Dear Ed Forex,
As you are well aware, please note that your complaint has been fully investigated and replied to in numerous occasions. In fact we have sent you 2 responses from our execution department but for some reason you fail to understand basic logic.
For the sake of transparency we paste here the first part of your complaint:
My account xxxxxx have been completely stopped out and all the following orders closed: xxxxxxxxx, xxxxxxxxx, xxxxxxxxx on eurchf pair.
Hotforex bonus terms and conditions says that the client(me) can't lose more than the bonus amount($xx,xxx), when equity reaches this bonus amount all orders must be closed. But this was not the case and result of my account.
We are unsure as to how you have established the above statement. Your claim that you can only lose the bonus amount is not a realistic one and it is illogical. We paste below the real terms for your perusal.
If volume requirements are not met and the equity of the account goes below the bonus
amount then the bonus is removed automatically by the system. In other words, if the
Cash Equity (Equity - Credit Bonus) becomes zero or less, all previously awarded Credit
Bonuses will be cancelled and withdrawn from the respective Client’s account. In these
circumstances the Company shall not be liable for any consequences of the bonus
cancelation, including, but not limited to, order(s) closure by Stop Out.
Now moving on to the second part of your complaint as pasted below:
My orders were left opened by hotforex until the loss reached much more than the total equity even!
Yes this is correct. But the reason your sizable Long EURCHF open trades were left open was because of the unprecedented move by the Swiss National Bank, which resulted in a huge drop in the price of EURCHF. At that time there was no liquidity in the market therefore we were unable to close your open trades in EURCHF.
What’s important here, is that once the dust settled we covered all the negative balance in your account and brought it back to zero.
Having a sizable long position in EURCHF during the 'black swan' events surrounding the CHF move and then claiming that you should still have a balance of $xx,xxx is ludicrous and defies basic logic.
We will therefore stop any further communication with you regarding this matter as we consider this case as closed.
HotForex is a socially responsible business serving thousands of clients worldwide within the Financial sector and employing a large workforce and as such we have policies and regulations that govern our company actions. We have done nothing wrong and thus we are not bound to, nor tolerate any threats and/or comments by yourself, sent to regulators, third parties or posted in forums such as FPA as a means to extort any funds from the Company.
We will therefore take any measure possible to defend ourselves from such malicious behavior.
Kind Regards,
Venelin Videnov
Official HotForex Representative
venelin@hotforex.com