Exness Scam: Leverage & Unscheduled Maintenance
- Thread starter Manav
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Manav
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Again Exness website goes offline all of a sudden in the name of 'unscheduled maintenance'. Just for confirmation, MT4 terminal working fine (as can be seen in the below media).
Now, if there's any margin call in the account of a trader and it wants to top up it's account or wants to increase leverage but unable to do so because Exness website goes offline all of a sudden to perform some unscheduled maintenance work. Also there's no access to personal area due to this maintenance work and in the mean time trader suffer losses due to margin shortfall. Now who should be blamed?
Exness, because the company took down it's website all of a sudden without any prior notice due to which trader was unable to maintain sufficient margin by either funding trading account or increasing leverage; or
Trader Itself, because he had an option either to close it's trade in loss or hedge it's position (which also results in accepting loss upto the hedged amount) because company is performing maintenance work. (As per communication from the company, if suppose a trade is running in 50% loss & it starts performing unscheduled maintenance then company expects trader to either close it's trade in loss or hedge it's position & lock the loss).
Expecting a straight-forward response from the representative. This will also answer my ongoing case.
Last edited:
Georgii Bartenev
exness.com Representative
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- 46
Dear Manav,
Thank you for waiting for my reply.
I would like to comment on the points you raised in you posts.
First of all, the difference between the two cases you are referring to was that the first case had impact on how certain data were reflected in the trading platform, namely the margin and margin level were being displayed incorrectly, whereas the website issue in the present case did not have any impact on the trading platform. Also, it was found out that the leverage values may have deviated from the corresponding equity values when further checks into the first case were made. This was another impact that the website issue had on the MT4 in that case. As soon as the website issue was completely eradicated, the data started to be displayed correctly in the trading platform. It is for these reasons that the decisions made for these two cases are different despite the fact that in both cases you could not increase the leverage.
Secondly, I am very grateful for the fact that you have been with Exness since 2010. Moreover, I am glad that you never experienced delays with depositing to trading accounts through electronic payment systems. However, the Complaints department were relying on company information according to which 98% of all deposits are processed instantly whereas the 100% of deposits are guaranteed to be processed within 24 hours.
Apart from that, as I gather from the Complaints department comments, they were primarily checking whether the MT server and MT4 were functioning while the order was open. The decision not to compensate was made based on the fact that the trading server was running fine. As far as the controlling the margin level is concerned, I see no other option offered in the Feedback than hedging the trade. Again, following the Complaints department reply I would also like to highlight here that this was only a possible way of managing margin in MT4 rather than practical advice.
In conclusion, the decision on the present case was made based on whether you could manage trading from the MT4. As far as you could, the decision to compensate was not made.
Now to the question of responsibility. From my experience, cases are different, and so are the decisions on these cases. Exness always considers all pros and cons of every case before coming up with a balanced decision.
Let’s take our two cases. On the surface, the are very close. However, paying attention to all the details made the Complaints understand that these two cases had different impact on the MT4: the previous case affected the platform's margin and the margin level, while the present case had no impact on the trading platform at all.
Regarding the website issue on November 10, I will find out the details and get back to you as soon as possible.
If you have any other questions or comments, I will be happy to assist you.
Thank you for waiting for my reply.
I would like to comment on the points you raised in you posts.
First of all, the difference between the two cases you are referring to was that the first case had impact on how certain data were reflected in the trading platform, namely the margin and margin level were being displayed incorrectly, whereas the website issue in the present case did not have any impact on the trading platform. Also, it was found out that the leverage values may have deviated from the corresponding equity values when further checks into the first case were made. This was another impact that the website issue had on the MT4 in that case. As soon as the website issue was completely eradicated, the data started to be displayed correctly in the trading platform. It is for these reasons that the decisions made for these two cases are different despite the fact that in both cases you could not increase the leverage.
Secondly, I am very grateful for the fact that you have been with Exness since 2010. Moreover, I am glad that you never experienced delays with depositing to trading accounts through electronic payment systems. However, the Complaints department were relying on company information according to which 98% of all deposits are processed instantly whereas the 100% of deposits are guaranteed to be processed within 24 hours.
Apart from that, as I gather from the Complaints department comments, they were primarily checking whether the MT server and MT4 were functioning while the order was open. The decision not to compensate was made based on the fact that the trading server was running fine. As far as the controlling the margin level is concerned, I see no other option offered in the Feedback than hedging the trade. Again, following the Complaints department reply I would also like to highlight here that this was only a possible way of managing margin in MT4 rather than practical advice.
