Fxprimus Burned my live Account

hforex

Recruit
Messages
7
Fxprimus – Burned my Account

1- I started a year ago with Fxprimus after I made sure of their spreads and execution of trades were optimal.
Funding Account was easy, but, the first time I requested a withdrawal, they came back at me with a demand for proof of ID, which I had already sent (and they approved) when I opened my live account. They then claimed that my passport was expired, & it was, but I had not noticed prior to that. Knowing that it was already expired when I opened my live account.
Then after I sent my renewed passport with e-mails back and forth for about a week, they finally wired me my profits.

Now, This was not the Major Issue, I had my live account running with High DD% because of Gold Slippage and Fxprimus Wiped my live account which was 50+K US Dollars.
On Wednesday 1st of May 2013, around 9 PM +2 GMT, they burned it while it was running on 1.2K (Equity) Left in account with all the positions Hedged and the Only Exposure was:
EUR/JPY with 0.05 Lots

GBP/JPY with 0.07 Lots

Surely afterwards I raised the issue with support and the whole conversation is below:

1- After you read my First Ticket to their support and their replied, you will notice:
They Stick to the 30% Margin Rule, which in my case I Never reached, to prove this for you, simply open any demo account at Fxprimus and take it to the 30% level & see for yourself, I even asked their support and they said it’s the same rule applied. In the Attached Files you will find a snapshot of the account while it had around 1K left and margin level was @ 193%, knowing that they had always stuck to the 30% Rule.

2- In the Second reply They said you cannot enter new positions, but only Hedge, that is not true at all I entered buy & sell positions and exited them, and my account was far beyond the 50% level ( I marked in red their reply)
3- In Their 3rd reply, Biggest Mistake is when they say my account was left with 2.32 Lots exposed to the Market on EUR/JPY which is not true at all as I was only exposed to 0.05 Lots (In the Attached Statements its clear), And their Fatal mistake is when they claimed that on the time, their MT4 System came to its senses just in time to protect me by blowing my account !!! There were 1024$ left !!!
So what should have I done ? Should I have then left 1024$ + the Margin on the Trades I have ????
Well, they also evaporated my account as you can see in the Statement how they had it left with 47$ only.
In addition, on their 3rd Reply They Claim the Swap Roll over on Wednesday – Thursday Night took place & this is what had caused my account to be blown. Well, This is an Unforgivable mistake seeing that my account had already been switched to Swap Free Islamic Account since November 2012 !!!
4- I then Explained to them that my account was swap free & I was only exposed to a Total of 0.12 lots with Around 1.2k (equity) and that it would have taken at least 600 pips movement to blow away my account, knowing that the market was very calm that day as it was the night of the Workers Days (May 1st), and major banks were all closed.
Yet, they still insisted that it was the reason behind my account’s vaporization. I had already mentioned to them that I had my Account running with only 163$ left when I was closing and opening new / old positions which I did Twice during the period that my account was still live, so why in the world would their MT4 system decide to Kill my Account at that particular time ?
I think the reason is that I was recovering my account from the DD, which didn’t sit well with them, I also included a snap shot that I took on my phone when the account was 63K and I was closing profits with losses,
I smelled something fishy about the whole thing the moment it happened, I am now sure that it was manually done and not automated as they claimed.

And in their 4th Reply they Admit that the account was indeed swap free and that I was only exposed to 0.12 Lots, without having the dignity to even say that they are sorry for being mistaken on those points earlie.

5 – Finally I decided to address this to their President Mr. Terry, & it was useless as I waited for his reply endlessly only to get a reply from support again !!!

After all said and done, it is clear that Fxprimus is one of the Biggest Forex Scams in the History of this business & I have my suspicions as to whether this account was are a Real ECN Broker account as agreed between us !!!

I wish I was residing in Australia so that I would have been able to take this to the courts… Now all I have is your judgment and support in the matter.

Husam Sidani (Client) Posted On: 01 May 2013 06:21 PM
________________________________________

Hi,
I need to know what exactly happened to my Live account ID: 505198
i had only exposure 0.05 on ej , and 0.07 on gj thats an exposure of 0.12 lots
and floating balance of 1200$
and all the positions where completely hedged


I need a deep explanation as there's something wrong!!!!!

