FORTFS Withdraw decline

quyquan

Recruit
Messages
4
Hi FPA,

Fortfs Account 3777282 Withdraw decline #975969

I am writing to express my utmost fury at Fortfs as they rejected my withdraw request of $318.40 profits, I placed 1 trade fair and square with 1 trade position on Friday 23:55pm at market price for the French Election and held over the weekend following the correct procedures and closed postion at Market open prices on Sunday only to be told that from the email that my withdraw was canceled due to:

''Your request was rejected due to the decision of risk-management''
5. Non-market prices.
5.5. The Company shall guarantee that a non-market price will be deleted from the instant quotes by bringing the trading history in line with the actual market prices.
5.6. Provided that the Company or a Client could provide a sufficient evidence that opening and/or closing the trade has been executed with the price significantly different from the market price, the Company undertakes to recalculate financial results of such trade according to real market (exchange or interbank) quotations or completely cancel it.''

I have emailed their support@fortfs.com and have strongly asked that they recheck this as I have provided the evidence from screenshots taken during the trade this and and asked them to proceed with my withdrawal, they replied with the same email and now they are no longer responding to my emails.

I would like to ask FPA and if there is a chance to raise a case against Fortfs to try and get my profits back especially when I traded to fairly, please see evidence below.


Thanks
 

Attachments

  • SundayOpen2.jpg
    SundayOpen2.jpg
    227.6 KB · Views: 2
  • MT4mobilescreen.jpg
    MT4mobilescreen.jpg
    88.7 KB · Views: 2
  • SundayOpen4.jpg
    SundayOpen4.jpg
    415.5 KB · Views: 2
  • fortfs1.JPG
    fortfs1.JPG
    32.5 KB · Views: 2
  • fortfs.JPG
    fortfs.JPG
    73.5 KB · Views: 0
  • fortfs3.JPG
    fortfs3.JPG
    48.6 KB · Views: 0

FxMaster

Lt. Colonel
Messages
10,254
Hi FPA,

Fortfs Account 3777282 Withdraw decline #975969

I am writing to express my utmost fury at Fortfs as they rejected my withdraw request of $318.40 profits, I placed 1 trade fair and square with 1 trade position on Friday 23:55pm at market price for the French Election and held over the weekend following the correct procedures and closed postion at Market open prices on Sunday only to be told that from the email that my withdraw was canceled due to:

''Your request was rejected due to the decision of risk-management''
5. Non-market prices.
5.5. The Company shall guarantee that a non-market price will be deleted from the instant quotes by bringing the trading history in line with the actual market prices.
5.6. Provided that the Company or a Client could provide a sufficient evidence that opening and/or closing the trade has been executed with the price significantly different from the market price, the Company undertakes to recalculate financial results of such trade according to real market (exchange or interbank) quotations or completely cancel it.''

I have emailed their support@fortfs.com and have strongly asked that they recheck this as I have provided the evidence from screenshots taken during the trade this and and asked them to proceed with my withdrawal, they replied with the same email and now they are no longer responding to my emails.

I would like to ask FPA and if there is a chance to raise a case against Fortfs to try and get my profits back especially when I traded to fairly, please see evidence below.


Thanks
Send an email to every address you can find at the broker. Include a copy of the link to this thread. Invite them to come here and explain what the problem is with sending your money.
 

quyquan

Recruit
Messages
4
Hi FPA,

Thanks for your reply, I have created a thread inviting them to this thread on every broker review website known and every social media page they have including various emails to invite them to this thread.

Lets see if they respond.
 

FxMaster

Lt. Colonel
Messages
10,254
Hi FPA,

Thanks for your reply, I have created a thread inviting them to this thread on every broker review website known and every social media page they have including various emails to invite them to this thread.

Lets see if they respond.
Great, Keep us informed about whatever reply you get from them.
 

Mark Miller (FortFS)

FortFS Representative
Messages
196
Fortfs Account 3777282 Withdraw decline #975969


Dear Client,

The case required some time for additional investigation. Thank you for your patience.

We kindly ask you to carefully read the information provided below:

Please pay your attention to the fact that the mentioned issue is the exception from practice and is directly related to pre-electional expectations and uncertainty in market that appeared before market closing and weekend from 05/05/17 to 08/05/17.

The price gap occurred during the weekend (from 05/05/17 to 08/05/17) is the result of pre-electional expectations in France. Our Company, Fort Financial Services has taken all required measures as you could read from official Company's news: https://www.fortfs.com/about/news/margin-requirements-change

All clients' positions are hedged by our liquidity providers and we do our best to fully comply with the international requirements in the field of technologies and chosen counterparties.

On 05/05/17 starting from 21:00 of terminal time there was an exceptional market situation of liquidity decreasing caused by the instability and pre-electional expectations as well as by the additional margin requirements applying from liquidity providers. In accordance with these facts the results of several trading orders, both the negative and positive ones, were rechecked in accordance to the hedging order on the side of liquidity providers.

An attempt to place new orders during the time of highest lack of liquidity, from 23:04 as well as maximum volume before trading session closing at 23:51 was made on 337282 account. In such cases the Company does its best to get the best execution price from liquidity providers as well as amongst its customers.

