FOREX4YOU manipulates spread to wipeout profit making accounts

IRFANV

Private, 1st Class
Messages
33
hello all,
i am a victim of forex4you spread manipulation and account wipeout. i hav a cent ndd account 3197997 with forex4you. During my trading with the company i hav come across a common malpractice of increasing the spread of a running trade to effectively cause a wipeout and make the traders loose the money….

On 16 august 2016 i had four trading positions in GbpJpy , two hedged positions each of 30 mini lots with the below mentioned order numbers and details…..
117674678 buy 131.038
118179064 buy 129.915
118096852 sell 129.288
118213430 sell 129.188
All the above orders automatically got squared off and i had a wipe out of 897 usd. in total

all my orders were actually closed / squared off at a exact time of 14:29:59 on 16.08.2016 with a vast difference in the closed trade prices, the buy trades closed at a price of 129.356…. And the sell trades closed at 129.635…….a difference of 28 pips, which in a perfect real world caused the margin call and wipeout.

The 5 minute mt4 candle 14.25 to 14.30 had open 129.53 high 129.563 low 129.158 close 129.318 ( my trades were closed at 14.29.59…hence this time frame would be legally accountable….) .

The 5 minute mt4 candle 14:30 to 14:35 had open 129.331 high 129.607 low 129.271 and close 129.467….the candle initial had a bear movement from 129.331 to 129.271 and then it turned bullish and closed at 129.467 at 14.35….. Still the high of 129.607 was only attained at the 14.34 candle… ( as per 1mt. MT4 candle pattern ).

as per 1mt timeframe 14.29 candle had open 129.539 high 129.539 low 129.158 and 129.318. And 14.30 candle had open 129.331 high 129.552 low 129.158 close 129.318……. ( hence my trade should not hav been squared off…).

In the above scenario i fail to understand how did the spread increase to 28 pips.

Forex4you has accepted that the trades were hedged and the change in the spread caused the margin call and the wipeout after i complained to the company in writing in this regards, i received a prompt reply stating it is as per liquidity provider price that we receive and such instances occur due to global news and market reactions to certain global events but they failed to give me any proof of the said 28pips spread nor at that exact time there was any news or major movement in the pair.

I beg to differ with the explaination as to the best of my knowledge and investigation no other trader in my knowledge faced this issue nor this kind of liquidity provider price …. Buy price of 129.356 and sell price of 129.635 ( a difference of 28 pips ).on that day n time

according to me it is a pure case of manipulation and malpractice as i was making very good profit of 50usd consecutively every single day from my investment amount of 900usd….the only reason to manipulate the spread and cause a wipeout.


if anybody has faced the same issue or can confirm the spread or were trading at the given date n time with any brokers , pls feel free to revert back....

note... i hav escalated the complaint officially with the BVIFSC. 20160819_175632.jpg 20160819_175717.jpg
 

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IRFANV

Private, 1st Class
Messages
33
Can a captain or senior person from the admin help me raise a perfect scam alert.
 

FxMaster

Lt. Colonel
Messages
9,981
hello all,
i am a victim of forex4you spread manipulation and account wipeout. i hav a cent ndd account 3197997 with forex4you. During my trading with the company i hav come across a common malpractice of increasing the spread of a running trade to effectively cause a wipeout and make the traders loose the money….

On 16 august 2016 i had four trading positions in GbpJpy , two hedged positions each of 30 mini lots with the below mentioned order numbers and details…..
117674678 buy 131.038
118179064 buy 129.915
118096852 sell 129.288
118213430 sell 129.188
All the above orders automatically got squared off and i had a wipe out of 897 usd. in total

all my orders were actually closed / squared off at a exact time of 14:29:59 on 16.08.2016 with a vast difference in the closed trade prices, the buy trades closed at a price of 129.356…. And the sell trades closed at 129.635…….a difference of 28 pips, which in a perfect real world caused the margin call and wipeout.

The 5 minute mt4 candle 14.25 to 14.30 had open 129.53 high 129.563 low 129.158 close 129.318 ( my trades were closed at 14.29.59…hence this time frame would be legally accountable….) .

The 5 minute mt4 candle 14:30 to 14:35 had open 129.331 high 129.607 low 129.271 and close 129.467….the candle initial had a bear movement from 129.331 to 129.271 and then it turned bullish and closed at 129.467 at 14.35….. Still the high of 129.607 was only attained at the 14.34 candle… ( as per 1mt. MT4 candle pattern ).

as per 1mt timeframe 14.29 candle had open 129.539 high 129.539 low 129.158 and 129.318. And 14.30 candle had open 129.331 high 129.552 low 129.158 close 129.318……. ( hence my trade should not hav been squared off…).

In the above scenario i fail to understand how did the spread increase to 28 pips.

Forex4you has accepted that the trades were hedged and the change in the spread caused the margin call and the wipeout after i complained to the company in writing in this regards, i received a prompt reply stating it is as per liquidity provider price that we receive and such instances occur due to global news and market reactions to certain global events but they failed to give me any proof of the said 28pips spread nor at that exact time there was any news or major movement in the pair.