Waiting your urgent reply


Fxprimus First reply:
Camille Murphy (Staff) Posted On: 01 May 2013 07:23 PM
________________________________________

Dear Husam Sidani

Account MT4 underwent a margin call.

FXPRIMUS has instituted a Margin Call Policy to protect the customer from losing more money than he/she may have available in his/her account, whilst also protecting the interest of our company. Margin calls are executed when an account has less equity available than required to maintain the customer's open positions. Margin calls are activated in real-time on an automatic basis, and occur when an account's equity (liquidation value) reaches a level that is equivalent to 30% of used (open) margin. This 30% is known as the maintenance level. Using our company’s MT4 trading platform, positions are closed prior to the market having a chance to move further against a customer's open trades.

For example, let’s assume you open an account with USD1,000 and open five 10,000 unit lots (50,000 units) of USD/CHF using 100:1 (1%) leverage. As a result, 1% of 50,000 or USD500 will be set aside as used margin, and you will have USD500 remaining as usable margin. If the direction of the USD/CHF moves opposite your position, and your equity (liquidation value) reaches USD150 from the original USD1,000 deposit, this would breach the 30% maintenance level. As a result, the position will be automatically closed in order to protect you from losing any more of your remaining balance, and possibly falling into negative territory.

The MetaTrader4 platform uses the following formula in calculating an account's margin level: (Account Equity / Used Margin) x 100 = Margin Level %

In addition, two other safeguards are in place to protect both the customer and our Company alike. Once an account's margin level falls to or below 100%, the customer will only be able to enter orders to hedge his/her current position(s). Furthermore, once an account's margin level falls to or below 50%, the customer will not be able to enter any new positions. Instead, the customer will only be able to exit current position(s).

Our MetaTrader4 system may close any or all open positions in your account in the event that the account falls below the minimum required equity. Generally, when there are two or more open positions we reserve the right to close the position(s) first with the highest floating loss on a highly volatile market when the equity reaches 30% of used or open margin. In general, the largest positions are closed prior to the smaller positions. However, the MetaTrader4 system may close only the positions that carry the most risk. Even though the MetaTrader4 trading platform keeps track of used and free margin, it is always the customer's responsibility to keep track of his/her account balance(s) at all times.

Please note that you were not fully hedged (see attachment).

Our MT4 platform is designed to trigger Margin Call if your Margin Level falls to or below 30%. To prevent margin call you can fully hedge all positions in your account. Only an account that is fully hedged is 100% protected from incurring the Margin Call.

Therefore, if you are long (buy order) 1.5 lots on the EURUSD, to fully hedge this positions you would need to get short (sell order) 1.5 lots on the EURUSD.

Note in the above example, if you were to get short (sell order) 1.4 or 1.6 lots, you would not be fully hedged, but instead would be partially hedged. While partially hedged positions have less risk of triggering margin call, they are not 100% protected from it as are fully hedged positions.



Warm regards,

My Reply to Fxprimus Support

Hi,
this still doesn't explain what have happened:
1- You mean that account was closed automatically by MT4? even it was floating with 1.2K with All hedged positions & we had open positions of 0.17 on GBP/JPY & 0.05 on EU/JY so it would have need at least 600 pips against my opened positions to be Margin Called
My Question why this took place now? While on last Friday i had my balance floating on 250$ remaining! why it didn't close by that time? Secondly 2 week ago on Monday i was working on my Account while it was floating on less than 100$ So explain that!!!!
This thing before it happens the Customer should have been informed not getting his MT4 closed with margin 1.2k as it would have took

So in my opinion is that i want my account to be back as is, as this is what i call it (FXprimus Wiped my account)
I do accept not less than my account to be restored as it was,

Regards.


Fxprimus Second Reply



--- Original Message ---

From: "Camille Murphy" <support@fxprimus.com>
Sent: May 1, 2013 10:23 PM
To: hforex@hotmail.com
Subject: [#WDL-750-52846]: Account Problem

Dear Husam Sidani

Account MT4 underwent a margin call.

