Armadamarkets SCAM - execution issues

Here is our conversation today, I hope everyone understands what's going now:
View attachment Gmail - Question.pdf
Armadamarkets is hiding it's error and refusing to answer (it will refuse it forever) because it's a SCAM

I'm asking to FPA this thread to be continued to traders court.

In the Traders' Court, please tell me every possible detail, data and proof avaiable from independent sources you need right now for making a decision.
I'm ready to provide everything possible you might require about this matter.
This is my final opinion,

Thank you.
 
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To me it's clear.

On previous occasions, there was poor execution.. some minor mistake by Armada or the LPs. This was complained about, agreed and refunded. This is a GOOD thing. Well done, Armada.

It's wrong of you to use this against them. Of course they do not want to publicise previous execution errors. Or, maybe there was no error. Maybe you were trading the news at that time also, and complained about bad execution at a time when liquidity was low. Maybe they thought refunding was just the easiest option.

You say Andrew_arm is making empty statements but I feel everything he said is valid to this case. Each broker has their own prices, the best from their LPs. If none of their LP's offer a good price at a particular moment in time, it's price will spike.

Yes, it's also possible that they manipulated price and added the spike to trigger SLs, and I'm sure some brokers do this, but it's very hard to prove. I can't even think of how to start proving it, since all we have access to is the price they give us. (any ideas from experienced FPAers?)

And besides, this broker has refunded you in three previous cases.. if they really are a scam, they're doing it wrong.

It seems you were unlucky that you didn't fully understand the risks of what you were doing, but there's no reason the broker (and therefore it's customers) should pay for that.
 
Dear Alladir, please, listen what I say to you here, because it's exclusively an answer to your post and for you.
Any discussion on this matter from my side is discontinued and I'm waiting for FPA experienced members to make an independent decision for or against me & safrty. Any proof-providing here, I strongly believe, will be useless time-consuming activity unless an independent party interacts decisively.
I'm a HTML, CSS/CSS3, PHP/mySQL, Javascript/jQuery, Java (jForex), MQL4 programmer and trading system developer, web-application pentester, I'm doing this whole my life.
Yes, it's also possible that they manipulated price and added the spike to trigger SLs, and I'm sure some brokers do this, but it's very hard to prove
Yes, it's difficult and as you may noticed already, I have no personal financial or other interests whatsoever within. I do this because I have to. Because if I can, I want to protect traders from messages (I'd say lies) from Armadamarkets:
Good day,
Our investigation shows that stop-loss was caused on Classic account by one of our LP-s. As the problem was from our side, we have refunded the loss. Please let us always know if you notice something irregular.
They state clearly the Reason of the problem, the Roots of the problem and ask me to repeat what I did if the problem repeats. (Strategy: same as now, Account type: same as now).
Armada says it refunds it because there is a problem from their side - I lost money because of their problem. Therefore they ask me to let them always know if THIS or something irregular repeats. Kindly believe me I was trading news for 9 months and what I complained was different from slippage I see (and NEVER COMPLAIN) during news.
Legally Armadamarkets has an ABSOLUTE obligation to do what it says to me and to safrty. It seems to me that it's a part of responsibility Brokerage company takes with their clients.

Of course they do not want to publicise previous execution errors
As you've may already seen in conversation I exported, I asked Armada to explain me in private (via email) what was the error they did refund (10+ times less money) and show me the difference between the two. I promised that I'll stop any public discussion about and apologise publicly for my mistakes, I absolutely believe this would be the most honest decision one could make in my situation and this is what every broker company would like to do if they're right, but Armadamarkets CAN'T EVER do this even in private because they're wrong.

They refunded LP errors because it contradicted what they were saying about themselves and this was not much in terms of money (one of the best brokers for news traders). I live-tested many brokers before and only ALPARI RU did well (stable results), I changed for Armada afterwards in order to increase stability based on information I've got from internet. Very soon I saw these strange errors and when I complained they refunded. So I continued with them and added more money (I was planning to leave because these errors were unsuitable for my strategy).
 
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Sucden Financial Limited was the LP. Sucden has been named Best STP FX Liquidity Provider in Western Europe in the 2013 Global Banking & Finance Review Awards. As everybody understands here then even the best LP-s cannot be forced to absorb massive risks during economic news releases, especially during the Asian session. Again, trading only the news is one of the riskiest strategies. Thank you.
 
Sucden Financial Limited was the LP.

thank you for your reply.

apologies for FPA members but having an Armada Rep at my fingertips and just for my information, a question extraneous to the discussion :

Are you exclusively a white label of Sucden or do you agregate different LP such as LMAX ?
Why Sucden is not listed in your LP pool ?




