Armadamarkets SCAM - execution issues

safrty

Private
Messages
24
Dear FPA members,
I'm G. M., a holder of Account #2088532598 in Armadamarkets which has been wiped out.
FPA forum account tobeone's holder is a fund manager who was trading my money along with other investors' capital.

I'm personally opening this thread because I personally experienced economic and moral damage from Armadamarkets.
Thank you for your attention and any kind of support and help in advance.

When I fisrt decided to put my money in this, tobeone explained that everything could happen on forex and even some technical issues happened frequently with Armadamarkets they refunded him twice and he hoped that Armada will continue to refund as promised.
More precisely tobeone experienced technical errors from armada several times especially on GBPUSD pair and also on USDJPY. They refunded him twice, I also experienced such an error once and they refunded me, they asked us to contact them if we notice something irregular in future.

Even Armada considered itself as probably best broker in the world for news trading and was promoting his news trading performance in every email's signature it sent to us, execution errors were frequent and gradually diminished only when tobeone started to trade the most safe pairs based on our experience.

So I would evaluate Armadamarkets' execution performance as far from best in the world and very different from what it was promoting. We were experiencing issues from their LP's (as Armadamarkets explained) and only reason why tobeone leaved money in Armadamarkets and continued trading news was Armadamarkets' promise it made by email that it will refund these execution errors in future if we notice them, therefore so did I.

When my account has been wiped out I was shocked. My 4343 USD balance became negative -416 USD.


I thought an execution error was obvious and Armada was going to compensate. When I wrote to tobeone in the chat, he also said that all other investors' accounts lost about their initial risk and only my account had a -110% loss, so it was obviously an issue. considering how unstable Armadamarkets execution performance was in the past, it was expected from them.

It had to be proven now with all the little details and proofs and tobeone sent them an email on this matter and asked to refund my damage.
They refused to refund stating that there was not an execution error. I feel terribly not for the order issues but because of my trust Armadamarkets used this way.

The fact is that all the details me and tobeone researched prove that my -110% loss was illogical and incorrect, outside any rules.
a) 4 identical orders on each 5 accounts tobeone was trading were filling at normal price ranges with little slippage from below 1 pip (considered as no slippage) to a few pips during the whole period of price movement caused by news. It includes SELLSTOP fill - SELLSTOP stopout - BUYSTOP fill - BUYSTOP stopout orders filled consequently.
my SELLSTOP filled at a LOW of a given period, stopped out at a HIGH of the day, BUYSTOP filled at HIGH of the day.
b) All investors had CLASSIC aco****s with fixed one pip spread on AUDUSD and spread widens only in extreme market situations. Spread on all 5 accounts remained fixed one pip, showing that orders filled and stopped out with low slippage because market depth and volatility was ok.
c) My SELLSTOP order was opened first than on one of the investor's accounts and despite market conditions and market depth was ok on it at least , all my orders including SELLSTOP filled at extremely worse prices than orders that came second.
d) There was a clear correction on AUD prices followed by slow trading activities before AUD reached High of the Day and as I said my order stopped out directly at High of the day during initial spike.
e) Previous errors refunded by Armadamarkets caused much less financial loss, now it's 10+ times more.


Please, help me to get refund from Armadamarkets for economic and psychologic damage I experienced.
Thank you for attention,
Respectively, G.M.
 

Pharaoh

Colonel
Messages
19,840
Go ahead and send a PM to Armada's representative and ask him to post a reply here.

1 pip fixed on news trading? That's pretty much impossible. Spreads from major LPs widen around big news events and brokers don't had out free money.
 

tobeone

Private, 1st Class
Messages
67
Maybe I'm wrong, but it seems that 1 pip fixed spread remained on five SELLSTOP SL orders as I posted in other Thread, CLASSIC accounts are on average more expensive than EXCHANGE accounts with variable spread, so real spread may exceed somethimes, but remains fixed untill market conditions change significantly (as indicated on Armadamarkets' website). As slippage didn't exceed this minimum 1 pip, market conditions for SELLSTOP SL orders to fill and for fixed spread to remain was ok seemingly.
 

Andrew_arm

ArmadaMarkets Representative
Messages
38
We have already replied about this subject in another thread. Kindly revisit it as you also participated in it.

Your positions were opened and closed within one second during the Asian session economic news release. One should never expect that if a sequence of orders is sent for execution that all orders are executed at the same rate or similar rate. In this case all orders received negative closing slippage because of a volatile move. Your friend publicly tried to mislead the public and claimed to us and to traders here a great number of times that "many orders had ZERO slippage". This is completely false information and we kindly ask you and others not to try to mislead others.

We are an STP broker and have most likely the fastest possible execution among STP brokers in the world. However, one should never expect that the slippage during economic news releases will be limited or zero. This can only happen with instant execution which we do not provide. Armada provides market execution.

Additionally, your strategy was focused on news trading and your account is a Classic account with fixed spreads. On our Classic account webpage (Classic Forex Account |) there is the following notice: "Spreads can be raised during extreme market conditions or overnight trading sessions depending on liquidity. Classic account is not suitable for news trading."

Trading the news is one of the riskiest strategies. Please make sure you understand the risks. Again, please refer back to the thread where you already participated and where we have replied numerous times.

Thank you and have a great weekend.
 

safrty

Private
Messages
24
WHAT DID YOU REFUND?
IS MY QUESTION CLEAR ENOUGH?

What happened two times on tobeone's account and once on my account, what did you REFUND?
We are talking about a specific problem here YOU HAD and continues to repeat.
I lost money because of these errors in the past, you did refund and now you should.
1.jpg
2.jpg
 
Last edited:

alladir

Private
Messages
23
Every broker covers themselves with warnings about trading a news releases. Low liquidity means high slippage is very common (how many people will take the opposite side of a buy trade during positive news?)
That's not to say that brokers should be allowed to manipulate prices at news releases, but in my opinion, if you are sure that Armada has cheated you, you need to show more proof, than just losing money. If you draw the trades on a price chart, it might be easier to understand your problem.

If brokers are punished for providing poor liquidity at times where there there really is poor liquidity, then what happens? Either they change their business model completely or increase charges for everyone to cover themselves, which hurts people who are sensible and cautious enough not to trade news releases....!

EDIT: Sorry for sounding skeptical. What I mean is, I will need more in the way of proof and demonstration before I change my mind about this broker.
 
Last edited:

safrty

Private
Messages
24
Dear alladir, thank you, I would like Armadamarkets to respond to my question.
Please, tell me what kind of proofs you need in detail.
 

riviera

Private
Messages
29
psychologic damage I experienced.
complain to you account manager first,
trading news 6 lots and more with a $4000 account , sooner or later you would have been 6 feet under. He discredit his broker by not facing his incompetence and responsibility, open your eyes and stop crying like a sissy.
 
Last edited:

tobeone

Private, 1st Class
Messages
67
riviera, thank you for your sincerity.
I'm also waiting for Armadamarkets answer to safrty's question I asked a few times in a previous thread.

WHAT DID YOU REFUND?
IS MY QUESTION CLEAR ENOUGH?

What happened two times on tobeone's account and once on my account, what did you REFUND?
We are talking about a specific problem here YOU HAD and continues to repeat.
I lost money because of these errors in the past, you did refund and now you should.
 

alladir

Private
Messages
23
Can you just state what your complaint is? The details are spread over 3 threads on 2 different forums and honestly, I don't want to keep flicking between tabs to try to understand. Can you state clearly, what happened, what you think Armada did wrong, and what makes you think they did something wrong. Losing money is not proof.
 
Top