FXPRIMUS has instituted a Margin Call Policy to protect the customer from losing more money than he/she may have available in his/her account, whilst also protecting the interest of our company. Margin calls are executed when an account has less equity available than required to maintain the customer's open positions. Margin calls are activated in real-time on an automatic basis, and occur when an account's equity (liquidation value) reaches a level that is equivalent to 30% of used (open) margin. This 30% is known as the maintenance level. Using our company’s MT4 trading platform, positions are closed prior to the market having a chance to move further against a customer's open trades.

For example, let’s assume you open an account with USD1,000 and open five 10,000 unit lots (50,000 units) of USD/CHF using 100:1 (1%) leverage. As a result, 1% of 50,000 or USD500 will be set aside as used margin, and you will have USD500 remaining as usable margin. If the direction of the USD/CHF moves opposite your position, and your equity (liquidation value) reaches USD150 from the original USD1,000 deposit, this would breach the 30% maintenance level. As a result, the position will be automatically closed in order to protect you from losing any more of your remaining balance, and possibly falling into negative territory.

The MetaTrader4 platform uses the following formula in calculating an account's margin level: (Account Equity / Used Margin) x 100 = Margin Level %

In addition, two other safeguards are in place to protect both the customer and our Company alike. Once an account's margin level falls to or below 100%, the customer will only be able to enter orders to hedge his/her current position(s). Furthermore, once an account's margin level falls to or below 50%, the customer will not be able to enter any new positions. Instead, the customer will only be able to exit current position(s).

Our MetaTrader4 system may close any or all open positions in your account in the event that the account falls below the minimum required equity. Generally, when there are two or more open positions we reserve the right to close the position(s) first with the highest floating loss on a highly volatile market when the equity reaches 30% of used or open margin. In general, the largest positions are closed prior to the smaller positions. However, the MetaTrader4 system may close only the positions that carry the most risk. Even though the MetaTrader4 trading platform keeps track of used and free margin, it is always the customer's responsibility to keep track of his/her account balance(s) at all times.

Please note that you were not fully hedged (see attachment).

Our MT4 platform is designed to trigger Margin Call if your Margin Level falls to or below 30%. To prevent margin call you can fully hedge all positions in your account. Only an account that is fully hedged is 100% protected from incurring the Margin Call.

Therefore, if you are long (buy order) 1.5 lots on the EURUSD, to fully hedge this positions you would need to get short (sell order) 1.5 lots on the EURUSD.

Note in the above example, if you were to get short (sell order) 1.4 or 1.6 lots, you would not be fully hedged, but instead would be partially hedged. While partially hedged positions have less risk of triggering margin call, they are not 100% protected from it as are fully hedged positions.



Warm regards,
FXPRIMUS Support

Fxprimus Third Reply


Camille Murphy (Staff) Posted On: 02 May 2013 08:49 PM
________________________________________

Dear Husam Sidani

To begin, you can calculate your margin level at any time manually using the following formulate (Equity/Margin) x 100 = Margin Level. Note that swap rate is tripled on Wednesday crossing over to Thursday; an increase in the swap charge on your account would cause a reduction in your account's total equity, which in turn would cause a reduction of your margin level.

For account MT4 505198, we first determine that your account was using a total of USD6000 in margin to hold your trades open. Your EURUSD-, GBPUSD- and Gold positions were hedged, however your EURJPY-, GBPJPY- and USDJPY- positions were partially hedged leaving you with 2.32 lots unhedged. To maintain these 232,000 units (2.32 lots) at 1:200 leverage you need approximately over USD1160.00 in margin (232,000/200).

Your equity before margin call was at USD1024.60. See attachments.

