FXChoice.com does not honor stops during 2+hr rollover, weekends

[John Jensen]

During their insanely long rollover, FXChoice.com does not honor stops, meaning I'm liable for a position I can't manage and can't exit. This condition exists for over 2 hours every day plus their weekend.

What happens instead is that everything freezes during the rollover period, and resumes when it's over. When the market doesn't change much relative to my positions, this isn't an issue (obviously). So any pending orders (stops specifically, I don't have experience with others) are not even presented to the market until their desk reopens, at market prices.

 

[John Jensen]

3rd snip

 

[John Jensen]

As you can see from the charts, this caused catastrophic losses.

There was no warning that they were going into rollover at 22:45 UTC. (time in the MT4 charts is UTC -3). Their rollover lasted 2 hours and 15 minutes, resuming at 01:00, and executed my stop 1300 lower than where I'd set it. This wiped out ~3/4 of my account.

I'd had this problem before, and wrote to customer service about it. According to them, "the trades were executed properly" (transcript below):


[ticket: 13568406]Dear John Jensen,

Ticket #: 13568406
Subject: stop loss not honored
Status: Closed
Solution:

2019-06-18 11:21:15

Dear John,

Thank you for contacting FXChoice.

Please note that we offer derivative trading instruments for cryptocurrencies, and not the underlying assets on a cryptocurrency exchange as stated on our website: https://en.myfxchoice.com/trading/cryptocurrencies

The trading execution rules, as well as the specification of CFD derivatives, may differ from those of the underlying instruments traded on a crypto-exchange. We have published the specifications of these trading instruments on the above page of our website, so we assume that when a customer places a trade on one of these CFD instruments, they have already read, understood and agreed with the execution rules and the specifications of the instrument (including the trading hours).

We confirm that the trades in question have been correctly processed, according to the published execution rules that we have published on our website.
https://en.myfxchoice.com/faq/execution-rules/#8
"...
Execution of orders
Buy Limit, Buy Stop, Stop Loss and Take Profit for opened short position are executed at the ASK price.
Sell Limit, Sell Stop, Stop Loss and Take Profit for opened long position are executed at the BID price.
*Stop Loss, Take Profit, Buy Limit, Buy Stop, Sell Limit and Sell Stop are executed at the requested price, however under certain trading conditions it may be impossible to execute the above at the requested price and FXChoice has the right to execute them at the next best price. In case of market execution mode this situation is commonly referred to as slippage and it can be both positive or negative for all order types.
..."

We confirm that the mentioned orders has been properly processed to the market, thus cannot be reversed. We thank you for your understanding.

If you have any further questions, it would be our pleasure to assist you. Thank you again for choosing FXChoice.

Kind regards,
FXChoice Customer Service

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[John Jensen]

"Please note that we offer derivative trading instruments for cryptocurrencies, and not the underlying assets on a cryptocurrency exchange as stated on our website: https://en.myfxchoice.com/trading/cryptocurrencies"

The page above does not specify that orders are not executed during rollover times. This page does not specify when the rollover times are.


"We confirm that the trades in question have been correctly processed, according to the published execution rules that we have published on our website.
https://en.myfxchoice.com/faq/execution-rules/#8"

Rule number 8: "
Execution of orders
A Buy Limit, Buy Stop, Stop Loss and Take Profit for an opened short position are executed at the ASK price.

A Sell Limit, Sell Stop, Stop Loss and Take Profit for an opened long position are executed at the BID price.

*Stop Loss, Take Profit, Buy Limit, Buy Stop, Sell Limit and Sell Stop are executed at the requested price; however, under certain trading conditions it may be impossible to execute the above at the requested price and FXChoice has the right to execute them at the next best price. In market execution mode this situation is commonly referred to as slippage and it can be both positive or negative for all order types."

Again, nothing here about preset orders not being followed during rollover.

Rule #2, not quoted in the customer service response but visible in the same list, states:

"Our working hours
We are round-the-clock (24 hours) from Sunday 00.00 to Friday 23.00 server time. As we operate globally, we offer multilingual client support services across all time zones within the above timeframe. We will not quote any prices outside our working hours; therefore, no orders can be placed by clients during that time."

I do not expect to /place/ orders during nonworking hours. I do expect /previously placed/ orders to execute in an orderly fashion.

 

[FxMaster]

"Please note that we offer derivative trading instruments for cryptocurrencies, and not the underlying assets on a cryptocurrency exchange as stated on our website: https://en.myfxchoice.com/trading/cryptocurrencies"

The page above does not specify that orders are not executed during rollover times. This page does not specify when the rollover times are.


