Armadamarkets SCAM - execution issues

who was the LP at that time ?
Unfortunately, only information they did provide at that time was an email I quoted several times.
LP errors repeated at least 3 times if we quote Armadamarkets itself,
so I want to say that LP testing & investigation they make always incude a possibility
of such errors. So it's ok that even they tested Sucden before using it's liquidity,
sucden could produce the errors descriped by you because some LPs
(maybe same LP) did produce these kinds of errors after they've been
tested by Armada in the past.

Armadamarkets should be a Whitelabel of PrimeXM as described on FPA's review page.
It selects its own LPs however.
 
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.

I loved what you just said and I'm willing to proceed exactly this way if you're willing to interact with me constructively without ignoring what I'm saying.
You never provided any reports on previous cases where you refunded LP's errors. So as it's what you do usually when investigating complaints, please provide (you have both my and tobeone's emails) these reports so that you really disclose all information here (or by email) as you just said OR if you wish respond to my question you were ignoring continually, WHAT LP ERRORS WE ENCOUNTERED IN THE PAST, BECAUSE WE DON'T HAVE ANY INFORMATION ABOUT THESE ERRORS SO FAR FROM YOU EXCEPT AN EMAIL STATING THAT IT WAS YOUR LP'S ERROR. In order to add more evidencies, we need information from you about the old errors too, otherwise any hard evidences could be EASILY MISINTERPRETED as having nothing to do with the ones you refunded. Normally you provide execution reports, right? as you did this time and you said it's your normal practice.
So, let's begin with it and proceed accordingly. I'll provide hard evidences (thanks to tobeone :p).

Thanks.
 
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Riviera, as to your question then we have never refunded any trades executed by Sucden. So if there were refunds in the past then Sucden was not involved. And we do execute with them thousands of trades every single day. So again I confirm that Sucden is one of the best if not the best LP-s out there.

Safrty, we have already told you and also the moderator Pharaoh as written the same here that every request for a refund is handled on a case-by-case basis. We have a very specific situation in front of us which happened on October 10, 00:30 GMT during the economic news release. You received slippage because economic news release triggered extreme market conditions and volatility. You believe that your losses due to slippage should be refunded. However, as everybody here knows then during economic news releases slippage cannot be avoided and there are no certainties as to what will be the slippage figures in the future. Therefore news trading is considered as extremely risky trading strategy.

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. Slippage is unavoidable during extreme market conditions.

We have already disclosed absolutely all information in regards to the situation under discussion. 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.

So again, we have not seen a single evidence from you proving your case on slippage on October 10, 00:30 GMT. We again 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.
 
So again, we have not seen a single evidence from you proving your case on slippage on October 10, 00:30 GMT. We again 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.
Sorry. Please, describe in detail all the hard evidences YOU require usually to qualify the complaint as an execution error and refund, I don't know exactly. I'll provide them in the following minutes (from my first login after you posted) . If I don't, I apologise and finish the discussion.
Go ahead.
Thank you.
 
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If I am reading all of this correctly:

1. There were some refunds in the past over bad fills, based on prices from an LP that is no longer used. The LP has changed since then.

2. Any incidents should be reported. Some incidents may be due to bad LPs. Others may be due to bad liquidity (something that can easily happen around major news events). Thus, a refund due to slippage on one (or 3) prior orders does not automatically mean all instances of large slippage are due to a bad fill.

3. Several orders triggered at about the same time. One had much higher slippage than the others. Under normal market conditions, I'd agree that it was likely a bad fill. During a major news event, this much variation would be a little unusual, but far from impossible.

Overall, I don't see any of the supporting evidence as being sufficient to advance the case.
 
If I am reading all of this correctly:

1. There were some refunds in the past over bad fills, based on prices from an LP that is no longer used. The LP has changed since then.

2. Any incidents should be reported. Some incidents may be due to bad LPs. Others may be due to bad liquidity (something that can easily happen around major news events). Thus, a refund due to slippage on one (or 3) prior orders does not automatically mean all instances of large slippage are due to a bad fill.