Warm regards,
FXPRIMUS Support

Husam Sidani (Client) Posted On: 02 May 2013 02:34 PM
________________________________________


My Reply

Husam Sidani (Client) Posted On: 03 May 2013 06:15 PM
________________________________________

Hi Camille,
1- I did look over and over again for what you say about being exposed in EUR/JPY : 2.32 Lots that is not correct at all
do the calculations again by simple Calculator & see for yourself and check it down below as i did, i did this with 3 other Traders and our calculations are not wrong, and even in the previous reply which you attached it shows clearly the exposure of 0.05 on EUR/JPY
2- I need to know what you are talking about regarding the Swap roll out on Wednesday to Thursday??? my Account is islamic Swap Free account with 0.00 So why and how did this take place by 1200$ in Margin & Suddenly it was wiped out? Why it didn't happen before when in November 2012 i asked my account to be swap free?
3- Why didn't I see any of this Swap from before taking reflection on my account?4- All i believe in that your MT4 System by Mistake wiped the whole account 5- I do demand a reply on your first E-mail that all i understood that when my account reaches 30% left on my margin that all my positions will be closed to protect my remaining balance,As well before i started hedging i had my account floating with 20% or even less without being wiped out.
I do require a full investigation as it's not a joke what happened for the -50K

Waiting your reply.

Regards.



Account: 505198Name: Husam Eldine Sidani Currency: USD2013 May 3, 16:56Closed Transactions:TicketOpen TimeTypeSizeItemPriceS / LT / PClose TimePriceCommissionTaxesSwapProfit189876692013.02.21 13:43sell0.59eurjpy-122.5190.0000.0002013.05.01 21:00128.164-5.900.000.00-3 429.49 so: 1.6%/38.7/2410.0191239422013.04.08 18:32buy0.60eurjpy-128.7060.0000.0002013.05.01 21:00128.120-6.000.000.00-362.21 so: 1.6%/47.0/2955.0192907752013.04.16 00:19sell0.60eurjpy-125.1890.0000.0002013.05.01 21:00128.164-6.000.000.00-1 838.02 so: 1.4%/37.9/2705.0195443262013.04.26 18:33buy0.10eurjpy-127.5830.0000.0002013.05.01 21:00128.120-1.000.000.0055.32 so: 2.1%/46.9/2235.0195443432013.04.26 18:34buy0.09eurjpy-127.6070.0000.0002013.05.01 21:00128.120-0.900.000.0047.57 so: 2.1%/46.9/2280.0195617642013.04.26 18:34buy0.20eurjpy-127.6140.0000.0002013.05.01 21:00128.120-2.000.000.00104.25 so: 3.2%/46.9/1485.0196064912013.05.01 12:30buy0.20eurjpy-128.7560.0000.0002013.05.01 21:00128.120-2.000.000.00-131.04 so: 1.8%/46.9/2555.0196092352013.05.01 15:12buy stop0.05eurjpy-128.9260.0000.0002013.05.01 16:46128.436cancelled196178682013.05.01 18:23buy0.05eurjpy-128.4860.000129.3002013.05.01 21:00128.120-0.500.000.00-18.85 so: 2.0%/46.9/2305.0169686542012.12.11 17:11sell0.40eurusd-1.300000.000000.000002013.05.01 21:001.31969-4.000.000.00-787.60 so: 1.1%/37.4/3305.0178099342013.02.04 10:12buy0.30eurusd-1.360420.000000.000002013.05.01 21:001.31924-3.000.000.00-1 235.40 so: 1.2%/37.4/3005.0178664802013.02.06 09:13buy0.30eurusd-1.356530.000001.364002013.05.01 21:001.31924-3.000.000.00-1 118.70 so: 1.2%/37.4/3155.0190824262013.04.05 14:17sell0.20eurusd-1.291890.000000.000002013.05.01 21:001.31969-2.000.000.00-556.00 so: 1.5%/47.0/3105.0169830982012.12.12 08:31sell0.40gbpjpy-133.1590.0000.0002013.05.01 21:00151.736-4.000.000.00-7 651.55 so: 2.0%/38.2/1910.0178796892012.12.07 15:30sell0.70gbpjpy-132.0000.0000.0002013.05.01 21:00151.736-7.000.000.00-14 225.61 so: 3.3%/41.7/1260.0180996602013.02.19 20:16buy0.40gbpjpy-143.9860.0000.0002013.05.01 21:00150.993-4.000.000.002 887.14 so: 5.9%/47.0/800.0194482102013.02.07 16:18buy0.27gbpjpy-146.9690.0000.0002013.05.01 21:00150.993-2.700.000.001 119.17 so: 3.4%/46.9/1385.0195398902013.04.26 17:14buy0.10gbpjpy-151.6570.0000.0002013.05.01 21:00150.993-1.000.000.00-68.41 so: 2.0%/46.9/2355.0195439502013.04.26 18:15buy0.20gbpjpy-151.6040.0000.0002013.05.01 21:00150.993-2.000.000.00-125.88 so: 1.9%/46.9/2455.0196064932013.05.01 12:31buy0.20gbpjpy-152.0560.0000.0002013.05.01 21:00150.993-2.000.000.00-219.01 so: 1.8%/47.0/2655.0172276602013.01.02 09:05buy2.40gbpusd-1.633080.000000.000002013.05.01 21:001.55872-24.000.000.00-17 846.40 so/a: -21.4% -12.8/60.0179738272013.02.12 11:08sell1.40gbpusd-1.560000.000000.000002013.05.01 21:001.55930-14.000.000.0098.00 so: 2.1%/46.9/2185.0190824282013.04.05 14:17sell0.10gbpusd-1.521700.000000.000002013.05.01 21:001.55930-1.000.000.00-376.00 so: 1.6%/47.0/3005.0194791752013.02.04 21:11sell0.90gbpusd-1.576970.000000.000002013.05.01 21:001.55930-9.000.000.001 590.30 so: 3.8%/47.0/1250.0195444502013.04.26 18:38sell0.10usdjpy-97.9080.00097.0002013.05.01 12:1097.544-1.000.000.0037.32169937192012.12.13 02:59buy0.30xauusd-1704.960.000.002013.05.01 21:001450.05-3.000.000.00-7 647.30 so: 1.7%/36.3/2110.0180582122013.02.15 15:37sell0.60xauusd-1616.150.000.002013.05.01 21:001450.45-6.000.000.009 942.00 so: 7.9%/47.3/600.0195448222012.12.12 20:00buy0.30xauusd-1721.800.000.002013.05.01 21:001450.05-3.000.000.00-8 152.50 so: 2.4%/38.2/1610.0 -120.000.000.00-49 908.90Closed P/L:-50 028.90

