Dear BDFX
I'm contacting you again in good faith since you are still claiming that I abused your system by sending my account in negative margin or balance or whatever you are calling it. That was never the case, and since you failed to do a professional audit, I did it for you. This is just to prove that you were wrong in your calculation. Attached is a trade by trade analysis showing what was mentioned above. I will post this analysis right away in public. It's attached.
Although I'm almost sure that was never the case, but the case is you are not connected to a real LP and you are a market maker. But I'd like to give you a chance to solve this matter. I never breached any of your terms and conditions, which I have downloaded from your website and posted in public. On the other hand, BDFX has breached the terms and conditions which we both have agreed on, referring to the clauses you have breached:
In your TERMS OF USE
Clause 1. With the BankDirectFX Trading Service, the client performs currency trades through BDFX Global Markets Ltd. using the balance of their own client account; the trading activities of the client are therefore executed against a collateral security. The balance of the secured client account consists of the client's provided capital and the current floating profit or loss of the client's outstanding market positions. With the BankDirectFX Trading Service, the client can open a position in which the size of the realised trade exceeds their current client account balance, causing the client to avail of a so-called "leverage" facility which allows a large profit or loss in relation to the opened position to be bound to collateral. BDFX Global Markets Ltd. is the counterparty of clients' Forex transactions. The available collateral of the BankDirectFX Trading Service's client changes thus, if the open position develops positively in regard to the client, their available collateral increases. Similarly, if the opened position develops negatively in regard to the client, their available collateral decreases and there is the risk of losing the whole collateral. If the value of the available collateral of the client falls below the collateral requirements of their open positions, or the then-current valid minimum collateral requirements, all of their open positions are automatically closed at the current market price.
Clause 8. All the complaints regarding to BankDirectFX’s service have to be made in reasonable time after the situation has occurred. Complaints concerning realized trading prices have to be made in 24 hours after the trade has realized due the accurate pricing data is available only limited period of time. Complaint has to be in a written form and it has to be delivered by e-mail to
accounts@bdfx.com.
Since the access to accurate data is limited, how did you claim that I abused your system?
In BDFX Risk Disclosure
Clause 7. One Click Trading and Immediate Execution
BankDirectFX's automated order enter system provides immediate transmission of Client's order once Client enters the notional amount and clicks "Buy/Sell". There is no "second look" before transmission, and Market Orders cannot be cancelled. This feature may be different from other trading systems. Client should utilize the Demo Trading System to become familiar with the process before trading online. In case the Client has not received the result of the execution of the previously sent Instruction but decides to repeat the Instruction, the Client shall accept the risk of making two Transactions instead of one.
Clause 8. Live trading
When trading Live, all orders are sent to markets and they will be realized at the best price available. This feature differs from Demo Trading when orders are realized at the price that is defined by Client.
Clause 12. Prices, Margin and Valuations are set by BankDirectFX and may be different from prices reported elsewhere BankDirectFX will provide prices to be used in trading, valuation of Client positions and determination of Margin requirements. Prices from BankDirectFX are independent of prices of other institutions and businesses. Although BankDirectFX expects that these prices will be reasonably related to prices available in the interbank market, prices reported by BankDirectFX may vary.
P.S: The attached analysis was made based on market data provided by BDFX platform and charting.
Best Regards
Amin