AMAZING SPREAD to LOSE MY ACCOUNT on MBCFX.com! STAY AWAY!

[ilearn2t]

Hello tayaa

Welcome to the forum.

Can you let us know if you had a "fixed" spread account or "Floating" spread account at the time of "spike".

I've looked on their website, but can only see Retail Account and Institutional Account the latter suggesting it is a "floating" spread account.

Did you set this trade around any "news events" etc, and or without a backup "StopLoss" in place, or did the order close at a large "slippage" loss because of the outrageous "spike".


Good luck
Liz

 

[Amin EL-HAKIM]

They made this intentionally? But they cover little money back as excuse.

Because they know that there will come a time where you will loose all your capital and they will tell you, "we covered you before", which will give them an edge on public accusation. By the way, this was not a spread thing. When spread widens, it will only affect ask price, so the spread doesn't draw anything on the chart. Like for example, let's say your position was 1 lot not 20 lots, your position would have been in profit and you wouldn't have been stopped out since there was no SL on the order. To keep a record for spread history, you need an indicator that does that.

 

[tayaa]

Yes right fake spike in opposite direction!

 

[tayaa]

Hello tayaa

Welcome to the forum.

Can you let us know if you had a "fixed" spread account or "Floating" spread account at the time of "spike".

I've looked on their website, but can only see Retail Account and Institutional Account the latter suggesting it is a "floating" spread account.

Did you set this trade around any "news events" etc, and or without a backup "StopLoss" in place, or did the order close at a large "slippage" loss because of the outrageous "spike".


Good luck
Liz

I think my account is fixed spread.
The trade did not hit a stop loss as it was entered and was closed by MBC within 1 second with the message of "stop out" which indicates thats a margin call caused by the crazy fake spike!

 

[tayaa]

Today I have invited MBCFX.

I sent an email to;
operations@mbcfx.com,
it@mbcfx.com,
trading@mbcfx.com,
compliance@mbcfx.com

 

[tayaa]

This is them last email

Dear Mrs.,

We have resolved the issue our best regarding your account 550313111.

You should know that you are trading an OTC market and during market news announcement when the markets are volatile and illiquid, especially given the currency pair such as USD/NOK. Our clearinghouse has quoted a price that was available to them at the moment. You have received the price that was available at the same time. If you did not like the price, you had the choice not to accept that price. However using the automated trading system such as EA's is your full responsability to monitor what the system approves and disapproves. If the rate was not a satisfactory rate to you, you had the choice not to accept it.

However, our clearinghouse has accepted after we negotiate with them to credit your account by $12,038.54 and subsequently brought the executed rate to a level that is satisfactory to you and our clearinghouse. Again, our clearinghouse has credited your account to keep our relationship in good terms but the clearinghouse did not rate manipulation or showed an unacceptable price in an illiquid market for an illiquid currency such as USD/NOK.

The spread of USD/NOK was extremely wide and that's the rason the price feed was very chaotic. You were given the price at the moment, you accepted both prices when trading USD/NOK and a choice not to if you did not like it.

The price range during this News was 6.1600 and 6.2800 based on other liquidity providers but trading was volatile during the News time with these providers. Right after the News the price feed spread was 2000 pips because nobody wanted to make markets. The clearinghouse has a fixed spread so their feed is moving up and down when the regular spread is 2000 pips.

As told you before, we highly discourage you to use Automated Program Trading or EAs during the news on highly illiquid products such as USD/NOK since you cannot control the trade and if you do not like the price published by the market maker, you cannot have the choice not to deal or accept it with the actual EA you are using.

If the EA is being used, it is the responsability for the account holder to watch the prices and not the responsability of the clearinghouse to deal with the trading program of the client.

I hope the explanations have been sufficiently clear, we have send you numerous emails explaining the situation for the USD/NOK but if you need us to give you further information by phone, please let us know and we will be happy to call you at a convenient time.

Best regards,

Christine
MBCFX Operations

 

[Amin EL-HAKIM]

This is them last email

It's good that you got this resolved. I would advise you trade smaller to avoid such stop outs. I can't really tell you to leave the broker. This is up to you. But the way I see it, since they are providing you with good prices and you can withdraw your profits, what the hell. You are always welcome on the FPA to post your problems as we are delighted to hear about them. We look forward to seeing you as an active member on the FPA not only to complain, but also to provide support to other traders. Remember, alone, you are just an unhappy client, together, we are an army.

AsstMod! Could we please mark this thread as resolved please if tayaa can confirm so?

 

[tayaa]

It's good that you got this resolved. I would advise you trade smaller to avoid such stop outs. I can't really tell you to leave the broker. This is up to you. But the way I see it, since they are providing you with good prices and you can withdraw your profits, what the hell. You are always welcome on the FPA to post your problems as we are delighted to hear about them. We look forward to seeing you as an active member on the FPA not only to complain, but also to provide support to other traders. Remember, alone, you are just an unhappy client, together, we are an army.

AsstMod! Could we please mark this thread as resolved please if tayaa can confirm so?

It is not resolved! This is only little piece of money which they return me back!

 

[matoska]

I have very similar problem with them that I explained in the post:
https://www.forexpeacearmy.com/fore...bcfx-huge-price-manipulation-fake-spikes.html

They manipulated the price so badly that a wining trade was closed as a looser and account had a negative balance. Then they gave me a ridiculous compensation of only 16% of the amount they should return. It was just enough that the account was not with negative balance any more.

 

[Amin EL-HAKIM]

Ohhh my bad. Your loss was 20k right. Terribly sorry, my mistake. Did you file a case?