eurjpy - long 1.24 lots
eurjpy - short 1.19 lots

eurjpy exposure 0.05 lots
eurusd - long 0.6 lots
eurusd - short 0.6 lots


eurusd exposure 0.00lots

gbpjpy - long 1.17 lots
gbpjpy - short 1.10 lots
gbpjpy exposure 0.07 lots


gbpusd - long 2.40 lots

gbpusd - short 2.40 lots


gbpusd exposure 0.00 lots


usdjpy was not open at the time of mc, so no exposure


xauusd - long - 0.6 lotsxaususd - short -0.6 lots

xauusd exposure 0.00 lots

---------------------------------------------------------------------------------------------
Total Account exposure 0.12 lots



account margin in use for 0.12 lots is 60 usd .

At the moment the margin call happened, equity was at 1200 usd


Fxprimus 4th Reply

________________________________________

Dear Husam Sidani

I would first like to clear up a few things:

Account MT4 505198 is indeed a swap free account. The mention regarding swap was unsolicited and unrelated to your account.
Order USDJPY trade did occur prior to the margin call. Therefore unhedged exposure was 0.12 lots.

The MetaTrader4 system uses the following mathematical formula to calculate when an account will trigger margin call. The formula is (Equity/Used Margin) x 100 = Margin Level %. If your account's Margin Level falls to or below 30%, the system liquidates (closes) your open trades until it rises to a level above 30%. The only way to be fully protect from incurring a margin call is to fully hedge your open trades. This will cancel the formula out since a fully hedged account does not have used margin (ie a fully hedged account will have a nil used margin value). Therefore, if your equity drops and your account is fully hedged, the system will bypass your account and it will not trigger margin call.