I beg to differ with the explaination as to the best of my knowledge and investigation no other trader in my knowledge faced this issue nor this kind of liquidity provider price …. Buy price of 129.356 and sell price of 129.635 ( a difference of 28 pips ).on that day n time

according to me it is a pure case of manipulation and malpractice as i was making very good profit of 50usd consecutively every single day from my investment amount of 900usd….the only reason to manipulate the spread and cause a wipeout.


if anybody has faced the same issue or can confirm the spread or were trading at the given date n time with any brokers , pls feel free to revert back....

note... i hav escalated the complaint officially with the BVIFSC. View attachment 27098 View attachment 27099

Two steps that you must follow

1st - Invite them to join this thread via email (Send email to every possible address).

2nd - Go to their website and invite them to here via Live Chat
 

IRFANV

Private, 1st Class
Messages
33
Two steps that you must follow

1st - Invite them to join this thread via email (Send email to every possible address).

2nd - Go to their website and invite them to here via Live Chat.

dear fxmaster,
i hav already given 1star and review is under scrutiny with the FPA seniors and admin....
i hav also escalted the same to bvifsc.
i hav tried inviting them thru live chat but they refuse and state that they hav investigated and no errors were found hence the complaint is closed and resolved from there end....
i need to take this to the FPA court room....pls guide and help....
 

FxMaster

Lt. Colonel
Messages
9,981
dear fxmaster,
i hav already given 1star and review is under scrutiny with the FPA seniors and admin....
i hav also escalted the same to bvifsc.
i hav tried inviting them thru live chat but they refuse and state that they hav investigated and no errors were found hence the complaint is closed and resolved from there end....
i need to take this to the FPA court room....pls guide and help....

Visit this link http://www.forexpeacearmy.com/community/pages/traders-court/ and follow the suggested steps there.
 

Forex4you

Forex4you Representative
Messages
16
Dear Irfan Ibrahim Vohra,

Please note that your account type has variable market spread, which completely depends on current market situation. Also please mind, that Buy orders are closed by Bid price, when Sell orders closes by Ask price.

Company specialists have checked the data regarding your trading account #3197997 and stated the following fact:

Orders #118213430, #118179064, #117674678 and #118096852 were closed by reaching a critical level of StopOut due to expansion of spread, which is proved by part of server logs:

2016.08.16 14:29:56.037 confirm '3197997' sell 30.00 GBPJPY at 129.18800 sl: 0.00000 tp: 0.00000 (129.18800 / 129.32400)
2016.08.16 14:29:56.062 '3197997': order #118213430, sell 30.00 GBPJPY at 129.18800
2016.08.16 14:29:59.732 '3197997': reach stopout ml 0.00%, equity: -1950.55, margin: 0.00
2016.08.16 14:29:59.732 '3197997': close all orders due stop out so: 0.0%/-1950.6/0.0
2016.08.16 14:29:59.734 '3197997': close order #117674678 (buy 30.00 GBPJPY at 131.03800) at 129.35600
2016.08.16 14:29:59.737 '3197997': close order #118096852 (sell 30.00 GBPJPY at 129.28500) at 129.63500
2016.08.16 14:29:59.740 '3197997': close order #118179064 (buy 30.00 GBPJPY at 129.91200) at 129.35600
2016.08.16 14:29:59.743 '3197997': close order #118213430 (sell 30.00 GBPJPY at 129.18800) at 129.63500

You cannot see spread history in your terminal, as historical values for Ask is not shown in MT4. Chart is made only by Bid prices. This is a technical feature of MT4 platform and a broker cannot affect or change it.

In attachment to this post you will find part of tick (Bid/Ask) history for this period of time.

Please mind that this type of situation may occur on the strong market volatility, when supply (Bid) and demand (Ask) may rapidly expand for example during and after the publication of important economic news. It is recommended to track such news (for example, on our website http://www.forex4you.com/en/clients/forex-calendar/) and to take the necessary trading actions in advance.

Your situation happened during publishing of high amount of important USA economic news. Below you can see list of news published at 14:30 by terminal time:

Manufacturing Shipments, Factory Sales - Change in the total value of sales made by manufacturers;
Residential Building Permits - Annualized number of new residential building permits issued during the previous month;
Consumer Price Index (CPI) - Change in the price of goods and services purchased by consumers;
CPI Ex Food and Energy, Underlying CPI - Change in the price of goods and services purchased by consumers, excluding food and energy;
Housing Starts - Annualized number of new residential buildings that began construction during the previous month;

Once again, we have checked information regard your trading account 3197997 and have not stated any technical problems or errors.

If you disagree with decision made by the Company you have a complete right to send your complaint to our regulation authority (please find contact details below) for an independent assessment and review. If our regulation authority will consider our decision as incorrect and will provide us an another decision then we will perform it in accordance to provided instructions.

