FXDD price discrepency

hello966

Recruit
Messages
9
Dear Forexpeacearmy,

I have a forex account with FXDD Malta. My account balance USD 23000 was liquidated on 7/10/2016 due to the pound flash crash. GBPJPY lowest price given by FXDD Malta was 119.41. Other brokers/website lowest pricing for GBPJPY were as follows:

IgoFX : 124.96
XM : 124.07
Exness : 123.25
DailyFX : 124.78
Forex Factory : 124.81


That was a 400+ pips discrepancy by FXDD. If no discrepancy, my account would still be alive with balance of USD 10000 at price 126.80 at the point of writing.

I requested FXDD Malta to change the price to be closer to other brokers/website but was rejected. I want my balance USD 10000 back.
 

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FxMaster

Lt. Colonel
Messages
9,309
Dear Forexpeacearmy,

I have a forex account with FXDD Malta. My account balance USD 23000 was liquidated on 7/10/2016 due to the pound flash crash. GBPJPY lowest price given by FXDD Malta was 119.41. Other brokers/website lowest pricing for GBPJPY were as follows:

IgoFX : 124.96
XM : 124.07
Exness : 123.25
DailyFX : 124.78
Forex Factory : 124.81


That was a 400+ pips discrepancy by FXDD. If no discrepancy, my account would still be alive with balance of USD 10000 at price 126.80 at the point of writing.

I requested FXDD Malta to change the price to be closer to other brokers/website but was rejected. I want my balance USD 10000 back.
You talked with support about this? If yes then what reaply you got from them?
 

hello966

Recruit
Messages
9
You talked with support about this? If yes then what reply you got from them?
Support said... its a global phenomenon... price came from their liquidity providers... nothing they can do. Negative balance will be write off. Offered me credit instead of real money. Initially i asked for credit but feeling short-changed. I lost real money... i should get back real money too.
 

navyseal

Private
Messages
291
From 5 other brokers comparison, I think FXDD Malta is providing worst trading spreads and you cannot do anything to get money back. What you can do is leaving them, withdraw all and begin with a new broker.
 

Pharaoh

Colonel
Messages
19,892
In an instance like this, a 400+ pip price discrepancy is possible. The drawback of a decentralized marketplace is that there's no way for the average trader to be certain is a broker is telling the truth about the LPs or not.

It might be worth filing an inquiry with the regulators in Malta. They are the ones who could order an audit of the prices available from the LPs.
 

hello966

Recruit
Messages
9
FXDD agreed to revise the close positions to 123.50 yesterday after 2 weeks of the incident.. my account now nett balance 6.7k... 16.3k was lost.

With the GBPJPY now went up to 127.26... i lost about 400 pips of "capital"... Hope my account won't be stopped out again due to huge slippage.
 
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