On 5/1/2013 at 21:00, your equity sharply dipped. As you were not fully hedged, the MT4 system noted that your Margin Level sharply moved under the 30% Margin Level value and therefore liquidated your open trades. In summary, it's important to keep in mind that you are not fully protected from margin call unless your account is fully hedged, which in this case it was not.

Please refer to the attachments provided in this email to you. Please keep in mind that your Equity depicts what your closing balance would be at any given time taking into account your floating profit/loss. At 21:00 your equity fell. As you were not fully hedged and your equity was below 30%, you triggered a margin call. No adjustments can be made to your MT4 account as the margin call triggered truly and properly.



Warm regards,
FXPRIMUS Support


My Reply

Husam Sidani (Client) Posted On: 03 May 2013 08:58 PM
________________________________________

Hi,
So if this is what you Say,
Note that i mentioned before i Ran the account with less or little more Margin + with Open trades above what we had opened when your MT4 system decided to wipe the account,
In the statement that i saved couple of days on the 28th of April
You can See what opened positions are and it was like a week and even more that i Ran it like this
So Explain to me why your MT4 System didn't do it before & suddenly came to it's mind to do this!!!
All i believe now that there is something hidden happened about it which am not getting the real answer especially it's a Big account,

Waiting your reply,



FXPrimus 5th Reply

________________________________________

Dear Husam Sidani

In the example you provided, your margin may have been lower but your equity was higher allowing you to sustain trades and not breach the 30% mark. Simply put, the trades did not breach the 30% margin call level until 1.5.13. Again, the MetaTrader4 system uses the following mathematical formula to calculate when an account will trigger margin call. The formula is (Equity/Used Margin) x 100 = Margin Level %.


Warm regards,
FXPRIMUS Support

My Reply


Hi,
Again and again,
1- The Account had time when it was running worest than when it was suddenly Running on 1.2K with 65$ Margin on the Opened Trades and then it got wiped out
Explain this!!!

Fxprimus 6th Reply



Dear Husam Sidani

Referring to the detailed statement that you provide on 03 May 2013 08:58 PM, you will note that your Margin was 165.00 and your Equity was 1,345.99. Using the standard formula used by MetaQuotes (Equity/Used Margin) x 100 = Margin Level %, your margin level at that time was (1345.99/165*100=815%) well above the 30% Margin maintenance.

This is quite difference from the when your account liquidated as the margin level went as low as 2.0%.

Warm regards,
FXPRIMUS Support

My Reply

Hi,
This is what you say, I will go with you,
But Check the Account on Friday 31 May & Monday 13 May
Friday 31 May I've been cutting profits with Losses and margin went down to around 250$ without my Account getting wippedMonday 13 May at Midnight (When Boston Bombings Happened the EUR/JPY Fell like 150 Pips in Less than 1 hour) So i was Hedging again the Euro JPY, Account balance was floating around 123$
Check the Statements & Run the Simulation & Recreate the Environment on these dates and see for yourself
My Biggest question why at that time my account didn't wipe out and suddenly got into Margin Call?
Regards.


Fxprimus 7th Reply
Dear Husam Sidani

The Margin Call system is fully automated and not manual, so provided that the margin level did not fall to or below 30%, it would not have triggered. Even if it were to be close, as long as it didn't hit 30% or below it will not trigger in the system.

Warm regards,
FXPRIMUS Support

My Final Reply

Kindly Forward this E-mail with it's attachment to Mr. Terry
Good Day Mr. Terry,

I am contacting you to state a problem I had recently
regarding my account with FX Primus, Hoping that you can help solve this:

On the 1st May, 2013 Around 8:30 PM Beirut Time
(+2 GMT – Beirut Lebanon)

My MT4 Live Account: 505198 got wiped out, while my Balance
was around 1.2K + 65$ Margin being used for Trades.

