Beware of EXNESS! Be careful whit your open trade

[Paolo j Falbo]

Dear Sir,

As i say on other post, i trade on Exness since 2012. I traded over 4.000 lots on my Exness account, as you can see by the attached file. Since i start trading i see that Exness server are usually freezed and price are not valid (and other trader say that have the same problem on Exness!). I lose i lot of money for this problem, but i continue to trade because i like to Whitdraw money istantly.... But two day ago i lose money again for the same problem: Off quotes price for a long time, so my profit became loss and stop loss!!!! I try to contact exness to require to refund my money, but they say NO because the off quotes was due to a news release!!! As you can see by the attached file i try to close order a lot of time! These was the order:

#80071594 Try to clse at 1.1210 , close dat 1.1264 ! Whit a loss of over 80 euro
#80070851 try to close at 1.12266 (failed!!!), closed at 1,12745 due to stop loss!!!!!!
#80070868 try to close a lot of time!!!!

 

[RahmanSL]

You must be using their market maker trading accounts which sometimes do have horrible execution time....and they do not hide that fact from their clients.

Their ECN (or so they claimed) trading account (max 200:1 leverage) has much faster execution and tighter spreads.

 

[Paolo j Falbo]

They reply to me that are not reliable to refund me any money. Every hour their server freeze and trade was disable for several minutes. I repeat, i'm not a newbie (i also have account on other broker), and i could say beware to trade on EXNESS if you wouldn't loss money. I'm very angry because they understand that their servers usually freeze but they don't make anything to solve this problem!

 

[Master Yoda]

Go ahead and invite them to join this thread

 

[Paolo j Falbo]

Just done on friday!

 

[Exness]

Hello, Paolo j Falbo!

Thank you for inviting me to the discussion of your issue.

Firstly, I would like to point out that the above-mentioned orders #80071594, #80070851, #80070868 were not affected by "Offquotes" error as you stated in your post.

Instead, the failure of closure of the positions were brought about by "Invalid prices" error as per the logs attached.

18:00:12.807 '589825': order #80071594 sell 0.10 EURUSDm closing at 1.12109 failed [Invalid prices]

18:00:14.960 '589825': order #80071594 sell 0.10 EURUSDm at 1.12643 sl: 1.12786 tp: 0.00000 closed at price 1.12166

As you can see the order #80071594 was closed in two seconds at the second attempt with a profit.

According to the logs provided the second order #80070851 received a number of requotes which make it impossible to close the order from the first attempt.

Below is just the example from the log files attached:

18:00:10.280 '589825': close order #80070851 sell 0.25 EURUSDm at 1.12348 sl: 1.12593 tp: 0.00000 at price 1.12099

18:00:13.431 '589825': requote 1.12132 / 1.12174 for order #80070851 sell 0.25 EURUSDm closing at 1.12099

18:00:48.048 '589825': order #80070851 sell 0.25 EURUSDm at 1.12348 closed due stop-loss at price 1.12745

Finally, the last-mentioned order was again affected by Invalid price error, here is the example:

18:00:57.205 '589825': close order #80070868 sell 0.25 EURUSDm at 1.12142 sl: 0.00000 tp: 0.00000 at price 1.12852

18:00:57.330 '589825': order #80070868 sell 0.25 EURUSDm closing at 1.12852 failed [Invalid prices]

Let me refer you to the following paragraphs of the Company's General Business Terms concerning "Invalid price" and "Requote" messages.

In any event, the client's instruction is executed at the best available price from the Company's liquidity providers (General Business Terms, p. 20,5 b),

or refused if there is no possibility to confirm the price of the financial instrument (General Business Terms, p. 3,1 h).

If the current quoted price for the instrument has changed whilst processing of the Client's instruction relating to Marketmaker Accounts has been in progress, the Company offers a new price or refuses execution.

In this case the Requote window will appear, or the Invalid price error message. (General Business Terms, p. 20.4 c).

Please note that this fact is only related to the instruments quoted through Instant Execution technology as the one you were using in the mentioned case.

It is important to point out that the execution of your orders was carried out during the tremendous market movement brought about by the Federal Open Market Committee Rate Decision on 18:00 17.06.2015.

Once trading on abnormal price movement Client should understand that requotes and invalid prices notifications can appear.

Thus, no execution or quotation errors of any kind during these orders processing were found.

I would be glad to answer all your further questions.

