Problem FastBrokers and FXDD case

[Raimundas]

Sounds like an attempt at legal blackmail to me.

Me too...

Have you considered filing a complaint over this issue with the CFTC? They've got much bigger and sharper teeth than the NFA.

Both NFA and CFTC supervise the company's (FXDD's in this case) compliance with appropriate rules and regulations. Mostly, these rules and regulations are the market issues related writings. This Civil case relies on the matters of other kind: FXDD filed its complaint against all defendants, alleging violations of 18 U.S.C. §1030 (the Computer Fraud and Abuse Act), breach of contract, fraud, conversion, and equitable claims. Thus, neither NFA's, nor CFTC's competence is not very proper in this case.

 

[musketeer]

I have no time to read all of that thread... But can assure you that it exists, the hacked MT4 + a script. Even many of you have it but never realized what is it. If you are innocent Raimundas you have nothing to worry about. They need to prove what they claims - it is 100% real and it exists, the other question is did you used it. It could be easy proved by logs - they are exactly for that.

Best!

 

[Pharaoh]

The whole plan by FXDD's lawyers appears to be to use overwhelming legal threats to force clients to accept cheap settlements without regard to any trading logs.

I still think complaining to the CFTC and NFA isn't a bad idea. Getting your issue on record with them will prove helpful if FXDD decides to make attacking profitable clients part of their standard strategy.

 

[Pharaoh]

Update: Check out FXDD's homepage here - Forex Trading | Currency Trading and Brokers by FXDD

Look on the right-hand side and you'll see this:

NOTICE: All FXDD customers should be aware that Expert Advisors, scripts, modified platforms, computer programs or other devices programmed to trade or to attempt to trade on off market and/or stale prices violate the terms and conditions of FXDD's customer agreement. In addition, such Expert Advisors, scripts, modified platforms, computer programs or devices may violate, among other statutes and applicable regulations, 18 USC §1030 and CEA § 6(c)(1). All customers are responsible for Expert Advisors, scripts, modified platforms, computer programs or other devices used in connection with their accounts, regardless of the source. If you have any questions regarding this notice, please contact an FXDD representative.

By default, unless your internet connection to FXDD is instantaneous, wouldn't attempting to open trades in an unmodified version of MT4 make you appear to be attempting to trade at "stale prices"? If so, simple trading with FXDD could result in a trader (especially a profitable trader) be subject to a lawsuit.

"The customer is always right" might be a little too extreme for the modern world. "The customer is automatically assumed to be a criminal attacking the companies servers" is definitely an insane over-reaction in the opposite direction.

 

[hyper]

By default, unless your internet connection to FXDD is instantaneous

It is impossible for a quote to have no age, as it takes time for the data to be received by a client terminal over a network. There is no such thing as an "instantaneous" internet connection. Even if a client terminal was on the same computer as the server that generates the quotes, there would still be a finite (albeit extremely small) amount of time between quote generation and reception in the client terminal. So "stale quotes" could refer to all valid quotes.

I checked the FXDD web site but I couldn't find the message. Have they removed it?

 

[mrf1962]

It is impossible for a quote to have no age, as it takes time for the data to be received by a client terminal over a network. There is no such thing as an "instantaneous" internet connection. Even if a client terminal was on the same computer as the server that generates the quotes, there would still be a finite (albeit extremely small) amount of time between quote generation and reception in the client terminal. So "stale quotes" could refer to all valid quotes.

I checked the FXDD web site but I couldn't find the message. Have they removed it?

Hi,

It's there. You have to scroll down a little bit. It's under the buttons on the right side:

NEED HELP?, Click to Call, open an account, free demo account, Deposit Funds, Rollover Rates, Free Live Quotes

Well, so much for my dial-up connection (smile). By the time I get the quotes, they really are stale. Besides, they have a relationship with Zulutrade.com. There's server latency there. How can they really tell how stale quotes are?

 

[hyper]

Hi,

It's there. You have to scroll down a little bit. It's under the buttons on the right side:

NEED HELP?, Click to Call, open an account, free demo account, Deposit Funds, Rollover Rates, Free Live Quotes

It's still not there for me. Maybe it only appears for people accessing the web site from U.S.A.

 

[Pharaoh]

It's still not there for me. Maybe it only appears for people accessing the web site from U.S.A.

Let me do a quick around the world tour.

Yeah, from some places, fxdd.com resolves to global.fxdd.com and doesn't display the warning - too bad you could live in those places and still get sued by FXDD.

Ah, I found it. At the top-right on the global site, select United States instead of Worldwide. Then you can see it.

​

 

[Raimundas]

Update: Check out FXDD's homepage here - Forex Trading | Currency Trading and Brokers by FXDD

Look on the right-hand side and you'll see this:

NOTICE: All FXDD customers should be aware that Expert Advisors, scripts, modified platforms, computer programs or other devices programmed to trade or to attempt to trade on off market and/or stale prices violate the terms and conditions of FXDD's customer agreement. In addition, such Expert Advisors, scripts, modified platforms, computer programs or devices may violate, among other statutes and applicable regulations, 18 USC §1030 and CEA § 6(c)(1). All customers are responsible for Expert Advisors, scripts, modified platforms, computer programs or other devices used in connection with their accounts, regardless of the source. If you have any questions regarding this notice, please contact an FXDD representative.

Whew, it's something new!.. I have not seen this notice few month ago. Apparently, the FXDD inserted this notice on their Web-site just AFTER starting the lawsuit against some customers...

By default, unless your internet connection to FXDD is instantaneous, wouldn't attempting to open trades in an unmodified version of MT4 make you appear to be attempting to trade at "stale prices"? If so, simple trading with FXDD could result in a trader (especially a profitable trader) be subject to a lawsuit.

It's very likely with high ratio of probability, that this scenario described by you, Pharaoh, have been happened to me. Since FXDD has no trading servers in Lithuania, the Internet connection latency should be considerable in my case.

 

[Pharaoh]

Any normal broker would just give slippage, requotes, or reject orders if an order came in at "stale prices". It sounds to me like FXDD decided that suing clients is a new and improved way to make money.