In conclusion, the decision on the present case was made based on whether you could manage trading from the MT4. As far as you could, the decision to compensate was not made.
Now to the question of responsibility. From my experience, cases are different, and so are the decisions on these cases. Exness always considers all pros and cons of every case before coming up with a balanced decision.
Let’s take our two cases. On the surface, the are very close. However, paying attention to all the details made the Complaints understand that these two cases had different impact on the MT4: the previous case affected the platform's margin and the margin level, while the present case had no impact on the trading platform at all.
Regarding the website issue on November 10, I will find out the details and get back to you as soon as possible.
If you have any other questions or comments, I will be happy to assist you.
Manav
Private
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So, you mean to say that if all of a sudden any server issue surfaces from your end then instead of blaming company about this issue a trader is expected to hedge the position and lock the loss immediately?
Anyways, instead of commenting further i will first wait for your response on my previous post. Expecting a straight-forward response
Georgii Bartenev
exness.com Representative
- Messages
- 46
Dear Manav.
Thank you for the message.
According to the Complaints department’s comments, controlling the margin and margin level in MT4 is achieved through closing or hedging a position. I can’t find any other recommendation from the Complaints in the ticket.
As far as the situation you have described in your last but one post is concerned, unfortunately, I may not comment on it because it does not accurately reflect the situation you faced. Exness did not ‘take down’ its website but rather made every effort to resolve the website access situation as soon as the IT were informed of it.
Moreover, the Complaints have confirmed the October 25 website issue affected the clients’ access to their Member areas. But as they were making the decision on whether to compensate or not, their main concern was whether the trading server was running fine and all MT4 data were displaying correctly rather than whether the clients could access their Member areas. Consequently, no compensation was made because the trade was correctly executed by the trading server.
Please feel free to contact me if you have any other questions.
Thank you for the message.
According to the Complaints department’s comments, controlling the margin and margin level in MT4 is achieved through closing or hedging a position. I can’t find any other recommendation from the Complaints in the ticket.
As far as the situation you have described in your last but one post is concerned, unfortunately, I may not comment on it because it does not accurately reflect the situation you faced. Exness did not ‘take down’ its website but rather made every effort to resolve the website access situation as soon as the IT were informed of it.
Moreover, the Complaints have confirmed the October 25 website issue affected the clients’ access to their Member areas. But as they were making the decision on whether to compensate or not, their main concern was whether the trading server was running fine and all MT4 data were displaying correctly rather than whether the clients could access their Member areas. Consequently, no compensation was made because the trade was correctly executed by the trading server.
Please feel free to contact me if you have any other questions.
Manav
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Exness,
You are not ready to compensate my $13000 lost trade, you are not ready to answer my questions. I am clueless, then why you are running support service? Care to respond to the following two questions:
1. If there's any server issue broke out from your end then why we trader should suffer by closing our trade in loss or hedging our position?
2. I am posting my situation here once again. Any sane minded person can correlate this situation with my current issue. You can't escape this question by saying it doesn't relate to the the current issue. Kindly specify the responsibility here.
Let suppose i fund my account with USD 20000 and starts trading normally. Someday, if there's any margin call in my account and in order to maintain sufficient margin i have two options, either deposit additional funds or increase the leverage. However, i couldn't exercise any of these options because Exness website goes offline all of a sudden to perform some unscheduled maintenance work. Also, there's no access to personal area due to this maintenance work and in the mean time i suffer losses due to margin shortfall. Now, who should be blamed?
EXNESS, because there was unscheduled maintenance going on all of a sudden without any prior notice due to which i was unable to maintain sufficient margin by either funding trading account or increasing leverage; or
MYSELF, because i had an option either to close my trade in loss or hedge the position (which also results in accepting loss up-to the hedged amount) because company is performing maintenance work. (As per previous communications, if suppose a trade is running in loss & the company starts performing unscheduled maintenance then company expects me to either close the trade in loss or hedge the position & lock the loss).
My main purpose of putting this whole case in public domain is to let everyone know how much exness cares about their clients and how they handle cases related to server issues. This will expose their hypocrisy.
You are not ready to compensate my $13000 lost trade, you are not ready to answer my questions. I am clueless, then why you are running support service? Care to respond to the following two questions:
1. If there's any server issue broke out from your end then why we trader should suffer by closing our trade in loss or hedging our position?
