Electronic Trading Case with Markets.com

[Malriyami]

I’ve been trading with markets.com and have faced an issue which I want to know if what I have faced is normal or I should raise a case.


I’ve placed few oil trades and the trades were on open position.

I have found out that my original price position was modified. I then contacted the support team for clarification and they have stated that due to a system configuring error my original price was modified. The system has made a variation charge to settle my equity into the original state. The variation has resulted in a deduction on my overall capital in my trade account which I should have full control over.

Having contacted them few times. They asked me to check with the policy as per clause 10 under the ELECTRONIC TRADING TERMS under Liability and Indemnity under System errors; which states:

“We shall have no liability to you for damage which you may suffer as a result of transmission errors, technical faults, malfunctions, illegal intervention in network equipment, network overloads, malicious blocking of access by third parties, internet malfunctions, interruptions or other deficiencies on the part of internet service providers. You acknowledge that access to Electronic Services may be limited or unavailable due to such system errors, and that we reserve the right upon notice to suspend access to Electronic Services for this reason”.

Is this clause applicable to my case and do I have the right to raise the case?

Do I have the right to raise my case

 

[Pharaoh]

Did the prices you traded seem abnormal? I recall one incident where a broker had gold for only a few dollars an ounce. In that case, a correction was fully justified.

Compare the original prices and the modified prices to the charts from a different broker at the same time. That will give you some idea if the prices you originally traded were somehow in error.

 

[Malriyami]

Did the prices you traded seem abnormal? I recall one incident where a broker had gold for only a few dollars an ounce. In that case, a correction was fully justified.

Compare the original prices and the modified prices to the charts from a different broker at the same time. That will give you some idea if the prices you originally traded were somehow in error.

The oil prices were normal compared to other brokers, yet, the trade was on sale and it was increasing until it reached to 47.33 per share. While the original price I bought it with was $45.5, at 47.33 the system failed and it automatically reset my original price to 47.33, I was meant to gain a profit from the increase in the shares, yet, due to the system error. The system did a variation and ignored my original price, this in turn resulted in a deduction from my account trade capital. I had no control over all of what has happened and if I have got the difference while the price was going higher then I could have recouped from my past losses, yet, I got an email reply just clarifying that it was a system error and that they are sorry for the inconvenience!

 

[Malriyami]

The oil prices were normal compared to other brokers, yet, the trade was on sale and it was increasing until it reached to 47.33 per share. While the original price I bought it with was $45.5, at 47.33 the system failed and it automatically reset my original price to 47.33, I was meant to gain a profit from the increase in the shares, yet, due to the system error. The system did a variation and ignored my original price, this in turn resulted in a deduction from my account trade capital. I had no control over all of what has happened and if I have got the difference while the price was going higher then I could have recouped from my past losses, yet, I got an email reply just clarifying that it was a system error and that they are sorry for the inconvenience!

As a correction: I do not mean that I should've gain profit, but they should not have modified my price even if it was a loss because I could maintain the loss when market price reach near or below my original price trade.

 

[Pharaoh]

You might want to file a complaint with their regulator. Correcting an error in price is one thing. Resetting an existing entry because of a technical error later and refusing to put the entry back to your original price is quote another.

 

[Malriyami]

You might want to file a complaint with their regulator. Correcting an error in price is one thing. Resetting an existing entry because of a technical error later and refusing to put the entry back to your original price is quote another.

Thanks Pharaoh for the reply, before I file a complaint with their regulator, wanted to check if you know if the policy - clause 10, in favour of my case or against it? ... I mean I didn't actually understand it and wanted to know if it puts me at an advantage or disadvantage?

 

[ruseneca]

In the past, I had a problem with them which led to several emails, requesting my funds back. Despite their disagreement, chargeback was done by my bank although I lost over 90% from the deposit amount. But still...scammers must go away.
Your case can be classified as a scam, too. The reason is they must credit back the funds to your account in case of a loss or deduct the profit in case of a loss.
They can always say "We are sorry, we experienced a technical issue."
Always excuses! But someone should be guilty, as I always say.
If you are not satisfied with their service, you are free to file a case.

 

[ruseneca]

I mean I didn't actually understand it and wanted to know if it puts me at an advantage or disadvantage?

It surely puts you in a disadvantage but let's wait for Pharaoh's opinion.
I think that they should have cancelled the order. Instead, they have changed the price without your approval.

 

[Malriyami]

In the past, I had a problem with them which led to several emails, requesting my funds back. Despite their disagreement, chargeback was done by my bank although I lost over 90% from the deposit amount. But still...scammers must go away.
Your case can be classified as a scam, too. The reason is they must credit back the funds to your account in case of a loss or deduct the profit in case of a loss.
They can always say "We are sorry, we experienced a technical issue."
Always excuses! But someone should be guilty, as I always say.
If you are not satisfied with their service, you are free to file a case.

THANKS for your reply, did you file a case for your case? and if so ... did you attach the communication between you and markets.com to the court?

 

[Malriyami]

It surely puts you in a disadvantage but let's wait for Pharaoh's opinion.
I think that they should have cancelled the order. Instead, they have changed the price without your approval.

Yah, we'll wait for Pharaoh's opinion too and your opinion is appreciated