The Only Exposure was on EUR/JPY with 0.05 Lots

And the GBP/JPY with 0.07 Lots

The Rest of the Account was Hedged


I addressed the issue to Support (Ticket Number [#WDL-750-52846]:
Account Problem‏)

, But the support guys came back with wrong answers each
time which I will address below:

1-
Margin calls are executed when an account has less equity available than
required to maintain the customer's open positions. Margin calls are activated
in real-time on an automatic basis, and occur when an account's equity
(liquidation value) reaches a level that is equivalent to 30% of used (open)
margin. This 30% is known as the maintenance level.

Regarding this 30% Policy:

First Most
importantly,

the whole 30% rule was never covered in any of the contracts, to my knowledge
!!!!

Second I have a question that I inquired about already: why
didn’t the account get a margin call while I was using it with Maximum Floating
such as on Friday 26 April, when we had around 258$ Left in the account, and
once again on Monday – Tuesday over night 8th of May I had only
around 123$ where we were hedging the EUR/JPY

Statements in the Attachments will prove how my account was
already far beyond the 30% Level

Please I need you to clarify this.


2-
The reply from the Support concerning
the reason behind the account’s wiping out was: An exposure on EUR/JPY of 2.32
Lots!!!

As stated below:

For account
MT4 505198, we first determine that your account was using a total of USD6000
in margin to hold your trades open. Your EURUSD-, GBPUSD- and Gold positions
were hedged, however your EURJPY-, GBPJPY- and USDJPY- positions were partially
hedged leaving you with 2.32 lots unhedged. To maintain these 232,000 units
(2.32 lots) at 1:200 leverage you need approximately over USD1160.00 in margin
(232,000/200).


This is not applicable as you can verify by
checking the Statement of my Account below knowing that I already made all the
calculations several times.

And in the Conversation they said that the USD/JPY was exposed as well with 0.10, that is not True as the position was already
closed with profit the same Day.

eurjpy - long 1.24 lots

eurjpy - short 1.19
lots

eurjpy
exposure 0.05 lots

eurusd - long 0.6 lots

eurusd - short 0.6
lots

eurusd
exposure 0.00lots

gbpjpy - long 1.17 lots

gbpjpy - short 1.10 lots

gbpjpy
exposure 0.07 lots

gbpusd - long 2.40
lots

gbpusd - short 2.40
lots

gbpusd
exposure 0.00 lots

usdjpy was not open at
the time of mc, so no exposure

xauusd - long
- 0.6 lots

xaususd - short -0.6 lots

xauusd
exposure 0.00 lots

Total
Account exposure 0.12 lots


3-
One of their replies (below)
states the reason of my account’s wiping out was the Roll Over of the Swap Rate
the Night of Wednesday – Thursday, May 16, 2013


To begin,
you can calculate your margin level at any time manually using the following
formulate (Equity/Margin) x 100 = Margin Level. Note that swap rate is tripled
on Wednesday crossing over to Thursday; an increase in the swap charge on your
account would cause a reduction in your account's total equity, which in turn
would cause a reduction of your margin level.

This is simply unacceptable, as my Account was switched to
Swap Free Islamic Account since November 2012.

Kindly investigate the Matter and get back to me concerning
your findings, so we may move forward with this.

Best Regards.

Husam Sidani.
 

Attachments

FXPRIMUS Support

FxPrimus.com Representative
Messages
22
Dear Mr. Sidani,

My staff has responded to your multiple times in multiple forums over the past 3 months. I am at a loss at what your complaint is, as every question you had was answered clearly and concisely and FXPRIMUS is 100% not accountable for the losses in your account. As explained to you, your account was severely overleveraged, and unfortunately received a margin call accordingly. There is absolutely no evidence that FXPRIMUS committed any wrong doing of any kind and we have numerous evidence supporting our case. With your permission, I would be more than happy to post all evidence we have including your account statements, equity reports, email chains, etc as I do not want this to drag on in FPA the same way it has dragged in months of emails going back and forth.

Please advise.

Warm regards,
Terry Thompson
President-FXPRIMUS
 

hforex

Recruit
Messages
7
There is One thing that no one was explaining,

which is that the account went to 123$ left to be burned,
at that time i was unhedging a few positions which you can check at the statements,

So they had a better chance to burn it when it was there on the 123$ & not on the 1066$ left

30% Margin policy was not there & they tried to suddenly switch it on,

and i also explained, that if they decided to do it to protect your live account, so where is the 1066$ that should remain in account while instead there was left only 47$ ?