2. I am posting my situation here once again. Any sane minded person can correlate this situation with my current issue. You can't escape this question by saying it doesn't relate to the the current issue. Kindly specify the responsibility here.
Let suppose i fund my account with USD 20000 and starts trading normally. Someday, if there's any margin call in my account and in order to maintain sufficient margin i have two options, either deposit additional funds or increase the leverage. However, i couldn't exercise any of these options because Exness website goes offline all of a sudden to perform some unscheduled maintenance work. Also, there's no access to personal area due to this maintenance work and in the mean time i suffer losses due to margin shortfall. Now, who should be blamed?
EXNESS, because there was unscheduled maintenance going on all of a sudden without any prior notice due to which i was unable to maintain sufficient margin by either funding trading account or increasing leverage; or
MYSELF, because i had an option either to close my trade in loss or hedge the position (which also results in accepting loss up-to the hedged amount) because company is performing maintenance work. (As per previous communications, if suppose a trade is running in loss & the company starts performing unscheduled maintenance then company expects me to either close the trade in loss or hedge the position & lock the loss).
My main purpose of putting this whole case in public domain is to let everyone know how much exness cares about their clients and how they handle cases related to server issues. This will expose their hypocrisy.
Last edited:
Georgii Bartenev
exness.com Representative
- Messages
- 46
Dear Manav,
thank you for the reply.
First of all, I'd like to say that I am ready to answer all of your questions as long as they are in the bounds of the situation you have faced. Otherwise, I am afraid I will not be able to say much.
As I see, you raised the same points to the Complaints department, and they have replied to those points already. I would appreciate if you could familiarise yourself with their reply first as I am writing to you here primarily based on what they said in their reply.
Now please let me comment on their position as I see it:
You are using the phrase 'any server issue'.
Moreover, the Complaints feel it is not possible to answer your question of responsibility as the question itself does not reflect all the details of the case you have faced in its entirety. At the same time, they may not comment on general cases.
Yet, if you ask me a question of who is responsible for the losing trade from this very case, giving the answer will be simpler as we know the current decision on the case. The Complaints do not bind the website issue to the trading server. Therefore, they consider that the trade was not affected. For this reason, the position of the Complaints is that the responsibility should be borne by the client.
Lastly, I would like to assure you that our customers are our top priority. I am always here to answer your questions and to provide any assistance related to Exness. Also, if you have any other details of the case we are discussing, it will be my pleasure to convey them to the Complaints so that they could consider them as well.
thank you for the reply.
First of all, I'd like to say that I am ready to answer all of your questions as long as they are in the bounds of the situation you have faced. Otherwise, I am afraid I will not be able to say much.
As I see, you raised the same points to the Complaints department, and they have replied to those points already. I would appreciate if you could familiarise yourself with their reply first as I am writing to you here primarily based on what they said in their reply.
Now please let me comment on their position as I see it:
You are using the phrase 'any server issue'.
- If by that you mean a 'trading server issue' with some ongoing trading during the issue, the financial results of the affected trades may be either cancelled or re-calculated.
- If it is any other server that has an issue which has an impact on the trading server, the relevant trades may also be cancelled or re-calculated because in this case the trading is still considered to have been affected by the issue.
- If it is any other server issue (for example, a data centre issue where our website is hosted) and it doesn't have an impact on the trading server, the Complaints will highly likely decide not to compensate as the trading will be considered unaffected by the non-trading-server issue.
Moreover, the Complaints feel it is not possible to answer your question of responsibility as the question itself does not reflect all the details of the case you have faced in its entirety. At the same time, they may not comment on general cases.
Yet, if you ask me a question of who is responsible for the losing trade from this very case, giving the answer will be simpler as we know the current decision on the case. The Complaints do not bind the website issue to the trading server. Therefore, they consider that the trade was not affected. For this reason, the position of the Complaints is that the responsibility should be borne by the client.
Lastly, I would like to assure you that our customers are our top priority. I am always here to answer your questions and to provide any assistance related to Exness. Also, if you have any other details of the case we are discussing, it will be my pleasure to convey them to the Complaints so that they could consider them as well.
Manav
Private
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- 20
End result remained same, No compensation. There was no point putting my case again n again and receiving same repeated response from other side every-time (one can even go through this thread responses). So, i finally gave up arguing with them & moved on as i can't do anything much from here. But, that was a good learning experience for me. Never fully trust a broker, no matter how many years you are trading with them.