Sucden has been named Best STP FX Liquidity Provider in Western Europe in the 2013 Global Banking & Finance Review Awards.

Andrew, you know a GBF award is not able to represent a guarantee of safety>>> a scam company, Instaforex, was named best broker in Asia 2012.
Even Sucden is not free of bad reviews, especially in term of execution :

http://www.mt5.com/brokers_review/reviews/Sucden

If you trade the news they will only let you do so when it suits them. If you try to buy when the price is going up, they will freeze the platform and possibly give you a requote, but they will not let you in. However, if you try to buy and behind scene the price drops, hey presto you are filled only to be 10+ pips immediately down.

(a bone to gnaw for Tobeone :p ) maybe i judged him too quickly and could gain credibility to my mind, not Armada being involved in first instance in this conflict but its LP yes.
 
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Riviera, I would kindly like to say that the note about Sucden from another forum is something that I completely disagree with to say the least. The LP-s do not end up by accident in our or any other STP broker's liquidity pool. Usually it involves extensive testing, due diligence and background checks. We are not the only STP broker who is connected to Sucden as some of our top competitors are also taking liquidity from them. Initially we were referred to them by some of our larger clients who do not only trade with us but also with some of our competitors. We execute thousands of orders with them every single trading day and it is a fact that majority of LP-s only hope that their execution quality and trading conditions would be as good.

Being an STP broker means that we work in a strict supply/demand environment which has certain constraints - for every buyer there always has to be a seller or vice versa. When I personally started trading years ago and I believe also the beginners today think that banks and financial firms have massive balance sheets and risk appetite so that they are happy to absorb as much risk as the other market participants want. This is completely inaccurate perception as in this case banks would expose themselves to uncontrollable risks every single day. The real market does not work like that. It is also naive to think that during economic news releases banks would put out massive orders on both sides of the market, close their eyes and wait if they get somehow lucky. There is a very clear reason why the spreads widen and liquidity becomes scarce during any market event - uncertainty which leads to higher risks and potentially high financial damage. Therefore, banks do not buy lottery tickets or gamble.

Beginners who try to trade the news sometimes think that if the slippage is larger than before then they should get their losses refunded. Live trading is not a game environment (multiple lives, etc) and the real market does not work like that. Volatility-driven extreme market risks and relevant financial costs are the responsibility of an individual who decides that it is a good idea to risk with his whole account and hit the buy/sell button at the news release and then wait and see what will happen next. A broker does not force anybody to trade during high risk market events.

A broker is in the middle of a trader and the market. A broker cannot force LP-s not to widen the spreads or to supply a massive amount of liquidity when the news hit the wires. There are also no brokers out there who would guarantee that slippage always stays within certain barriers. A broker also does not make the news or cannot control how the market reacts to the news. What a broker does is gets an order from a client and sends it to the market. It is as simple as that.

There are no guarantees, no certainties when trading the news. The only certainty we have is that spreads go always wider and liquidity becomes scarce during the economic news releases and other market events.

Thank you.
 
Riviera, I would kindly like to say that the note about Sucden from another forum is something that I completely disagree with to say the least. The LP-s do not end up by accident in our or any other STP broker's liquidity pool. Usually it involves extensive testing, due diligence and background checks.
YOU CAN'T. YOUR LPs HAD THE ERRORS & YOU DID REFUND. NO testing can guarantee that LP will not have errors in future. It's proven to be true.

Good day,
Our investigation shows that stop-loss was caused on Classic account by one of our LP-s. As the problem was from our side, we have refunded the loss. Please let us always know if you notice something irregular.


Any proof-providing here, I strongly believe, will be useless time-consuming activity unless an independent party interacts decisively.
Because Armadamarkets always ignores the questions (even in private ) they do not want to answer and proofs that prove their guilt. Trying to shift our attention from important things.
 
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It is a fact that spreads widen during the economic news releases.

It is a fact that liquidity becomes scarce during the economic news releases.

It is a fact that because of the above reasons most orders get slipped during the news releases, some more, some less.

On October 10, at 00:30 GMT you got slippage with with your AUDUSD orders when economic news were released and AUDUSD trading range was 50 pips within a few seconds. So far everybody here has heard a lot of big words from you to describe what was slippage during extreme market conditions. Slippage is unavoidable during extreme market conditions.

We have already disclosed absolutely all information here. The moderator has replied to you already that orders sent to the market at the same time during news releases often get a different fill price because of volatility. FX is not a centrally cleared market place, so it is normal that rates differ a few pips among different brokers, especially during economic news releases.

We have not seen a single evidence from you proving your case on slippage on October 10, 00:30 GMT. We now kindly ask you to provide hard evidence to prove your case in regards to slippage on October 10, 00:30 GMT. Just facts, please.

Thank you.
 
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