"We confirm that the trades in question have been correctly processed, according to the published execution rules that we have published on our website.
https://en.myfxchoice.com/faq/execution-rules/#8"

Rule number 8: "
Execution of orders
A Buy Limit, Buy Stop, Stop Loss and Take Profit for an opened short position are executed at the ASK price.

A Sell Limit, Sell Stop, Stop Loss and Take Profit for an opened long position are executed at the BID price.

*Stop Loss, Take Profit, Buy Limit, Buy Stop, Sell Limit and Sell Stop are executed at the requested price; however, under certain trading conditions it may be impossible to execute the above at the requested price and FXChoice has the right to execute them at the next best price. In market execution mode this situation is commonly referred to as slippage and it can be both positive or negative for all order types."

Again, nothing here about preset orders not being followed during rollover.

Rule #2, not quoted in the customer service response but visible in the same list, states:

"Our working hours
We are round-the-clock (24 hours) from Sunday 00.00 to Friday 23.00 server time. As we operate globally, we offer multilingual client support services across all time zones within the above timeframe. We will not quote any prices outside our working hours; therefore, no orders can be placed by clients during that time."

I do not expect to /place/ orders during nonworking hours. I do expect /previously placed/ orders to execute in an orderly fashion.

First of all, invite the company by using the invite company option to your thread. And if you are unable to locate the option then this thread "Tutorial: How to Invite a company to your thread." will help you to find out.

Note: If you are new to FPA then invitation button will be enabled when your first post reaches 4 days old.

Till then follow the below-suggested options to draw their attention on your issue


Few steps that you must follow to draw their attention to your issue,
Follow the suggested steps below:
Invite them to join this thread via email (Send an email to every possible address).
Go to their website and invite them to here via Live Chat
You will find their email and address here https://en.myfxchoice.com/company/contact/

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You can also share your story on their social media pages mentioned below:
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Positive Note: If you receive a solution to your problem then don’t forget to edit yourthread and reviews
Negative Note: If they failed to reply to you properly then write me back here, I`llsuggest you more steps to get yourfunds back

 

[John Jensen]

The OP has invited the company to this discussion on Jul 15, 2019 at 4:23 PM

 

[Edmon]

Guys, it is very strange to hear that somebody is trading with FXChoice - the Bank FXChoice, based on Belize was bankrupt about 1 year ago and it was in the media.

 

[Poundtrader]

Guys, it is very strange to hear that somebody is trading with FXChoice - the Bank FXChoice, based on Belize was bankrupt about 1 year ago and it was in the media.

I been with fxchoice for years never had a problem getting my withdrawals. very solid broker

 

[George A.]

Dear John Jensen,

We meet yet again to discuss this topic. Thanks for inviting us to participate.

Let’s address your claim that ‘The page above does not specify that orders are not executed during rollover times. This page does not specify when the rollover times are.’

Perhaps we needed to word our response to you a little better, but the times are there, clearly displayed, IF you click on the instrument. We have attached a screenshot for all to see.



As we also explained in our response to your FPA review, this information is available in your MetaTrader terminal. Screenshot attached for all to see.


So, we will add some extra text to our website to warn the user that they must click the instrument to see the trading times.

Now, you also claim that it doesn’t say orders won’t be processed during the rollover. We used the words ‘Break time’. That would suggest that this period is one of inaction. We have also published an article in our Knowledge Base that explains trades are not processed during rollovers and weekends: http://kb.myfxchoice.com/article/6766/99759

We noticed that you have also posted your concerns on Facebook saying that you’re looking for a ‘resolution’. To double confirm, all trades were executed in line with the Execution Rules, i.e. correctly and to the letter. As we stated in our FPA response: ‘We assume any client trading CFD instruments has read, understood and agreed to the execution rules and specifications of the instrument, which includes the trading hours’.

We have proven here —beyond any doubt— that the information you claim wasn’t present was in fact present and in TWO places.

Also, from 27th July, the rollover period is only 1hr 15 mins on BTCUSD. We hope that this may serve as a small consolation and that you’ll have a positive trading experience with us in future.

To respond to Edmon: Choice Bank and FXChoice are both based in Belize and have the word ‘choice’ in their name. This is where the similarity ends. We have nothing to do with one another. This is simply a coincidence.

 

[John Jensen]

Guys, it is very strange to hear that somebody is trading with FXChoice - the Bank FXChoice, based on Belize was bankrupt about 1 year ago and it was in the media.

yipes.

I've recently returned to trading from a hiatus. I had not heard about that, and I'd not seen anything about it on the boards here. Thanks for the heads up.