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
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
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