Armadamarkets SCAM - execution issues

[Andrew_arm]

You seem to be totally lost. The Smart platform is a multi-asset product for retail investors with an average AUDUSD spread of 3 pips. Kindly read the first sentence on their front page - www.sucden-smart.co.uk. It says: "Trade Futures, CFDs, Stocks and Forex on SMART, the multi-asset online trading system for private investors..."

We are not a private investor. We are their institutional client and are provided institutional liquidity via FIX.

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. If you don't like this absolute uncertainty then you are free not to trade the news.

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.

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 finally, after 3 weeks, do you have any proof that the slippage on October 10, at 00:30 GMT was something else than extreme market conditions due to economic news release during Asian trading session?

 

[tobeone]

It is a fact that you ignore my question since the beginning.
It is a fact that you never provided execution reports on previous cases.
It is a fact that you abrogate your complaint processing rules.
It is a fact that you hide informations a broker must disclose and asking a client to provide hard evidencies about the trades you executed.
It is a fact that I have cristal-clear evidence proving that your 50 pips was elsewhere and order filled elsewhere.
It is a fact that order filled outside High of the Day.
It is a fact that you contradict your own statements on a regular basis once I find errors in what you say.
It is a fact that you are a SCAM just because you refused to disclose information about previous errors in private after I asked you.
It is a fact that all errors in the past occurred during news under the same strategy and account.*
It is a fact that this error repeats fourth time already whatever the reason is.
Pharaoh, please, intervene and advance case to Traders' Court, I provided information and if you need any more data for it in particular, please ask me and I'll provide them right away, continuing the discussion is senseless in my opinion.
Thank you.
P.S. I am unwilling to discuss anything with Armadamarkets unless it finally discloses execution reports. I'm waiting only for Pharaoh-s post.

 

[Andrew_arm]

It is sad but this thread is turning into a comedy as you keep copy-pasting the same old information and are unwilling to admit that the losses materialized because of your own decision to risk your account during economic news releases. Kindly keep copy-pasting your posts all over again even though you have no evidence that slippage on October 10, 00:30 GMT was nothing more than extreme market conditions.

Thank you.

 

[tobeone]

It is a fact that I'm talking about another account since the beginning.
It is a fact that you ignore my question since the beginning.
It is a fact that you never provided execution reports on previous cases you had to provide.
It is a fact that you abrogate your complaint processing rules.
It is a fact that you hide informations a broker must disclose and asking a client to provide hard evidencies about the trades you executed.
It is a fact that I have cristal-clear evidence proving that your 50 pips was elsewhere and order filled elsewhere.
It is a fact that order filled outside High of the Day on every market I saw.
It is a fact that you contradict your own statements on a regular basis once I find errors in what you say.
It is a fact that you are a SCAM because you refused to disclose information about previous errors in private after I asked you and also promised to stop any discussion if you do.
It is a fact that all errors in the past occurred during news under the same strategy and account.*
It is a fact that this error repeats fourth time already whatever the reason is.
These things have to be solved.

 

[Andrew_arm]

I will no longer take part of this comedy as you continue to copy-paste old posts without providing any evidence to prove your case for a refund in regards to slippage during extreme market condition on October 10, 00:30 GMT. I have already disclosed all information in regards to this situation and everyone can take a short look at the AUDUSD chart to confirm that, indeed, economic news triggered extreme market conditions. Thank you everybody.

 

[tobeone]

Everyone can see on any chart that 0.9478 was physicaly unavaiable anywhere in the whole world it was above high of the day in the whole world.
And this exact same thing happened 3 times already during same extreme market conditions on same account on same strategy and Armada recognized them as errors.
Even on Sucden's chart there's 8 pips difference between 0.9478 and HIGH of the DAY.
P.S. I'll provide any other particular evidence right away if moderator will consider it as necessary. So I think everything's clear from my side. If I can't provide them, I'll admit that I'm not correct and I'll stop the discussion.
Thank you FPA.

 

[Pharaoh]

Tempting as it is to see how far this will go without me, I'll clarify my statement.

When I said "any incidents should be reported", that meant for the trader to report anything that seemed like a bad or unusual fill to the broker. This allows the broker to check and see if there was a real issue or not.

 

[alladir]

You seem to be totally lost. The Smart platform is a multi-asset product for retail investors with an average AUDUSD spread of 3 pips. Kindly read the first sentence on their front page - www.sucden-smart.co.uk. It says: "Trade Futures, CFDs, Stocks and Forex on SMART, the multi-asset online trading system for private investors..."

We are not a private investor. We are their institutional client and are provided institutional liquidity via FIX.

So in this case, institutional liquidity was worse than the retail liquidity? Does this often happen?

 

[tobeone]

Tempting as it is to see how far this will go without me, I'll clarify my statement.

When I said "any incidents should be reported", that meant for the trader to report anything that seemed like a bad or unusual fill to the broker. This allows the broker to check and see if there was a real issue or not.

I apologize. I'm sorry but all the proofs I mentioned here show that order was filled above HOD on all of them, I seems to me it's impossible by itself and it repeats 4th time.
Maybe I'm wrong but It was same thing I reported previous times so I don't understand what else I have to report now.
I'm sure it's an error based on this information, please, tell me if you need any particular evidence from any particular source and I'll provide them, I'm going to report any incidents here, if you're going to decide. It became impossible to talk with armada long time ago when they started to ignore simple question I had and refuse to provde execution reports.


If I am correct, LEGALLY THE THING I HAVE TO AND I ASK TO BE REFUNDED IS TOTAL IDENTITY TO REFUNDED CASE. If I think correctly, all the proofs, in my opinion are necessary but secondary. IT DOESN'T HAVE TO BE AN ERROR, IT DOES HAVE TO BE WHAT ARMADA SAID WAS AN ERROR.
Thank you FPA.

 

[Andrew_arm]

1. Your strategy was specifically a news trading strategy.
2. On October 10, at 00:30 GMT economic news were released that triggered extreme market conditions with high volatility.
3. Your short AUDUSD stoploss order was triggered.
4. We sent the order to the market where it was executed (ASK price) with a slippage due to extreme market conditions.
5. The counterparty was Sucden via FIX.
6. We have provided all information in regards to this execution.
7. Our live accounts trade in a real trading environment with live market rates and conditions.

If it makes you feel better then you can call us, our partners or any other company operating in the financial world however you like. It seems that for some it is a general practice in this folder as most even well-established brokers and payment operators are named here with unfair expressions. However, it does not change the reality that you decided to trade the news and you decided to risk with your account. We are not an insurance broker and will not cover your loss that materialized due to live market conditions during an economic news release in the early hours of Asian trading session.

If anybody is interested to discuss general topics or how the inter-bank FX market works then we are always happy to help and please contact our support. Our support girls work 7 days a week

This is all from me and I would like to thank you all for your time.