Business documents: http://static.alpari.co.uk/docs/terms_of_business.pdf

9.36. The Company has the right to delete a position if:
(a) the Instruction to open the position precedes the first Quote in the Trading Platform on the Market Opening and a Dealer erroneously executes it at the close price of the previous trading session; or
(b) a Dealer erroneously executes the Instruction to open the position at an Error Quote (Spike); or
(c) the Company makes a Manifest Error while processing the Customer’s Instruction to open the position.


As you can see at Section 9.36 there is no any reference about "delayed/latent" prices nor there is any specific explanation about what a "manifest error" is .

I always and only bought and sold the CFDs at MARKET PRICES , all prices quoted by Alpari itself, none limit-order .
And plus, the document says "positions" not trades that are already been closed .

I am completely sure that if my trading activity generated losses they would have NEVER EVER claimed that I was operating with "manifest errors on prices" and refund me.

I would like to ask you if anyone else has been in my same (or similar) situation and how it ended...
And of course I also want to warn anyone willing to open an account with them that this is probably what they would expect if the make to much profits.

Any help, suggestion, idea, comment is very appreciated.
Thank you for your time.

Lorenzo



Hi Lorenzo,

I'm a newbie. I don't know much about Forex but I suggest that you invite Alapri to take part in the duscussion. Save History reports, take a much screenshots as you can in case you want to file a case.
 
Last edited:

LorenzoB

Private
Messages
19
I received an email from Alpari, in which they say that they WILL delete the 96% of my trades, because they are based on prices that significally differ the "real market price"

Here is the text:

We have discovered a bug in our pricing software which was disrupting our price feed with prices that were manifestly incorrect in the DE30 index instrument.
It is apparent from our investigation of this bug that your account was one that was taking advantage of this bug.

.....

For the avoidance of doubt “Manifest Error” is defined within the Terms of Business as follows:
“Manifest Error” shall mean an error of a Dealer who opens/closes a position or executes an Order at the price which significantly differs from the price for this Instrument in the Quotes Flow at the moment of taking this action, or any or any other Dealer’s action in respect of the prices which are significantly different from the market prices.

We have analysed a total of 288 trades which yielded a net profit to you of €22,230.00 in this instrument over the 8 day period 01/06/2011 to 08/06/2011.
Of these trades 277 were made at prices that differed from comparative market quotes, and in your favour, either upon entry, exit, or both.
This equates to a success rate of 95.85%, a figure that points unequivocally your receiving Manifest Errors in the quotation process.
These differences ranged from 1.0 pips to 65.5 pips (see attached spreadsheet)

Since we believe these trades to have been initiated in breach of our Terms as described above we will, under Section 8.8(a) of our Terms
debit your holdings with us to the extent of the sum owed.

This will occur no sooner than 7 days after the date of this email.

This is totally absurd, but the "funnyiest" part is this one:

This equates to a success rate of 95.85%, a figure that points unequivocally your receiving Manifest Errors in the quotation process.


As they basically admit that my profits correspond to their losses, Otherwise,it's obvious, in the case I had manifestly incorrect prices, but LOST money they would have never initiated the dispute ...

I could, maybe, understand really significantly differences, but what about those with 1-2 points of difference, how could I be aware of it ???

How is it even possible that the 5% of the trades that they are not willing to cancel are ONLY LOSING TRADES ??? ... They were made during the same days, hours, minutes.....

If they talk about a bug in their quotes, does it only affect my winning trades ??? REALLLY ???????

THIS IS A PURE SCAM!
 

Richie

Recruit
Messages
4
I received an email from Alpari, in which they say that they WILL delete the 96% of my trades, because they are based on prices that significally differ the "real market price"

Here is the text:



This is totally absurd, but the "funnyiest" part is this one:

This equates to a success rate of 95.85%, a figure that points unequivocally your receiving Manifest Errors in the quotation process.


As they basically admit that my profits correspond to their losses, Otherwise,it's obvious, in the case I had manifestly incorrect prices, but LOST money they would have never initiated the dispute ...

I could, maybe, understand really significantly differences, but what about those with 1-2 points of difference, how could I be aware of it ???

How is it even possible that the 5% of the trades that they are not willing to cancel are ONLY LOSING TRADES ??? ... They were made during the same days, hours, minutes.....

If they talk about a bug in their quotes, does it only affect my winning trades ??? REALLLY ???????

THIS IS A PURE SCAM!

I guess i would not be opening that Alpari account after all :eek:oh: thank you for posting
 

Pharaoh

Colonel
Messages
20,176
It looks like they are saying that you can only win if you have some sort of alternate price feed and use that to take advantage of Alpari's so-called bug. From their point of view, any losing trade must have been at the correct price.

I wonder if someone from Alpari would like to comment on this?
 

LorenzoB

Private
Messages
19
It looks like they are saying that you can only win if you have some sort of alternate price feed and use that to take advantage of Alpari's so-called bug. From their point of view, any losing trade must have been at the correct price.

I wonder if someone from Alpari would like to comment on this?

"It looks like they are saying that you can only lose..." ... not win* !

I would appreciate a comment from Alpari as well, to see what invent this time to justify their conduct!
 

Albert.b

Sergeant
Messages
154
My money becomes theirs

I was at one time going to open an account with Alpari until I read their terms and conditions!

If I remember correctly, one of the conditions stated that any funds I deposited would not be placed in a client fund account but would belong to Alpari if they went tits-up.

It is bad enough when you lose money, but I certainly ain't going to sign it away before I start trading.
 

akalou

Private
Messages
21
I received an email from Alpari, in which they say that they WILL delete the 96% of my trades, because they are based on prices that significally differ the "real market price"

Here is the text:



This is totally absurd, but the "funnyiest" part is this one:

This equates to a success rate of 95.85%, a figure that points unequivocally your receiving Manifest Errors in the quotation process.


As they basically admit that my profits correspond to their losses, Otherwise,it's obvious, in the case I had manifestly incorrect prices, but LOST money they would have never initiated the dispute ...

I could, maybe, understand really significantly differences, but what about those with 1-2 points of difference, how could I be aware of it ???

How is it even possible that the 5% of the trades that they are not willing to cancel are ONLY LOSING TRADES ??? ... They were made during the same days, hours, minutes.....

If they talk about a bug in their quotes, does it only affect my winning trades ??? REALLLY ???????

THIS IS A PURE SCAM!

that is almost same thing with trades that are in winnings. pending orders sometimes are not acted upon
 

akalou

Private
Messages
21
I was at one time going to open an account with Alpari until I read their terms and conditions!

If I remember correctly, one of the conditions stated that any funds I deposited would not be placed in a client fund account but would belong to Alpari if they went tits-up.

It is bad enough when you lose money, but I certainly ain't going to sign it away before I start trading.

is this above statement really true? please what happened to the much talked about segregated account?
 

LorenzoB

Private
Messages
19
that is almost same thing with trades that are in winnings. pending orders sometimes are not acted upon

Mmm ... what do you mean, sorry?
English is not my mother-tongue so sometimes is difficult to understand.

Thank you.
 
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