 

[Paolo j Falbo]

Dear Sir,

Plesa note this:

at 18:00:10.280 try to close order #80070851 sell 0.25 EURUSDm at 1.12099
at 18:00:12.807 try to close order #80071594 sell 0.10 EURUSDm closing at 1.12109
at 18:00:13.431 order 80070851 was reqiuoted
at 18:00:14.960 order #80071594 was closed at 1.12166

So betwen 18:00:10.280 and 18:00:14.960 ther was a valid price (1.12166) fo close order n. 80070851!!!! But this don't happens! Why?

 

[Exness]

Hello, Paolo,

order #80070851 could not be closed at the same price as the order #80071594 was closed due to the fact that the close requests for both orders were sent at a different time and at different prices.

Since you are using Instant execution, each time you send a request to close your order, your close request price is being compared with the current price on the market.

In case the specified price does not match the price on the market, you immediatelly receive a requote or invalid price message.

You can see all your close requests for order #80070851 at the following prices below:

18:00:10.280 '589825': close order #80070851 sell 0.25 EURUSDm at 1.12348 sl: 1.12593 tp: 0.00000 at price 1.12099

18:00:13.431 '589825': requote 1.12132 / 1.12174 for order #80070851 sell 0.25 EURUSDm closing at 1.12099

18:00:17.706 '589825': close order #80070851 sell 0.25 EURUSDm at 1.12348 sl: 1.12593 tp: 0.00000 at price 1.12196

18:00:20.873 '589825': requote 1.12180 / 1.12244 for order #80070851 sell 0.25 EURUSDm closing at 1.12196

18:00:21.731 '589825': close order #80070851 sell 0.25 EURUSDm at 1.12348 sl: 1.12593 tp: 0.00000 at price 1.12244

18:00:24.866 '589825': requote 1.12232 / 1.12263 for order #80070851 sell 0.25 EURUSDm closing at 1.12244

18:00:32.900 '589825': close order #80070851 sell 0.25 EURUSDm at 1.12348 sl: 1.12593 tp: 0.00000 at price 1.12266

18:00:33.025 '589825': order #80070851 sell 0.25 EURUSDm closing at 1.12266 failed [Invalid prices]

18:00:34.304 '589825': close order #80070851 sell 0.25 EURUSDm at 1.12348 sl: 1.12593 tp: 0.00000 at price 1.12299

18:00:37.440 '589825': requote 1.12292 / 1.12333 for order #80070851 sell 0.25 EURUSDm closing at 1.12299

18:00:48.048 '589825': order #80070851 sell 0.25 EURUSDm at 1.12348 closed due stop-loss at price 1.12745

As you can see from the prices highlighted in bold there were no any close requests for order #80070851 at price 1.12166


Meanwhile order #80071594 was closed at the price 1.12166 because the close request was sent at a different moment when this price was valid.

18:00:14.180 '589825': close order #80071594 sell 0.10 EURUSDm at 1.12643 sl: 1.12786 tp: 0.00000 at price 1.12166

18:00:14.960 '589825': order #80071594 sell 0.10 EURUSDm at 1.12643 sl: 1.12786 tp: 0.00000 closed at price 1.12166

Here it is important to understand the concept of instant execution technology.

With this execution type the broker undertakes to carry out the order at the price set by the trader or not to execute the order at all.

The client can set a slippage or a maximum permissible price deviation or at which the order can be executed.

In the event that the price has changed during the processing request but still remained within the set slippage, the order will be executed with a price correction.
€￾
In the event that the price has gone beyond the limits of the slippage corridor or the slippage parameter has not been set, the order will be rejected and the trader will receive a "requote" price change message.

An obvious advantage of Instant Execution is the opportunity to enter the market at a fixed price, which is of great importance for some trading strategies.

However, during the periods of high volatility a number of requotes are normally increased as in the case of execution of order #80070851.

You might want to consider the following recommendations on how to decrease the number of requotes while trading in a volatile market:

1. Using EXNESS free VPS-service, thanks to which pinging a trading server is extremely fast;

2. Enabling maximum deviation from quoted price when placing a position in your MT4 "New Order" window;

3. Using trading instruments with market execution.

Please let me know if you have further questions.

 

[Paolo j Falbo]

You Say:

"In case the specified price does not match the price on the market, you immediatelly receive a requote or invalid price message."

I receive this message only after 3 second!!!! 3 Second in forex market was an eternity!!!! This problem denied me to close my order in time for profit!

 

[Paolo j Falbo]

And you don't say that i start to close order #80071594 at 18:00:12.807...
In last reply for order history #80071594 you started from 18:00:14.180