Contact details of regulating authority:
British Virgin Islands Financial Services
Commission
Pasea Estate
P.O. Box 418
Road Town, Tortola, VG 1110
British Virgin Islands
Tel: 284-494-1324 or 284-494-4190
Fax: 284-494-5016
Email: commissioner@bvifsc.vg

Best regards,
Forex4you
 

Attachments

  • Tick_History_2016-08-16.txt
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IRFANV

Private, 1st Class
Messages
33
dear forex4you,
i never assumed you guys r educated illiterate , since my complaint email you guys r trying to explain me the limitations of mt4 platform and that the wipeout occured due to increase in spread and the buy n sell price had a difference of 28pips.....

now if u all bunch of educated illiterates hav failed to even understand the nature of my complaint, let me enlighten all of you.....

i am a trader since 6years and am very well aware of the candle formations...you guys r trying to base your excuse stating the US NEWS at 14.30 hrs caused volatality....pls explain how is the volatality of a news after 14.30 responsible for a wipeout at 14.29.59 itself....my account was wiped before the news.....open youe eyes n brains.....

now coming to the excuse of volatility.... a bear candle of 5 mts OPEN 129.53 HIGH 129.563 LOW 129.158 CLOSE 129.318 ...which has a total movement of 34 pips in a bear formation means the market was moving down...only in the last 1mt candle the market moved from 129.158 to 129.318.....the candle closed at 129.318.... total movement of 16 pips. if this a volatile movement in a pair like GBPJPY then please get your facts right.....pls explain better with proof.... if still you r dumb...as per 1mt candle the first 3 candle were bear the market moved down from OPEN 129.331 to LOW 129.271 AND only turned bullish after 14.33....already my account wipedout....but your tick price was stalled at 129.635...but even at 14.35 the 5mt candle never crossed 129.607....again it proves that the spread was manipulated.....

now on the nature of my complaint .....i am directly accusing and alleging that your liquidity provider never gave you guys that kind of sell price quote....if you say it did kidly pls declare the liquidity provider name and proof of provision of the said price at the said time frame.....

dont make excuses and try to cover ur goof up pls directly proove that u recvd this price and from whom.....which liquidity provider....i would like to verify the provider and also request FOREX PEACE ARMY and BVIFSC to verify the same......

you dumb nuts....stop to cover the goof up....pls grow up n submit proof with absolute transparency.....or reimburse my account ......
 

IRFANV

Private, 1st Class
Messages
33
after the above reply from forex4you, i had to re email the BVIFSC commissioner as below as forex4you is trying to cover it up with excuses. now i hav even more firm belief of the manipulation


.
dear commissioner ,


in continuation to my complaint escalated to your esteem self on30 aug 2016 against E-Global Trade n Finance Group, Inc. registered and regulated with your esteemed authority with cert # SIBA /L /12/1027 since 05 september 2012, Commonly known as forex4you in the forex trading community with a website www.forex4you.com. In regards with unethical and manipulative business methods.

i would like to bring to your knowledge that the company is trying to cover the manipulation by providing false and wrong explainations....they r twisting n turning the basic nature of my complaint itself by explaining the limitations of the mt4 platform and candle formation method and process and explaining that the US news also caused some volatality which was to occur at after 14.30 but my account was already wiped out at14.29.59 and to back the explainations they attach a tick price snapshot showing the respective buy n sell prices they never provided me with the name of the liquidity provider or the proof of them actually receving the said quotes from the said liquidity provider.. i am definately sure that the liquidity provider would not hav provided the said quotes only to forex4you but also to other brokers n traders....it would not be a rocket science NASA expedition to verify the provision of the said quotes and liquidity........this is actually my concern n complaints ... all the explainations r from there server...from there end.....to which i disgaree and hence the matter is escalated to your esteem self.....

now coming to the excuse of volatility.... a bear candle of 5 mts 14.25 to 14.30 which has a total movement of 34 pips in a bear formation means the market was moving down...only in the last 1mt candle the market moved from 129.158 to 129.318.....the candle closed at 129.318.... total movement of 16 pips. if this a volatile movement in a pair like GBPJPY then God bless Forex4you. moreover my account was already wiped out at 14.29.59 and hence any volatile movement ( which again never happened till 14.33.00 ) after 14.30.00 is not accountable as the account was already wipedout.....

hence all the above explainations or reasons given by forex4you is purely a clear attempt of covering the manipulation and unethical business methods....pls take a serious note of the same.....

my basic and straight allegation is that the company claims to hav recvd the said quotes from there liquidity provider,,,,why not prove it ????... i am dead sure they never received such quotes and hence request your kind self to investigate and order the company to disclose the name of the liquidity provider and actually prove they received such quotes that they claim....if they cannot or do not ..then my complaint is valid and holds good and i request your kindself to order them to refund my 897usd that they hav manipulated and wipedout.


request you to kindly pls look into the matter at earliest.....'

hoping for a favorable earliest response,


thankyou,
irfan vohra
+91 9833625298
 

Attachments

  • bvifsc 2nd email...._.pdf
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IRFANV

Private, 1st Class
Messages
33
DEAR ALL,
recvd a email from the COMMISSIONER at BVIFSC confirming investigation and requirement of my client agreement and if i object to the disclosure of my name n personal details to the concerned entity. i hav sent my client agreement and the required confirmations from my end....waiting for further progress....

irfan vohra
 
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