Orders #81251309, #81254134,#81254348,#81260849 were executed by the best available prices and hedged between the similar accounts of the other customers who attempted to open orders at the same time.

Due to the gap price after the weekend (08/05/17) and insufficient amount on the accounts that hedged the following positions: #81251309, #81254134, #81254348, #81260849 the Stop Out took place leading account to the negative balance.

The Company no longer did have the possibility to keep hedging these positions as the market conditions were different from the normal ones and therefore the Company acted following the general practice of loyalty to its customers.

Summarizing the above, we provide the number of conditions below which led to such results:
- existence of political changes concerning EUR currency (president election in France)
- high price gap presence during the weekend
- rapid requirements changes from liquidity providers side
- impossibility of positions hedging by liquidity providers

Based upon this, the Company recognizes this situation as force-majeure in accordance to 11.1 - 11.5 paragraphs of Risk disclosure legal documentation: https://static.fortfs.com/download/risks_policy.pdf

We quote part of its content below:

11. The Client shall acknowledge the following provisions related to risk that occur as a consequence of force-majeure:
11.1. Activities in international financial markets may result in heavy unplanned losses in case of consequences that could not be forecasted or beyond control, including, but not limited to, the following:
− interventions executed by the central banks of a country;
− military conflicts or local military activities in any country;
− acts of terrorism;
− industrial disasters;
− suspension of any financial market operations;
− abrupt downturn in liquidity, caused by instability in financial markets;
− bankruptcy of banks and payment systems;
− natural disasters;
− resolutions adopted by national leaders or governments;
− alterations of rules and operation procedures for counterparts that exert material influence on the company’s activities.
11.2. The Client shall acknowledge a possibility of heavy losses that may occur in the course of financial activities in world financial markets due to circumstances which are impossible to forecast:
−acts of terrorism;
− military activities;
− suspension of any financial market operations;
− instability of financial markets accompanied by abrupt downturn in liquidity;
− bankruptcy of banks and payment systems;
− natural disasters;
− resolutions adopted by national governments;
− currency interventions;
− considerable alterations of rules and operation procedures for counterparts.
11.3. The Company is entitled to independently determine the limits of force-majeure, if there are grounds sufficient to do that.

According to paragraph 11.5, the Company reviewed the transactions results on the account 377282 and the following orders were cancelled: #81251309, #81254134, #81254348, #81260849.

11.5. The Company is entitled to (without prejudice to any other rights of the Company under provisions of any other contract made between the Client and the Company) take one of the following actions without any preliminary notification and at any moment:
− to increase charges applied to the Client’s open positions;
− to increase charges applied to the Client’s newly opened positions;
− to suspend, change, cancel any of provisions, section or stipulation of any contract made between the Client and the Company until the force-majeure circumstances make it impossible to fulfill the specified provision, section or stipulation;
− to close any or all of the Client’s open positions to the price considered as fair by the Company;
− in case there are enough circumstances, to undertake or not to undertake any actions in respect of the Company and the Clients;
− for positions that have become an object of consideration due to effect of force-majeure circumstances, to reconsider the amount of the company’s financial obligations to the Client.

Note that such practice isn't unilateral. The same actions were taken in relation to hedged orders with the negative results.

We believe that these measures will help to our clients who faced losses as a result of both price gap and force-majeure circumstances.

Sincerely,
For Financial Services Ltd.
 

Gidanoc

Recruit
Messages
1
Quyquan, did you get your profits finally or did FortFS keep wriggling out of it like they did with the long post above?
 

quyquan

Recruit
Messages
4
Hi FPA,

Unfortunately not, at first they said:

''Your request was rejected due to the decision of risk-management''
5. Non-market prices.
5.5. The Company shall guarantee that a non-market price will be deleted from the instant quotes by bringing the trading history in line with the actual market prices.
5.6. Provided that the Company or a Client could provide a sufficient evidence that opening and/or closing the trade has been executed with the price significantly different from the market price, the Company undertakes to recalculate financial results of such trade according to real market (exchange or interbank) quotations or completely cancel it.''


They was ignoring all my emails until I posed on FPA, FF, myfxbook etc 10+ broker review website and social media twitter/FB, then they had pressure to come back with the post the message above:

''According to paragraph 11.5, the Company reviewed the transactions results on the account 377282 and the following orders were cancelled: #81251309, #81254134, #81254348, #81260849.''

I understand risk management with brokers but they should've done what most or all brokers do and lower the leverage, if you can trade it then you should be able to keep it, trading the gap is a strategy that is well known and even their on news feed entices you to do it, please see image. I placed my order fair and square but I guess they can keep quoting paragraph numbers until there's nothing to quote.

I guess its okay when you loss money, they'd happily take it but when you profit they'd do this situation.

I only had profits of $318.40 and not thousands, which I don't understand, my bad reviews alone on 15+ review websites might have cost them thousands and alot more, especially when I traded as per spec.

I'm just waiting for what IFSC says and what the senior members of FPA advise are.
 

Attachments

  • Capture.JPG
    Capture.JPG
    67.9 KB · Views: 1
Top