Claim to broker GKFX

mberon

Recruit
Messages
15
Hi,

I'm living in Spain, and I've had a lot of issues with this broker: GKFX, that has its central headquarters in London, UK. So, I went first to the regulator here in Spain, is called CNMV, but the last word is in UK, of the FPA.. So, I don't know if it's better to claim directly to FPA.. In addition, I'd like to know if it's better to contract some lawyer, they put a very high candle (240 points: 24 pips), for GBPUSD, the day July 11th at U.S.A.'s session closing (23 h. here in Spain), after that they put stop losses on August 12nd, and on September 2nd, they increased the spread from 19 h. to the end of the session, so my equity was being reduced... in addition the system (Metatrader 4) was freezed several minutes in this session, to not be able to operate..

Let me know what you think it's the best way to claim to this broker.

Thanks.
 

FxMaster

Lt. Colonel
Messages
9,008
Hi,

I'm living in Spain, and I've had a lot of issues with this broker: GKFX, that has its central headquarters in London, UK. So, I went first to the regulator here in Spain, is called CNMV, but the last word is in UK, of the FPA.. So, I don't know if it's better to claim directly to FPA.. In addition, I'd like to know if it's better to contract some lawyer, they put a very high candle (240 points: 24 pips), for GBPUSD, the day July 11th at U.S.A.'s session closing (23 h. here in Spain), after that they put stop losses on August 12nd, and on September 2nd, they increased the spread from 19 h. to the end of the session, so my equity was being reduced... in addition the system (Metatrader 4) was freezed several minutes in this session, to not be able to operate..

Let me know what you think it's the best way to claim to this broker.

Thanks.
You talked with their customer support about this? If yes then what reply you got from them?
 

mberon

Recruit
Messages
15
You talked with their customer support about this? If yes then what reply you got from them?
Yes, I've talked several times, the last time today in the evening, 2 hours ago.. the answer is always: "It's the market".. hahaha. When, by definition, they are "market makers", so I'm not against the real market, I am against them.. when I win, they lose, and when I lose, they win.. The guy I asked with told me that when a customer is playing for several thousands of millions, then they "must" cover themselves.. so, he's admitting that they open positions against us.. Another big answer, the 2nd, when I ask for them why the spread is increasing this Friday September 2nd: "That's for lack of liquidity".. What? How do I know that they're saying the truth, and not only scamming traders? No answer for the freeze times in news.. it's very difficult to deny this.. no answer why so much volatility on July 11th at USA closing session.. 240 points (24 pips) for the GBPUSD when it wasn't Brexit, no news, and the market dead.. This time, when the big candle on July 11th they blowed up 38500 €, last time this Friday 2nd, it was 3500 €.. I'm claiming, and if it's necessary, I'll contract lawyers.
 

mberon

Recruit
Messages
15
Hi,

I've had 3 big issues with this broker: GKFX. The first, it was a big candle on July 11th, the GBPUSD spread was increased from 23 points (2.3 pips) to 240 points (24 pips), and my orders were closed.. The answer of the broker was that: "It's the market".. "lack of liquidity".. The 2nd was on August 12th, stop losses were triggered in orders, and I didn't put them.. the broker says I put them, because they checked, and say it was my IP.. and the 3rd and last, it was on this last Friday 2nd, the spread was increased from the last 6 hours of the USA closing session, even although I had all lots compensed between them, the equity was all time reducing, because the spread were increasing.. at the end of that day and the beginning of this new week, the GBPUSD was increased from 23 to 100 points.. and GBPJPY from 41 to 128 pips.. I've talked with people, and say these increments are abusive.. and for many hours working.. all accounts were losing money.. for 6 hours of this last Friday on 2-3 hours of the beginning of this week..

So, the answer of the broker is always the same: "lack of liquidity"..

In addition, the system was freezed for several minutes in the 2 news on Friday 2nd, for several minutes.. so imagine that, you can't know what's happening, if you're winning or losing, or you must open or close some order.. to this question, the broker didn't say anything..

I ask you: Is this right, this "lack of liquidity" to do what they want to do, that's traders are losing money non-stop for several hours?.

I must claim to UK, if somebody knows the best way to do it, please send me MP.. I've read about FCA and Ombudsman, but I don't know what's better to recover my money.

Thanks.
 

FxMaster

Lt. Colonel
Messages
9,008
Hi,

I've had 3 big issues with this broker: GKFX. The first, it was a big candle on July 11th, the GBPUSD spread was increased from 23 points (2.3 pips) to 240 points (24 pips), and my orders were closed.. The answer of the broker was that: "It's the market".. "lack of liquidity".. The 2nd was on August 12th, stop losses were triggered in orders, and I didn't put them.. the broker says I put them, because they checked, and say it was my IP.. and the 3rd and last, it was on this last Friday 2nd, the spread was increased from the last 6 hours of the USA closing session, even although I had all lots compensed between them, the equity was all time reducing, because the spread were increasing.. at the end of that day and the beginning of this new week, the GBPUSD was increased from 23 to 100 points.. and GBPJPY from 41 to 128 pips.. I've talked with people, and say these increments are abusive.. and for many hours working.. all accounts were losing money.. for 6 hours of this last Friday on 2-3 hours of the beginning of this week..

So, the answer of the broker is always the same: "lack of liquidity"..

In addition, the system was freezed for several minutes in the 2 news on Friday 2nd, for several minutes.. so imagine that, you can't know what's happening, if you're winning or losing, or you must open or close some order.. to this question, the broker didn't say anything..

I ask you: Is this right, this "lack of liquidity" to do what they want to do, that's traders are losing money non-stop for several hours?.

I must claim to UK, if somebody knows the best way to do it, please send me MP.. I've read about FCA and Ombudsman, but I don't know what's better to recover my money.

Thanks.
Seems its time to open FPA Traders`s court case against them, Follow the suggested steps here http://www.forexpeacearmy.com/community/pages/traders-court/
 

Pharaoh

Colonel
Messages
19,776
Spread widening and random spikes can happen, so if you want to make a Traders Court case of it, you're going to need firm evidence.

Can you post 1 minute charts for each of these which show your entry prices and stops (just insert horizontal likes - one color for entry, one for stop)?

Also, open a demo at one or two larger and reasonably reputable brokers. Post their matching 1 minute charts.
 

holycow

Master Sergeant
Messages
294
That's a perfect idea of collecting more firm evidences however i never recommend trading with any market maker as they always trading against us which means that they never want traders to win and make profits.
 

oscarra

2nd Lieutenant
Messages
1,148
Fully agree, and especially when they are related to some Smart Gaming Group and sponsor FC like Milan AC
Even been FCA regulated, watch out !
 

mberon

Recruit
Messages
15
I've opened a Dukascopy demo account, but no M1 data for July 11th.. Is there any way to get these data?. With the TickDownloader program, I downloaded the Dukascopy M1 data for GBPUSD, I don't know why there isn't data for July 11th 23:00, but on September 2nd, September 4th, there's a tight spread, not like GKFX.. I've sent out claims here in Spain to CNMV, but the answer may be in 2 months.. so I asked for Ombudsman in UK, and they haven't still answered, also.. if somebody knows some lawyer that knows about Forex, please send me MP, I'm searching here in Spain and in UK.. I sent E-mails to Giambrone and Bocaduttri (maybe they're the same people..), but no answer..

Here are the Dukascopy data for M1 for GBPUSD from July until September of this year, 2016: https://www.mediafire.com/?j97p427b8mx2vc5

Thanks.
 
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