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.
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.