Again it's a long story from Above try to read every word and see for yourself,

Regards.
 

hforex

Recruit
Messages
7
There is One thing that no one was explaining,

which is that the account went to 123$ left to be burned,
at that time i was unhedging a few positions which you can check at the statements,

So they had a better chance to burn it when it was there on the 123$ & not on the 1066$ left

30% Margin policy was not there & they tried to suddenly switch it on,

and i also explained, that if they decided to do it to protect your live account, so where is the 1066$ that should remain in account while instead there was left only 47$ ?

Again it's a long story from Above try to read every word and see for yourself,

Regards.
 

FXPRIMUS Support

FxPrimus.com Representative
Messages
22
Dear Hforex,

As explained to you over multiple emails, the 30% margin call policy has been in place since August 22, 2009, which coincides with the day FXPRIMUS began operation. We did not simply "switch it on" for your account. Unfortunately, your account was over-leveraged as the other posters have also pointed out.

We appeal to the administrators on this forum as to what is needed to receive a "resolved" mark, as we feel this is a pretty clear cut case, in which FXPRIMUS had absolutely no culpability or wrong doing.

Regards,
Terry Thompson
President-FXPRIMUS
 

Master Yoda

Captain
Messages
2,929
Dear Hforex,

As explained to you over multiple emails, the 30% margin call policy has been in place since August 22, 2009, which coincides with the day FXPRIMUS began operation. We did not simply "switch it on" for your account. Unfortunately, your account was over-leveraged as the other posters have also pointed out.

We appeal to the administrators on this forum as to what is needed to receive a "resolved" mark, as we feel this is a pretty clear cut case, in which FXPRIMUS had absolutely no culpability or wrong doing.

Regards,
Terry Thompson
President-FXPRIMUS
If that's the case I have to agree with FXPRIMUS.
30% stop out level was made to:
1. To avoid negative margin which the company has to cover from its pockets
2. To protect the trader's money

Personally I think that stop out level should be at 100% :)
 

hforex

Recruit
Messages
7
Hi,

Well i attached the proof of the account while running near the 1066$ and it is very clear the margin level in the attachment was 253%
Secondly as i mentioned earlier account went down to 123$ left in account why it was still running?? this was pretty close to the 30% margin & i don't remember looking at the Margin level only my eyes was on the 123$ left in account while i was hedging & unhedging
I didn't only do it once but twice as well the second time was 167$ left

Why the account was burned on 1066$ ?
Why it was not burned on the 123$ or 167$

And read again carefully what your support people was answering from the beginning of this i mentioned clearly their reply one of them was clearly a biggest lie ever the Account swap roll over!! and then i replied to them i have a Swap free Islamic account,
So i cannot believe all this happening,
Ohhh and since the account was burned at 1066$ which your support mentioned so i should have left 1066$ in balance & not 47$ in account left & i don't know how this 47$ was left as i was only exposed with 0.12 lots

And what is the definition of an Account Manager for your Customers?? isn't it watching over the customers accounts and sending them like warnings of account balance level or if they need any help ?
Never had any e-mail from him & more than that his reply was very very late.

And Sergeant Eddiger, thank you for your opinion as the stop out level should be at 100% i have this agreement with my live accounts at FXCMMENA & Liqudity Markets which am running fine :)
But in my case as fxprimus says regarding the 30% Level, you can take another look at the attachments and see,
Unfortunately since it's forex and in my strategy that Diversification is the only safe investment, it was the reason that i opened a live account with FXprimus which later on i really regret,

Regards.
 

hforex

Recruit
Messages
7
Hi,

Looks like FXprimus have no doubt in themselves but a Total Scam, as they are not replying anymore,
anyway they have proved to be a Liars,
There is nothing they can prove me wrong, i advise all Traders to get away from them,

Some people learn from others mistakes & others don't.
 
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