3. Several orders triggered at about the same time. One had much higher slippage than the others. Under normal market conditions, I'd agree that it was likely a bad fill. During a major news event, this much variation would be a little unusual, but far from impossible.

Overall, I don't see any of the supporting evidence as being sufficient to advance the case.

Thank you for your reply. As armada is ignoring our questions (and it didn't provide reports on previous cases), it's a good thing for me.

a )
So again I confirm that Sucden is one of the best if not the best LP-s out there.
As Armadamarkets said trading range was 50 pips. Sucden filled an order at a low(MT4 BID): 0.9426 and stopped out at a bit above of the high(ASK: 0.9477): 0.9478. This is 52 pips loss form Sucden's order.
b) 5 Identical orders on 5 other accounts filled with 0-7 pip slippage and stopped out with 0-1 pips slippage.
c) on LMAX chart trading range was up to 51 pips. Armadamarkets has no charts from Sucden. One important thing: trading range on LMAX could be from 0.9419 (BID) to 0.947 (ASK) - it is 51 pips and in that moment order couldn't fill below or above, there was no avaiable price outside and price clearly slowed down afterwards, it was the end of spike and start of the correction. Order filled inside this range: 0.9426 (OK) and stopped outside at 0.9478 (WRONG) as we said. It means "price/trading range" became 58 pips from sucden, also exceeding high of the day which was hit 8 seconds after that (on LMAX and SWFX). So 52 pips loss an order had is different by location from 50 pips or so Armadamarkets is talking about. And 8 seconds is something I would pay attention to. During 8 seconds there was a sideways trading activity between 0.9455(BID) and 0.947(ASK) (including correction from initial spike). 0.9477 was hit (on LMAX) after these 8 seconds and how could Sucden (best LP out there) stop out an order at 0.9478 before these 8 seconds?
d) On SWFX price range also remained from 0.94199 (BID) to below 0.947 (ASK)
e) LMAX itself is an exchange providing prices from all over the World: Bank of America, BNP Paribas, citi, commerzbank, J.P. Morgan, Goldman Sachs, Morgan Stanley, Nomura, Optiver, Royal Bank of Scotland and all trading actiities are shown on the chart from these price providers.
e) Order wasn't executed nor in SWFX, nor in Bank of America, BNP Paribas, citi, commerzbank, J.P. Morgan, Goldman Sachs, Morgan Stanley, Nomura, Optiver, Royal Bank of Scotland but if Sucden is one of the best (if not the best) LP-s out there it:
1. Couldn't stop out an order at above HOD when like whole world traded 7 pips below during 8 seconds.
2. Should have more than 4/10 review on ratingfx.com, 3/10 on forex-broker-rating.com (hundreds of reviews).
3. It just picked a price.

I'm writing this post exclusively in answer to Pharaoh. If Armadamarkets want to discuss details, it can start by providing execution reports from previous errors we're talking about (being their normal practice) or respond to my question they're ignoring from the begining.

About their accusation:
In the very first post of first thread I wrote this:

Metatrader A/N: 2088529284
Account owner: ALFA
Order: 15414987 *
Lotsize: 18.23
Open Price: 0.9442
Stop Loss at: 0.9451 (-9 pips)
Stopped at: 0.9452 (-10 pips) (No slippage at all)
I said in the very beginning these numbers were no slippage for me for the various reason and I provided numbers. I said what I was thinking and about what I was thinking it in detail. Misleading someone is different in my opinion.
 
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???

maybe last year Armada was an LMAX partner, but today with certainty they are a white label of Sucden, so why no charts from Sucden ?

View attachment 11964

As they said, they don't have tick by tick price data from this LP. This is why they provided LMAX tick by tick data instead.
It's an interesting question, but I never thought about it :)
Are they WL of Sucden or PrimeXM?
They are WL of PrimeXM as I know and with PrimeXM they can have custom Liquidity providers, including LMAX, it's "compatible" with PrimeXM.
LMAX is centrally cleared itself but is only one of the LPs.
 
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