Problem For the Second time Exness cheated on me !!! Please HELP !!!!

[rbnsalam]

I still not trade with Exness yet, but one thing that I knew so far. If a broker have many agreement that You better not hope to get best service. They will always hiding they self behind the TOS Agreement. Once you invest your money there, You have already agreed to their TOS!

 

[Pharaoh]

Dear Gioteen,

Dukascopy Bank SA is one of the banks, that can provide quotes history. Indeed the spread in our company was wider in this period of time, but it should be taken into account, that spreads of brokers are supposed to be wider than spreads of the banks. At the same time some of the banks and brokers block the trading transactions for concerned period of time. Other brokers increase the spread in 10 times.

How strange. Oanda reportedly had a spread very close to what Dukascopy had. Maybe I should consider opening a bank account with them.

The difficulty with providing the data, which belongs to other brokers and banks is connected with ethical consideration (these companies are our competitors). Such information could be provided only in conditions of the absolute necessity. This is the main reason for the delay in response.

Yet you also said this:

You can compare prices and spreads dynamics at any major european bank to ensure that execution level is very close to all market participants price level.

Could you kindly explain why you advised Gioteen to check information that not only isn't readily available via web links, but that you now claim can't even be ethically shared?



Please do try to find a way to get this information. I would hate to be left with the assumption that Exness deliberately provided Gioteen with a suggestion that is both unethical and impossible.

 

[Exness]

Please forward my case to your Financial Dispute Resolution Service and inform me about their decision.

Dear Gioteen,
According to the rules of Financial Disputes Resolution Service, only customer of financial service provider can make a compliant for a purpose of resolution.
The scheme and an order of compliance are available on the official FDR website Financial Dispute Resolution.

 

[Gioteen]

Dear Gioteen,
According to the rules of Financial Disputes Resolution Service, only customer of financial service provider can make a compliant for a purpose of resolution.
The scheme and an order of compliance are available on the official FDR website Financial Dispute Resolution.

I feel so sorry for your broker! It’s shameful, you told me to compare prices and spreads dynamics at any major European bank to ensure that execution level is very close to all market participants price level. I did the comparison with data which you provided us here and you accepted that your price is not close to them (almost double)! but you didn’t do anything and forward me to FDR after one month. Its not a big money , but I will write my complaint and we will see. But the obvious thing is that my FPA friends now know Exness better !

 

[Pharaoh]

I just PMed something to Exness. I'd like to make similar points publicly.


I truly don't believe that Exness deliberately scammed Gioteen. He traded too heavily and put his account on the edge of a margin call all by himself. Still, lacking of REAL historical data about just how wide spreads can get might have led him to make different decisions than he would have if that data had been available.

On the other hand, the handling of his issue by the Exness support team and later in the forums is truly abysmal and makes me wonder what's going on inside the company.

1. A rep tells Gioteen that no spreads exceeded 10 just after he gets a margin call due to a wider spread. Was this rep so unskilled that this couldn't be checked, so uncaring that the "nothing exceeded 10" was a quick way to try to escape a support chat, or just very very unintelligent?

2. In the forums, Gioteen is told to check the rates at major banks. Later, Exness says they can't provide that data or links to that data for ethical reasons. I find this to be amazing beyond words. Whoever came up with this idiotic suggestion to try to waste Gioteen's time and distract from the issue should be dragged to the company's meeting room and be flogged.

3. Exness KNEW there was a client with a specific concern about price freed at a specific point in time. This information came well within the time that Exness reportedly retains tick data. It appears that ZERO effort was made to retain the data that would have clearly showed that the margin call was legitimate. Under those circumstances, how could a trader not be suspicious?

All of this is now public knowledge. The embarrassment this is costing Exness is largely self-inflicted.

I think there is a reasonable chance that Exness will win the FDRS case. I hope Gioteen keeps us all advised so that everyone can follow it.

Of course, if Exness had the tick data, their side case would be much simpler to prove. Instead, the failure to retain that information could make the defense of Exness much more time consuming.

Think about this also. Exness has now publicly admitted that it doesn't retain tick data for more than a few days. If someone had lost a very large amount of money, that person's lawyer could easily find this out. Imagine someone like Gioteen, but with much bigger loss and enough financial backing to hire a really good lawyer. How may hours of legal time could this consume while trying to defend Exness in front of the FDRS or in a court of law?

Whoever analyzes the cost/benefit of retaining tick data should take into account that one can buy a lot of hard drives for the cost of a few hours time from a competent lawyer. One big lawsuit could cost more to defend than the hardware needed to retain a year or more worth of tick data.

 

[Gioteen]

Dear Exness Rep!

My complaint is ready, I’m going to send it on Monday, and this is your last chance to solve this issue before I send it to FDR. Will you solve it or I should forward my complaint?

 

[pipdreaming]

Dear Exness Rep!

My complaint is ready, I’m going to send it on Monday, and this is your last chance to solve this issue before I send it to FDR. Will you solve it or I should forward my complaint?

I urge anybody reading this thread to stand in front of their terminal at 21h00 GMT. Look at low liquidity pairs like ECHF, ACAD or EURGBP. You will see the spread will widen on whatever broker you are using. I see you traded a 0.8 lot on EG with an account at less than 1000$. This was simply suicide.
It doesn't matter if you were hedged or not, the spread catched your margin. This was not EU with lots of liquidity. And this was 21h00 GMT... where not a single market is open !

 

[dvmania]

I really think that Pharaoh has analyzed this situation perfectly.
This company has serious customer service issues and they are shooting themselves in the foot by throwing away the data.
I personally would think twice before opening an account with them solely based on these two points.

On the other hand.... Saying that this was a scam... Is a bit farfetched...

And why oh why did you continue for a second round with them? - I usually don't blame a "victim" but common man

 

[gosse]

more strange is there were not even any news or high volatility in the market !

I was with them on the live chat today and asked about the high spreads they answered me because it is quite on the market the spreads can be high and when there is low volatility it is low?

 

[Pharaoh]

Extremely high volatility often means that prices are moving fast, so spreads widen.

Extremely low volatility means that there are few orders on the market, so an order may not find enough volume within the normal spread.

What you want is a nice middle-of-the-road volatility.